NineDot said yesterday (10 January) that it has secured US$225 million in equity capital commitments from Manulife Investment Management, which led the round with a US$135 million commitment, and another global investment firm, Carlyle.
The money brings NineDot’s investment raised to date to more than US$400 million and will be used to advance its NYC pipeline. It could also go towards expanding the company’s reach into other geographies or making acquisitions.
NineDot is thought to be developing around 30 to 40 separate lithium-ion BESS sites around the city, each planned as 5MW output with 4-hour duration (20MWh).