Energy Vault Holdings said it has entered into a binding agreement to acquire an 850-megawatt battery energy storage system (BESS) portfolio in Japan, marking its entry into one of the fastest-growing global storage markets.
The portfolio includes 350 MW of advanced-stage projects targeted to begin construction in the second half of 2027, with commercial operations expected from mid-2028, along with 500 MW of early-stage projects, providing a multi-year development pipeline.
The transaction also includes the integration of a local development team, giving Energy Vault on-the-ground expertise in permitting, land rights and grid interconnections. The company said the acquisition establishes an immediate presence in Japan and supports its strategy to expand owned and operated energy storage assets.
Energy Vault said the deal increases its global portfolio to more than 1 GW of assets across energy storage and related infrastructure, with expected recurring EBITDA exceeding $180 million once projects are operational.
Financial terms were not disclosed.