Funding and M&A Roundup: EnergyX Receives $50 Million to Boost Lithium Supply
Myenergi Receives $34 Million to Develop Smart Home Energy Products
From: Mercom Capital Group
General Motors (GM) said its venture capital arm GM Ventures, would lead a $50 million Series B financing round for EnergyX, a Texas-based startup developing a more efficient method to extract and process lithium from salt flats. EnergyX plans to use the new funding to construct five larger demonstration plants in North America and South America. General Motors will also help develop, refine, and deploy EnergyX’s technology.
Myenergi, a manufacturer of eco-smart home technology in the UK, has secured a £30 million (~$34 million) funding package from HSBC UK to support developing and producing its smart home energy products. The funding will expand the company’s operations, enhance its production capabilities, and invest in research and development to develop new products. The company aims to create solutions that help consumers manage their energy usage and costs more efficiently while reducing their carbon emissions and energy consumption.
ChargeLab, an electric vehicle charging software company, has announced the addition of $15 million in new financing to their Series A funding round, doubling funds previously raised and bringing the round’s total to $30 million. This expansion includes $10 million in new equity financing at an increased valuation and $5 million in venture debt. Silver Comet, an intelligent power management company, and Eaton, a global leader in power management technologies, provided the funding.
Allotrope Energy, a startup developing ultra-fast charging batteries, announced that it had received $6.7 million in funding from Suzano Ventures, the corporate venture capital fund of Suzano, a leading hardwood pulp producer. The investment will help Allotrope Energy accelerate the development and commercialization of its battery technology that can charge in minutes and use carbon extracted from a renewable biomaterial.
Haven Energy, a home battery installation startup, raised $4.2 million in seed funding led by Lerer Hippeau and Giant Ventures, with participation from Quantum Innovation Fund and Raven One Ventures. The company plans to use the new capital to accelerate consumer adoption of its home battery systems in Southern California. Haven Energy plans to expand throughout California and to additional U.S. markets, targeting 100,000 installations by 2028.
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.