From: Mercom India
SMT Energy, a developer, owner, and operator of battery energy storage projects, has entered into an equity partnership with Climate Adaptive Infrastructure (CAI) for an investment of up to $268 million at the parent-company level.
SMT Energy develops, owns, and operates energy infrastructure projects. Its portfolio includes distributed generation and utility-scale battery storage projects, as well as powered land projects.
The investment builds on $32 million that CAI previously deployed into SMT Energy assets. CAI’s equity, together with tax equity and project-level debt, will fund the development, construction, and operation of SMT Energy’s battery storage projects across the U.S.
JJ Switzer, co-founder and co-chief executive officer of SMT Energy, said the partnership would provide the company with capital to expand its development and operating platform.
“CAI is relentlessly focused on the macro trends driving the future of global infrastructure, and this investment in SMT fits squarely into a key CAI inevitability: as wind and solar proliferate as the most efficient and fastest ways to deploy new power, battery energy storage is increasingly critical for grid stabilization. We are proud to back a team with such an impressive track record as they scale into the next phase of growth,” said Bill Green, Managing Partner at Climate Adaptive Infrastructure.
Climate Adaptive Infrastructure is an infrastructure investment firm specializing in low-carbon assets across the energy, water, and urban infrastructure sectors. The firm finances, constructs, and manages infrastructure investments using climate-related screening and performance metrics.
Expedition Infrastructure Partners served as financial adviser to SMT Energy. Stoel Rives served as legal counsel to SMT Energy, while Orrick served as legal counsel to CAI.
In February 2025, the company secured $135 million in project financing to develop a 160 MW/320 MWh battery energy storage project in Houston, Texas, also known as SMT Houston IV. Macquarie and KeyBanc acted as the joint lead arrangers and provided $100 million in funding.
According to Mercom’s 1H 2026 Funding and M&A for Energy Storage report, Corporate funding for energy storage companies, including venture capital, debt, and public market financing, reached $8.9 billion across 73 deals in the first half of 2026, a 2% decrease compared to $9.1 billion across 55 deals in the first half of 2025.
