Energy Vault Holdings Inc. has successfully closed an $18 million project financing deal for its 57 MW/114 MWh Cross Trails Battery Energy Storage System (BESS), now fully operational in Texas’ ERCOT market. The project, which achieved commercial operation in June 2025, is backed by a 10-year offtake agreement with Gridmatic—a first-of-its-kind physically settled revenue floor contract for a BESS in the ERCOT region.
The financing forms part of Energy Vault’s broader ‘Own & Operate’ strategy, aimed at building a global portfolio of grid-scale energy storage assets. The Cross Trails project is expected to deliver a levered internal rate of return (IRR) of approximately 15%, while also positioning the company to receive over $12 million in additional federal tax credits via a previously signed ITC sale agreement.
Cross Trails marks the first deployment of Energy Vault’s second-generation B-VAULT™ AC product, supported by its proprietary VaultOS™ energy management platform. The system will provide energy and ancillary services to support renewable integration and grid resiliency in Texas.
This announcement follows earlier success with a $28 million financing for the Calistoga Resiliency Center in California and the acquisition of a 125 MW/1 GWh BESS in Australia. These projects reflect Energy Vault’s growing momentum in energy storage development and its ability to attract quality financing partners.
Chairman and CEO Robert Piconi emphasized the company’s commitment to delivering predictable, high-margin revenue streams through its expanding fleet of strategically owned and operated storage assets.
