Flatiron Energy (“Flatiron” or “the Company”) announced today that it has closed on approximately $850 million of construction and term financing commitments from leading financial institutions to support the Energizar Project (“Energizar”) in Chelsea, Massachusetts. The financing spans across construction and bridge loan facilities, term loan facilities, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.

Energizar is a 1,200 MWh battery energy storage asset that will reach commercial operations in Q4 2027. Upon reaching COD, it will be the largest BESS facility on the east coast and one of the largest urban BESS facilities globally. The Project will provide critical capacity and peaking energy resources for the local communities that rely upon the Boston grid.

The construction loans, term loans, bridge loans, and letters of credit were provided by a consortium of banks (“Lenders”), with Nord L/B, Santander, and Societe Generale serving as Coordinating Lead Arrangers; Investec and East West Bank serving as Joint Lead Arrangers; and Siemens Financial Services serving as Lender. East West Bank also acted as Depositary and Santander acted as Administrative Agent.

The preferred equity commitment was provided by funds managed by a premier global credit asset manager with more than $350 billion of assets under management.

Two Fortune 500 corporations provided a commitment to transfer a portion of the project’s ITCs.

“We are pleased to have led another landmark battery storage financing for Flatiron Energy. The successful closing of the Energizar debt financing demonstrates Nord LB’s significant expertise and continued commitment to financing battery storage projects,” says Sondra Martinez, Head of Project Finance-Origination at Nord L/B.

“Battery storage assets are playing an increasingly critical role in supporting grid stability and facilitating the integration of energy resources across the United States,” said Andrew Platt, Managing Director at Santander. “We are proud to have supported the successful financing of Energizar, an important milestone for the ISO New England market that will contribute to a more reliable and resilient power system.”

“We are pleased to support Flatiron in the development of the Energizar battery storage project outside of Boston. Energizar represents a unique urban battery storage project that will help meet clean energy goals in the state of Massachusetts,” said Kevin Cartoski, a Director on the Energy, Mining and Industrials team at Societe Generale.

“Energizar represents the culmination of years of work by many stakeholders. Projects of this complexity and scale only happen because of the support of the local community, policy makers, equipment and EPC providers, offtakers, and financing counterparties,” said Dan Myers, Flatiron’s Chief Financial Officer. “We are incredibly grateful for such robust support and proud to contribute to the next phase of the region’s grid reliability and capacity resources.”

Orrick, Herrington & Sutcliffe LLP and Foley Hoag LLP represented the Company. Winston Taylor LLP and Rath, Young and Pignatelli, P.C. represented the Lenders.

CCA Capital LLC advised Flatiron with regards to the preferred equity investment and tax credit transfer. Riverside Risk Advisors acted as Hedge Advisor to Flatiron in connection with interest rate hedging activities.

Raymond James Renewable Energy Investments advised the tax credit purchasers.

About Nord L/B

Nord/LB (Norddeutsche Landesbank – Girozentrale) is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking, as well as special finance in the energy and infrastructure sector and commercial real estate finance. Nord/LB is headquartered in Hanover, Germany with branches in London & New York.

About Santander

Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Openbank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments. This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. In the first half of 2026, Banco Santander had €1.5 trillion in total funds, more than 182 million customers, 6,500 branches and 185,000 employees.

About Societe Generale

Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. Societe Generale has been supporting the development of economies for over 160 years, providing corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Societe Generale’s long-lasting and trusted relationships with its clients, its cutting-edge expertise, unique innovation, ESG capabilities and leading franchises are part of its DNA and serve its most essential objective – to deliver sustainable value creation for all its stakeholders. Global Banking and Investor Solutions operates within Societe Generale as a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives and structured finance.

About Flatiron

Flatiron Energy provides safe and reliable energy solutions to improve grid reliability, reduce ratepayer costs, and support communities as energy demand grows. We develop, own, and operate utility-scale energy storage projects that strengthen the electric grid and provide clean capacity where it is needed most. Flatiron’s team leverages multiple decades of deep expertise in energy storage development, structuring, and asset optimization and we are guided by our mission to have a positive impact on the local communities we reach. To learn more, please visit: https://flatiron.energy/.

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