On.Energy

On.Energy, established in 2016 and headquartered in Miami, operates as a developer, technology company, and asset manager in the energy storage sector. The company was co-founded by CEO Alan Cooper and CTO Ricardo De Azevedo. Cooper, with a career in energy technology, and De Azevedo, with a background in computer science and electrical engineering, combined their expertise to address the opportunity in energy storage.

The firm's business model is centered on providing end-to-end, fully integrated energy storage projects, from initial concept and planning through to construction, operation, and in-house financing. This approach positions On.Energy as a single point of responsibility for its clients, which include utilities, airports, and commercial & industrial (C&I) customers. The company focuses on two primary market segments: grid-scale projects—targeting frequency regulation, energy arbitrage, and renewable energy integration—and C&I peak-shaving solutions. Revenue is generated through the development and management of these energy storage systems, which are designed to help clients manage energy consumption and reduce costs.

On.Energy's core offering consists of developing and deploying battery energy storage systems (BESS). A key component of its service is the proprietary AI-powered software, On.Command™, which is used for the development, design, forecasting, control, and dispatch of its assets. This energy management software, combined with in-house analytics, allows for real-time monitoring and management to optimize the performance of the energy storage systems. The company is technology-agnostic, implementing the latest battery and power electronics technology to create its turnkey solutions. On.Energy has a significant project pipeline, with over 2.5 GWh of projects in development, and as of early 2024, was constructing 300 MWh of energy storage systems in the ERCOT market in Texas.

The company has secured significant funding to support its growth. In June 2023, On.Energy raised $20 million in a Series B round led by Ultra Capital with participation from Phalanx Impact Partners. This was followed by a $25 million conventional debt facility from Lombard Odier in April 2024. These funds are intended to accelerate the deployment of its energy storage systems across North America and Latin America.

Keywords: energy storage, battery energy storage systems (BESS), AI-powered energy management, grid-scale projects, C&I energy solutions, renewable energy integration, project financing, On.Command software, energy asset management, peak-shaving, frequency regulation, energy arbitrage, distributed energy, clean tech, system integrator, independent power producer, ERCOT market, turnkey energy solutions, power electronics, energy analytics