Finance
US energy storage businesses secure more than $1 bn in flurry of deals
Eolian, Energy Vault, NineDot and Greenflash have secured more than a billion dollars between them to advance their energy storage plans.
By
Ryan Kennedy, Max Hall
Oct 10, 2025
Finance
Industry
A Nexamp solar project. | Image: Nexamp
Californian energy storage and renewables developer Eolian has secured a $463 million finance package arranged by the Natixis Corporate & Investment Banking business of the French lender.
Those construction and term loans and letter-of-credit facility will back the continued construction of the 150 MW Padua 2 and 200 MW Padua 3 BESS, in Bexar County, Texas, both of which will offer “approximately” five hours’ energy storage for a total 350 MW/1.7 GWh across the two facilities.
The new BESS units will be part of a 400 MW/1.8 GWh Padua complex described by Eolian as the largest battery under development in the state and as the longest-duration BESS installed on the Electric Reliability Council of Texas (ERCOT) grid. A 50 MW/100 MWh Padua 1 BESS is already operational. Padua 2 is set for completion before April and the whole complex before July.
The Padua complex, which Eolian said will include more than $700 million of private funding, is at a San Antonio substation near the retiring J. K. Spruce coal plant units and the aging V. H. Braunig natural gas plant, at a key electricity transmission junction for south to north energy flows in the state. The BESS will bolster the grid until a planned regional transmission line upgrade is completed, in 2030.
Announcing the Natixis finance on Thursday Eolian, which said it operates a 300 MW BESS fleet on the ERCOT grid, said it will construct and operate the Padua site.
Energy Vault
Global grid-scale energy storage provider Energy Vault announced it secured a $300 million preferred equity investment with Orion Infrastructure Capital, launching a fully consolidated subsidiary called Asset Vault.
The company said Asset Vault is dedicated to developing, building, owning and operating energy storage assets globally. It said the capital will accelerate the deployment of 1.5 GW-plus of energy storage projects. The preferred equity instrument is non-dilutive to common shareholders and includes milestones for common equity participation in the listed company.
Jefferies LLC acted as sole placement agent and exclusive financial advisor, and Vinson & Elkins LLP acted as legal advisor, to Energy Vault. Greenberg Traurig, LLP, acted as legal advisor to OIC.
Including the recapitalization of the recently completed Calistoga Resiliency Center (CRC) in California, as well as the Cross Trails BESS, located in Snyder, Texas, Energy Vault said it expects to draw nearly $200 million over the next six months to commence work on two additional late-stage projects in the United States and Australia – which includes the 125 MW/1 GWh Stoney Creek BESS – along with the advancement of additional pipeline projects under development.
Energy Vault said the Asset Vault platform creates a vertically integrated business, capturing value across the entire energy storage lifecycle by combining Energy Vault’s proven operational experience with long-term asset ownership to generate predictable, recurring cash flows. Energy Vault will self-perform engineering, procurement, construction (EPC), and long-term service agreements for Asset Vault projects.
NineDot Energy
NineDot Energy, a developer of community-scale BESS for the New York City metro area, announced the close of a $175 million revolving debt financing from Deutsche Bank.
NineDot said it will use the debt financing to support activities across the development timeline, from grid interconnection deposits to equipment procurement and project construction. The facility also enabled NineDot to pay back its existing revolver for funding grid interconnection deposits with NY Green Bank.
New York State has a goal of 6 GW of battery storage in operation by 2030.
NineDot Energy currently has seven operating projects across four locations in The Bronx and Staten Island. The company said its projects supported approximately 26,000 New York City households on hot summer days in 2025. With more than 60 additional projects in some phase of development or construction, NineDot pursues a goal of 400 MW of energy storage in development, construction, or operation by the end of 2026.
Greenflash
In a separate announcement, on Tuesday, Houston-based developer Greenflash Infrastructure said it had devised a hybrid finance package featuring private equity investment, loans, and tax credit sale income which can be repeated throughout the company’s 5 GW, near-term, ERCOT project pipeline.
Without specifying the amount raised Greenflash – which is backed by Miami-based investor H.I.G. Capital – said the finance package would fund its 400 MW/800 MWh Project Soho BESS in Brazoria County, Texas. The battery site, which Greenflash says is the largest standalone BESS under construction in the state, is due online before July.
Kuwaiti state-owned Wafra Inc. and New York-based Acadia Infrastructure Capital have invested in the project as preferred equity backers, meaning they will take priority over common shareholders for payouts but will only receive fixed amounts. The preferred equity stake sale, Greenflash said, will include income from tax credit sales to a “leading US-based insurance company.”
The Project Soho finance deal also included unspecified borrowing from German lender Deutsche Bank.
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