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.

Share

Featured Articles

UK Government awards £54mn in heat network funding

Funding will support the development of schemes in London, Bedfordshire and Woking that use low-carbon heat sources

Shell posts $11.5bn second quarter profit

Shell's earnings fuelled by ongoing price rises and geopolitical instability as the energy major places greater focus on natural gas investments

bp opens first electric truck fast-charging facilities

Operated by bp’s Aral brand, the retail site at Schwegenheim in Rheinland-Pfalz has two 300kw chargers intended for electric trucks

Shell commits to developing Jackdaw gas field in North Sea

Oil & Gas

Prospex Energy raises £1.87m for Selva gas field development

Oil & Gas

Shanghai Electric Group launches low carbon business

Utilities