Grid Tech Company Fever Raises $10.7 Million Seed Funding

Spearmint Energy, an energy storage project developer, announced the addition of Nuveen to its $200 million enhanced credit facility with Aiga Capital Partners. The term loan will support the development and construction of a 2.8 GW portfolio of battery energy storage system assets.

The portfolio includes over 1 GW of projects nearing construction in Texas’ ERCOT power market as well as Revolution, Spearmint’s 150 MW, 300 MWh BESS project in West Texas.

Don Dimitrievich, Portfolio Manager for Nuveen’s Energy Infrastructure Credit team, said, “We look forward to our partnership with Spearmint Energy in conjunction with Aiga, as Spearmint continues to rapidly expand its enhanced credit facilities. Supporting decarbonization and best-in-class energy storage operators like Spearmint, which provides critical grid stabilization to achieve this goal, is a cornerstone of our business.”

Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, added, “We are excited to welcome Nuveen as a financing partner alongside Aiga as we continue to advance the development of our BESS portfolio nationally. Both Nuveen and Aiga are well known in the renewable energy investing world for distinguishing high growth potential teams and strong project pipelines, and their significant support reflects the success of Revolution to date as well as their confidence in Spearmint’s ability to efficiently construct utility-scale BESS projects key to enabling the renewable energy transition.”

Last year October, Spearmint Energy announced the successful closure of a $92 million tax equity investment for a 150 MW/300 MWh battery energy storage project in West Texas provided by Greenprint Capital Management, an investment firm. The project named Revolution reached its completion this summer and is scheduled to begin operations later this year. The project was constructed by M.A. Mortenson Company and used a battery system sourced from Sungrow.

According to Mercom’s  Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, energy storage announced project funding saw the highest amount of funding raised to date in 2023, increasing 62% YoY for a total of $9.9 billion in 38 Energy Storage project funding deals compared to $6.1 billion raised in 41 deals in 2022.


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