Funding and M&A Roundup: Lithium-Ion Battery Maker Northvolt Raises $600 Million

EDF Renewables acquires a 29% stake in Ecosun

October 5, 2020


From: Mercom Capital Group

Northvolt announced the signing of a $600 million private placement, led by Baillie Gifford, Goldman Sachs Merchant Banking Division and Volkswagen, enabling the company to make further investments in expanding its production and recycling capacity as well as R&D activities to support the target of establishing 150 GWh of manufacturing capacity in Europe by 2030. In this private placement, a new group of international institutional investors joins as Northvolt shareholders: Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Norrsken VC & PCS Holding. Private investors Cristina Stenbeck and Daniel Ek also participate in the equity raise together with existing Northvolt shareholders Goldman Sachs Merchant Banking Division, IMAS Foundation, Scania, and Volkswagen.

Conrad Energy, a portfolio company of I Squared Capital and an independent power producer focused on flexible power generation, battery storage and energy management services for network and commercial customers has agreed to acquire Viridis Power, more than doubling its share of flexible generation for the UK power market.

EDF Renewables, the EDF Group’s specialist wind and solar power subsidiary, is partnering with ECOSUN Innovations and taking a 29% stake in the company. Based in Alsace, this French start-up develops innovative ‘microgrid’ solutions to provide electricity in remote areas. Most notably, ECOSUN Innovations sells a range of solar systems in mobile containers fitted with battery storage.

JOX Energy announced the acquisition of EnergyWare, a national provider of energy efficiency technology. The EnergyWare team will be pursuing projects involving solar and HVAC technology for their clients and plans to grow both domestically and internationally in the near future.

Bidgely, a developer of energy monitoring and management solutions for household appliances, received $8 million in growth capital financing. CIBC Innovation Banking provided financing. This funding will enable the company to accelerate its growth plans across Asia, Europe, and North America.

Hitachi ABB Power Grids has signed a definitive agreement to acquire Pioneer Solutions, a provider of front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions. This expansion will give the business the most comprehensive offering in the market. The acquisition is expected to close in the fourth quarter of 2020.

Total is set to acquire Blue Point London from the Bollore Group, an electric vehicle charging network provider. Transaction terms undisclosed, and it will close by the end of the year.

Electriq Power, a developer of intelligent and integrated home energy storage, management, and monitoring solutions, announced that it has entered into a definitive agreement with Lilypad Energy, a data analytics provider for the energy industry focusing on battery energy storage applications. Lilypad Energy will enhance the performance capabilities of Electriq Power’s fleet of residential and small commercial battery systems that can be paired with or without solar. Under the agreement, Electriq Power will own the entirety of Lilypad Energy’s software and branding rights.

Copenhagen Infrastructure Partners (CIP) has reached €4 billion (~$4.69 billion) in commitments for its new global greenfield renewables energy fund Copenhagen Infrastructure IV (CI IV). The fund achieved significant commitment amounts from existing investors in CIP funds as well as commitments from several new prominent institutional investors from across the Nordics, Continental Europe, the UK, Israel, Taiwan, Japan, and Australia. CI IV will focus on greenfield investments within core energy infrastructure such as contracted offshore wind, onshore wind, solar PV, transmission, storage, and waste-to-energy in low-risk OECD countries in Western Europe, North America, developed Asia and Australia.

Greenwood Energy Latinoamérica, the Latin American renewable energy subsidiary of the Libra Group, has acquired Colombia-based 2C POWER, a developer-operator that builds and finances sustainable energy solutions for commercial and industrial clients. Henceforth, the consolidated company will trade as Greenwood Energy and develop, install, operate, and finance projects in the cleantech space with a particular focus on distributed generation.

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.


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