NineDot Energy Secures $65 Million to Enhance Battery Storage

NineDot Energy Secures $65 Million for Battery Storage Expansion

NineDot Energy, recognized as a pioneer in community-scale battery energy storage systems in the metro area, has successfully closed a $65 million equipment financing deal led by First Citizens Bank. This funding is intended for the purchase of nearly 100 Megawatts (MW) and 400 Megawatt hours (MWh) of battery resources to be utilized in as many as 20 storage projects within the New York City metropolitan region.

A Vision for Sustainable Energy

David Arfin, the CEO and Co-founder of NineDot Energy, expressed the company’s commitment to advancing energy storage solutions that contribute to New York's sustainability goals. He remarked, "NineDot has achieved significant strides in establishing battery energy storage in New York City. The partnership with First Citizens Bank aligns perfectly with our strategic roadmap aimed at enhancing urban energy resilience."

Commitment from First Citizens Bank

Mike Lorusso, the group head for First Citizens Energy Finance, stated their enthusiasm in leading this financing initiative for NineDot. He emphasized, "As a frontrunner in renewable energy finance, our mission aligns with supporting enterprises that are committed to delivering innovative clean energy solutions for densely populated urban environments, and NineDot excels in this area."

Ambitious Development Goals

Looking forward, NineDot Energy is poised to reach a significant milestone of developing 400MW of battery storage by the end of 2026. Currently, the company has over 50 active projects in various stages of development within the NYC area, demonstrating its leadership in community battery storage solutions. According to interconnection queue data from Con Edison, NineDot stands out as the leader in development activities in ConEd’s territories.

Total Capital Raised Exceeds $500 Million

This recent transaction elevates NineDot’s total capital raised to surpass $500 million, showcasing strong investor confidence in its innovative approach and operational capabilities.

About NineDot Energy

NineDot Energy is renowned as the leading community-scale battery storage developer and operator within the New York City metropolitan region. The company's mission focuses on fostering urban energy solutions that enhance grid resilience, generate economic benefits, lower carbon emissions, and promote environmental equity. Additionally, NineDot is expanding its portfolio beyond stationary storage systems to incorporate mobile batteries and electric vehicle charging facilities across its current and upcoming projects.

About First Citizens Bank

First Citizens Bank is dedicated to empowering individuals and businesses to build enduring financial strength. Its headquarters in Raleigh, North Carolina, serves as a hub for its network of over 500 branches across 30 states. The bank offers a wide range of banking services, emphasizing commercial banking, wealth management, and innovative financial solutions tailored to diverse client needs. The parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), ranks as a prominent financial institution with a robust legacy.

Frequently Asked Questions

What is the purpose of the $65 million financing announced by NineDot Energy?

The financing is aimed at purchasing approximately 100 MW and 400 MWh of batteries for multiple energy storage projects in the New York City metropolitan area.

Who is leading the equipment financing transaction for NineDot Energy?

The transaction is led by First Citizens Bank, which specializes in renewable energy financing.

Where does NineDot Energy plan to implement its battery storage projects?

The company intends to deploy its battery storage solutions throughout the New York City metropolitan region.

How many projects is NineDot Energy currently working on?

NineDot Energy has over 50 projects in various stages of development within the NYC area.

What future goal does NineDot Energy have for its battery storage capacity?

The company aims to achieve a total of 400 MW of battery storage either in development, construction, or operation by the end of 2026.

About The Author

Hi there I'm 38-year-old author and financial consultant Owen Jenkins. Having worked in the financial sector for more than ten years, I am well-versed in the subtleties and complexity that mold our financial environment. Following a degree in finance, I worked in a number of financial institutions honing my abilities in market analysis, financial planning, and investment strategies.

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