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SDCL Energy Efficiency Income Trust PLC - London-based energy efficiency-focused investor - Agrees to offer convertible loan of up to $10 million in US-based battery energy storage system provider On Energy Storage LLC, including an initial $5.0 million drawdown. SEEIT has also provided conditional commitment to fund up to $100 million in qualifying commercial & industrial energy storage-as-a-service projects to be developed and operated by On.Energy across North America.
Fund Manager Purvi Sapre says: ‘On.Energy represents SEEIT's first investment into a focused battery energy storage system provider, further diversifying SEEIT's portfolio while also providing opportunities for synergies across its existing portfolio companies.’
Current stock price: 121.60 pence, down 0.5% in London on Tuesday
12-month change: up 3.5%
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