10:12 AM EST, 11/08/2024 (MT Newswires) -- Energy Vault ( NRGV ) said Friday it plans to deploy a 57 megawatt Battery Energy Storage System, or BESS, in Scurry County, Texas, and has signed a 10-year offtake agreement with Gridmatic.

The company said it will build, own, and operate the Cross Trails BESS project, which is scheduled to start construction in Q1 2025 and reach commercial operation by summer 2025.

Energy Vault ( NRGV ) said the project is expected to support renewable energy generation and enhance grid resilience in the Electric Reliability Council of Texas, or ERCOT, region.

Energy Vault's ( NRGV ) 10-year offtake agreement with Gridmatic, starting in Q2 2025, is a physically settled revenue floor contract for a BESS in ERCOT. The deal, supported by Gridmatic's Energy Storage Fund, will utilize AI-based forecasts and include qualified scheduling entity services, Energy Vault ( NRGV ) said.

Shares of Energy Vault ( NRGV ) were up more than 6% in recent Friday trading.

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