New $268M investment to boost SMT Energy storage scaleup

BOULDER — SMT Energy Inc. recently received a funding commitment for up to $268 million from Climate Adaptive Infrastructure that the Boulder firm plans to use to scale development of its battery energy storage systems.

“CAI’s equity investment, along with tax equity and project-level debt, will fund the development, construction and operation of SMT’s battery energy storage projects across the United States, including ongoing project-development in key markets,” SMT said in a news release. “SMT’s portfolio includes distributed-generation battery storage projects, utility-scale battery storage projects and powered land projects designed to strengthen grid reliability and support the country’s rapidly growing power needs.”

The $268 commitment comes on the heels of a prior $32 million investment from Climate Adaptive Infrastructure, which invests mainly in energy and data center companies.

“CAI is relentlessly focused on the macro trends driving the future of global infrastructure, and this investment in SMT fits squarely into a key CAI inevitability: as wind and solar proliferate as the most efficient and fastest ways to deploy new power, battery energy storage is increasingly critical for grid stabilization. We are proud to back a team with such an impressive track record as they scale into the next phase of growth,” CAI managing partner Bill Green said in the release. 

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