1. NineDot Energy secured $175 million financing for sustainable energy projects. 2. The funds will enhance New York City's energy storage initiatives. 3. NineDot aims for 400MW of capacity by 2026 to support local communities. 4. Major partners include Deutsche Bank, Carlyle, and Manulife. 5. Support from NY Green Bank indicates increasing focus on clean energy financing.
The strategic financing supports NineDot Energy's growth and clean energy efforts, boosting investor confidence, similar to past successful funding rounds in renewable sectors.
The extensive funding enhances potential market influence of NineDot, indirectly benefitting CG as an investor and collaborator.
As NineDot develops additional projects and infrastructure, long-term prospects for profits increase, paralleling sustainable energy trends seen in firms like NextEra.
This funding supports NineDot's mission to make the New York City electric grid cleaner and more sustainable
NineDot Energy ®, the leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, today announced the company has completed a $175 million revolving debt financing from Deutsche Bank (NYSE:DB), a global leader in energy infrastructure finance. This transaction reflects the importance of battery energy storage in making the New York electric grid cleaner and more sustainable, while also affirming NineDot's leadership position in the region.
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NineDot Energy Battery Storage Site in New York City (Photo: NineDot Energy)
"NineDot's mission is to create innovative urban energy solutions for a cleaner and more sustainable future, and battery storage is a key part of that for New York City," said David Arfin, NineDot Energy CEO and Co-founder. "With seven projects operating during this past hot summer, we've proven that we can deliver safe and reliable energy solutions in a dense urban area. Our next step is to accelerate our growth and scale our business, and Deutsche Bank recognized the importance of and opportunity in our approach."
"NineDot Energy is a clear leader in bringing critical energy storage infrastructure to the New York region," said Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank. "Deutsche Bank is pleased to continue expanding our distributed development financing offering and to support a premier community storage developer right here in New York City. We look forward to partnering with Carlyle, Manulife and NineDot as they continue their vital work enhancing energy resilience for local communities."
NineDot will use this debt financing to support activities across the development timeline, from grid interconnection deposits, to equipment procurement, and project construction. These activities support NineDot's vision for broad, distributed energy storage throughout New York City, all in support of New York State's goal of having 6000 megawatts of battery storage in operation by 2030.
This facility also enabled NineDot to pay back its existing revolver for funding grid interconnection deposits with NY Green Bank.
Kelsey Clair, Managing Director, NY Green Bank said, "This milestone reflects how targeted financing can unlock private capital and accelerate the growth of New York's clean energy markets. We commend NineDot for advancing community-scale battery storage and look forward to building on this momentum statewide."
NineDot Energy currently has seven operating projects across four locations in The Bronx and Staten Island. These projects recently supported approximately 26,000 New York City households on hot summer days. With more than 60 additional projects in some phase of development or construction, NineDot remains on target to achieve its goal of having 400MW in development, construction or operation by the end of 2026.
For more information contact NineDot Energy at nine.energy/connect.
About NineDot Energy
NineDot Energy is the leading community-scale battery storage developer and operator in the New York City metropolitan region. We create innovative urban energy solutions that support a more resilient grid, deliver economic savings, reduce carbon emissions, and improve environmental equity. NineDot is also expanding beyond stationary storage to incorporate electric vehicle charging into some of our current and future sites. NineDot Energy's name derives from the classic mathematical puzzle for sparking out-of-the-box solutions. We are based in Brooklyn, New York at NYU's Urban Future Lab and backed by Manulife (NYSE:MFC) and Carlyle (NASDAQ:CG). Learn more at nine.energy.
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NineDot Energy Media Contact
Karen Alter, 650-383-8552, karen@nine.energy