Tech Company Financing Transactions
NineDot Energy Funding Round
NineDot Energy, operating out of Brooklyn, secured $25 million in investment from NY Green Bank.
Transaction Overview
Company Name
Announced On
7/20/2023
Transaction Type
Venture Equity
Amount
$25,000,000
Round
Undisclosed
Investors
Proceeds Purpose
NineDot will use the proceeds of this revolving credit facility to finance the grid interconnection of energy storage projects in the New York City metro area. In the initial draws, fourteen NineDot battery storage sites will be covered by this facility, but that number is projected to grow to approximately forty projects or more, each up to five megawatts, in the coming years. In addition, a 5-megawatt battery site can provide enough energy to power approximately 5000 New York City households for four hours on a hot summer day.
Company Information
Company Status
Private & Independent
Industry
Energy & Battery
Mailing Address
NYU Urban Future Lab, 370 Jay Street 7th Floor
Brooklyn, NY 11201
USA
Brooklyn, NY 11201
USA
Phone
Undisclosed
Website
Email Address
Overview
NineDot's name derives from the classic mathematical puzzle for sparking out-of-the-box solutions. David, Adam and Nalin combined their skills and experiences in clean-energy analysis, science and entrepreneurship to build exciting and important urban energy projects. Founded in 2015, based at the NYU Urban Future Lab in Brooklyn and backed by Carlyle, we're committed to providing clean energy solutions to the New York area and beyond.
Profile
Social Media
Company News
Facebook
YouTube
Management Team
Title
Name
Email & Social
Chief Executive Officer
David Arfin
Chief Technical Officer
Adam Cohen
Co-Founder
Nalin Kulatilaka
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