Energy Vault’s 27x Q3 revenue jump shows grid-scale storage is entering its scaling phase. Here’s what their Australia–US strategy means for green technology.
Most companies chasing green technology growth talk about gigawatts and climate goals but stay vague on the numbers. Energy Vault did the opposite this quarter: a 27x revenue jump to US$33.3 million and an EBITDA loss cut by more than half. For a storage company still scaling up, that’s a serious signal.
This matters because energy storage isn’t a side story in the clean energy transition anymore—it’s the backbone. Without large-scale storage, all the solar, wind, and green hydrogen in the world can’t reliably replace fossil fuels. Energy Vault’s Q3 2025 results show how fast this sector is maturing, and how smart capital is moving into long-duration and grid-scale storage.
In this post, I’ll break down what Energy Vault actually did in Q3, why Australia and Texas keep showing up in their strategy, how their Asset Vault model changes the game for investors, and what this tells us about the next wave of green technology and AI-enabled energy infrastructure.
Energy Vault’s Q3 2025: The Numbers That Matter
Energy Vault’s Q3 2025 results are a textbook example of how a storage business starts to “flip” from pure development risk to recurring value.
Here’s the core snapshot:
- Revenue: US$33.3 million (about 27x year-on-year growth)
- Adjusted EBITDA loss: Improved to US$6 million from US$14.7 million in Q3 last year
- GAAP gross profit: US$9 million, up year-on-year
- Backlog: US$920 million in contract revenue, a 112% year-to-date increase
- Cash: US$61.9 million as of 30 September 2025, up 7% sequentially
- Full-year 2025 guidance reaffirmed:
- Revenue: US$200–US$250 million
- Gross margin: 14–16%
- Ending cash: US$75–US$100 million
From a green tech perspective, the key signal isn’t just growth—it’s increasing visibility. A US$920 million backlog tells you that energy storage is no longer experimental for utilities and developers. They’re signing multi-year, multi-hundred-megawatt contracts because grid operators now need storage, not just like it.
What’s driving the growth?
Two main engines:
- More energy storage system (ESS) projects in Australia
- Initial revenue from Asset Vault projects in the US
That second one matters a lot. Project developers usually get paid mainly on EPC or integration margins and move on. Energy Vault is shifting toward owning and operating assets, which is where long-term value and stable cash flows live.
Why Australia and Texas Are Emerging Storage Hotspots
If you follow our Green Technology series, you’ve seen this pattern: the fastest growth in clean energy often shows up first in grids under real stress. That’s exactly what’s happening in Australia and ERCOT (Texas).
Australia: Testing ground for high-renewables grids
Australia is quietly becoming a global lab for high-renewables power systems. In 2025, the country has been ramping hard toward becoming a “green superpower”, and grid-scale storage is central to that story.
Energy Vault’s recent moves there include:
- Acquisition of the 125MW / 1,000MWh Stoney Creek BESS in New South Wales
- Stronger activity across behind-the-meter and distribution-level storage as the market matures
Why this location is smart:
- Extreme solar penetration: Daytime prices can crash, then spike in the evening. Storage can arbitrage that spread.
- Weak, long grids: Australia’s long transmission lines create congestion and reliability issues, which batteries help smooth out.
- Policy tailwinds: Federal and state programs are pushing storage as a core tool for hitting net-zero targets.
If you’re an investor or developer, Australia shows what a storage-first market looks like: batteries at mines, batteries at substations, batteries at renewable hubs. Energy Vault’s presence there isn’t a side bet; it’s positioning in one of the most advanced storage markets on the planet.
Texas: ERCOT as the merchant frontier
On the other side of the world, Energy Vault’s SOSA Energy Centre deal in Texas adds another piece:
- 150MW / 300MWh BESS in Madison County, Texas
- Part of a 1.5GW storage capacity target within the first Asset Vault fund
ERCOT is a very different beast from Australia:
- Heavily merchant: Projects depend more on energy and ancillary services markets than fixed long-term capacity payments.
- Massive wind and growing solar: That volatility is a playground for storage.
- Brutal grid events: 2021’s winter crisis made grid reliability a board-level topic across Texas.
The combination of Australia and Texas in Energy Vault’s portfolio tells you where serious grid-scale storage operators want to be: markets with volatility, clear price signals, and strong renewables growth.
Inside Asset Vault: From Integrator to Long-Term Owner
Here’s the thing about the energy transition: short-term EPC revenue is nice, but the real money is in owning infrastructure that throws off cash for 15–25 years. That’s what Energy Vault is aiming for with its Asset Vault strategy.
Asset Vault is a fully consolidated subsidiary focused on developing, building, owning, and operating energy storage assets globally. Q3 was a turning point:
- The company is targeting 1.5GW of storage in its inaugural Asset Vault fund.
