On June 13, 2023, On.Energy, a prominent end-to-end integrator of battery energy storage and an Independent Power Producer (IPP), announced it raised $20 million in equity financing in a Series B round led by Philadelphia-based investment firm Ultra Capital. New York-based venture capital firm Phalanx Investment Partners also participated in the round. Wilson Sonsini Goodrich & Rosati served as On.Energy’s counsel in the transaction.

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. This corporate-level equity investment aims to strengthen On.Energy’s standing as a top-tier systems integrator and developer with proprietary software and a pipeline of over 2.5 GWh of projects in five countries, of which more than half are in North America.

The Wilson Sonsini team that advised On.Energy on the transaction was led by Jason Slagle, James Newhouse, and Scott Zimmermann.

For more information, please see the press release.