Energy Vault Adds 2.3 GW of Battery Projects From Goshe, of Which 350 MW Is Ready to Build

Energy Storage News Utility-Scale BESS
Marin Holt
September 22, 2026
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7 minutes read

Portfolio size: 2.3 GW across 15 projects
Ready to build: 350 MW (150 MW plus 200 MW)
Expected COD: Q1 2028
Run-rate EBITDA from the two projects: $30 million a year
Credit facility: up to $40 million from S2G Investments

Energy Vault Holdings (NYSE: NRGV) said on September 22, 2026 that it had acquired a portfolio of 15 U.S. utility-scale battery projects from Goshe Energy Storage, a Boulder, Colorado developer. The portfolio totals more than 2.3 GW of development. Two ready-to-build projects, rated 150 MW and 200 MW, anchor the deal. Energy Vault expects both to reach commercial operation in the first quarter of 2028 and to produce roughly $30 million in combined annual run-rate EBITDA. Seeking Alpha reported the shares up 3.6 percent in Tuesday trading.

Energy Vault also secured a credit facility commitment of up to $40 million from S2G Investments, which had already financed Goshe. Goshe’s development and project-management staff join Energy Vault, bringing what the company describes as more than 75 years of combined experience. The projects move into Asset Vault, the platform through which Energy Vault finances, builds, owns and operates storage and AI infrastructure.

What is ready and what is not

The portfolio headline and the ready-to-build number measure different things. Ready to build means permits, interconnection position and offtake are far enough along to start construction. The rest of the portfolio is development-stage work with no disclosed schedule. Energy Vault president of Asset Vault Cory Magnuson framed the logic plainly. The company buys “late-stage, de-risked development projects that can be moved efficiently toward construction and operation.”

The company said the portfolio includes projects in the ERCOT market. It did not disclose the purchase price, the project locations, the storage duration, the energy capacity in MWh, or the battery chemistry. A battery rated at two hours and the same battery at four hours are different assets with different revenue.

Why It Matters

Developers with permits and queue positions are now worth more than the megawatts on paper, and buyers are paying for schedule rather than pipeline. Energy Vault says its owned energy and digital infrastructure in operation or under construction now exceeds 1.75 GW. The Goshe deal would more than double the development book behind that number.

The figure to test is the earnings target. Energy Vault now says Asset Vault should generate more than $200 million of run-rate EBITDA on exiting 2028. The two ready-to-build projects contribute about $30 million of that, and they do not start earning until the first quarter of 2028. The rest depends on projects that still have to finish development, reach financial close and get built. That is a large claim resting on a small amount of steel in the ground.

Energy Vault has been buying scale. ESS News notes the company signed a deal last month to supply 1.25 GW of off-grid storage to an AI data center in Texas. The pattern is consistent. The open question is how much of the acquired gigawattage ever reaches commercial operation, and the company has given no date for anything beyond the two ready-to-build sites.

Critical Perspective

The deal adds 15 projects and 2.3 GW on paper, but only the 150 MW and 200 MW ready-to-build sites carry a date, and that date is the first quarter of 2028. Energy Vault disclosed no purchase price, so there is no way to judge what it paid per megawatt. The company also withheld storage duration and MWh, which decides whether these are short peakers or four-hour capacity resources earning very different revenue. Against a stated target of more than $200 million in run-rate EBITDA on exiting 2028, the two dated projects supply about $30 million, and the rest depends on development work that has not cleared financing.