On.Energy raises US$100m project financing from UK’s SEEIT
On.Energy, the US-based, Miami-headquartered energy storage firm, has announced that it has raised US$100m in project financing from UK fund SDCL Energy Efficiency Income Trust (SEEIT) for its US and Canadian energy storage project deployments.
Energy battery storage systems
Specialising in providing commercial and industrial-sited energy battery energy storage systems (BESS), On.Energy announced the financing deal with SEEIT on August 17, 2022. It explained that the conditional financing commitment from the listed investment vehicle, which is managed by Sustainable Development Capital, will help accelerate the deployment of On.Energy’s solutions across the US and Canada.
SEEIT will initially provide a US$10m convertible loan, including an initial US$5m drawdown, alongside the US$100m commitment, the statement said.
Delivering energy solutions and battery power
Commenting on the financing from SEEIT, On.Energy CEO Alan Cooper said: “On.Energy has a proven track record of delivering fully integrated battery energy storage solutions to our customers. This investment, which is our first from a major institutional investor, demonstrates the confidence shown by SEEIT in supporting our projects and validates the tireless efforts of our employees, investors, and management team.”
On.Energy has more than 30 operational projects across the Americas, and an active pipeline of 2.6GWh. The company employees more than 65 in-house professionals and has offices in Texas, Mexico and Peru.
It provides long-term operation and maintenance (O&M) services on its BESS projects and has a significant amount of experience in end-to-end development, turn-key supply and operation of Front and Behind-the-Meter assets. It also works in partnership with some of the largest utilities providers in the world.