Funding and M&A Roundup: Aker Horizons Acquires Mainstream Renewable Power

Battery manufacturer 24M raises $56.8 million in Series E funding round


From: Mercom Capital Group

Aker Horizons, an investment company, closed the transaction to acquire Mainstream Renewable Power, an independent renewable energy company. Existing Mainstream shareholders have re-invested and retained 25% ownership in the company. As part of the transaction, Aker Horizons also acquired an interest in superconductor technology company SuperNode. The transaction values the current equity of Mainstream at €900 million (~$1,098 million) on a 100% basis and gives Aker Horizons a portfolio of solar and wind projects in operation and under construction of about 1.4 GW and a project development pipeline of about 12.5 GW.

Adani Green Energy Limited, a renewable energy company, signed share purchase agreements to acquire 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The deal values SB Energy India at an enterprise valuation of around $3.5 billion.

24M, a SemiSolid lithium-ion technology battery manufacturer, raised $56.8 million in a Series E round to commercialize its low-cost SemiSolid manufacturing process and expand its technology development programs for grid storage and electric vehicle applications. The financing was led by global trading company ITOCHU Corporation and as a part of the financing, Hiroaki Murase, General Manager of the Sustainable Energy Business Department, of ITOCHU will join 24M’s Board of Directors. Also participating in the round were new investors Fujifilm Corporation and Mirai Creation Fund II along with previous investors, including Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC), and North Bridge Venture Partners.

UL, the advisors on the development, evaluation, and optimization of renewable energy projects, announced the acquisition of solar analytics company Clear Sky Analytics’ proprietary software platform and related assets. The proprietary software platform analyzes solar asset performance and provides prescriptive insights. Clear Sky Analytics co-founders Ajay Saproo and John Corson will also join UL. Terms of the acquisition were not disclosed.

Voltus, a distributed energy platform, announced the closing of a $31 million Series C financing. The round was led by Activate Capital and included existing investors NGP Energy Technology Partners III, Prelude Ventures, and Ajax Strategies, bringing Voltus’s total equity financing to date to over $65 million.

Moxion Power, a Y Combinator-backed, a vertically integrated manufacturer of mobile energy storage systems, raised $10 million in Series A financing led by Energy Impact Partners. The round was completed with the support of several of Moxion’s existing investors, including Tamarack Global and Liquid 2 Ventures. This new funding follows a Seed round that was led by Tamarack Global late last year.

TWAICE, a battery analytics software company that enhances transparency and predictability of batteries, raised $26 million in Series B funding. Led by the global alternative investment manager, Energize Ventures, the oversubscribed round received follow-on participation from all existing investors, bringing TWAICE’s total financing to $45 million. The funds will be used to expand the analytics platform and fuel international expansion.

Buildings IoT, a provider of software, services, and solutions for building systems management, announced that the company secured a $10 million growth investment with Keyframe Capital. The funding allows the company to scale up its sales team, increase product and technology development, and help clients monetize their data streams as tenants begin to inhabit buildings once again.

WeaveGrid, a developer of software solutions for the scalable deployment of electric vehicles on the electric grid, raised $15 million in a Series A round to enable its next stage of growth. The round was led by Coatue with participation by Breakthrough Energy Ventures and existing investors The Westly Group, Grok Ventures, and several prominent angel investors, including Ramez Naam and Josh Felser.

EDF Renouvelables, a renewable energy project developer, signed a share purchase agreement to acquire a 45% stake in GLHD, a solar energy project developer, alongside Cero Generation, a solar energy developer in Europe. After the close of the transaction, GLHD will be owned equally by Cero and EDF Renouvelables (45% each), two founders will hold the remaining 10%. EDF Renouvelables and Cero will join forces to support the implementation of the 2.4 GW of solar projects under development in France by GLHD.

J-POWER, a renewable energy company, acquired a 10% stake in Genex Power, a renewable power generation and energy storage development company, through its subsidiary in Australia, JPGA Partners. By this acquisition, J-POWER aims to expand further renewable power generation and energy storage projects with Genex across Australia.

BayWa r.e., a renewable energy project developer, continues the global expansion of its solar distribution business with the acquisition of Czech-based solar wholesaler Solid Power Distribution. This acquisition consolidates BayWa r.e.’s leading role in the European solar distribution market.

Power Factors, the global renewable energy asset performance management, and enterprise asset management software entered into a definitive agreement to acquire 3megawatt, the developer wind and solar asset management software platform. The transaction is expected to close on May 31, 2021.

Fomento de Construcciones y Contratas (FCC), a Spanish engineering firm controlled by Mexican billionaire Carlos Slim, has reached an agreement to sell 49% of its renewable energy business, FCC Energia, to investment fund Plenium Partners. The energy division has a portfolio of 14 wind farms with a capacity of 421.8 MW, in addition to two thermal solar projects (100 MW) and two PV projects (20 MW).

The Butagaz Group, a multi-energy and services supplier, announced that it has acquired a majority stake in two regional French companies Soltéa and Solewa, company into the installation and maintenance of photovoltaic solar power plants.

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

Read the last week’s funding roundup.


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