Funding and M&A Roundup: Battery Developer Altris Raises $5.2 Million
EV startup BluSmart secures $42 million funding to strengthen operations
From: Mercom Capital Group
Altris, a company that develops sodium-ion batteries, secured €4.8 million (~$5.2 million) in bridge financing from its current investors and employees. The funding will help the company scale its production and commercialize its technology. The bridge financing will enable Altris to complete its industrial-grade battery manufacturing at a new facility in Uppsala.
BluSmart Mobility, an electric vehicle ride-hailing service and charging infrastructure operator, has secured $42 million in its most recent funding round held recently. It plans to use the latest funding to scale its operations further and penetrate mega-cities deeper. The funding consisted of an equity round worth $37 million and a venture debt worth $5 million, with 50% of the funding subscribed by the BluSmart founders and leadership team.
Solar Ladder, a supply chain platform for solar installation companies, has raised ₹110 million (~$1.3 million) in seed funding from a group of investors to distribute software that helps automate processes for solar installers. Solar Ladder said that the software will help installers to expand their business. The company raised funds from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Founder of Mamaearth Varun Alagh, Subin Mitra, and Aditya Bandi of Groyyo, and Deepak Jain, Partner, Bain.
Blue Whale Materials, a provider of lithium-ion battery recycling solutions, announced the acquisition of Eclipse Energy, a battery testing and evaluation lab based in Greenfield. The acquisition will allow Blue Whale Materials to provide customers with a complete range of battery testing and evaluation services, covering the entire life cycle of batteries from initial testing to end-of-life assessment for remanufacturing or reuse in secondary applications. Blue Whale Materials has formed a new subsidiary, BW Energy and Innovation, which will leverage the expertise and capabilities of Eclipse Energy.
Hyderabad-based deep-tech battery swapping company RACEnergy raised $3 million in a combination of debt and equity in a pre-series A round funding. Growx Ventures led the funding round, with participation from Micelio Mobility, Huddle, and several angel investors. RACEnergy has raised $6 million in funding to date. It intends to use the funds to develop its battery-swapping technology and construct new facilities to support its growing operations. The company said its swappable battery technology recently cleared the AIS-156 Phase 2 certification.
For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.
Read last week’s funding roundup.