Recently, US BESS companies Energy Vault and Goshe, SMT Energy and Climate Adaptive Infrastructure, and NeoVolta and SK On have made major deals and secured strategic partnerships.
Energy Vault acquires 2.3GW BESS portfolio from Goshe Energy Storage
US battery energy storage system (BESS) owner-operator Energy Vault has acquired a more than 2.3GW BESS portfolio from fellow US BESS developer Goshe Energy Storage.
Announced 22 September, the portfolio spans 15 projects and is anchored by two ready-to-build projects of 150MW and 200MW.
According to Energy Vault, both BESS projects are expected to reach commercial operations in Q1 2028, generating approximately US$30 million of combined annual run-rate EBITDA.
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The acquisition also expands Energy Vault’s development pipeline under Asset Vault, the company’s wholly owned subsidiary dedicated to financing, developing, owning and operating energy storage and AI infrastructure assets.
Energy Vault further stated that a team of experienced development professionals will join the company to continue the development, construction and operations of the acquired portfolio.
The company additionally secured a credit facility commitment of up to US$40 million from investment firm S2G Investments, which it says will support the development, construction and operations of the acquired portfolio. The credit facility commitment represents a continuation of S2G’s strategic partnership with Goshe.
In August, Energy Vault announced it would supply BESS, grid-forming power conversion systems (PCS), and AI infrastructure control software, supporting an initial deployment totalling 1.25GW of power infrasturcutre for an undisclosed data centre customer.
The company stated that it expects this agreement to generate approximately US$500-$600 million in revenue during the second half of 2026 and 2027.
The company, originally focused on a novel gravity-based storage technology, pivoted to add a battery energy storage system integrator arm and has since continued to pivot with a shift from an engineering, procurement, and construction (EPC) company to an independent power producer (IPP) business model.
SMT Energy announces US$268 million equity partnership with Climate Adaptive Infrastructure
Developer SMT Energy has announced an equity partnership with infrastructure investment firm Climate Adaptive Infrastructure (CAI) for up to US$268 million at the parent-company level.
Announced 22 September, the US$268 million figure is in addition to US$32 million previously deployed by CAI into SMT assets.
The companies stated that with other sources of project capital, CAI’s equity is expected to enable SMT to develop and build energy infrastructure “with an aggregate value significantly greater than the equity provided.”
SMT claimed the equity investment from CAI, with tax equity and project-level debt will fund the development, construction, and operation of SMT’s BESS projects across the US.
Earlier this month, SMT and software-focused energy storage system integrator FlexGen announced the start of operations of a 160MW/320MWh BESS facility in Houston, Texas, in just six weeks.
SMT Energy company has multiple other BESS projects in Texas, either in operation or development.
NeoVolta’s SK On deal positions company for growth after difficult financial period
US-based BESS manufacturer NeoVolta has announced a five-year strategic supply and manufacturing collaboration with South Korean battery manufacturer SK On.
Announced 31 August, the deal positions NeoVolta for growth following a “difficult period” as seen in its Q4 and FY 2026 financial results.
Released 23 September, NeoVolta was not profitable in FY 2026, with losses more than quadrupling compared to the prior year.
However, the company did significantly strengthen its balance sheet through substantial equity raises totaling nearly US$49 million, which boosted cash reserves and funded major capital investments in construction projects and infrastructure.
The dramatic revenue decline in Q4, coupled with escalating operating expenses and credit losses, indicates operational challenges despite the company’s strategic pivot toward larger-scale BESS projects.
The company’s collaboration with SK On sees SK On supplying 9GWh of US-manufactured lithium iron phosphate (LFP) battery cells to NeoVolta from 2027 through 2031.
It also establishes a framework for “broader collaboration,” wherein SK On will supply an additional 9GWh of LFP cells to NeoVolta during the same timeframe, and NeoVolta will produce energy storage packs for purchase by SK On.
Ardes Johnson, CEO of NeoVolta, stated, “More importantly, fiscal 2026 was defined by the progress we made at Pendergrass. Our facility is advancing through commissioning and production-ramp activities, and our strategic collaboration with SK On supports our long-term capacity-expansion plans through a multi-year US-manufactured LFP cell-supply agreement and broader pack-manufacturing collaboration.”
Johnson continued, “Combined with the growth of our utility-scale and C&I pipeline, we believe NeoVolta enters fiscal year 2027 with a stronger platform to execute our growth strategy.”
NeoVolta held a grand-opening celebration for its NeoVolta Power manufacturing facility in Pendergrass, Georgia, on 17 September.
The 210,600-square-foot site serves as a dedicated domestic BESS manufacturing platform engineered to produce commercial, industrial, and utility-scale energy storage solutions.
The company’s first Pendergrass production line is progressing through commissioning and site acceptance testing phases, with production ramp-up scheduled to remain on schedule for Q4 2026.
On 10 September, NeoVolta obtained a US£20 million senior credit facility from RoHo Capital Opportunity Fund, a joint venture between Horizon Technology Finance Corporation and CR Financial Holdings.
