Funding and M&A Roundup: Fundamental Renewables Secures $400 Million
EV Charging Infrastructure Company TeraWatt Raises $1 Billion
From: Mercom Capital Group
Fundamental Renewables, the clean energy investment arm of Fundamental Advisors, has secured a $400 million credit facility to support its growing investment strategy in solar energy assets. The financing was provided by Delaware Life Insurance Company, a Group 1001 company, which also acted as the arranger of the facility. Other lenders include CDPQ American Fixed Income V Inc., a wholly owned subsidiary of CDPQ, and East West Bank.
New York-based electric vehicle charging infrastructure company TeraWatt has secured over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations. Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.
Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners acquired a majority stake in smart inverter provider EPC Power. The financial terms of the deal were not disclosed. San Diego, California-headquartered EPC Power produces inverters, a full PCS kit for utility-scale energy storage and solar-plus-storage applications, and data center backup UPS systems.
Global investor Ontario Teachers’ Pension Plan will acquire a 30% equity stake in Mahindra Susten, a cleantech arm of Mahindra Group, for an equity value of ₹23.71 billion (~$300 million). The transaction involves the setting up of an Infrastructure Investment Trust (InvIT) in compliance with applicable regulations of the Securities and Exchange Board of India.
Monta, an EV charging management platform, secured €30 million (~$30 million) at a €155 million (~$155 million) valuation as a part of the Series A+ funding round led by Energize Ventures with participation from returning investors Creandum, Pale Blue Dot, byFounders, and Headline. The company intends to use the investment to expand to North America.
Correlate Infrastructure Partners, a portfolio-scale development and finance platform, has signed a non-binding letter of intent to acquire Aegis Renewable Energy, a solar project developer. Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company with strategic abilities to capitalize on the burgeoning Northeast renewable energy market.
DNV, a digital solutions provider for managing risk and improving safety and asset performance, has signed a definitive agreement to acquire Clean Technology Partners (CTP), a grid consulting company based in Melbourne, Australia. DNV aims to expand its market footprint in Australia and address the critical area of connecting generation projects to the country’s grid by utilizing CTP’S expertise in delivering over 1,500 advisory projects in the power grid, renewables, and storage technology space.
Yulu, a Bengaluru-based shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider, has secured equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by U.S.-based mobility technology company Magna International. Yulu’s strategic partner Bajaj Auto also participated in the funding round. Yulu said the funds would be used to strengthen product and technology innovation. It will also use the funds to increase the fleet of electric vehicles to over 100,000 electric two-wheelers and more than 500 battery charging and swapping stations in a year.
Indian solar monitoring and analytics platform Prescinto Technologies has raised $6.5 million in financing and forayed into the U.S. market. The company is partnering with a major international energy storage firm for real-time data monitoring. The fundraising will help Prescinto use analytics to assess its globally installed energy storage assets.
Sense, a provider of home energy intelligence systems, announced the close of $127.6 million in Series C financing with Volery Capital Partners joining Blue Earth Capital, TELUS Ventures, MCJ Collective, Schneider Electric, Energy Impact Partners, Prelude Ventures, iRobot and others. The investment brings Sense’s funding to date to $179.6 million.
Jiangsu Horizon New Energy Technology, a Chinese manufacturer of lithium-ion battery separators, has raised 1.37 billion yuan ($195.4 million) from 11 investors to boost its valuation to $1 billion. The five-year-old company offered a combined 19.68% of its shares at a price of 3.98 yuan (~$0.57) apiece to the consortium led by investors including China Development Fund, an investment platform backed by the country’s largest policy bank, the China Development Bank, according to a recent stock exchange filing.
SolarZero, a New Zealand-based provider of solar, battery storage, and energy system services, announced that a fund managed by BlackRock Real Assets has agreed to acquire the company. BlackRock’s Climate Infrastructure business, which sits within BlackRock Real Assets, will work with SolarZero’s management team to build on the company’s track record and drive its next phase of growth, both in New Zealand and internationally.
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.