Energy Storage Group Closes Financing for Texas BESS Project
Project Serves ERCOT Market
Cross Trails is a 57-MW/114-MWh BESS that will serve the Electric Reliability Council of Texas (ERCOT) region. Energy Vault said the installation was completed ahead of schedule, "successfully meeting all construction milestones through effective project management and close collaboration among engineering, procurement, and construction teams." The project is providing energy and ancillary services to support renewable energy production and improve grid resiliency in ERCOT's territory. The offtake agreement with Gridmatic is the "first physically settled revenue floor contract to be signed for a BESS in ERCOT," according to Energy Vault. The BESS leverages Energy Vault's fully integrated solution stack of hardware, software, and service offerings. Cross Trails also serves as the first deployment of Energy Vault's second-generation B-VAULT AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The system is equipped with Energy Vault's VaultOS Energy Management System to control, manage, and optimize the BESS operations. "The successful financing of our Cross Trails BESS project represents another significant milestone in executing our 'Own & Operate' strategy, delivering strong returns that will generate predictable, high margin and recurring revenue streams," said Robert Piconi, chairman and CEO of Energy Vault. "Following our recent Calistoga Resiliency Center project financing and the acquisition of the 125-MW/1-GWh Stoney Creek BESS in Australia, this latest financing close demonstrates our ability to attract premium financing partners while building a diversified portfolio of attractive energy storage assets across the globe. With an attractive mid-teen levered IRR and a 10-year offtake agreement in place, the Cross Trails BESS is another example of our commitment to creating long-term shareholder value through strategic energy storage asset ownership and operation in key growth markets."
Agreement With Gridmatic
"Energy Vault's proven expertise and ability to develop and deploy world-class reliable, and cost-effective energy storage solutions makes them a perfect partner for Gridmatic," said Max Wytock, Gridmatic's CEO, in a statement. "This BESS will deliver increased grid reliability and affordability for Texas residents as load growth continues to accelerate. We look forward to a strong partnership with Energy Vault for years to come." Today's announcement marks the second close of project financing for Energy Vault projects, coming on the heels of the successful close of $28 million in financing for the company's Calistoga Resiliency Center project in California. The financing also follows Energy Vault's announced acquisition of the 125-MW/1,000-MWh Stoney Creek BESS in the Australian market. Energy Vault on Thursday said the company has a "robust pipeline of projects in development" within the company's "Own & Operate" strategy, with a "long-term vision for generating predictable, recurring and high margin tolling revenue streams with the goal of delivering sustainable, long-term value to shareholders." —Darrell Proctor is a senior editor for POWER.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Meta Platforms (META) Price Target Raised by Bernstein on AI and Ad Growth
Meta Platforms Inc. (NASDAQ:META) ranks among the . Bernstein analyst Mark Shmulik maintained his Outperform rating on Meta Platforms Inc. (NASDAQ:META) and increased the stock's price target from $700 to $775 on July 22. According to Bernstein's research report, the price target hike highlights Meta's status as 'a clear AI winner,' with positive advertising checks bolstering the company's claims of increasing ad success. The introduction of WhatsApp ads and the ongoing robust increase in Threads adoption have supported Meta's prospects for revenue growth, allaying earlier worries about declining returns on time spent growth. Though it acknowledged the existence of short-term concerns regarding the company's capacity to finance AI infrastructure while preserving free cash flow and earnings per share, Bernstein identified a number of long-term growth drivers for Meta Platforms, Inc. (NASDAQ:META) beyond 2025, including wearables, business messaging, generative AI ad creative, and Meta AI. Meta Platforms, Inc. (NASDAQ:META) is a renowned technology company known primarily for its flagship platforms Facebook, Instagram, and WhatsApp, as well as its revolutionary advances in augmented reality (AR) and virtual reality (VR). While we acknowledge the potential of META as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. Read More: and Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
6 minutes ago
- Yahoo
Trump ramps up pressure on the Fed to slash rates to 1% — but would that be risky for US jobs, savings and investments?
