Ninedot Energy Closes $25 Million Revolving Credit Facility With Ny Green Bank (Nygb)
07/20/23, 2:05 PM
Location
brooklynMoney raised
$25 million
Industry
renewable energy
Investors
Nygb, Ny Green Bank
NineDot Energy®, a leading developer of community-scale clean energy projects, today announced the closing of a new $25 million revolving credit debt facility provided by NY Green Bank (NYGB), a division of the New York State Energy Research and Development Authority (NYSERDA). This facility is the first purely energy storage transaction completed by NYGB. For NineDot Energy, this financing will help fund the Company’s growing pipeline of battery storage projects being built in support of New York’s transition to cleaner, more sustainable energy sources, and is consistent with NineDot’s goal of installing 400 megawatts (1600 megawatt hours) by the end of 2026. For NY Green Bank, this transaction represents another step in its innovative financial support of New York State's Climate Leadership and Community Protection Act (CLCPA) goal to develop 3000 megawatts of storage by 2030 (on the path to developing a nation-leading 6000 megawatts of energy storage).
Company Info
Location
brooklyn, new york, united states
Additional Info
NineDot Energy is the leading community-scale battery storage developer and operator in the New York City metropolitan region. We create innovative urban energy solutions that support a more resilient grid, deliver economic savings, reduce carbon emissions, and improve environmental equity. NineDot is also expanding beyond stationary storage to incorporate mobile batteries and electric vehicle charging into some of our current and future sites. NineDot Energy’s name derives from the classic mathematical puzzle for sparking out-of-the-box solutions. We are based in Brooklyn, New York at NYU’s Urban Future Lab.