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CONSOLIDATED EDISON, INC.

(ED)
  Report
Delayed Nyse  -  04:03 2022-09-27 pm EDT
90.77 USD   -2.58%
09/22Morgan Stanley Lowers Consolidated Edison's Price Target to $82 From $84, Maintains Underweight Rating
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08/24Sierra Club says U.S. FERC approves Mountain Valley natgas project extension request
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08/23Morgan Stanley Adjusts Consolidated Edison's Price Target to $84 From $77, Reiterates Underweight Rating
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NineDot Energy Launches Community-scale Bronx Battery Energy Storage Site

08/10/2022 | 09:17am EDT

NEW YORK - NineDot Energy, a leading developer of community-scale clean energy projects backed by global investment firm Carlyle, today unveiled its first battery energy storage site in the Bronx, New York City.

With a 3.08 MW (megawatts)/12.32 MWh (megawatt-hours) Tesla Megapack system, a solar canopy, and infrastructure ready for bi-directional electric vehicle chargers, this NineDot Energy site is a model for how to develop future urban clean energy projects. Combined with the large NineDot Energy pipeline, this project also supports the company's goal of delivering 400 MW of clean energy systems by 2026 that strengthen the local power grid and provide stable, reliable and resilient power to tens of thousands of New York City households and businesses.

'We are excited to formally cut the ribbon on our 'Gunther' Bronx battery energy storage site,' said David Arfin, NineDot Energy CEO and Co-founder. 'Building battery storage sites in a dense urban environment requires an unusual set of skills and experience all brought together in NineDot Energy, as well as support from a wide range of visionary regulators and policy-makers and a terrific group of dedicated partners who we are thanking today.'

Doreen M. Harris, President and CEO, NYSERDA, said, 'NYSERDA is proud to partner with companies like NineDot Energy that are committed to investing in energy storage projects that allow us to better integrate clean, renewable resources more efficiently. Once completed, this energy storage system will help to reduce electricity use from some of the dirtiest power plants in the Bronx during hot summer days and will serve as a model for how to advance similar projects in congested urban environments.'

'This project is special because it combines multiple technologies that will contribute to a clean energy future and make our region a leader in the fight against climate change,' said Vicki Kuo, Senior Vice President, Customer Energy Solutions, at Con Edison. 'The ability of companies like NineDot to innovate, along with the commitment of Con Edison, our customers and other parties, will ensure that our State and City meet their environmental goals.'

NineDot Energy builds its battery storage sites in areas that sit at the intersection of existing infrastructure and high energy demand. 'Taking a barely-used sliver of land in the Bronx, NineDot Energy created a breakthrough clean-energy site for this community,' said Adam Cohen, NineDot Energy Chief Technology Officer and Co-founder. 'Finding the right sites requires a deep understanding of grid design and regulation along with extensive project-finance and decision-science skills, and we believe NineDot uniquely brings together all these capabilities in one innovative company.'

'There is a large and growing investment opportunity to support a more resilient electric grid while reducing carbon emissions,' said Pooja Goyal, Chief Investment Officer of Carlyle's Infrastructure Group. 'With the launch of the 'Gunther' Bronx battery energy storage site, our shared vision with the NineDot team has started to become a reality for New York City residents and businesses as we continue to support New York State's mission to achieve its goal of 100% clean energy by 2040.'

With battery storage, the Gunther site not only makes the local grid more robust, but also integrates more clean energy into the grid during times of peak demand.

NineDot Energy is grateful for the support of many vendors, agencies and financial partners in bringing this project to completion, including the New York State Energy Research and Development Authority (NYSERDA), the New York Public Service Commission, Con Edison (NYSE: ED), the City of New York, the NYU Urban Future Lab, Endurant, Stem (NYSE:STEM), Tesla (NASDAQ:TSLA) and Carlyle (NASDAQ:CG). The project received $1.2 million from NYSERDA through its Retail Energy Storage Incentive Program and supports New York's goal of 6,000 megawatts of energy storage by 2030.

About NineDot Energy

As a leading developer of community-scale energy projects, NineDot Energy creates innovative urban energy solutions that support a more resilient grid, deliver economic savings and reduce carbon emissions. NineDot Energy is currently focused on developing battery energy storage sites in the New York City metropolitan area while working to enable vehicle-to-grid (V2G) capabilities at many of our locations. NineDot Energy's name derives from the classic mathematical puzzle for sparking out-of-the-box solutions; we are based at the NYU Urban Future Lab in Brooklyn, NY and backed by Carlyle. Learn more at nine.energy.

Contact:

Karen Alter

Tel: 650-383-8552

Email: karen@nine.energy

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CONSOLIDATED EDISON, INC. -2.58% 90.77 Delayed Quote.6.39%
STEM, INC. 0.47% 12.89 Delayed Quote.-32.37%
TESLA, INC. 2.51% 282.94 Delayed Quote.-21.65%
THE CARLYLE GROUP INC. 0.68% 26.66 Delayed Quote.-51.77%
All news about CONSOLIDATED EDISON, INC.
09/22Morgan Stanley Lowers Consolidated Edison's Price Target to $82 From $84, Maintains Und..
MT
08/24Sierra Club says U.S. FERC approves Mountain Valley natgas project extension request
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08/23Morgan Stanley Adjusts Consolidated Edison's Price Target to $84 From $77, Reiterates U..
MT
08/16CONSOLIDATED EDISON, INC. : Ex-dividend day for
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08/10NineDot Energy Launches Community-scale Bronx Battery Energy Storage Site
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08/05Consolidated Edison Renewables Unit Reportedly Drawing Interest
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08/05UBS Adjusts Consolidated Edison Price Target to $97 From $93, Maintains Neutral Rating
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Financials (USD)
Sales 2022 14 212 M - -
Net income 2022 1 624 M - -
Net Debt 2022 24 166 M - -
P/E ratio 2022 20,6x
Yield 2022 3,50%
Capitalization 32 185 M 32 185 M -
EV / Sales 2022 3,96x
EV / Sales 2023 3,92x
Nbr of Employees 13 871
Free-Float 93,8%
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Mean consensus UNDERPERFORM
Number of Analysts 16
Last Close Price 90,77 $
Average target price 88,47 $
Spread / Average Target -2,54%
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Managers and Directors
Timothy P. Cawley Chairman, President & Chief Executive Officer
Robert N. Hoglund Chief Financial Officer & Senior Vice President
Lewis Frederick Sutherland Independent Director
Michael W. Ranger Lead Independent Director
John F. Killian Independent Director
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