NineDot Energy, a leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, announced the closing of a $65 million equipment financing transaction led by First Citizens Bank, a leader in renewable energy finance.
This funding 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 Energy is on track to have 400MW of battery storage in development, construction, or operation by the end of 2026. And 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 deal, NineDot’s total raised is over $500 million.
KEY QUOTES:
“NineDot has made tremendous progress in providing battery energy storage to the New York City area. 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.”
– David Arfin, NineDot Energy CEO and Co-founder
“We’re excited to spearhead this equipment financing transaction for NineDot Energy. 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.”
– Mike Lorusso, group head for First Citizens Energy Finance
