ON.energy is setting the standard for large load interconnection. ON’s patented AI UPS™ is a medium-voltage UPS that serves as a firewall, protecting the data center from the grid, and the grid from the data center. With multiple gigawatts currently under construction, we are enabling grid-safe data centers.

We are seeking an Associate to join the Corporate Development team, reporting to the Head of Investment Finance. This is a role that works directly with senior leadership on capital formation, M&A, board and investor materials, and corporate strategy as ON.energy scales across the energy transition and digital infrastructure landscape. Beyond core corporate development work, you will also help develop and structure new business models and commercial offerings that expand how customers deploy ON.energy’s technology.

This role is suited for candidates with 2+ years of investment banking experience and meaningful live deal exposure who want to move from advising on transactions to owning them inside a rapidly growing, category-defining company at the intersection of energy, digital infrastructure, and AI-driven power demand. The ideal candidate is a technically strong, hard-working self-starter who holds themselves to an exceptional standard and can apply critical thinking to problems that don’t have a precedent.

You will join a small, high-impact team where ownership is real and the pace matches the opportunity, with direct visibility to senior leadership, the board, and external stakeholders. This is a hybrid role with a minimum of three days per week in our New York office and up to 10% travel.

Key Responsibilities

Capital Formation

• Support corporate equity and debt raises end to end, from investor targeting and outreach through diligence, negotiation, and close
• Build and maintain models, valuation analyses, and the capitalization table to support financing decisions and investor discussions
• Prepare investor materials, including teasers, management presentations, and financial projections, and run data room and diligence processes
• Coordinate with external advisors, including banks, counsel, and investors, and help manage the investor pipeline and relationships

M&A and Strategic Transactions

• Source, screen, and evaluate acquisition targets as well as investment, joint venture, and strategic partnership opportunities
• Build valuation, merger, and returns analyses, including DCF, trading and transaction comparables, accretion/dilution, and synergy analysis
• Lead diligence workstreams and coordinate third-party financial, legal, and technical advisors through execution
• Support the review and negotiation of transaction documents, including NDAs, LOIs, term sheets, and purchase agreements, as well as post-close integration planning

Board and Executive Materials

• Prepare board presentations, investor updates, and materials for executive leadership
• Synthesize complex financial and strategic analysis into clear, decision-ready recommendations
• Support the strategic planning process and track key business and transaction metrics for leadership and the board

Corporate Strategy

• Identify new growth opportunities, market adjacencies, and strategic partnerships
• Develop market sizing, investment theses, and competitive analyses across energy storage, power infrastructure, and data center power
• Lead ad hoc strategic analyses for senior leadership on high-priority initiatives

Qualifications

Required

• Bachelor’s degree in Finance, Economics, Accounting, Engineering, or a related field
• At least 2 years of investment banking analyst experience
• Demonstrated deal experience across M&A and/or debt and equity capital raises, with meaningful ownership of live transactions
• Strong technical skills, including the ability to build three-statement, DCF, LBO/returns, and merger models from scratch
• Advanced proficiency in Excel and PowerPoint, with a track record of producing board- and investor-ready materials
• Strong written and verbal communication skills and comfort interacting with senior executives, investors, and advisors
• Self-starter with a strong work ethic and a high degree of ownership, able to take workstreams from a blank page to a finished product with minimal direction
• Highly organized with exceptional attention to detail and the ability to manage multiple workstreams simultaneously

Strongly Preferred

• Coverage or product group experience in power & utilities, energy transition, infrastructure, industrials, or technology
• Experience with private capital raises for growth-stage companies, including preferred and structured equity
• Experience reviewing and negotiating transaction documentation
• Strong interest in energy storage, power infrastructure, and the build-out of AI data centers