Community-scale battery energy storage system (BESS) provider in the New York City metropolitan area, NineDot Energy secured an additional $225 million in equity capital from its existing institutional equity investor, Manulife Investment Management and Carlyle.
Manulife Investment Management led the round with a $135 million commitment and concurrently acquired an equity interest. The new equity funding will enable NineDot to advance its substantial project pipeline in the New York City area and expand geographically as well as potentially through acquisitions.
"We are honored and excited to have Manulife Investment Management as a NineDot equity investor and partner," said David Arfin, NineDot Energy CEO and co-founder.
"From our first meeting it was clear that Manulife IM understood the importance of battery storage in modernizing the urban electric grid, making it cleaner, more resilient, more equitable, and less costly. Having Manulife Investment Management and Carlyle – two of the world's leading infrastructure investors – in our corner will truly energize NineDot's future."
On combining the latest funding with NineDot's exiting financing from CIT, SMBC, and NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), among others – the company now has a capital base of approximately $400 million.
In December 2022, the Governor of New York, Kathy Hochul announced a new framework for the state to achieve a nation-leading 6GW of energy storage by 2030. In line with continued efforts to expand the state's energy storage programs in August 2023, NYSERDA awarded $15 million to four demonstration projects for advancing long-duration energy storage solutions that would support NY's electric grid.
The company is on track to achieve its goal of having 400MW of battery storage capacity in development by the end of 2026, NineDot stated in an official release. In addition, NineDot has approximately 30 projects under construction across the New York metro area, with many more in development.
Long duration energy storage: NYSERDA awards nearly $15 million to four demonstration projects
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