Miami-headquartered battery energy storage integrator and independent power producer On.Energy has raised $20 million in equity financing in a Series B round led by Philadelphia-based investment firm Ultra Capital.
New York-based private equity firm Phalanx Investment Partners also participated in the round.
The investment brings On.Energyâ€™s total equity raised to $30 million. A â€œsignificant allocation of fundsâ€ will be used to accelerate the development, construction, and operation of energy storage systems in the Electric Reliability Council of Texas (ERCOT) market, a statement said. The company is in the process of constructing 300MWh of energy storage systems in the ERCOT region.
Wilson Sonsini served as On.Energyâ€™s counsel.