Funding and M&A Roundup: Energy Storage Company Fluence Files for IPO

Battery swap solutions provider Aulton Raises $232 Million

October 4, 2021


From: Mercom Capital Group

Fluence, a provider of energy storage products and services, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its Class A common stock. Fluence Energy has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “FLNC.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. J.P. Morgan Securities, Morgan Stanley & Co., Barclays Capital, and BofA Securities will act as lead book-running managers for the proposed offering.

Aulton, a battery-swapping solutions provider, raised ¥1.5 billion (~$232 million) in Series B financing. The new funding round was led by Enze Fund, a flagship platform initiated and established by Sinopec Capital. It also attracted such investors as GuangDong Merchant Venture Capital Limited, CY Capital, and KIP (China). Upon completing the Series B round, Aulton has bagged a total of ¥3.5 billion (~$541.126 million). NIO Capital and BAIC BJEV are also among its investors.

Clearway Energy Operating, a subsidiary of Clearway Energy, priced its offering of $350 million in aggregate principal amount of 3.750% senior notes at 100% of their face value. The New Notes will be senior unsecured obligations of Clearway Operating and guaranteed by Clearway Energy, Clearway Operating’s parent company, and by each of its current and future subsidiaries. The new notes will mature on January 15, 2032. The offering is expected to close on October 1, 2021.

Flux Power Holdings, a developer of advanced lithium-ion battery packs for commercial and industrial equipment, announced the closing of its registered direct offering. It was priced at the market under Nasdaq rules for the sale of 2,142,860 shares of its common stock and warrants to purchase up to an aggregate of 1,071,430 shares of common stock, at a purchase price of $7 per share.

Sunrun, a home solar, battery storage, and energy services company, announced it had closed the securitization of leases and power purchase agreements. Sunrun also announced the execution and closing of an additional subordinated financing. The financing is secured indirectly by the Class B Notes issued to a subsidiary of Sunrun and by a portion of Sunrun’s additional retained interest in the underlying collateral assets in the securitization transaction.

bp ventures have made their first direct investment in India, investing $13 million in integrated EV ride-hailing and charging company BluSmart. It led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns, Survam Partners, and other existing investors.

Synhelion, the Switzerland-based solar fuel company, acquired German-based concentrated solar power technology company Heliokon. The acquisition will combine the two companies’ complementary technologies, allowing Synhelion to offer a complete system to produce solar fuels.

VSB Group, a renewable energy project developer, signed a syndicated loan with a volume of €80 million (~$94 million) with Commerzbank to finance the working capital of the VSB Group. The partners signed an agreement to secure the international growth strategy of the specialist in renewable energies.

Urbio, an EPFL Valais Wallis spin-off that develops software to help energy providers plan for the global energy transition, raised $2 million in a pre-seed funding round co-led by Wingman Ventures and Contrarian Ventures.

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

Read last week’s funding roundup.


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