This press release was originally published under 8minute. 8minute changed its name to Avantus in 2022.

Reinforces 8minute’s position as a clean technology leader and signals a new phase of growth

LOS ANGELES and SAN FRANCISCO, Calif.— January 19, 2022: 8minute Solar Energy (“8minute”) today announced that it has closed $400 million in financing from EIG, a leading institutional investor in the global energy and infrastructure sectors. The financing agreement includes a portion of growth equity and a letter of credit. R. Blair Thomas, EIG’s Chairman and CEO, will join 8minute’s Board of Directors.

This strategic fundraise will help 8minute continue to operate and grow its attractive portfolio of clean energy assets, which includes more than 18 gigawatts (GW) of solar capacity and 24 gigawatt-hours (GWh) of storage throughout California, Texas, and the southwestern United States—enough energy to provide power for 20 million people. Importantly, this investment will enable 8minute to focus on technology innovation and advanced solar plant design, and to begin building projects on its own balance sheet.

“This strategic fundraise is not only a resounding vote of confidence in 8minute from a global energy investor that shares our vision for a zero-carbon future, but also an important signal that the private sector recognizes the immediate need for more reliable, resilient and low-cost climate solutions,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “With EIG’s investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart’ solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success.”

Since 1982, EIG has been a leading institutional investor to the global energy sector and is committed to supporting the global clean energy transition. With more than $8.4 billion deployed in sustainable and renewable energy to date, EIG has paved a path for robust corporate investments in renewable energy and infrastructure.

“8minute is a clear leader in the industry and possesses the best-in-class team, technical prowess and integrated design approach needed to make a clean energy future a reality,” said R. Blair Thomas, EIG’s Chairman and CEO. “We’re thrilled to be able to help fuel long-term, sustained growth for 8minute and remain committed to supporting the company’s new ventures and future endeavors.”

8minute has one of the largest pipelines of solar power plants with integrated energy storage in the United States, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. The company’s unique combination of development, execution and technology has led 8minute to set new industry records on cost, scale and reliability. This includes the Eland Solar & Storage Center, which will deliver solar, day and night, to the cities of Los Angeles and Glendale at record-low costs.

This strategic fundraise will help 8minute continue to operate and grow its attractive portfolio of clean energy assets, which includes more than 18 gigawatts (GW) of solar capacity and 24 gigawatt-hours (GWh) of storage throughout California, Texas, and the southwestern United States—enough energy to provide power for 20 million people. Importantly, this investment will enable 8minute to focus on technology innovation and advanced solar plant design, and to begin building projects on its own balance sheet.

“This strategic fundraise is not only a resounding vote of confidence in 8minute from a global energy investor that shares our vision for a zero-carbon future, but also an important signal that the private sector recognizes the immediate need for more reliable, resilient and low-cost climate solutions,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “With EIG’s investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart’ solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success.”

Since 1982, EIG has been a leading institutional investor to the global energy sector and is committed to supporting the global clean energy transition. With more than $8.4 billion deployed in sustainable and renewable energy to date, EIG has paved a path for robust corporate investments in renewable energy and infrastructure.

“8minute is a clear leader in the industry and possesses the best-in-class team, technical prowess and integrated design approach needed to make a clean energy future a reality,” said R. Blair Thomas, EIG’s Chairman and CEO. “We’re thrilled to be able to help fuel long-term, sustained growth for 8minute and remain committed to supporting the company’s new ventures and future endeavors.”

8minute has one of the largest pipelines of solar power plants with integrated energy storage in the United States, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. The company’s unique combination of development, execution and technology has led 8minute to set new industry records on cost, scale and reliability. This includes the Eland Solar & Storage Center, which will deliver solar, day and night, to the cities of Los Angeles and Glendale at record-low costs.