On.Energy raises US$100m project financing from UK’s SEEIT

On.Energy’s US$100m project funding will accelerate the deployment of energy storage solutions on projects across the US and Canada

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.


Featured Articles

5 minutes with Stuart Broadley, Energy Industries Council

EIC CEO Stuart Broadley reveals the challenges that lie ahead for oil and gas firms now net zero is becoming an increasingly important goal for businesses

SAP: Is 'complex' wind energy supply chain slowing adoption?

SAP digital supply chain and manufacturing expert Darcy MacClaren warns complex logistics and complicated regulations are limiting wind energy adoption

Decentralised energy key to circumventing grid delays

Aggreko is advising the sector to consider short to mid-term decentralised energy solutions as an effective means of maintaining business continuity.

Renewable energy to become top source of electricity by 2025

Renewable Energy

Nuclear energy — the unsung hero of the climate challenge

Renewable Energy

UK and US announce energy partnership

Oil & Gas