Oct 21 (Reuters) - Energy Vault Holdings ( NRGV ) said

on Monday it has signed an agreement with Enervest Group to

develop a 1 gigawatt hour (GWh) battery energy storage system

(BESS) for $350 million at the Stoney Creek site in New South

Wales, Australia.

As more companies and countries move towards clean energy to

help tackle climate change, BESSs can come in handy to store

excess energy generated from renewable sources that can be used

during periods of low power generation or high demand.

Japan's top oil and gas explorer Inpex ( IPXHF ) said earlier

this year it had reached a final investment decision on a

combined project of solar power generation and a BESS in New

South Wales to trim its carbon dioxide emissions.

Energy Vault ( NRGV ) said it will serve as the turn-key engineering,

procurement, construction and commissioning partner and system

integrator for the project.

"As part of the agreement, the companies are now finalizing

the development and grid application approvals to bring the

project to full FID," Energy Vault ( NRGV ) said in a statement.