Energy Vault secures 14-year agreement for NSW BESS project
Energy Vault Holdings, Inc. (NYSE: NRGV) has secured a significant milestone for its Stoney Creek Battery Energy Storage System (BESS) project in New South Wales, Australia.
“NSW will invest $1 billion in critical projects to deliver more affordable, clean and reliable energy to homes and businesses across the state,” she said. “After a decade of privatisation, the Energy Security Corporation gives the people of NSW the chance to invest in their energy system.”
Image: maniacvector/Stock.adobe.com Energy Vault, in partnership with Australian developer Enervest, has reached a major milestone in expanding its energy storage capabilities in Australia. The companies have secured the Stoney Creek Battery Energy Storage Systеm (BESS), a 1GWh project worth $350 million, located in Narrabri, New South Wales.
“The key priorities for investment include short- to long-duration storage projects that capture excess renewable energy, to maximise use of electricity generated from solar and wind,” the NSW government said in a statement.
“After a decade of privatisation, the Energy Security Corporation gives the people of NSW the chance to invest in their energy system.” The NSW government says the release of the Investment Mandate is a key milestone for the ESC, allowing it to begin investigating investment opportunities.
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