VoltaGrid Secures Long-Term Capital Via a Combination of $550 Million Term Loan and $210 Million of Equity

March 04, 2024 at 09:00 AM EST

HOUSTON, March 04, 2024 (GLOBE NEWSWIRE) -- VoltaGrid LLC (“VoltaGrid” or the “Company”), together with its strategic capital partners from Kennedy Lewis Investment Management (“Kennedy Lewis”), Blue Torch Capital (“Blue Torch”), and CPPIB Credit Investments Inc., a wholly-owned affiliate of CPP Investments, are pleased to announce the closing of a $500 million five-year senior secured term loan facility (the “Term Loan Facility”), which comes with an additional $50 million accordion feature (the “Accordion Facility”).

In conjunction with the Term Loan Facility, the Company has entered into a revised senior secured revolving credit facility (the “Credit Facility”) that provides immediate access to $100 million and up to $150 million under certain conditions. The Credit Facility includes support from BMO Capital Markets, The Toronto-Dominion Bank, National Bank of Canada, Scotiabank and Cadence Bank.

Lastly, VoltaGrid is pleased to announce the closing of its follow-on equity raise of $210 million, which closed in the third quarter of 2023 and included investments from Longbow Capital Inc. (“Longbow”), CPP Investments and other strategic equity investors.

Nathan Ough, President & CEO of VoltaGrid commented, “Our business has grown exponentially over the last twelve months. We successfully completed the deployment of approximately 300 MWs of power generation capacity for a total of 570 MWs currently and have secured our supply chain access to an incremental 500 MWs that we anticipate deploying in 2024 and early 2025. In addition, we have commissioned and now operate five CNG terminals across the U.S. with 90,000 MMBtu/d CNG capacity, including the largest CNG terminal in the Permian Basin, and demonstrated the flexibility and applicability of our integrated mobile power platform across multiple industries, including:

Mobile power supply of up to 40 MW per deployment for electric completions for several of the largest oil and gas producers in America;
Base load power for a behind-the-fence power plant in the Permian basin;
Base load power for an ultra-low emissions mining project in Arizona; and
Back-up power for a large-scale municipal grid reinforcement project.

These projects have leveraged our common power generation platform to provide low carbon, low cost, reliable power with an integrated CNG supply chain that can be rapidly deployed for temporary, semi-permanent and permanent applications.

With the recently completed investments in VoltaGrid and our robust pipeline of growth projects, we see line of sight to more than doubling the Company in size in the next twelve months through an expansion in datacenters, electric completions, microgrids, utility support, emergency relief and mining. We are excited to partner with strategic long-term institutional investors in CPP Investments, Kennedy Lewis, Longbow, and Blue Torch and look forward to growing our partnership.”

BMO Capital Markets Corp. and Piper Sandler acted as Joint Lead Arranger and BMO Capital Markets Corp. acted as Bookrunner on the Term Loan and Accordion Facilities. BMO Capital Markets Corp. and National Bank Financial Markets acted as Co-Lead Arrangers and Bookrunners and Bank of Montreal as Administrative Agent for the Credit Facility.

About VoltaGrid

VoltaGrid is an advanced energy management and generation company headquartered in Houston. VoltaGrid provides an innovative platform to supply power and alternative fuels across the United States for pressure pumping, remote mining, data centers, utility / grid reinforcement, emergency response, and distributed generation applications. VoltaGrid’s fully integrated artificial intelligence platform provides live emissions tracking, asset carbon intensity, automated back-office management and ESG reporting on a centralized database. For additional information about VoltaGrid, please visit www.voltagrid.com.

For more information contact:

Nathan Ough
President & CEO
VoltaGrid LLC
C:1-281-636-3074
E: Nathan.Ough@VoltaGrid.com

Micah Foster
Chief Financial Officer
VoltaGrid LLC
C: (432) 853-2555
E: Micah.Foster@VoltaGrid.com

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of applicable securities laws. Such forward-looking statements include, but are not limited to, statements regarding the future growth, expansion, and financial performance of VoltaGrid, as well as the anticipated deployment of power generation capacity and the operation of CNG terminals. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the company's services, the timing of customer and vendor orders and deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, and other business risks that may arise from time, including but not limited to, general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and VoltaGrid does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

Source: VoltaGrid LLC