BlackRock-backed DSD Renewables has received a $250m (€230.5m) investment from Cox Enterprises, to support DSD’s growth and its ongoing commitment to accelerating renewable energy deployment.
DSD is a company that helps businesses and organisations switch to clean energy by providing solar, energy storage, and electric vehicle charging solutions.
The investment gives Cox a stake in DSD alongside BlackRock’s climate infrastructure business which remains the majority shareholder in the company.
Erik Schiemann, CEO at DSD said: “This significant investment from Cox marks a pivotal milestone for DSD, enabling our continued evolution to becoming an influential market leader. Our growth, initially fueled by BlackRock’s faith in us, now enters a new chapter with Cox that will advance our position as a cleantech leader and scale our business. This partnership is a testament to how far we’ve come and our unwavering commitment to accelerating renewable energy solutions deployment.”
David Giordano, the global head of BlackRock’s climate infrastructure business, said: “BlackRock believes strongly in DSD and the fundamental value proposition around making solar more accessible to organisations. Since we first invested in 2019, the growth of the opportunity has dramatically increased, and we are pleased to see global companies of Cox’s caliber investing in the space.”
Will Thorburn a director at Cox’s cleantech business, said: “The management team at DSD has built an impressive business with a bright future. The way they are benefiting both business and the planet shows their ability to think innovatively and operate with purpose. We are looking forward to working with DSD to have an even larger impact in the years to come.”
Cox Enterprises, a diversified company with a portfolio spanning communication, automotive, and media services, said the investment is the firm’s largest renewable energy investment to date, highlighting Cox’s continued commitment to cleantech.
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