NineDot Energy has secured an additional $225 million equity capital commitment from Manulife Investment Management, as well as Carlyle, NineDot’s existing institutional equity investor.
Manulife led the round with a $135 million commitment and concurrently acquired an equity interest. This new equity funding is expected to allow NineDot to advance its substantial project pipeline in the New York City area, as well as to expand.
When combined with existing project financings from CIT, SMBC and NY Green Bank, a division of the New York State Energy Research and Development Authority, and others, NineDot has secured an approximately $400 million capital base.
“We are honored and excited to have Manulife Investment Management as a NineDot equity investor and partner,” says David Arfin, NineDot Energy’s CEO and co-founder. “From our first meeting it was clear that Manulife IM understood the importance of battery storage in modernizing the urban electric grid, making it cleaner, more resilient, more equitable and less costly.”
As part of this transaction, Christopher McKenzie, a managing director on Manulife Investment Management’s infrastructure team, will join NineDot’s board of directors.