Energy Vault Holdings (NYSE: NRGV) has agreed to acquire the entire battery-storage development portfolio of Goshe Energy Storage — 15 projects totalling more than 2.3 GW across US markets — in a September 22, 2026 deal that includes 350 MW of shovel-ready capacity and a $40 million credit facility from S2G Investments. The transaction folds Goshe into Energy Vault's Asset Vault platform, the ownership vehicle it stood up earlier this year to hold long-duration and lithium-ion storage IPPs.
Portfolio Detail
The 15-project book covers what Energy Vault calls "some of the fastest-growing battery storage markets" in the US, with meaningful ERCOT exposure. Two of the projects — 150 MW and 200 MW — are past interconnection and permitting and expected to enter commercial operation in Q1 2028, contributing roughly $30 million in annual run-rate EBITDA at completion. Purchase price was not disclosed.
S2G Credit Facility
S2G Investments is providing a $40 million credit facility to fund development, construction and ongoing operations of the acquired assets. The financing is structured to scale with subsequent project stages, giving Energy Vault a repeatable playbook to grow the Asset Vault balance sheet without additional equity dilution — a critical structuring choice for a small-cap with a market cap under $500M.
Why It Matters
The buy takes Energy Vault well beyond its gravity-storage origins into mainstream lithium-ion BESS. It also lands in a US market that added record BESS capacity in Texas this month, and comes on the heels of Energy Vault's earlier 1.25 GW hyperscaler data-center BESS deal. Between those two transactions, Energy Vault is on track to become one of the larger US BESS IPPs by 2028.
Quotes
"This portfolio fits squarely within Energy Vault's strategy of acquiring late-stage projects," said Cory Magnuson, president of Asset Vault. Goshe CEO Bailey McCallum added that "joining Energy Vault allows our team to continue advancing storage projects" with more capital and platform infrastructure than a standalone developer could bring.
What's Left To Close
The two companies did not disclose a closing date. Energy Vault's stock jumped on the announcement, up double digits intraday, on the read that the Goshe pipeline plus S2G facility de-risks the company's near-term revenue path.
Reporting based on coverage from Business Wire, Energy Storage News and Pulse 2.0.