Energy Vault announces successful completion of Cross Trails BESS in Texas

AI generated summary

Energy Vault Holdings Inc has successfully completed the 57 MW two-hour Cross Trails Battery Energy Storage System (BESS) in Scurry County, Texas, marking the first fully operational asset under its 'Own & Operate' growth strategy. The project was finished ahead of schedule, thanks to effective project management and collaboration among various teams. The commissioning process also concluded early, allowing the facility to enter commercial operation sooner than planned, facilitated by Energy Vault's innovative B-VAULT AC system.

The Cross Trails BESS will enhance grid resiliency in the ERCOT region and is backed by a 10-year offtake agreement with AI-driven power marketer Gridmatic. This agreement is notable as it is the first physically settled revenue floor contract for a BESS in ERCOT, leveraging Gridmatic's AI-based forecasts for optimal energy trading. Energy Vault's Chief Revenue Officer, Marco Terruzzin, emphasized that this achievement underscores the company's capability to execute complex energy storage projects efficiently and economically, aligning with their long-term growth strategy.