Funding and M&A Roundup: Lithium-ion Battery Manufacturer Mitra Raises $20 Million
Germany-based Tesvolt secures funding from Liechtenstein Group to back expansion plans
From: Mercom Capital Group
Mitra Future Technologies (Mitra Chem), a lithium-ion battery materials manufacturer, raised $20 million in a Series A funding round. Social Capital led the round with the other participants, including Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials, and Earthshot Ventures. The company will use the funds to invest in product R&D and expand North American pre-pilot production capacity.
German energy storage systems (ESS) manufacturer Tesvolt has raised €40 million (~$45.2 million) in equity capital funding round. The funds were provided by a consortium of investors led by the Liechtenstein Group. Tesvolt will use the funds to accelerate its international activities and pursue its focus consequently on innovative products.
Cohesion, an AI-enabled smart building proptech platform, has raised $15 million in its Series A financing round co-led by Morgan Stanley Next Level Fund and Hyde Park Angels (HPA). New investors, Three Bridges Private Capital, and Wintrust Ventures join seed round investors Singapore-based Frasers Property Group, ESD, Ken Griffin, Citadel founder and CEO, Michael Sacks of GCM Grosvenor, and Raj Gupta of ESD. The company will use the funds for product and market expansion, including its digital twin technology, to optimize the building environment and health.
Quativa, a residential solar sales platform, has received a $7 million growth equity investment from Blueprint Equity, whose managing partner Sheldon Lewis joined Quativa’s Board of Directors. This funding will fuel the ongoing development of the company’s first-of-its-kind sales platform for the solar industry, which links solar sales teams, installers, homeowners, and lenders.
Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust (InvIT) from KKR’s Virescent Infrastructure, has raised a total of ₹21.5 billion (~$288.90 million) through listed non-convertible debentures and long-term debt financing. VRET raised ₹10 billion (~$134.41 million) in its maiden issuance across 3, 5, and 7 year-tranches. The proceeds will refinance existing debt at the special purpose vehicle level and fund future acquisitions. Barclays Bank, Trust Investment Advisors, and ICICI Bank were the bookrunners for the issuance. VRET has tied up an additional ₹10 billion (~$134.41 million) in long-term financing from L&T Finance to ensure a complete debt tie-up of its near-term acquisition pipeline. VRET has also availed a working capital facility of ₹1.5 billion (~$20.16 million) from Tata Capital to enhance its liquidity position and meet its credit rating requirements.
Titan Advanced Energy Solutions, a provider of ultrasound-based battery management solutions, raised $33 million in a Series B financing round led by HG Ventures, the corporate investment arm of The Heritage Group. These newly-raised funds help the company accelerate industrial-scale deployments of its battery diagnostics and sensing/management technologies to operate safer and more efficient manufacturing, operation, and repurposing of lithium-ion batteries.
Aker Horizons’ wholly-owned subsidiary Aker Horizons Holding has entered into an agreement with South Korea’s Hanwha Solutions Corporation, a solar PV manufacturer in the U.S., and REC Silicon. Hanwha Solutions will acquire 21,891,275 shares in REC Silicon from Aker Horizons and subscribe to 48,213,001 new shares in REC Silicon through a private placement. Both transactions are done at the same share price of NOK 20 (~$2.2) per share. The private placement will provide approximately NOK 964 million (~$110.1 million) proceeds to REC Silicon. The share sale will proceed to Aker Horizons Holding of approximately NOK 438 million (~$50.1 million). Following the transaction, Aker Horizons and Hanwha Solutions will each own approximately 16.67% of the shares in REC Silicon.
Stem, an AI-enabled smart energy storage and energy management software, announced its intention to offer, subject to market conditions and other factors, $350 million aggregate principal amount of green convertible senior notes due 2028 in a private offering. Stem expects to grant the initial purchasers an option to purchase an additional $52.5 million aggregate principal amount of the notes on the same terms.
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.