Wedoany.com Report-Apr. 2, Energy Vault Holdings Inc., a company specializing in sustainable energy storage, has secured $28 million in project financing for its Calistoga Resiliency Center (CRC) in California. This funding includes the sale of an Investment Tax Credit tied to the project. The milestone supports Energy Vault’s strategy to own and operate energy storage assets, as outlined during its May 2024 Investor and Analyst Day.
Energy Vault Achieves Successful Close of $28 million in Project Financing for the Calistoga Resiliency Center, the World’s First Ultra-Long Duration Hybrid Green Hydrogen Energy Storage Microgrid serving California’s PG&E
The CRC, currently in the commissioning phase, is a hybrid microgrid developed for Pacific Gas & Electric Company (PG&E) under a tolling contract. It combines hydrogen fuel cells and lithium-ion batteries to provide power during Public Safety Power Shutoff (PSPS) events, which occur when utilities cut electricity to prevent wildfires during extreme weather. With California facing increased wildfire risks due to climate change, the CRC ensures the Calistoga community has reliable energy during these outages.
The system offers 293 MWh of storage, delivering up to 48 hours of continuous power at a peak of 8.5 MW. In island mode, it uses green hydrogen fuel cells for generation, supported by Energy Vault’s B-VAULT™ battery technology for instant response and grid stability. Mechanical completion is done, and full commercial operation is expected in Q2 2025. The zero-emission setup meets California’s Renewable Portfolio Standard and PG&E’s long-duration storage needs, managed by Energy Vault’s VaultOS™ Energy Management System.
Robert Piconi, Chairman and CEO of Energy Vault, said: “The successful financing of the Calistoga Resiliency Center represents our team’s focus and execution in beginning 2025 by replenishing cash to our balance sheet from the prior year capex spent building the system.” He added: “This is the first of two energy storage assets expected online this quarter as we execute our ‘Own & Operate’ asset management strategy, and we are looking forward to beginning generating predictable, recurring and high margin tolling revenue streams for the years to come.” Piconi emphasized the CRC’s role in providing resilient, sustainable power during PSPS events.
The CRC serves as a blueprint for future hybrid microgrid deployments, offering a scalable, zero-emission solution for wildfire-prone areas. The financing aligns with Energy Vault’s plans from May 2024, showcasing its ability to execute efficiently. The company has also secured agreements to monetize tax credits and finance another project in Snyder, Texas, further supporting its growth in the energy storage market.
This development highlights Energy Vault’s role in delivering innovative storage solutions. The CRC not only addresses immediate community needs but also positions the company for expansion in regions requiring reliable, clean energy infrastructure.
