Cross Trails Battery Energy Storage System (BESS) project in Scurry County, Texas is providing its grid services in ERCOT following its successful commercial operation and financing milestones achieved through 2025 and into 2026.

Developed and owned by Energy Vault, the 57 MW/114 MWh project continues operating under a landmark 10-year offtake agreement with Gridmatic. This is widely regarded as the first physically settled revenue floor contract for a battery storage asset in ERCOT. The project also represents the first fully deployed asset under Energy Vault’s “Own & Operate” strategy. It also serves as the inaugural deployment of the company’s second-generation B-VAULT AC platform integrated with VaultOS energy management software.

Energy Vault’s Cross Trails BESS Project Secures $18 Million in New Financing

Reported July 24, 2025 – 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.

Another company also entering into BESS projects in Texas is  SolarMax Technology who will build a 430MWh battery storage system in Pecos County after signing a $127.3 million EPC contract.

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 600MWh Red Egret BESS Project and the 50 MW Byrd Ranch Storage Project. Brought to full commercial operation in May 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. The funds are 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%. This further validates Energy Vault’s ‘Own & Operate’ asset management approach. This also 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 and build a diversified portfolio of high-performance energy storage assets. It also speaks of the ability to 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
• Expected Commercial Operation: May/June 2025
• Offtake Agreement: 10-year agreement with Gridmatic
• Key Technologies: B-VAULT AC product, VaultOS EMS
• Financing: $18 million secured Over $12 million ITC funds expected
• Levered IRR: 15
• Status operational
• COD: May 2025, ahead of schedule