Funding and M&A Roundup: Electriq Power Goes Public via SPAC Deal

Qatar Investment Authority acquires shares worth $472 million in Adani Green

August 9, 2023


From: Mercom Capital Group

Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, announced the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined entity will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.” The transaction generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions.

INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, has acquired a significant stake in Adani Green Energy by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).

India’s automotive conglomerate Mahindra & Mahindra (M&M) has secured a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint. The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.

India-based solar module maker Waaree Energies has raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules.

Flux Power Holdings, a lithium-ion-based energy storage solutions developer, secured a $15 million credit facility from Gibraltar Business Capital, an asset-based lender for middle-market businesses. The funding will be used for Flux’s working capital needs and the repayment of an existing credit facility with Silicon Valley Bank. Existing assets of the company have been used to secure the facility. The agreement also allows the facility to be increased to $20 million in $1.0 million or greater increments.

MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, secured $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024. The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures, New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures. The new funding allows MGA Thermal to expand its commercial division and invest in engineering and implementation.

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.