Funding and M&A Roundup: FuturaSun Acquires Perovskite Solar Cells Startup Solertix
NexWafe secures $32 million for green solar wafer production
From: Mercom Capital Group
FuturaSun, solar, roof-grid panels, and solar lighting machines manufacturer, acquired Solertix, a perovskite solar cell start-up in Italy. Solertix began at the University of Rome in its Organic Solar Center, which focuses on third-generation PV cell research. FuturaSun said that it plans to double the workforce at the startup with a view to developing a stable, commercially viable perovskite product. The price of the purchase has not been revealed.
Solar wafer manufacturer NexWafe GmbH has secured €30 million (~$32 million) from a group of investors, including Reliance New Energy, to accelerate the construction of its first commercial-scale green solar wafers production facility in Germany’s Bitterfeld. In parallel, NexWafe will work with one of its other investors Aramco Ventures, on a green solar wafer production facility that will be built in Saudi Arabia with participation from the latter’s $1.5 billion Sustainability Fund.
TeraWatt Technology, a manufacturer of lithium-ion batteries, announced the completion of another financing round prior to Series C. The company has raised an undisclosed amount from a group of investors, including the Development Bank of Japan, INPEX Corporation, JIC Venture Growth Investments, Rakuten Capital, Mori Trust, GLIN Impact Capital, and several other individual investors. The existing investors from Series B, such as Temasek, Khosla Ventures, and JAFCO also participated in this round.
India-based specialty chemical company Himadri has announced an investment of AU$10.32 million (~$7 million) in Australian startup Sicona Battery Technologies to produce high-quality anode materials. The investment aims to accelerate product and technology development for Sicona while expediting the commercial deployment of the lithium-ion battery.
Canadian Solar, a solar module manufacturer headquartered in Canada, has revealed the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering (IPO) on the Shanghai Stock Exchange. The proposed price for the IPO stands at RMB11.10 (~$1.56) per share, with estimated total gross proceeds of approximately RMB6 billion (~$844.13 million). Currently, Canadian Solar holds around 80% of the outstanding shares of CSI Solar.
Mumbai-based renewable energy company CleanMax Enviro Energy Solutions (CleanMax) has successfully concluded an equity fund raise of approximately $360 million from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund. The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years.
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.