Energy Vault Holdings, Inc. (NYSE: NRGV) announced that the New South Wales Government has granted State Significant Development Approval for its 125 MW / 1 GWh Stoney Creek Battery Energy Storage System (BESS) in Narrabri, northern New South Wales, Australia.

The approval follows Energy Vault's outright acquisition of the project land and comes after a planning assessment led by the NSW Department of Planning, Housing and Infrastructure, which included public exhibition of an Environmental Impact Statement and consultation with government agencies and local stakeholders.

Geotechnical works were completed on site in late August 2026. Site works and mobilization are expected to begin in Q4 2026, with commercial operations targeted for H1 2028, subject to satisfaction of remaining conditions.

The project is supported by a 14-year Long-Term Energy Service Agreement awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. Combined with anticipated merchant market revenues, the project is expected to generate approximately $25–$30 million in annual revenue once operational.

"Securing state development approval for Stoney Creek is a significant achievement for the project and reflects several years of disciplined development, engineering and stakeholder engagement," said Raymond Gilfedder, General Manager of Energy Vault Australia.

The eight-hour duration storage project is part of Energy Vault's Build, Own & Operate portfolio. The company said it plans to use its VaultOS energy management platform to optimize asset performance and market participation. Energy Vault also said the project is expected to create local employment and procurement opportunities in the Narrabri region during construction and operations.