Energy Vault Secures $300M from OIC: Asset Vault Platform Marks Shift to Independent Power Producer Model

Energy Vault has officially closed a groundbreaking $300 million preferred equity financing with Orion Infrastructure Capital, fundamentally reshaping the company’s business trajectory. This isn’t just another funding round—it’s a strategic pivot that validates Energy Vault’s evolution from a technology vendor into a vertically integrated independent power producer capable of building, owning, and operating energy storage assets at scale.

From Technology to Asset Owner: The Strategic Inflection Point

The Asset Vault platform, now officially launched as Energy Vault’s consolidated subsidiary, represents a radical shift in how the company captures value. Rather than simply selling storage solutions and walking away, Energy Vault now controls the entire lifecycle—from engineering and procurement through construction and long-term service agreements. This creates multiple revenue streams and positions the company for predictable, recurring cash flows that investors covet far more than project-based revenue.

OIC’s decision to back this strategy speaks volumes. As an infrastructure investor managing approximately $5 billion in assets under management, OIC typically bets on proven operators with strong execution track records. Chris Leary, Head of Infrastructure Equity at OIC, emphasized the appeal: Energy Vault’s integrated capabilities, experienced management team, and robust project pipeline create a compelling opportunity in a market facing unprecedented power demand growth.

Portfolio Scale and Financial Targets: Making the Math Work

Energy Vault’s current Asset Vault portfolio already spans 3GW of capacity across the United States, Europe, and Australia—with 12+ GWh of projects identified, acquired, or already operational. Two flagship U.S. projects are already generating returns:

• Cross Trails BESS (Texas): 57 MW / 114 MWh system with long-term offtake agreements
• Calistoga Resiliency Center (California): 8.5 MW hybrid system combining clean hydrogen and battery storage

Both benefit from Investment Tax Credits and project-level debt financing, targeting 15%+ levered IRRs over 20-year asset lifecycles. The Stoney Creek project in Australia adds another 125 MW / 1.0 GWh backed by a 14-year service agreement.

The financial target is equally compelling: Asset Vault is expected to generate over $100 million in annual recurring EBITDA within 3-4 years. For context, that represents additive value on top of Energy Vault’s existing Energy Storage Solutions business.

The Capital Deployment Strategy: $200M in the Next Six Months

Energy Vault plans to draw nearly $200 million over the next six months to recapitalize existing assets and fund two additional late-stage projects in the U.S. and Australia. This front-loaded deployment accelerates the path to +1.5GW of operational capacity across priority markets. The preferred equity structure is non-dilutive to common shareholders while including milestones for common equity participation—a clever alignment mechanism that protects existing shareholders while incentivizing OIC’s participation in future upside.

Why This Matters for the Energy Infrastructure Market

The Energy Vault / OIC partnership arrives at a critical inflection point. Global grid infrastructure faces twin pressures: replacing retiring fossil generation while supplying skyrocketing power demand from AI data centers and electrification. Battery storage and complementary technologies like green hydrogen and gravity storage have shifted from niche to essential. Companies capable of deploying these solutions at scale, with reliable 20-year revenues locked in via offtake agreements, are increasingly attractive to infrastructure capital.

Energy Vault’s pivot to asset ownership puts it in direct competition with established IPPs while leveraging its proprietary technology differentiation. That’s a powerful position. The company will host an Investor and Analyst Day on October 29th to detail the Asset Vault portfolio and project pipeline—signaling confidence in what comes next.