On.Energy closes $25m working capital facility with Lombard Odier

April 26, 2024

US battery energy storage system integrator On.Energy has closed a $25 million senior secured first lien working capital facility with Lombard Odier Investment Managers on behalf of funds under its management, including the LOIM Sustainable Private Credit Strategy.

The facility will help On.Energy accelerate project development as the company continues to expand its US asset base, including a 400MWh portfolio in ERCOT and projects totalling 1.1 GWh across California and Texas.

On.Energy CEO Alan Cooper said: “We are proud to work with LOIM following referral from an existing strategy portfolio company given its reputation for creating innovative and aligned capital solutions. Despite tailwinds from the Inflation Reduction Act (IRA), structured financial solutions with top-tier partners like Lombard Odier Investment Managers are essential to put critically-needed, resilient storage capacity online. Across the country, electrical grids are more vulnerable now than ever – particularly as unprecedented growth of low-cost intermittent renewables continues to drive grid decarbonisation. Our solutions enable industrial customers and power grids to operate more efficiently while supporting the transition to net zero.”

Jean-Pascal Porcherot, co-head of LOIM and managing partner, Lombard Odier Group added: “We are pleased to further leverage our private markets platform and expertise in delivering a tailored capital solution for On.Energy. Their impressive track record of sustainable real asset creation speaks to the strength of the opportunity set in catalysing scale for non-sponsored providers of climate solutions.”