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In brief: North Sky backs battery storage and steel recycling

The impact firm is investing its third sustainable infrastructure fund while raising its fourth.

North Sky Capital has made two investments out of its third sustainable infrastructure fund: into a battery storage developer and a steel recycling facility.

The fund, which closed in January on $200 million, is split into two parts – $120 million was raised by private family offices and HNWIs for the Infrastructure Investment Fund and $80 million was raised from government-funded economic development programmes for the National Impact Fund. The two parts of SIF III invest independently but both on the theme of clean infrastructure serving low-income communities in the US.

IIF has invested in battery storage developer Orenda Inc to develop 10 battery storage sites in New York, creating 50MW/200MWh of battery storage capacity to enhance the resilience of renewable energy grids and help wean New York off fossil fuel-based energy generation. NIF has acquired American SpiralWeld Pipe, a steel manufacturing plant in Texas that uses 80 percent recycled steel inputs. The two investments totalled $25 million, according to a statement from North Sky.

The Minneapolis-based impact firm is also raising Sustainable Infrastructure Fund IV, which has a $350 million target.