<\/p>\n
This funding supports NineDot\u2019s mission to make the New York City electric grid cleaner and more sustainable<\/p>\n
NineDot Energy, the leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, today announced the company has completed a $175 million revolving debt financing from Deutsche Bank, a global leader in energy infrastructure finance. This transaction reflects the importance of battery energy storage in making the New York electric grid cleaner and more sustainable, while also affirming NineDot\u2019s leadership position in the region.<\/p>\n
\u201cNineDot\u2019s mission is to create innovative urban energy solutions for a cleaner and more sustainable future, and battery storage is a key part of that for New York City,\u201d said David Arfin, NineDot Energy CEO and Co-founder. \u201cWith seven projects operating during this past hot summer, we\u2019ve proven that we can deliver safe and reliable energy solutions in a dense urban area. Our next step is to accelerate our growth and scale our business, and Deutsche Bank recognized the importance of and opportunity in our approach.\u201d<\/p>\n
\u201cNineDot Energy is a clear leader in bringing critical energy storage infrastructure to the New York region,\u201d said Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank. \u201cDeutsche Bank is pleased to continue expanding our distributed development financing offering and to support a premier community storage developer right here in New York City. We look forward to partnering with Carlyle, Manulife and NineDot as they continue their vital work enhancing energy resilience for local communities.\u201d<\/p>\n
NineDot will use this debt financing to support activities across the development timeline, from grid interconnection deposits, to equipment procurement, and project construction. These activities support NineDot\u2019s vision for broad, distributed energy storage throughout New York City, all in support of New York State\u2019s goal of having 6000 megawatts of battery storage in operation by 2030.<\/p>\n
NineDot Energy currently has seven operating projects across four locations in The Bronx and Staten Island. These projects recently supported approximately 26,000 New York City households on hot summer days. With more than 60 additional projects in some phase of development or construction, NineDot remains on target to achieve its goal of having 400MW in development, construction or operation by the end of 2026.<\/p>\n
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