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NineDot Energy Announces $65 Million Equipment Financing

1. NineDot Energy closed a $65 million financing led by First Citizens Bank. 2. Funding supports nearly 100 MW of battery storage projects in NYC area. 3. First Citizens Bank emphasizes commitment to renewable energy solutions. 4. NineDot aims for 400 MW of battery storage by end of 2026. 5. Total capital raised by NineDot exceeds $500 million.

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Why Bullish?

First Citizens Bank's involvement in renewable energy suggests growth potential, similar to past expansions in clean energy finance that lifted stock valuations.

How important is it?

The financing for renewable energy initiatives can enhance First Citizens Bank's market position and overall financial health, significantly impacting its stock.

Why Long Term?

The sustained investment in renewable projects indicates long-term growth prospects for First Citizens, much like trends seen in other financial institutions supporting renewable energy sectors.

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FCNCA
January 22, 2025 01:10 PM Eastern Standard Time NEW YORK--(BUSINESS WIRE)--NineDot Energy®, the leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, today announced the closing of a $65 million equipment financing transaction led by First Citizens Bank, a leader in renewable energy finance. This financing supports the purchase of nearly 100 Megawatts (MW) / 400 Megawatt hours (MWh) of batteries for use in up to 20 battery storage projects across the New York City metro area. “NineDot has made tremendous progress in providing battery energy storage to the New York City area,” said David Arfin, NineDot Energy CEO and Co-founder. “For New York to achieve its sustainability goals, we know that battery storage is a critical enabler. First Citizens Bank understands this need and opportunity well, and we’re thrilled to have them provide this equipment financing that affirms NineDot’s vision and execution capability.” “We’re excited to spearhead this equipment financing transaction for NineDot Energy,” said Mike Lorusso, group head for First Citizens Energy Finance. “As a leader in renewable energy finance, we are committed to supporting companies delivering clean energy solutions for dense urban areas, and no one is doing that better than NineDot.” NineDot Energy is on track to meet its goal of having 400MW of battery storage in development, construction or operation by the end of 2026. The company currently has over 50 projects in some phase of development or operation in the New York City area, with additional projects in the pipeline. Based on Con Edison’s interconnection queue data, NineDot’s community battery storage development activity is second to none in ConEd’s New York territory. With this transaction, NineDot’s total capital raised is over $500 million. Contact NineDot 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 mobile batteries and 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. Learn more at nine.energy. About First Citizens Bank First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

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