SMT Energy and Climate Adaptive Infrastructure Announce $268 Million Equity Partnership

Partnership provides long-term capital to accelerate SMT Energy's battery energy storage development, ownership and operating platform

BOULDER, Colo., Sept. 22, 2026 /PRNewswire/ -- SMT Energy ("SMT"), a developer, owner and operator of battery energy storage systems, today announced an equity partnership with Climate Adaptive Infrastructure ("CAI") for up to $268 million at the parent-company level. This amount is in addition to $32 million previously deployed by CAI into SMT assets. Together with other sources of project capital, CAI's equity is expected to enable SMT to develop and build energy infrastructure with an aggregate value significantly greater than the equity provided.

CAI's equity investment, along with tax equity and project-level debt, will fund the development, construction and operation of SMT's battery energy storage projects across the United States, including ongoing project-development in key markets. SMT's portfolio includes distributed-generation battery storage projects, utility-scale battery storage projects and powered land projects designed to strengthen grid reliability and support the country's rapidly growing power needs.

"This partnership is a defining milestone for SMT Energy. CAI gives us the capital and support needed to move faster and build at greater scale. We are grateful to Bill Green and the entire CAI team for their confidence in our platform and our people," said JJ Switzer, Co-Founder and Co-CEO of SMT Energy.

CAI's investment reflects its strategy of supporting scalable infrastructure platforms positioned to meet the growing demand for resilient, reliable and lower-carbon energy infrastructure. Battery Energy Storage is a critical asset complementing renewables as one of the most affordable, lower carbon ways to quickly meet growing electricity demand.

"CAI is relentlessly focused on the macro trends driving the future of global infrastructure, and this investment in SMT fits squarely into a key CAI inevitability: as wind and solar proliferate as the most efficient and fastest ways to deploy new power, battery energy storage is increasingly critical for grid stabilization. We are proud to back a team with such an impressive track record as they scale into the next phase of growth," said Bill Green, Managing Partner, Climate Adaptive Infrastructure.

Expedition Infrastructure Partners (XIP) served as financial advisor to SMT Energy. Stoel Rives served as legal counsel to SMT Energy. Orrick served as legal counsel to CAI.

About SMT Energy

SMT Energy is a U.S. energy infrastructure company specializing in the development, ownership and operation of battery energy storage systems. SMT develops distributed-generation and utility-scale projects that improve grid reliability, support growing electricity demand and create lasting value for investors and local communities.

For more information, visit www.smtenergy.com.

About Climate Adaptive Infrastructure

Climate Adaptive Infrastructure ("CAI") is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and urban infrastructure sectors. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world's large and growing population. CAI selects, finances, constructs and manages its investments using climate screens and metrics designed to enhance investment returns and reduce carbon emissions.

For more information, visit www.climateadaptiveinfra.com.

Securities Products and Investment Banking Services are offered through BA Securities, LLC. Member FINRA SIPC. Expedition Infrastructure Partners and BA Securities, LLC are separate, unaffiliated entities. To learn more about the professional background of Expedition Infrastructure Partners and our registered representatives, please visit FINRA BrokerCheck. The above testimonials may not be representative of the experience of other customers and is not a guarantee of future performance or success. This release contains forward-looking statements regarding SMT Energy's and CAI's respective plans and expectations that are subject to risks and uncertainties which could cause actual results to differ materially from those anticipated.

SOURCE SMT Energy