- It acquired at least one flagship project in Texas (150MW BESS).
- It closed a US$300 million non-dilutive preferred equity investment from Orion Infrastructure Capital (OIC).
Why the Asset Vault model matters
For investors, this approach changes the profile of green technology from speculative to infrastructure-grade:
- Recurring revenue instead of one-off margin: Storage earns from capacity, energy arbitrage, and grid services.
- Portfolio diversification: 1.5GW across multiple regions and markets smooths risk.
- Alignment with net-zero strategies: Corporates and utilities want access to clean, firm capacity, not just one-time EPC savings.
From a green tech lens, the Asset Vault model accelerates deployment speed. When a developer knows they will own and operate the asset, they’re more willing to invest in:
- Smarter controls and software
- AI-driven battery management
- Hybrid configurations like solar + storage + hydrogen or gravity storage
You don’t overspend on intelligence if you’re just flipping projects. You do if you’re holding them for decades.
Technology Stack: Batteries, Gravity Storage, and AI
Energy Vault is known for more than just batteries—it built its brand around gravity energy storage, where heavy blocks are lifted and lowered to store and release energy. Add hydrogen and conventional batteries to that mix, and you get a multi-technology storage portfolio.
The reality? The market is converging on hybrid and flexible architectures rather than “one technology to rule them all.”
Why multiple storage technologies matter
Different technologies fit different jobs:
- Lithium-ion BESS: 1–4 hours, fast response, frequency control, price arbitrage
- Gravity storage: Potentially longer-duration, high-cycling, low degradation
- Hydrogen: Seasonal or multi-day backup, industrial integration
By combining them, operators can:
- Serve both short-term grid services and long-duration coverage
- Match storage profiles to specific markets (e.g., frequency control in ERCOT vs. evening peaks in Australia)
- Reduce lifetime cost by assigning the “right work” to the “right asset”
Where AI and digital control come in
In our Green Technology series, I keep coming back to this: AI is the force multiplier for clean hardware.
For energy storage portfolios like Asset Vault, AI and advanced analytics can:
- Predict battery degradation and extend asset life
- Optimize dispatch across markets in real time
- Balance multiple storage types (battery + gravity + hydrogen) to minimize costs
- Forecast grid events and price spikes hours or days ahead
A 300MWh BESS is powerful. A 300MWh BESS orchestrated by AI across multiple markets and revenue streams is a strategic asset.
What This Means for Investors, Developers, and Clean Energy Leaders
Energy Vault’s Q3 story isn’t just corporate news; it’s a blueprint for where storage—and green technology as a whole—is heading.
For investors
You’re seeing the infrastructure-ification of energy storage:
- Larger, committed equity checks like the US$300 million from OIC
- Portfolio-style strategies (1.5GW funds, multi-region exposure)
- Increasing visibility through backlog and long-term contracts
If your climate or infrastructure strategy doesn’t include storage yet, you’re behind. Storage is no longer an add-on; it’s a core asset class.
For developers and IPPs
The bar is rising. To stay competitive:
- Think beyond single projects—build portfolios with consistent technical standards.
- Partner early with OEMs and integrators; Energy Vault’s 3GWh supply agreement with Rept Battero for 2026 is a good example of getting ahead of the supply crunch.
- Design projects for multi-service revenue from day one: capacity, ancillary services, arbitrage, and potentially corporate PPAs.
For utilities and policymakers
These Q3 results confirm what many regulators are already seeing: storage has moved from pilot to essential grid asset.
That should nudge policy in three directions:
- Faster interconnection and permitting for storage assets
- Clear market rules for storage participation in energy and ancillary services
- Support for long-duration storage (gravity, hydrogen, flow batteries) alongside lithium-ion
Grids aiming for 70–90% renewables will not get there with generation alone. Storage is now a first-class citizen in system planning.
Where Green Technology Goes Next
Energy Vault’s Q3 2025 performance shows how fast green technology is maturing when you mix sound engineering, capital discipline, and smart market selection. A 27x revenue jump, a US$920 million backlog, and a 1.5GW storage fund aren’t just good corporate milestones—they’re signs that grid-scale storage has entered its scaling phase.
For anyone working in clean energy, this is the moment to treat storage as a strategic pillar, not a marginal add-on. Whether you’re planning solar, wind, hydrogen, or smart city infrastructure, the projects that win in 2026 and beyond will be the ones that bake storage and AI-driven control into the core design.
If your organization is mapping a path to net zero, ask a simple question: Where does storage sit in our strategy—and are we thinking about it as a project, or as an asset base we want to own? The companies answering that well today will be the ones writing the next wave of Q3 growth stories.