Carlyle Commits Over $100 Million in Battery Storage and Electric Vehicle Infrastructure Technologies to Accelerate the Energy Transition
New York, New York – Global investment firm Carlyle (NASDAQ: CG) today announced complementary growth investments by Carlyle-managed funds in community-scale clean energy developer NineDot Energy and electric vehicle (“EV”) charging and services company Fermata Energy, representing a more than $100 million commitment to technological disruptions advancing the energy transition.
The investments in NineDot and Fermata Energy bring total capital committed by funds managed by Carlyle’s infrastructure platform in the last 24 months to renewable and sustainable energy companies to more than $1.2 billion.
Founded in 2015, NineDot Energy is a New York City-based clean-tech developer that designs and deploys community-scale energy generation and battery storage projects. Carlyle’s investment will enable NineDot to develop, build, and operate over 1,600 megawatt hours (MWh) of clean energy systems by 2026 that strengthen local power grid infrastructure and provide clean, reliable, and resilient power to tens of thousands of New York households and businesses. As a top developer focused on the New York City market, NineDot aims to support New York State’s mission to achieve its goal of 100% clean energy by 2040, including a recently-doubled target of 6,000 MW of energy storage by 2030.
Founded in 2010, Fermata Energy is an electric vehicle (“EV”) charging and services company targeting the growing bi-directional EV charging market, working with leading automakers, including Ford and Nissan. Fermata Energy designs, supplies, and operates the technologies required to integrate EVs into the home, buildings, and electric grid. Fermata Energy’s “Vehicle-to-Everything” (“V2X”) platform incorporates a bi-directional charger and proprietary software with the EV and electricity user, allowing the vehicle to act as a dispatchable energy storage resource when the vehicle is not in use.
Pooja Goyal, Chief Investment Officer of Carlyle’s Infrastructure Group, said, “There is a large and growing investment opportunity in building the renewable energy capacity required to power a lower-carbon grid. Batteries and the greater penetration of electric vehicles within our transportation mix both play a vital role in transitioning to a cleaner, more reliable grid. We are proud of our new partnerships with NineDot and Fermata Energy, and look forward to leveraging Carlyle’s deep industry expertise, broad network, and late-stage development capabilities to support our partners in expanding into broader energy transition growth channels.”
NineDot and Fermata Energy have an existing partnership in place with Revel to deploy vehicle-to-grid (V2G) technology to supply energy back to the power grid during times of peak electricity demand.
David Arfin, CEO and Co-Founder of NineDot Energy said, “NineDot Energy thrives on developing innovative business models and projects that support a more resilient electric grid while simultaneously delivering economic savings and reducing carbon emissions. Carlyle’s investment will enable NineDot to further advance its leadership position in providing community clean energy solutions in New York and beyond.”
David Slutzky, Founder and CEO of Fermata Energy said, “To enable the transition to a clean energy economy, abundant energy storage must be deployed quickly and at scale. The investment from Carlyle allows Fermata Energy to make EVs more affordable, help fortify the electric grid, and create positive climate action.”
Strategic partnerships with NineDot and Fermata Energy further Carlyle’s growth in renewable and sustainable energy investing, which includes a focus on investments in renewable power generation, energy storage solutions, distributed energy, transportation electrification, and supply chain de-carbonization.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.