80 MW BESS Funds Secured in Texas

• On.Energy has secured $40 million in funding to launch an 80MWh battery energy storage portfolio in Texas. This portfolio will support the ERCOT grid and is set to be commissioned in 2024. On.Energy is working on a 1GWh pipeline of energy storage systems to be operational by 2025.

On.Energy has secured funds for an 80-MWh battery energy storage portfolio in Texas. The financing, which is provided by Live Oak Bank through the USDA Business & Industry loan guarantee programme, amounts to over USD 40 million. The Palo Verde portfolio of projects will support the balancing of the ERCOT grid and is set to be commissioned in the third quarter of 2024. On.Energy is working on a 1 GWh pipeline of energy storage systems, of which a 160 MWh follow-on portfolio is set to become operational by 2025. In June, the firm closed a USD 20 million Series B financing round.

What Funding Has On.Energy Secured for Texas Battery Portfolio?

• On.Energy's Palo Verde portfolio of projects will provide balancing services to the ERCOT grid.
• The funds totalling over USD 40 million were secured from Live Oak Bank through the USDA Business & Industry loan guarantee programme.
• The batteries are estimated to be commissioned by the third quarter of 2024.
• On.Energy is currently working on a 1 GWh pipeline of energy storage systems with a follow-on portfolio of 160 MWh planned for 2025.
• In June, On.Energy closed a USD 20 million Series B financing round to support their energy storage projects.