On.Energy secures funding for 160 MWh battery storage in Texas

On.Energy has closed construction credit facilities with Pathward and BridgePeak Energy Capital to develop its 160 MWh Palo de Agua battery storage portfolio in Texas. 

The financing supports On.Energy’s expansion in the United States, adding to its 80 MWh of operational assets in Houston and a pipeline of over 2 GWh of battery storage set for activation by 2028 across California, Texas, and Mexico.

CEO Alan Cooper highlighted that the company has structured project finance solutions for over 240 MWh in the past year, tripling its installed and under-construction assets in the United States. He noted the role of Pathward and BridgePeak in advancing On.Energy’s capital asset platform and expanding integration revenues.

Pathward Divisional President Christopher Soupal emphasized Texas’ shift toward renewables, with solar surpassing coal-generated electricity in 2024. He stated that On.Energy’s solutions enhance grid reliability amid the state’s energy transition. 

On.Energy, headquartered in Miami, provides AI-driven energy storage solutions for utilities, system operators, and commercial and industrial customers across the Americas.

Photo Credit: On.Energy