From: Mercom Capital Group

Nextracker, a solar tracker and software solutions provider, announced the acquisition of Bentek Corporation, a provider of electrical balance of system (eBOS) solutions. This all-cash acquisition is valued at approximately $78 million, including future contingent earnout. eBOS technology components comprise electrical infrastructure used in all utility-scale solar projects, which collects and transports electricity from solar panels to power conditioning systems.

VFlowTech, a manufacturer of vanadium-based redox flow batteries, raised $20.5 million in a funding round led by Granite Asia, a venture capital firm. New investors included EDBI, MOL PLUS, and PSA Ventures. Existing investors such as Antares Ventures, İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First, also participated in this funding round. VFlowTech caters to the long-duration energy storage market with its vanadium redox flow battery systems.

TerraForm Power, an affiliate of Brookfield Asset Management and a renewable energy developer and operator, announced the acquisition of Sun Tribe Development, a mid-sized utility-scale solar and storage developer. Sun Tribe has executed over 800 MW of projects and more than 4,100 MW in its pipeline across the Mid-Atlantic and Southeastern U.S.

Solar module manufacturer Surana Solar announced the divestment of 49% of its equity stake in Surana Technologies, a wholly owned subsidiary. Baidyanath Power, a third-party entity not belonging to the promoter or group companies associated with Surana Solar, will buy the equity stake for ₹20.36 million (~$238,036). Following this divestment, Surana Technologies will no longer be a wholly owned subsidiary but will continue as Surana Solar’s subsidiary.

Energy equipment manufacturing company GE Vernova announced it would invest approximately ₹1.4 billion (~$16 million) in India to expand its electrification manufacturing and engineering operations. The investment will be made through the company’s Indian electrification business, GE Vernova T&D India. GE Vernova T&D India operates five manufacturing facilities across the country.

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.