Energy Vault and Gridmatic sign 10-year offtake for ERCOT battery project

Cameron Murray | Source: Energy Storage News | Posted 11/12/2024

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Energy Vault has concurrently reached final investment decision (FID) for the project, a 57MW/114MWh battery energy storage system (BESS) called Cross Trails, located in Scurry County, Texas. Construction will start in Q1 2025 for commercial operation in summer.

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Optimiser Gridmatic and Energy Vault have agreed on a 10-year deal for a Battery Energy Storage System (BESS) project in ERCOT, Texas, set to be operational by summer 2025. Energy Vault has also made a final investment decision for a 57MW/114MWh BESS project named Cross Trails in Scurry County, Texas, scheduled to begin construction in Q1 2025 and be operational by summer.

Cross Trails will be one of the pioneering standalone BESS projects with a long-term offtake agreement in the ERCOT market and potentially have one of the lengthiest agreements. This marks Energy Vault's first offtake agreement with a physically settled revenue floor contract for a BESS in ERCOT, differing from the usual revenue-share agreements in Texas. Other BESS operators such as Jupiter Power and Eolian also have similar offtake or tolling agreements in place, with a total of around 2GWh of projects under such deals expected by 2026.

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Source Link: https://www.energy-storage.news/energy-vault-and-gridmatic-sign-10-year-offtake-for-ercot-battery-project/

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Energy Vault and Gridmatic sign 10-year offtake for ERCOT battery project

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