Supported by a 10-year offtake agreement, the first of its kind in the ERCOT region, the Cross Trails BESS enhances sustainability and grid resiliency

Eagle Point Credit Management LLC (“Eagle Point”), a private credit investment manager, announced today that it has provided $18 million in project financing to Energy Vault. The funding supports Energy Vault’s 57 MW / 114 MWh Cross Trails Battery Energy Storage System (BESS), a grid-scale project that began full commercial operations in June 2025. The facility is now delivering essential grid resiliency and ancillary services to the Electric Reliability Council of Texas (ERCOT) market under a 10-year offtake agreement with Gridmatic. This agreement marks the first physically settled revenue floor contract for a BESS in the ERCOT market.

Cross Trails serves as the first deployment of Energy Vault’s second-generation B-VAULT™ AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The system is equipped with Energy Vault’s VaultOS™ Energy Management System to control, manage and optimize the BESS operations.

“Eagle Point is excited to partner for a second project with Energy Vault on the Cross Trails BESS, which represents an attractive addition of grid-scale energy storage technology in the critical ERCOT market,” said Jennifer Powers, Principal and Head of Infrastructure Credit at Eagle Point. “We have been impressed with Energy Vault’s track record, ability to deliver projects on time and on budget and their thoughtful commercialization and contracting strategy. Their ability to bring much needed storage assets to key markets in Texas, California and Nevada – over 1 GWh over the past 12 months – speaks to their leadership in the battery storage and micro grid space.”

“The combination of Energy Vault’s innovative technology stack and the Cross Trails 10-year offtake agreement presents a compelling credit opportunity that aligns with our focus on supporting sustainable and financially attractive infrastructure projects. We look forward to our ongoing partnership with Energy Vault as they continue to grow and expand their portfolio of owned and operated assets,” Powers added.

“The successful financing of our Cross Trails BESS project represents another significant milestone in executing our ‘Own & Operate’ strategy, delivering strong returns that will generate predictable, high margin and recurring revenue streams,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “Following our recent Calistoga Resiliency Center project financing with Eagle Point, this latest financing close with them demonstrates our ability to attract premium financing partners while building a diversified portfolio of attractive energy storage assets across the globe. With an attractive return and a 10-year offtake agreement in place, the Cross Trails BESS is another example of our commitment to creating long-term shareholder value through strategic energy storage asset ownership and operation in key growth markets.”

This investment underscores Eagle Point’s ongoing commitment to backing clean energy infrastructure with stable, long-term economic and environmental impact. As the energy transition accelerates, Eagle Point continues to identify and invest in differentiated projects with strong counterparties and proven technology platforms.

This is Eagle Point’s second collaboration with Energy Vault, following a $28 million financing for the Calistoga Resiliency Center earlier this year.

About Eagle Point Credit Management

Eagle Point^® is an investment manager focused on specialized private credit strategies in inefficient markets, including Portfolio Debt Securities, Regulatory Capital transactions, Strategic Credit investments and CLO securities. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point manages over $12 billion on behalf of institutional and retail investors and has over 100 professionals. Please visit www.eaglepointcredit.com for more information.

About Energy Vault

Energy Vault^® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Since 2024, Energy Vault has executed an “Own & Operate” asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.

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