Three US BESS Transactions: Energy Vault Acquires Over 2.3GW Portfolio

en.Wedoany.com Reported - Three partnership transactions have recently emerged in the US battery energy storage system (BESS) market: Energy Vault's acquisition of a BESS project portfolio exceeding 2.3GW from Goshe Energy Storage; SMT Energy's equity partnership with Climate Adaptive Infrastructure (CAI) worth up to US$268 million; and NeoVolta's five-year strategic supply and manufacturing agreement with SK On.

Energy Vault announced on September 22 that it has acquired a BESS portfolio exceeding 2.3GW from Goshe Energy Storage. The portfolio comprises 15 projects, including two shovel-ready projects with capacities of 150MW and 200MW respectively. Energy Vault expects these two projects to enter commercial operation in the first quarter of 2028, with a combined annualized run-rate EBITDA of approximately US$30 million. The acquisition expands the development pipeline of its wholly-owned subsidiary Asset Vault, which focuses on the financing, development, ownership, and operation of energy storage and AI infrastructure assets. Energy Vault also stated that an experienced team of development professionals will join the company to continue advancing the development, construction, and operation of the acquired portfolio. The company has secured a credit facility commitment of up to US$40 million from investment firm S2G Investments to support the development, construction, and operation of the acquired portfolio; this commitment extends the strategic partnership between S2G and Goshe.

In August, Energy Vault announced it would supply BESS, grid-forming power conversion systems (PCS), and AI infrastructure control software to support an initial deployment of 1.25GW of power infrastructure for an undisclosed data center customer. The company expects the agreement to generate approximately US$500-$600 million in revenue in the second half of 2026 and in 2027. Energy Vault initially focused on novel gravity energy storage technology, subsequently added a BESS integrator business, and continues its transition from an engineering, procurement, and construction (EPC) company to an independent power producer (IPP) business model.

SMT Energy and infrastructure investment firm Climate Adaptive Infrastructure (CAI) established an equity partnership at the parent company level worth up to US$268 million, announced on September 22. This funding is in addition to CAI's previous US$32 million investment in SMT assets. The two parties stated that, combined with other project capital sources, CAI's equity investment is expected to enable SMT to develop and build energy infrastructure "with a total value significantly greater than the equity provided." SMT said that CAI's equity investment, together with tax equity and project-level debt, will fund the development, construction, and operation of SMT's BESS projects across the United States. Earlier this month, SMT and software-focused energy storage system integrator FlexGen announced that a 160MW/320MWh BESS facility in Houston, Texas, began operations in just six weeks. SMT Energy has several other BESS projects in Texas, either already operational or under development.

US BESS manufacturer NeoVolta and South Korean battery manufacturer SK On reached a five-year strategic supply and manufacturing partnership, announced on August 31. The partnership positions NeoVolta for growth after a "difficult period" reflected in its fiscal year 2026 fourth quarter and full-year financial results. Results released on September 23 showed that NeoVolta did not achieve profitability in fiscal year 2026, with losses more than four times those of the previous year. However, the company significantly strengthened its balance sheet through large-scale equity financing totaling nearly US$49 million, boosting its cash reserves and funding major capital investments in construction projects and infrastructure. Fourth-quarter revenue declined sharply, while operating expenses and credit losses rose, indicating that the company continues to face operational challenges as it pivots strategically toward larger-scale BESS projects.

Under the partnership arrangement, SK On will supply NeoVolta with 9GWh of US-made lithium iron phosphate (LFP) battery cells from 2027 to 2031. The two parties also established a "broader cooperation" framework: during the same period, SK On will additionally supply NeoVolta with 9GWh of LFP cells, while NeoVolta will produce energy storage battery packs for SK On to purchase. NeoVolta CEO Ardes Johnson stated that key progress in fiscal year 2026 is reflected at Pendergrass, where the facility is advancing commissioning and ramp-up activities, and the strategic partnership with SK On supports the company's long-term capacity expansion plans through a multi-year US-made LFP cell supply agreement and broader battery pack manufacturing cooperation. Johnson also said that, combined with the growth of its utility-scale and C&I project pipeline, the company believes NeoVolta enters fiscal year 2027 with a stronger platform to execute its growth strategy.

On September 17, NeoVolta held a grand opening ceremony for its NeoVolta Power manufacturing facility in Pendergrass, Georgia. The site covers 210,600 square feet and is a dedicated domestic BESS manufacturing platform designed to produce commercial, industrial, and utility-scale energy storage solutions. The company's first production line at Pendergrass is advancing through commissioning and site acceptance testing, with the ramp-up plan still on schedule for the fourth quarter of 2026. On September 10, NeoVolta secured a US$20 million senior credit facility from RoHo Capital Opportunity Fund, a joint venture between Horizon Technology Finance Corporation and CR Financial Holdings.