Energy Vault Holdings (NRGV) said Monday it has signed an agreement with Enervest Group to deploy a 1 GWh battery energy storage system at the Stoney Creek site in New South Wales, Australia.
They are finalizing the development and grid application approvals to bring the project to final investment decision, the firm said. It will be the turn-key engineering, procurement, construction and commissioning partner and system integrator for the project.
Energy Vault added that it will provide long-term services, software and maintenance support over the life of the facility.
Shares of Energy Vault advanced about 21% in recent trading.
Price: 1.83, Change: +0.32, Percent Change: +20.99
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