Eagle Point Closes $18 Million Project Financing for Cross Trails Battery Energy Storage System (BESS), Supporting Grid Resiliency in Texas

Eagle Point Credit Management LLC (“Eagle Point”), a private credit investment manager, announced 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.

Eagle Point | www.eaglepointcredit.com 

Energy Vault | www.energyvault.com