Funding and M&A Roundup: Enapi Raises $2.7 Million in Pre–Seed Funding

Grasim secures $150.3 million investment from IFC for decarbonization initiatives

March 27, 2024


From: Mercom Capital Group

Enapi, a provider of EV charging solutions, announced the closing of its €2.5 million (~$2.7 million) pre-seed funding round provided by Project A Ventures, Seedcamp, and HelloWorld. The company facilitates connections between charge point operators and entities that are developing and providing digital charging solutions for consumers and businesses. The Enapi Transaction enables EV charging transactions using the OCPI standard to ensure seamless charging station connectivity.

Grasim Industries, an Aditya Birla Group company, has announced an investment of ₹12.5 billion (~$150.3 million) from the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The company said IFC’s investment was through subscription to non-convertible debentures. The funds raised through the sustainability-linked debentures will help Grasim’s decarbonization initiatives.

Aberdeen Minerals, a UK-based Battery Metal deposits exploration and development firm, has secured an equity financing of up to £5.5 million (~$7 million). This financing aims to bolster Aberdeen Minerals’ exploration programs in North East Scotland, specifically targeting deposits of nickel, copper, and cobalt. These metallic raw materials play a crucial role in battery production and electrification.

Regenerate Technology Global, a developer, and provider of advanced technologies and services for the global battery-based energy supply chain, has acquired Infinion, a Luxembourg-based company that owns and operates two battery service companies in Sweden. The acquisition of Infinion, slated to finalize in early April, marks a pivotal addition to Regenerate’s existing portfolio, which includes battery technology and processing facilities in Bologna, Italy, and Glasgow, Scotland. This transaction also serves as the inaugural step in Regenerate’s acquisition strategy planned for 2024.

KKR, a global investment firm, has announced the finalization of a definitive agreement for the acquisition of a majority stake in Avantus, a developer of large-scale solar and solar-plus-storage projects. Under the terms of the agreement, investment funds and accounts managed by KKR will acquire the majority ownership in Avantus. Upon the completion of the transaction, KKR, along with existing investor EIG, a notable institutional investor in global energy and infrastructure sectors, will become the sole equity investor in Avantus. As part of this commitment, they have secured substantial financing commitments, including a significant development financing facility and their equity contributions, amounting to over $1 billion collectively. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively. The company also owns a project pipeline of 30 GWp solar and 94 GWh battery storage.

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.