Funding and M&A Roundup: Battery Maker Enevate Secures $81 Million in Funding

Renewable energy company Windvision acquires Vortex Energy Belgium

February 22, 2021


From: Mercom Capital Group

Volta Energy Technologies, an investor in battery and energy storage technologies, has announced an initial closing on its venture fund focused on batteries, energy storage, and related hardware and software used in lower-cost electric vehicles and renewable power generation.

Enevate, a developer of advanced silicon-dominant li-ion battery technology for electric vehicles, has secured an investment worth $81 million in a Series E round led by Fidelity Management & Research Company. Mission Ventures and Infinite Potential Technologies, Enevate’s existing investors, also participated in the funding round. The company has raised $191 million to date.

Energy Impact Partners, a global investment platform, has announced its participation in the latest Series C financing round for AddEnergie Technologies, a charging network operator for electric vehicles and a provider of smart charging software and equipment. This brings the Series C round to C$53 million (~$42 million).

Li-Cycle, a commercial leader in lithium-ion battery resource recovery, and Peridot Acquisition Corporation, a publicly-traded special purpose acquisition company sponsored by Carnelian Energy Capital, have announced a definitive business combination agreement that will result in Li-Cycle becoming a public company. Upon closing the transaction, the combined company will be renamed Li-Cycle Holdings and listed on the New York Stock Exchange under the new ticker symbol “LICY.”

European residential solar company Otovo has completed a private placement that fetched NOK 358 million (~$42.3 million) for the Norway-based firm and selling shareholders. Otovo placed 1.25 million new shares, raising NOK 250 million (~$29.5 million) while existing shareholders sold 540,924 existing shares to get NOK 108 million (~$12.7 million). The top three buyers of Otovo stock in the transaction were BNP Paribas Energy Transition Fund with NOK 65 million (~$78.7 million), DNB Asset Management with NOK 60 million (~$72.7 million), and Andenaesgruppen with NOK 40 million (~$48.4 million).

Tantalus Systems Holding, a smart grid technology company, has been listed on the TSX Venture Exchange (TSXV). The company has commenced trading on the TSXV under the ticker symbol “GRID.” It raised approximately C$10 million (~$8 million) from new and existing investors to bolster its financial position and strengthen its balance sheet.

Windvision, a Belgian renewable energy project developer, has acquired Vortex Energy Belgium, an independent renewable energy producer, to further expand its solar and wind energy generation capabilities in the Belgian market to reach 500 MW of total capacity. Vortex Energy Belgium is the Belgian subsidiary of Vortex Energy, a German-based energy industry company.

Complete Solar, a residential solar company, has acquired Current Insight, an engineering company providing CAD designs, structural engineering stamps, and electrical engineering stamps to solar companies. As part of Complete Solar, Current Insight will continue to deliver CAD and engineering services to the solar industry.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s funding roundup.


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