From: Mercom Capital Group

Exowatt, a provider of thermal energy storage solutions, secured $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.

REC, a state-owned infrastructure finance company, has raised ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.

Lodestone Energy, a solar project developer, has raised an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.

iwell, a provider of smart energy management and battery storage system solutions, closed a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.

OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, secured $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.

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.