Funding and M&A Roundup: EO Charging Raises $80 Million in Equity Funding

TI Clean Mobility to raise $363 million to fuel its EV platform


From: Mercom Capital Group

EO Charging, a Britain-based electric vehicle charging solutions company, secured $80 million in equity funding from Vortex Energy and Zouk Capital. Over the past three years, EO has distributed over 80,000 chargers to customers and businesses worldwide. The company’s clients include Amazon, DHL, Go-Ahead, and Tesco.

Toronto-based Li-Cycle Holdings Corporation, a lithium-ion battery recycler, has entered into a conditional commitment for a $375 million loan from the U.S. Department of Energy (DOE) through its Advanced Technology Vehicles Manufacturing (ATVM) program. Li-Cycle’s development of the first commercial hydrometallurgical resource recovery facility in North America, located near Rochester, New York, has received a significant endorsement through conditional commitment. The commitment is the first of its kind from the DOE ATVM program for a sustainable pure-play battery materials recycling company.

Electric three-wheeler manufacturer TI Clean Mobility signed definitive agreements with Tube Investments of India, Multiples Private Equity Fund III, State Bank of India, and other co-investors to raise ₹19.5 billion (~$235.7 million) in equity and compulsorily convertible preference shares. TI Clean Mobility plans to raise an additional ₹10.5 billion (~$127 million) by March 2024, bringing the total fundraise to ₹30 billion (~$362.6 million). It also plans to expand its presence in the electric mobility industry through organic and inorganic methods. The funds will facilitate the expansion of the company’s operations, including the acquisition of other businesses and capital expenditure.

Electra Vehicles, a B2B AI software solutions provider to electric vehicles, electric fleets, and multiple battery-electric verticals to optimize the performance of electric vehicle battery systems, raised $21 million in a funding round led by United Ventures. The funding round also includes additional investment from Stellantis Ventures, the venture capital fund of Stellantis, and existing investors LIFTT, Club degli Investitori, and BlackBerry.

XL Batteries, a provider of long-duration grid-scale energy storage solutions, raised $10 million in a Seed-2 round which Catalus Capital led, with additional investment from SIP Global, Xerox Ventures, and existing investors Jeffrey Schwarz, Joel Greenblatt, and Robert Goldstein. The company has developed the patented organic flow battery technology to address the growing need for long-duration energy storage.

Recharge Industries announced the acquisition of Britishvolt, a UK-based battery manufacturing startup. The financials of the deal were not disclosed. Britishvolt has been working towards setting up one of the largest battery manufacturing plants in the UK, located in Cambois, with an estimated investment of around £3.8 billion (~$4 billion). Recharge would continue Britishvolt’s project and plans, making it one of the UK’s first Gigafactory.

Powervault, a company that provides smart battery storage for renewable energy sources, has secured £3.8 million (~$4 million) from existing and new investors in a scale-up funding round. The investors include Green Angel Syndicate and its Climate Change Fund. This funding round also converted £3.1 million (~$3.2 million) in Loan Notes that Powervault raised in 2020 with the help of the British Business Bank’s Future Fund scheme. Powervault aims to become a top UK provider of smart battery storage solutions for green energy, smart grid, internet of things, and electric vehicles markets.

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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