From: Mercom Capital Group

Energy Vault, a utility-scale energy storage project developer, announced that it has entered into an exclusivity agreement for a $300 million preferred equity investment. The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets. These assets can be standalone or combined with generation facilities, aimed at targeting the most attractive energy markets worldwide.

Zeo Energy, a residential solar and energy efficiency solution provider, announced the completion of the previously announced acquisition of Heliogen. Heliogen provides solutions for delivering low-carbon energy production by combining commercially proven solar technologies with thermal systems and storage expertise. The transaction consisted entirely of shares of Class A common stock of Zeo Energy. In addition to the foregoing expected benefits of the Heliogen transaction, Zeo Energy received, upon its closing, approximately $13.6 million in net cash from Heliogen through the transaction.

FlexGen Power System, a provider of battery energy storage solutions and energy management software, has announced the acquisition of a significant portion of Powin’s business. Through the acquisition, FlexGen will own all of Powin’s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory. The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.

Government-owned transmission utility, Power Grid Corporation of India (POWERGRID), has received approval to raise up to ₹50 billion (~$569.3 million) via private placement of bonds. The 82^nd issue of POWERGRID bonds in FY 2026 comprises a base size of ₹10 billion (~$113.86 million) and a greenshoe size of ₹40 billion (~$455.4 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. The bonds will be redeemable at the end of the tenth year, and interest will be paid annually. The coupon/interest offered, the schedule of payment of coupon or interest, and principal will be decided after bidding at the electronic book provider.

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.