Energy Vault Buys Goshe's 2.3 GW Battery Storage Pipeline, With 350 MW Ready to Build
Energy Vault is buying the project portfolio of Goshe Energy Storage, a Boulder, Colorado developer of utility-scale batteries. The deal adds 15 US projects totaling more than 2.3 GW to Asset Vault, the unit through which Energy Vault owns and operates storage instead of just building it for others. No price was disclosed. The shares rose on the news.
Most of that 2.3 GW is pipeline, and pipeline is cheap to announce. The part that matters is the 350 MW that’s ready to build. That’s two projects, one of 150 MW and one of 200 MW, which Energy Vault expects to reach commercial operation in the first quarter of 2028. Once running, the pair should throw off about $30 million a year in EBITDA, the company says. Goshe has projects in ERCOT, the Texas grid, where batteries earn their keep by buying cheap midday solar and selling into the evening peak.
The Goshe team comes along too. Bailey McCallum, Goshe’s CEO, and his developers join Asset Vault, bringing what the company counts as more than 75 years of combined experience in renewable development, battery operations and finance. S2G Investments has committed a $40 million credit facility to help develop, build and run the acquired projects.
From cranes to cash flow
Energy Vault made its name with gravity storage, stacking and lowering heavy blocks with cranes to store power. The concept got a lot of attention. The money came from something plainer. The company pivoted to building battery systems for utilities and developers, and since last year it has been keeping some of those assets for itself.
That’s the logic of Asset Vault. Selling batteries is a one-off sale with thin margins. Owning them brings in recurring revenue from energy arbitrage, capacity payments and grid services for 15 to 20 years. Asset Vault already has more than 1.75 GW operating or under construction, and Energy Vault is targeting over $200 million in run-rate EBITDA by the end of 2028.
Why buy a developer
Early-stage projects are where storage owners get squeezed. Interconnection queues run for years, and a project with a signed grid connection agreement is worth far more than one waiting in line. Buying a developer with shovel-ready projects skips a lot of that wait, and the team keeps originating new ones.
Chairman and CEO Robert Piconi said the deal adds scale and experienced developers to the portfolio. Asset Vault president Cory Magnuson pointed to Goshe’s record of originating good battery sites.
The risk is execution. Q1 2028 is a long way out. Battery prices have fallen hard, which helps, but tariffs on Chinese cells and tighter federal tax credit rules around foreign content make procurement more complicated than it was two years ago.
Still, the direction is right. Energy Vault is turning itself into a storage utility, one megawatt at a time.