NineDot Energy, a New York City-based developes of community-scale battery energy storage systems, has secured $225 million in funding from Manulife Investment Management and Carlyle, NineDot’s existing institutional equity investor.
With this investment, Manulife Investment Management has acquired an equity stake in NineDot. Christopher McKenzie, a Managing Director on Manulife Investment Management’s infrastructure team, will join the company’s board of directors.
The new funding brings NineDot’s total tally about $400 million. It is expected tp allow NineDot to advance its substancial project pipeline in the New York City area and to expand geographically as well as potentially through acquisitions.
“When we first backed NineDot in 2021, we recognized they had a unique strategy to support New York’s energy transitions,” said Pooja Goyal, chief investment officer of Carlyle’s infrastructure group, in a statement. “Over the past two years we’ve worked closely with them as they’ve experienced tremendous success building out their platform and project pipeline. We look forward to partnering with Manulife Investment Management, providing further support to the NineDot team as they pursue their ambitious goals.”
