This ASX stock just landed a $110 million battery project. Shares near record highs.

A fresh contract win is putting this ASX infrastructure stock back in focus on Friday.

Genusplus Group Ltd (ASX: GNP) shares are moving higher after the company released a new project update.

The stock is up 2.16% and touched an intraday high of $8.99. That continues a strong run, with the share price now up around 40% in 2026.

Here’s what came through.

New battery project contract secured

Genusplus has been awarded the Koolunga Battery Energy Storage System project in South Australia.

The contract covers engineering, procurement, construction, and commissioning across both the balance of plant and battery installation.

The total contract value is approximately $110 million.

The project will deliver a 200MW/800MWh battery system, adding large-scale storage capacity to the grid.

It is located near Koolunga, north-east of Brinkworth, and will connect into South Australia’s electricity network.

Construction is expected to begin shortly, with completion targeted for September 2027.

Backing from major infrastructure investor

The project is owned by Equitix, a large infrastructure investor with a focus on energy and essential assets.

Genusplus will act as the turnkey contractor across the full delivery scope.

That gives it exposure across multiple stages of the project lifecycle, from design through to final commissioning.

The announcement also points to continued demand for battery storage as more renewable energy enters the grid.

Large-scale storage is becoming more important in balancing supply and demand, particularly in test markets such as South Australia.

Momentum building across the business

This latest contract adds to a growing pipeline of energy and infrastructure work.

Genusplus operates across transmission, distribution, and communications infrastructure.

And battery and grid-related projects are quickly becoming a larger part of that mix.

The company has been building exposure to energy transition work, including renewables and storage.

That shift is showing up in the share price performance over the past year, with the stock up over 220%.

At current levels, Genusplus has a market capitalisation of around $1.6 billion.

What the market is watching

The focus now turns to the delivery of the project.

Large contracts like this bring revenue visibility, but execution is what really matters.

Timing, cost control, and project delivery all feed into the company’s margins.

Furthermore, investors will also be watching how quickly new work comes through.

Battery storage is a growing segment, and competition for these projects is only increasing.

Genusplus is starting to build a track record in this space, which could help with future wins.

Foolish takeaway

The latest contract adds to a growing pipeline and shows the company is winning relevant work in energy infrastructure.

But share price already reflects a lot of that momentum after a strong run.

I’d be watching from here and would be more interested on a pullback or after a few more projects are completed.

The post This ASX stock just landed a $110 million battery project. Shares near record highs. appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended GenusPlus Group. The Motley Fool Australia has recommended GenusPlus Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.