Vitality Vault Holdings, Inc. NRGV shares are buying and selling decrease on Monday. The corporate inked an settlement to amass the 125 MW / 1,000 MWh Stoney Creek Battery Vitality Storage System (BESS) from Enervest Group.
The acquisition of the Stoney Creek BESS, with a development worth of $220 million, is aligned with Vitality Vault’s rising portfolio of ‘Owned & Operated’ initiatives.
As a part of its possession and operation of the undertaking, Vitality Vault will oversee improvement and integration, leveraging its VaultOS power administration system (EMS) and B-Vault system structure to optimize efficiency, market participation, and long-term asset administration.
The businesses are advancing via improvement, market integration, and procurement phases as they put together for web site mobilization and pre-construction actions later this 12 months.
Not too long ago, the Stoney Creek BESS was awarded a 14-year Lengthy-Time period Vitality Service Settlement by the Australian Vitality Market Operator Companies beneath the New South Wales Roadmap Tender Spherical 5 for Lengthy Period Storage.
The undertaking is anticipated to supply long-term, secure income streams with sturdy money stream era.
In collaboration with Enervest, the Stoney Creek BESS has been designed to supply eight hours of dispatchable power, enhancing grid stability and supporting the mixing of renewable power era in New South Wales.
The acquisition, topic to closing circumstances, strengthens Vitality Vault’s place in Australia’s rising power storage sector, increasing its 2.6 GWh portfolio.
This solidifies its position in one of many fastest-growing renewable power markets, backed by current agreements with ACEN Australia and the Victorian government-owned State Electrical energy Fee (SEC).
Robert Piconi, Chairman and Chief Govt Officer, Vitality Vault stated, “The acquisition of Stoney Creek marks a major milestone for Vitality Vault in Australia, in addition to an acceleration of our international ‘Personal & Function’ development technique, designed to ship sustainable, long-term income streams with excessive money stream era.”
“With the sturdy basis established by Enervest, we are actually accelerating this essential undertaking beneath the LTESA construction to ship long-duration storage that enhances grid resilience and helps Australia’s clear power transition.”
Value Motion: NRGV shares are down 1.44% at $1.133 on the final verify Monday.
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