Funding and M&A Roundup: Energy Dome Closes $44 Million Series B Funding
Serentica Renewables to receive $250 million investment from KKR
From: Mercom Capital Group
Energy Dome, a provider of long-duration energy storage solutions, raised €40 million (~$44 million) in a Series B funding round led by Eni Next and Neva SGR. The investment will help Energy Dome scale up its CO2 Battery technology, which uses carbon dioxide to store renewable energy on the grid. The company’s technology is based on closed thermodynamic transformation.
Global investment firm Kohlberg Kravis Roberts (KKR) will invest $250 million in Serentica Renewables to help ramp up its clean energy portfolio and provide energy transition solutions to industries. This latest investment builds on the $400 million investment from KKR last November. Serentica Renewables is owned by KKR and Twinstar Overseas, which also has controlling stakes in Sterlite Power Transmission and Sterlite Technologies.
Green hydrogen company Ohmium International announced the close of a $250 million Series C growth equity financing. The funding will be used to expand Ohmium’s annual electrolyzer manufacturing capacity to 2 GW. The funds will also be directed to deploy projects for the company’s global customer pipeline in key regions, including the United States, Europe, India, and the Middle East. The funding round was led by TPG Rise Climate.
Xlinks, a provider of sustainable energy solutions, announced the closing of its new development funding round, raising £30 million (~$37.7 million). The investment comes from British utility Octopus Energy and the Abu Dhabi National Energy Company to build the world’s longest subsea power interconnector. The project would link the UK to a wind farm in Morocco. The investment will go towards running a subsea power cable of 3,800 km between the countries, carrying 3.6 GW.
Gujarat-based solar module manufacturer Navitas Solar has secured $5 million in funding, which will be used to increase its manufacturing capacity by 1.2 GW per year. The funding round involved the participation of a group of high-net-worth individuals who were advised by RSM-Lemon Consultech. The company’s director and co-founder, Vineet Mittal, said the proposed increase in manufacturing capacity would help meet the growing demand for solar power projects.
Turbo Power Systems, a UK-based company that designs and manufactures high-speed permanent magnet electric motors and generators for use in industrial and energy applications, secured £3.8 million (~$4.2 million) funding from HSBC UK to launch its ultra-rapid electric vehicle chargers for commercial fleets. With new funds, the company plans to build its own ultra-rapid charging station near its headquarters in Gateshead to showcase this new product. The charging station will open to the general public and commercial customers in 2023.
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.