Energy Vault Holdings Inc has announced the successful close of $18 million in project financing for its flagship Cross Trails BESS Project, reinforcing its expanding ‘Own & Operate’ strategy for grid-scale battery energy storage.
This financing milestone adds to Energy Vault’s track record of generating strong returns and cash flow through strategic investments in sustainable energy storage assets.
Overview of the Cross Trails Project
The Cross Trails BESS Project is a 57 MW / 114 MWh battery energy storage system located in the ERCOT region of Texas and joins the likes of the 50 MW Byrd Ranch Storage Project. Brought to full commercial operation in June 2025, this project helps stabilize the Texas power grid while supporting renewable energy integration.
10-Year Offtake Agreement Boosts Cross Trails Project
A key feature of the Cross Trails Project is its 10-year offtake agreement with Gridmatic. This partnership provides a steady revenue stream, backed by ERCOT’s first physically settled revenue floor contract for a BESS. Gridmatic’s AI forecasting and Qualified Scheduling Entity (QSE) services help the Cross Trails Project deliver optimal performance and profitability.
Additional ITC Funding for the Cross Trails Project
In addition to the $18 million in secured project financing, the Cross Trails Project is set to benefit from over $12 million in Federal Investment Tax Credit (ITC) funds, expected later this quarter through a previously signed ITC sale agreement.
Cutting-Edge Technology Powers Cross Trails Project
The Cross Trails Project marks the first deployment of Energy Vault’s advanced second-generation B-VAULT™ AC product, which enables rapid and cost-effective installation. The system is managed through VaultOS™, Energy Vault’s smart energy management platform that maximizes operational efficiency and availability.
Strong Returns Underpin ‘Own & Operate’ Strategy
The Cross Trails BESS Project delivers an attractive levered Internal Rate of Return (IRR) of approximately 15%, further validating Energy Vault’s ‘Own & Operate’ asset management approach. This follows other major milestones like the $28 million financing for the Calistoga Resiliency Center and the acquisition of the 125 MW/1 GWh Stoney Creek BESS in Australia.
Energy Vault Builds Momentum with this Project
The success of the Cross Trails BESS Project demonstrates Energy Vault’s ability to secure premium financing, build a diversified portfolio of high-performance energy storage assets, and generate predictable, recurring revenue streams for long-term shareholder value.
FACT SHEET: Cross Trails BESS Project
- Project Name: Cross Trails BESS Project
- Capacity: 57 MW / 114 MWh
- Location: ERCOT region, Texas
- Commercial Operation: June 2025
- Offtake Agreement: 10-year agreement with Gridmatic
- Key Technologies: B-VAULT™ AC product, VaultOS™ EMS
- Financing: $18 million secured + $12 million ITC funds expected
- Levered IRR: ~15%
