On.Energy Receives $25M Working Capital Facility From Lombard Odier Investment Managers
Summary
On.Energy, a Miami, FL-based electric power asset owner and proven end-to-end integrator of battery energy storage systems, received a $25M working capital facility from Lombard Odier Investment Managers. The company intends to use the funds to accelerate project development efforts and to expand its U.S. asset base, including a further 400MWh portfolio in ERCOT and a combined 1.1 GWh in development across California and Texas. The financing was architected to support costs typically subject to less-efficient financing in market today, including site control, engineering and interconnection, project and interconnection bonding, and project M&A. Led by CEO Alan Cooper, On.Energy is a fully integrated energy storage solutions provider and an independent power producer. Its team leverages the proprietary On.Command ™ energy management system to implement customized solutions that support peak shaving, energy arbitrage, frequency regulation, UPS/backup power, wholesale market integration, and microgrid operations for utilities, system operators, and C&I customers across the Americas.