Palladium Energy closes equity investment with Ultra Capital to continue growth of industry-leading utility-scale solar and storage development platform

JACKSONVILLE, Fla., Oct. 24, 2023 /PRNewswire/ -- Palladium Energy, a leading utility-scale solar and storage developer within the U.S., announced the closing of a $10 million corporate equity investment from Ultra Capital, a private investment firm that provides growth equity and asset capital to companies focused on the energy transition and de-carbonization. The investment will be utilized to accelerate the growth of the Palladium team and development pipeline with a continued focus on originating, acquiring and developing high-quality solar and storage projects.

In conjunction with this investment, Palladium has formed a Board of Directors initially comprised of the co-founders (Mark Mirabito, Nobel Chang and Danny Weidlich) and Mike Reynolds, Managing Director at Ultra Capital. With over 15 years of experience, Mike brings a wealth of knowledge and experience in the power and renewables markets and will provide insights to support Palladium's growth and execution.

Palladium distinguishes itself within the industry through its deep experience originating, developing, and financing energy projects across multiple markets and technologies/fuel types. The Palladium team has a proven track record of success and collectively more than 48 years of experience in power generation, including renewable and conventional resources, and has developed and financed projects totaling 6.9 gigawatts and $2.8 billion, respectively.

"Since the inception of Palladium, the company has emphasized building a best-in-class team as the foundation for long-term, sustainable success in the growing yet complex industry of renewable power generation," said Danny Weidlich, Chief Executive Officer of Palladium. "The investment by Ultra Capital represents validation of what Palladium has built to date, including the exceptional team, institutional-quality asset base and strategic partnerships. We are grateful for the trust and confidence of the Ultra Capital team and are thrilled to partner on the next phase of growth for the company."

Reynolds added, "We are in the midst of a once-in-a-generation change to the power generation mix as the de-carbonization of the electrical grid accelerates. We are thrilled to partner with a team as experienced and accomplished as Palladium. Danny, Mark and Nobel have a strong development track record and we look forward to supporting their continued growth and success in the future."

About Palladium Energy

Palladium Energy is committed to providing clean and sustainable energy across the country for a brighter future through the origination, development, and financing of renewable energy projects. The co-founders of Palladium have an extensive track record of successfully developing, financing, constructing, and operating energy projects across markets (both in the U.S. and internationally) and technology/fuel types (solar, wind, gas, biomass). Palladium Energy was founded in 2019 and is based in Jacksonville, FL.

To learn more about Palladium Energy, visit www.Pd46energy.com or email [email protected].

About Ultra Capital

Ultra Capital is a Philadelphia-based private investment firm investing in energy transition and sustainable infrastructure. Ultra invests in companies with demonstrated management teams, providing both growth equity and asset capital. With decades of experience in asset management, renewables, finance and engineering, the Ultra Capital team shares a single goal: driving a more sustainable foundation for our future. For more information, visit www.ultracapital.com.

SOURCE Palladium Energy, LLC