Funding and M&A Roundup: Storage Developer Field Energy Secures $257 Million

GRIDSERVE raises $682 million to expand EV network in the UK

August 2, 2023


From: Mercom Capital Group

Field Energy, a developer and operator of battery energy storage systems, secured a £200 million (~$257 million) investment from DIF Capital Partners via their DIF Infrastructure VII fund. The investment will allow Field Energy to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe.

UK-based electric vehicle charge point operator GRIDSERVE Sustainable Energy has raised a total of £526 million (~$682 million) in green infrastructure financing to accelerate its e-mobility expansion in the country. The financing comprises £326 million (~$423 million) in committed loan facilities, with a further £200 million (~$259.5 million) uncommitted accordion facility that the company has reserved for future assets. GRIDSERVE plans to use the funds to install over 500 Electric Super Hubs nationwide to help deliver more than 3,000 high power charge points with speeds of up to 350 kW, capable of providing 100 miles of charge in five minutes.

Adani New Industries, a wholly owned subsidiary of Adani Enterprises, has secured a trade finance facility of $394 million from Barclays and Deutsche Bank to fulfill the working capital needs of their integrated solar module manufacturing facility. The company is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar module and wind turbine manufacturing., a provider of EV charging software solutions, raised $33 million in Series B funding, bringing the total capital raised by the company to $46 million. The round was led by National Grid Partners with support from Aviva Ventures, WEX Venture Capital, and InMotion Ventures, the investment arm of Jaguar Land Rover. The round also saw continued support from existing investors Energy Impact Partners, Future Energy Ventures, and ArcTern Ventures.

Mufin Green Finance, a listed Non-Banking Financial Company dedicated to EV financing, has secured ₹80 million (~$972,585) in funding from Shell Foundation, a UK-registered charity. The funding from Shell Foundation will help Mufin Green Finance leverage approximately $40-60 million in commercial debt over five years through recycling the de-risking pool.

Virya Energy, a company active in the development, financing, construction, and operation of renewable energy production sources, acquired a majority stake in Singapore-based renewable electricity generation and storage development platform Constant Energy through a combination of primary investments and secondary shares from Olympus Capital Asia, a middle-market investment firm focused on Asia.

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.