On.Energy, a fully integrated battery energy storage system provider, closed $100 million in funding from Sustainable Development Capital (SDCL) Energy Efficiency Income Trust (SEEIT).
The company said that the conditional financing commitment would accelerate the deployment of battery energy storage systems for corporate, industrial, and utility customers across the United States and Canada.
Currently, On.Energy operates more than 30 BESS diversified across industries such as airports, hotels, retailers, plastics, and power generation. The company has 80 MWh of battery storage in operation and under construction and an additional pipeline of nearly 2.5 GWh BESS projects across North and South America, servicing AAA corporate, industrial, and utility customers.
Through its ‘On.Command’ energy management system, the company implements customized solutions that support peak shaving, energy arbitrage, frequency regulation, UPS/backup power, wholesale market integration, and microgrid operations for its customers.
On.Energy customer portfolio consists of some of the world’s largest C&I brands, including Walmart, Hyatt Hotels, Grupo Bimbo, Glencore, Enel, Quimpac, Skysense, Solar Axiom, and more.
The funding round was supported by Pan American Finance, the investment advisor, and Wilson Sonsini, who served as counsel.
“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.” Said Purvi Sapre, SDCL Fund Manager.
SDCL Energy Efficiency Income Trust plc is a constituent of the FTSE 250 index, a capitalization-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. The company invests exclusively in energy efficiency and is managed by Sustainable Development Capital.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, In 1H 2022, $15.8 billion was raised in corporate funding from 57 deals, 64% higher compared to $9.6 billion raised in 43 deals in 1H 2021.