On.Energy closed $100 million in project financing from Sustainable Development Capital (SDCL) Energy Efficiency Income Trust plc (SEEIT), the first UK-listed company to invest exclusively in behind-the-meter energy projects and a constituent of the FTSE 250 index. This conditional financing commitment will be used to accelerate the deployment of battery energy storage systems (BESS) for corporate, industrial, and utility customers across the United States and Canada.
“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,” said On.Energy CEO Alan Cooper.
The company’s CFO David Fernandes added, “On.Energy welcomes this world-class financial partner to support us as we advance the energy transition by continuing to expand our innovative, end-to-end solutions across the United States.”
To date, On.Energy has delivered and currently operates more than 30 BESS diversified across industries such as airports, hotels, retailers, plastics, and power generation. The company has 80MWh of battery storage in operation and under construction and an additional pipeline of nearly 2.5 GWh of BESS projects across North and South America, servicing AAA corporate, industrial, and utility customers.
The company’s customers include some of the world’s largest C&I brands, including Walmart, Hyatt Hotels, Grupo Bimbo, Glencore, Enel, Quimpac, Skysense, Solar Axiom, and more.
Purvi Sapre, SDCL Fund Manager, said, “On.Energy represents SEEIT’s first investment into a focused battery energy storage system provider, further diversifying SEEIT’s portfolio while also providing opportunities for synergies across its existing portfolio companies. We are delighted to be partnering with a company committed to the development and commercialization of technologies that push forward global efforts to achieve net zero by providing affordable and sustainable energy through safe and efficient infrastructure.”
The funding round was supported by Pan American Finance, which served as the investment advisor, and Wilson Sonsini, who served as counsel.
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