NineDot Energy Secures $225M to Build, Operate BESS Projects
NineDot Energy, a New York-based producer of community-scale battery energy storage systems (BESS), has raised $225 million in funding from Manulife Investment Management and Carlyle, the firm’s existing investor.
Manulife Investment Management is committing $135 million. In exchange, it will obtain a minority ownership stake in NineDot and a seat on the board of directors.
This new financing will help NineDot to advance its project pipeline in the New York City area and expand through organic and inorganic growth investments.
With the latest fundraising, NineDot has raised nearly $400 million, including existing project financings from CIT and SMBC, as well as NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), among others.
NineDot, which was founded in 2015, now has roughly 30 projects under construction in the New York metropolitan area. It said it is on track to meet its goal of developing 400 MW of battery storage capacity by the end of 2026.
The company’s initial BESS site became operational last summer. The facility, with a capacity of 3 MW/12 MWh, is in the Pelham Gardens neighborhood of the Northeast Bronx. (pictured)
Christopher McKenzie, a managing director on Manulife Investment Management’s Infrastructure team, will join NineDot’s Board of Directors.