growth ahead

Energy storage company secures $77.6 million to continue Texas expansion

On.Energy's new Texas battery storage portfolio will triple the company’s installed and in-construction asset base in the U.S. Photo via On.Energy

Energy storage developer On.Energy announced it closed $77.6 million in construction credit facilities provided by Pathward N.A. and BridgePeak Energy Capital to build its 160 Megawatt-hour Palo de Agua battery storage portfolio across the state of Texas.

The new financing will allow the Miami-based company with project development offices in Houston to continue its expansion, which already includes 80 MWh of operational assets in Houston.

“In less than 12 months, we have managed to structure project finance credit solutions for more than 240 MWh, deploying critical infrastructure to one of the country’s most volatile power markets,” On.Energy CEO Alan Cooper said in a news release.

Cooper added that the Texas project triples the company’s installed and in-construction asset base in the U.S.

On.Energy uses its proprietary On.Command energy management system to implement customized, AI-driven solutions that support grid-scale projects and peak-shaving solutions that use energy storage to reduce electricity demand during peak hours.

By 2028, the company aims to have more than 2 GWh of battery energy storage scheduled for activation across California, Texas and Mexico.

“As Texas continues its prolific energy transition, On.Energy is providing the solutions to ensure grid reliance and resilience,” Christopher Soupal, Pathward divisional president and revenue lending officer, said in a news release.

“Pathward’s multi-project construction facility with On.Energy is another example of our commitment to the U.S. renewable energy sector, and we are proud to be their lending partner.”

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A View From HETI

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. Photo via casimir.inc

Houston-based quantum energy technology startup Casimir Inc. has been awarded an STTR Phase I contract from the U.S. Space Force's SpaceWERX to support the development of the company's solid-state generator for potential use by the Department of the Air Force.

SpaceWERX is the innovation arm of the U.S. Space Force and a division within AFWERX, the incubator and innovation arm of the United States Department of the Air Force. The Air Force Research Laboratory and SpaceWERX, along with many other government agencies, help support innovation through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants and contracts.

As part of the new contract, Casimir will work to refine a fully independent generator. Casimir’s solid-state power technology could support national security missions by providing reliable power even in difficult-to-service environments.

In May, Casimir emerged from stealth, netting a $12 million seed round to commercialize its quantum energy chip. The semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. The company aims to include the chips in large-scale energy systems that can power homes, commercial infrastructure and electric vehicles.

“This STTR funds some analysis work to address our proposed scaling approach of making our chips multi-layer to increase aggregate power,” Harold “Sonny” White, founder and CEO of Casimir, tells Energy Capital.

White adds that the company will work with Texas A&M to develop chip planarization techniques to support Casimir’s plans to scale. Additionally, White says the company is working with the U.S. Space Force to explore more applications for its technology.

“Casimir’s technology brings a new capability to the market in the form of our persistent power chips,” White adds. “This approach will be relevant to ultra-low-power electronics, and with the scaling approach we are developing, connected with the STTR work, will eventually be relevant to consumer electronics and beyond.”

Casimir has previously reported that it plans to commercialize its first-generation MicroSparc chip by 2028. The chips are expected to power devices for years without the need for replacements.

The total funding for this project has not yet been disclosed.

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