Energy Vault takes FID on 57-MW battery project in Texas

US-based energy storage specialist Energy Vault Holdings Inc (NYSE:NRGV) has made a final investment decision (FID) for the deployment of a 57-MW/114-MWh battery energy storage system (BESS) in Texas and has also signed an offtake agreement related to the asset with AI-enabled power marketer Gridmatic.

Located in Scurry County, the Cross Trails BESS project is expected to enter the construction phase in the first quarter of 2025 and be completed by the summer of the same year. The facility will be built, owned and operated by Energy Vault.

The BESS system will be built with Energy Vault’s X-Vault integration platform using the company’s proprietary UL9540 certified B-VAULT product, and VaultOS Energy Management System to control, manage and optimise the BESS operations.

The contract with Gridmatic has a 10-year term and is set to come into force in the second quarter of 2025. It is backed by the company’s previously announced Energy Storage Fund.

The offtake agreement is the first physically settled revenue floor contract to be signed for a BESS in ERCOT, Energy Vault noted in the press statement.

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