On.Energy, an energy storage system solutions provider, today announced it raised $20 million in a Series B funding round led by Philadelphia-based Ultra Capital. New York-based Phalanx Investment Partners also participated in the round. The investment brings On.Energy’s total venture capital raised to $30 million.
Based in Miami and founded in 2016, On.Energy develops battery storage systems that make it possible for businesses to store renewable energy, such as wind or solar power, and then release it when the energy is required. On-Energy offers proprietary AI-powered energy management software and in-house analytics for grid-scale projects, enabling its customers – airports, utilities, retail distribution centers and others – to manage energy consumption and reduce their bills, making decarbonization possible and profitable, the company says.
“Our competitive advantage lies in our ability to pair extensive project execution experience and proprietary software with a demonstrated ability to originate, develop and finance battery energy storage systems across various power markets,” said Alan Cooper, On.Energy’s co-founder and CEO. “Ultra Capital has a profound understanding of project finance and the US capital markets, and I am confident they will be an ideal partner to support On.Energy’s ambitious growth plans.”
This investment will enable the company to significantly grow its asset base and operational capabilities across North America and Latin America, Cooper said. On.Energy will do this via the construction of stand-alone storage systems that will operate using its proprietary energy management system known as On.Command. For Texas’ utility, it is currently constructing 300MWh of energy storage systems. On.Energy has over 50 ongoing projects in five countries and has offices in Miami, Texas, Mexico and Peru.
“The power markets are rapidly recognizing that storage is the key to renewables integration, and with the improved affordability of lithium-ion batteries, utilities and C&I customers are rapidly implementing these systems,” said energy industry veteran and Ultra Capital Managing Partner Kristian Hanelt, in a statement. “On.Energy caught our attention due to its skilled and accomplished management team, as well as its proven capability to execute fully integrated energy storage projects.”
In conjunction with its investment, Hanelt will join On.Energy’s Board of Directors.
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