Funding and M&A Roundup: Lithium Extraction Firm Lilac Solutions Secures $145 Million

HDFC Bank raises $300 million via bond issue to fund green loans

February 14, 2024


From: Mercom Capital Group

Lilac Solutions, a lithium extraction technology provider, raised $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.

HDFC Bank has raised $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.

Amperesand, a grid infrastructure solutions provider, announced its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers. 

Solar engineering and consulting firm Gensol Engineering raised ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.

Swell Energy, an energy management and grid solutions provider, announced the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.

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.