On November 14, 2023, Element Energy Inc. closed the transaction. The company has issued 5,691,120 series B preferred stock for gross proceeds of $72,999,996.24 in the transaction. The equity financing was co-led by one of the largest clean energy generation companies in the U.S. and Cohort Ventures.

The transaction included participation from new investors Mitsubishi Heavy Industries, Ltd., Fraser Mccombs Capital Management LLC, DRIVE Catalyst, AFW Partners, Keyframe Capital Partners, L.P., returning investors Edison International, Prelude Ventures, LLC, Radar Partners and LG Technology Ventures.