850 MW Portfolio to Transform Market
On 9 April 2026, Energy Vault Holdings, Inc. announced its formal entry into the Japanese market by acquiring an 850 MW energy storage portfolio. This strategic acquisition establishes an immediate, localized footprint in Japan, advancing Energy Vault’s global own and operate strategy in a high-growth, underpenetrated market.
Robert Piconi, Chairman and CEO of Energy Vault, highlighted, “Entering the Japanese market is a key component of our high growth markets expansion strategy and represents one of the most compelling energy storage growth opportunities globally.”
The acquisition includes onboarding a proven local Japanese development team and 350 MW of advanced-stage projects targeted to reach Notice to Proceed (NTP) in the second half of 2027, with Commercial Operation Dates (COD) expected in mid-2028. the portfolio has 500 MW of early-stage projects, ensuring a robust, multi-year growth pipeline.
Strategic Market Positioning
Energy Vault’s acquisition enables it to capitalise on Japan’s projected 50%+ CAGR in battery energy storage systems (BESS) capacity. The company plans to integrate its VaultOS™ energy management software with local expertise, aiming for leadership in the Japanese energy storage market.
A critical component of this entry strategy is the onboarding of the local development team into Energy Vault, securing invaluable on-the-ground expertise in Japanese land rights, complex permitting, and utility interconnections. By combining local development savvy with global integration and supply chain expertise, Energy Vault is uniquely positioned to support Japan’s 2050 carbon-neutral goals.
Construction on advanced-stage projects is set to start in the second half of 2027. These projects are expected to bring Energy Vault’s total owned assets acquired, under construction, and in operation to over 1 GW across all asset classes and geographies. The company anticipates yielding over $180 million in annual recurring EBITDA run rate, surpassing previous guidance.
This acquisition positions Energy Vault to deliver diversified returns across Japan’s highly attractive wholesale arbitrage, capacity, and balancing markets. The move represents a strategic expansion into one of the fastest growing and structurally-advantaged energy storage markets among developed economies. Japan’s increasing grid constraints and rapid renewable penetration further enhance the market’s appeal.
As Energy Vault enters Japan, it leverages a high-quality BESS development portfolio. This includes 850 MW of projects that provide a significant growth opportunity. The integration of a local team ensures the company has the necessary knowledge to navigate the complex Japanese market. Energy Vault’s strategy aligns with the nation’s goals for renewable energy, especially as it aims to achieve carbon neutrality by 2050.