Despite President Trump ramping up pressure on Federal Reserve Chair Jerome Powell to cut interest rates, the Fed held rates steady at 4.25% to 4.5% on Wednesday, July 30. Trump has been insistent on a major cut all the way down to 1%. Those who support the idea argue that a lower rate would reduce borrowing costs for consumers, mortgages, auto loans and corporations. Governors Michelle Bowman and Christopher Waller voted against the rates, the first time since 1993 that multiple governors voted against a rate decision. But critics, including economists, former Fed officials and business leaders, warn that such heavy-handed interference in monetary policy could backfire, risking higher inflation, market instability and long-term damage to the Fed's independence. Here's what Trump's push could mean for your job prospects, investments and savings, and why experts say it's not that simple. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it What experts say a Fed rate cut could mean for your wallet While Trump is pressuring the Fed to slash the federal funds rate, some experts argue that bond yields are far more important to the broader economy. In an interview with Fox Business earlier this year, Treasury Secretary Scott Bessent said the administration is paying closer attention to the 10-year Treasury yield, not the fed funds rate. That distinction matters. The Fed funds rate primarily affects short-term borrowing — like credit cards and personal loans. But long-term borrowing, including mortgages and auto loans, is more closely tied to the yield on government bonds. For example, over the past year, even as the Fed cut its policy rate from 5.5% in September 2024 to 4.5% by August 2025, mortgage rates didn't follow suit. That's because bond yields have climbed, pushing borrowing costs higher, according to The Wall Street Journal. In fact, many economists warn that if the Fed cuts rates too quickly, bond yields could rise even further, potentially driving up mortgage rates and undermining the very goal of making borrowing cheaper. Capital flight and higher inflation In an interview with the Harvard Gazette, Daniel Tarullo, Nomura Professor of International Financial Regulatory Practice at Harvard Law School and former Federal Reserve governor, warned that Trump's efforts to pressure or potentially remove Fed leadership could be deeply counterproductive. He argues that bond yields and investor confidence are shaped by the belief that the central bank will act independently and responsibly, and that ndermining that independence could have serious consequences. The Harvard Gazette reported on the subject in April, saying 'What markets fear is that if a president removes the chair or other members of the Board of Governors, it would be with the intent of having a looser monetary policy. At that point, the markets' trust in the central bank will be substantially undermined, and thus, the central bank's credibility as an inflation fighter will be undermined. Longer-term interest rates will then rise, probably dramatically.' A similar scenario played out in Turkey, where President Recep Tayyip Erdoğan repeatedly pressured the country's central bank to cut rates against economic advice. According to the American Enterprise Institute, the result was a collapse in the value of the Turkish lira and a surge in inflation. In the U.S., there are multiple layers of protection in place, including institutional norms and legal safeguards, that make it difficult for any president to unilaterally reshape Fed leadership or monetary policy. But experts say the pressure alone can still erode market confidence. Read more: Nervous about the stock market in 2025? Find out how you can What comes next? With Powell's term as Fed chair set to end in May 2026, investors and consumers will see a change in leadership at the central bank in the not-too-distant future. Trump will have the authority to nominate a new chair or choose to re-nominate Powell, and the nominee must be confirmed by the Senate. Still, a new chair wouldn't have the power to set rates alone. The federal funds rate is determined by the Federal Open Market Committee (FOMC), which includes the chair, six Fed governors and 12 regional Federal Reserve bank presidents. 'There's no question that the chair is far and away the most important individual on the FOMC,' Tarullo says. 'But it's not the case that the chair can simply dictate what policy is going to be and the rest of the FOMC will fall into line.' For consumers, experts say the takeaway is more complicated than it might seem. While aggressive rate cuts could reduce borrowing costs in the short term, economists warn they could also lead to higher inflation and long-term instability, especially if the Fed's independence is weakened. In their view, unless inflation cools or the economy slows, rates on mortgages, credit cards and auto loans are unlikely to drop significantly anytime soon. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Yahoo
Stifel Boosts Amazon (AMZN) Price Target, Sees Q2 Earnings Beat Potential
Inc. (NASDAQ:AMZN) ranks among the . On July 29, Mark Kelley, an analyst at Stifel, raised the price target for Inc. (NASDAQ:AMZN) from $245 to $262 while keeping the company's shares at a Buy rating. As the company gets closer to announcing its second-quarter earnings, Kelley points out that third-party data suggests Inc. (NASDAQ:AMZN) may surpass forecasts. Zapp2Photo/ This optimism stems in part from the strategic agreements made by the current U.S. administration and the postponement of tariff measures, both of which have benefited the company. Stifel admitted that its models had been 'too conservative' after what it called 'liberation day,' and as a result, it raised some of its projections for Inc. (NASDAQ:AMZN). The firm stated that it prefers Inc. (NASDAQ:AMZN) in the e-commerce industry and that it believes the company's long-term financial projections would 'continue to work higher from here.' Inc. (NASDAQ:AMZN) is a major technology company that runs the world's largest e-commerce and cloud computing businesses. The company also offers digital streaming and AI technology. While we acknowledge the potential of AMZN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. Read More: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
