Battery storage developer NineDot Energy has secured $25 million in financing from New York Green Bank, a state-sponsored investment fund, which will help it more than double its number of battery farms.
Brooklyn-based NineDot buys or leases plots of land in the five boroughs that are typically less than 10,000 square feet. The company erects battery farms, some of which are paired with solar panels and electric-vehicle chargers. The batteries are then linked to the power grid and their energy is fed back to the grid during high demand.