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NineDot Energy Announces $65 Million Equipment Financing

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NineDot Energy Announces $65 Million Equipment Financing
News

News

NineDot Energy Announces $65 Million Equipment Financing

2025-01-23 02:10 Last Updated At:02:31

NEW YORK--(BUSINESS WIRE)--Jan 22, 2025--

NineDot Energy ®, the leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, today announced the closing of a $65 million equipment financing transaction led by First Citizens Bank, a leader in renewable energy finance. This financing supports the purchase of nearly 100 Megawatts (MW) / 400 Megawatt hours (MWh) of batteries for use in up to 20 battery storage projects across the New York City metro area.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250122977701/en/

“NineDot has made tremendous progress in providing battery energy storage to the New York City area,” said David Arfin, NineDot Energy CEO and Co-founder. “For New York to achieve its sustainability goals, we know that battery storage is a critical enabler. First Citizens Bank understands this need and opportunity well, and we’re thrilled to have them provide this equipment financing that affirms NineDot’s vision and execution capability.”

“We’re excited to spearhead this equipment financing transaction for NineDot Energy,” said Mike Lorusso, group head for First Citizens Energy Finance. “As a leader in renewable energy finance, we are committed to supporting companies delivering clean energy solutions for dense urban areas, and no one is doing that better than NineDot.”

NineDot Energy is on track to meet its goal of having 400MW of battery storage in development, construction or operation by the end of 2026. The company currently has over 50 projects in some phase of development or operation in the New York City area, with additional projects in the pipeline. Based on Con Edison’s interconnection queue data, NineDot’s community battery storage development activity is second to none in ConEd’s New York territory.

With this transaction, NineDot’s total capital raised is over $500 million.

Contact NineDot at nine.energy/connect.

About NineDot Energy

NineDot Energy is the leading community-scale battery storage developer and operator in the New York City metropolitan region. We create innovative urban energy solutions that support a more resilient grid, deliver economic savings, reduce carbon emissions, and improve environmental equity. NineDot is also expanding beyond stationary storage to incorporate mobile batteries and electric vehicle charging into some of our current and future sites. NineDot Energy’s name derives from the classic mathematical puzzle for sparking out-of-the-box solutions. We are based in Brooklyn, New York at NYU’s Urban Future Lab. Learn more at nine.energy.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

A NineDot Energy battery storage site in New York City. (Photo: NineDot Energy)

A NineDot Energy battery storage site in New York City. (Photo: NineDot Energy)

VATICAN CITY (AP) — Pope Francis on Sunday told soldiers, police and other law enforcement officials from around the world that armed force can only be used for legitimate defense and must always respect international law.

The pontiff reappeared in public for the first time since he was diagnosed with bronchitis on Thursday to celebrate an outdoor Jubilee Mass for the armed forces, police and security personnel. However, after a few words, he handed off his homily to an aide to read, saying he was having difficulty with his breath.

“I would like to recall the teaching of the Church in this regard: The Second Vatican Council says that those who exercise their profession in the ranks of the army in the service of their homeland should consider themselves as servants of the security and freedom of their people,” Francis said in his final prayer.

“This armed service must be exercised only for legitimate defense, never to impose dominion over other nations, and always observing international conventions regarding conflicts,” he added.

The pontiff launched a new appeal for peace, citing conflicts around the world, including Ukraine, the Middle East, Myanmar and Sudan.

“Let the weapons be silenced everywhere and let the cry of the people asking for peace be heard,” Francis said.

Since being diagnosed with bronchitis on Thursday, the pope had continued his activities and audiences indoors at Casa Santa Marta, the Vatican residence where he lives, until Sunday.

Francis has long battled health problems including long bouts of bronchitis. He uses a walker or cane when moving around his apartment and recently fell twice, hurting his arm and chin.

Speculation about the pope's health is a constant in Vatican circles, especially after Pope Benedict XVI broke 600 years of tradition and resigned from the papacy in 2013.

Francis has said that he has no plans to resign anytime soon, even if Benedict “opened the door” to the possibility. In his autobiography “Hope” released this month, Francis said that he hadn’t considered resigning even when he had major intestinal surgery.

Italy's Minister of Defence Guido Crosetto, right , is flanked by his wife Gaia Saponaro and Italy's Finance Minister Giancarlo Giorgetti as Pope presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Italy's Minister of Defence Guido Crosetto, right , is flanked by his wife Gaia Saponaro and Italy's Finance Minister Giancarlo Giorgetti as Pope presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Italy's Minister of Defence Guido Crosetto, right , is flanked by his wife Gaia Saponaro and Italy's Finance Minister Giancarlo Giorgetti as Pope presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Italy's Minister of Defence Guido Crosetto, right , is flanked by his wife Gaia Saponaro and Italy's Finance Minister Giancarlo Giorgetti as Pope presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Members of the Italian armed forces attend a mass presided over by Pope Francis for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Members of the Italian armed forces attend a mass presided over by Pope Francis for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Pope blesses as he presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Pope blesses as he presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Pope touches his eyes as he presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Pope touches his eyes as he presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Pope prays as he presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

Pope prays as he presides over a mass for the jubilee of the armed forces in St. Peter's Square at The Vatican, Sunday Feb.9, 2025. (AP Photo/Alessandra Tarantino)

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