It also marks a further milestone in the company's previously announced plan to deploy an initial 1,500 MW of BESS capacity — a target first outlined at Energy Vault's 2025 Investor and Analyst Day. Energy Vault intends to contribute the project to its Asset Vault investment platform upon the project achieving Ready-to-Build (RTB) status.
The 175 MW / 350 MWh McMurtre BESS is located in the ERCOT North market, one of the most active and high-growth power markets in the United States with strong demand for grid stability. The project is expected to receive Notice to Proceed (NTP) in Q4 2026, with commercial operation targeted for December 2027. The McMurtre BESS features an executed Small Generator Interconnection Agreement (SGIA) and full site control, providing a clear and de-risked path to construction. Multiple investment-grade offtake structures are currently under consideration, consistent with Energy Vault's strategy of securing bankable, front-loaded revenue streams across its portfolio.
The project is expected to deliver $15–$20 million in average annual revenues over its technical life, representing $350–$375 million+ in total lifetime revenues with predictable, recurring high-margin cash streams. The company's $300 million preferred equity investment commitment provides “ready capital” enabling over $1 billion in project capex and a large funding foundation to support projects like McMurtre as they progress toward RTB and into construction.
"The McMurtre BESS is a prime example of the high-quality, strategic assets we are focused on building within our portfolio," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "With an executed SGIA, full site control, and strong positioning in the ERCOT North market near Dallas, McMurtre has the fundamental attributes our Asset Vault platform was designed to own and operate over the long term.”
Piconi continued, “The company's deliberate geographic and asset-class diversification is designed to deliver resilient and high margin long-duration revenue streams while positioning Energy Vault as a premier digital infrastructure partner in the world's most strategically important energy markets.”
The McMurtre BESS will leverage Energy Vault's B-VAULT™ AC Technology Platform 3, the company's latest battery energy storage product, designed to enable rapid and cost-effective deployment while delivering high system availability in the ERCOT region. The company's global B-VAULT™ portfolio now exceeds 3 GWh of deployed or contracted systems, spanning Europe, North America, and Australia, and is complemented by Energy Vault's gravity, hydrogen, and sodium-ion storage platforms for multi-duration energy applications.
Asset Vault establishes a vertically integrated ecosystem that captures value across the entire energy storage lifecycle, pairing Energy Vault's technical expertise with long-term asset ownership to generate predictable, recurring cash flows. Under Asset Vault, Energy Vault self-performs engineering, procurement and construction (EPC), and long-term service agreements for projects, generating multiple revenue channels while preserving the flexibility to optimize returns through strategic capital deployment.
