On.Energy, a proven end-to-end integrator of battery energy storage and an Independent Power Producer (IPP), today announced it 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 & Wilson Sonsini served as On.Energy’s counsel.
The investment brings On.Energy’s total equity raised to $30 million. A significant allocation of funds will be utilized to accelerate the development, construction, and operation of its energy storage systems in the Electric Reliability Council of Texas (ERCOT) market. The company is in the process of constructing 300MWh of energy storage systems in the ERCOT region.