Energy Vault Announces FID Approval for 57 MW Cross Trails Battery Energy Storage System in Texas and 10-Year Offtake Agreement with Gridmatic
Business Wire | Source: 01Net. | Posted 11/09/2024
Cross Trails BESS to provide energy and ancillary services to support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region
AI generated summary
Energy Vault, a sustainable energy storage solutions leader, has announced plans to deploy a 57 MW/114 MWh Battery Energy Storage System (BESS) in Texas and sign a 10-year offtake agreement with Gridmatic. This deployment in Scurry County is part of Energy Vault's strategy to provide energy and ancillary services to support renewable energy production and improve grid resiliency in the ERCOT region, with construction expected to begin in Q1 2025.
The offtake agreement with Gridmatic marks a significant step in Energy Vault's growth strategy to invest in financially attractive and long-term energy storage infrastructure projects. This partnership will leverage Gridmatic's AI-based forecasts to optimize trading results in the ERCOT market. With a focus on maximizing capital efficiency and profitability, Energy Vault aims to continue capitalizing on emerging opportunities in the energy storage market while delivering sustainable energy solutions for the ERCOT region.
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