16th Aug 2022 10:13
SDCL Energy Efficiency Income Trust PLC - London-based energy efficiency-focused investor - Agrees to offer convertible loan of up to USD10 million in US-based battery energy storage system provider On Energy Storage LLC, including an initial USD5.0 million drawdown. SEEIT has also provided conditional commitment to fund up to USD100 million in qualifying commercial & industrial energy storage-as-a-service projects to be developed and operated by On.Energy across North America.
Fund Manager Purvi Sapre says: "On.Energy represents SEEIT's first investment into a focused battery energy storage system provider, further diversifying SEEIT's portfolio while also providing opportunities for synergies across its existing portfolio companies."
Current stock price: 121.60 pence, down 0.5% in London on Tuesday
12-month change: up 3.5%
By Xindi Wei; [email protected]
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