On.Energy raises $20m in equity financing

June 15, 2023

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.Energy’s total equity raised to $30 million. A “significant allocation of funds” 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.Energy’s counsel.