Funding and M&A Roundup: NEXT Energy Technologies Closes $13.4 Million Series C Funding

Iberdrola acquires the first 1,000 Supernova fast chargers from Wallbox


From: Mercom Capital Group

NEXT Energy Technologies, makers of a proprietary transparent photovoltaic coating that transforms commercial windows into energy-producing solar panels, announced that it had raised $13.4 million in a Series C round of funding. Lead investors in the round include Alon Blue Square Israel, GEAR Innovation Network, and Viracon. Rincon Advisors also participated in the financing.

ECP, an investor in the renewable and sustainable solutions sector, announced that it had acquired Pivot Energy, a commercial and community solar developer. Following receipt of all necessary approvals and satisfaction of closing conditions, the transaction closed on June 1, 2021. Financial details of the transaction were not disclosed. CohnReznick Capital acted as the exclusive financial advisor to Pivot Energy on the transaction. Latham & Watkins is serving as legal advisor to ECP.

Energy Vault, the provider of renewable energy storage products, announced a new investment from Saudi Aramco Energy Ventures (SAEV), the strategic technology venturing program of global integrated energy and chemicals company Aramco. Energy Vault will use the funds to accelerate the global deployment of its technology, which is designed to enable intermittent renewable energy generation to be stored at GW-hour scale both economically and sustainably, to deliver dispatchable power on demand. The amount of the investment was not disclosed.

Iberdrola is acquiring the first Supernova fast chargers from the electric vehicle smart charging manufacturer Wallbox. Iberdrola will install these globally in the markets in which it operates. With this agreement, Iberdrola continues to accelerate its investment plan in electric mobility globally and supports a new line of business driven by Wallbox, fast recharging on public roads, therefore contributing to the growth of its investee. Iberdrola has been a shareholder of Wallbox since June 2019 in its new stage of expansion in the smart electric charging market.

RWE issued its first green bond with a volume of €500 million (~$611 million) and a 10-year maturity. Based on a coupon of 0.625% per annum and an issue price of 99.711%, the yield-to-maturity amounts to 0.655% per annum. The issuance met with strong interest on the market and was more than three times oversubscribed. The green bond proceeds will be allocated to eligible RWE renewable energy projects by the end of the year. Bookrunners for the issuance were BBVA, Citi, Deutsche Bank, and Société Générale as well as Intesa Sanpaolo, LBBW, and SMBC.

Renewables investor Magnora has said it would increase its investment in perovskite solar specialist Evolar, taking a 40.7% stake in the company. The Norwegian investor first bought a 28.44% stake in Evolar last November in a deal that included options to acquire up to 63.5% of the company.

Distributed energy developer Agilitas Energy announced the acquisition of New England Battery Storage; a private energy storage developer focused on utility-scale battery storage. The acquisition includes two operational ISO-New England merchant battery energy storage systems and one front-of-the-meter battery energy storage system in Maine totaling 25 MWh. This acquisition marks Agilitas Energy’s expansion into battery energy storage operations, including participating in the ISO-New England day-ahead and real-time energy markets, operating reserve markets, frequency regulation market, and the forward capacity market.

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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