Energy Vault Holdings, Inc. (NYSE: NRGV) has acquired a portfolio of U.S. battery energy storage system development projects from Goshe Energy Storage, LLC, a Boulder, Colorado based developer. The transaction adds approximately 2.3 gigawatts of development capacity across 15 projects to Energy Vault's build, own and operate platform known as Asset Vault. A credit facility commitment of up to $40 million from S2G Investments will support the acquired portfolio's development, construction and operations.
Ready-to-Build Storage Projects
The acquired portfolio is anchored by two ready-to-build battery energy storage projects totaling 350 megawatts, with individual capacities of 150 megawatts and 200 megawatts respectively. Both projects are expected to achieve commercial operations in the first quarter of 2028 under the company's current development timeline. Once operational, these two assets are forecast to generate approximately $30 million of combined annual run-rate EBITDA.
Expanding the Development Pipeline
The acquisition expands Energy Vault's development pipeline under Asset Vault, the platform dedicated to financing, developing, owning and operating energy storage and AI infrastructure assets. The 15 acquired projects span U.S. battery storage markets and include assets from Goshe's previous focus on late-stage development. Energy Vault said the addition supports a long-term owned-asset portfolio designed to generate predictable, recurring, high-margin revenue as projects complete construction and achieve commercial operations.
Team and Development Expertise
Energy Vault will also integrate Goshe's leadership team and a group of experienced development professionals following the acquisition. The incoming team brings more than 75 years of combined experience in renewable energy development, battery storage project management and financial services. These professionals are expected to lead the continued development, construction and operations of the newly acquired project portfolio.
Financing and Strategic Rationale
The acquisition is supported by a credit facility commitment of up to $40 million from S2G Investments, which will help fund development, construction and operations of the acquired assets. S2G's involvement represents a continuation of its previous strategic partnership with Goshe and confidence in the project pipeline. Energy Vault leaders said the portfolio fits squarely within a strategy of acquiring late-stage, de-risked development projects that can move efficiently toward construction and operation.
Management Highlights Strategic Fit
Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, said the acquisition adds meaningful scale to the company's pipeline and brings in developers who know how to advance projects efficiently. Cory Magnuson, President of Asset Vault, emphasized that the portfolio fits the company's approach of acquiring late-stage, de-risked development projects. Bailey McCallum, Chief Executive Officer of Goshe, said joining Energy Vault provides the backing of a large, vertically integrated and global platform.
Revenue and Portfolio Growth Targets
Energy Vault stated that the transaction accelerates its Asset Vault-specific annual recurring EBITDA timeline, which is now expected to generate more than $200 million in 2028 exit run-rate EBITDA. The company's active global portfolio of owned assets now encompasses over 1.75 gigawatts of critical energy and AI digital compute infrastructure in operation or under construction. This includes recently announced expansions in powered land and powered shell modular data centers in the United States.
Energy Vault's acquisition of the Goshe portfolio underscores its shift toward building a long-term, owned-asset platform that generates predictable and recurring revenue. The combination of ready-to-build projects, an experienced development team and committed financing positions the company to execute through construction and commercial operations. By integrating these assets into Asset Vault, Energy Vault is strengthening its ability to serve grid-scale storage demand and capitalize on the growing need for reliable energy infrastructure.