Funding and M&A Roundup: Microgrid Solutions Provider Nuru Raises $40 Million

General Motors Acquires Battery Software Startup ALGOLiON

July 5, 2023


From: Mercom Capital Group

Nuru, a provider of microgrids solutions, raised over $40 million in Series B equity funding. The funding will enable the company to develop new projects that will significantly increase its existing operating microgrid assets in the eastern Democratic Republic of the Congo. The Series B round was led by the International Finance Corporation and included the participation of several other investors. Following the Series B close, Nuru will start working on three new solar metro grid projects in Goma, Kindu, and Bunia, with a combined capacity of 13.7 MW.

General Motors announced the acquisition of ALGOLiON, a company specializing in battery software for electric vehicles. The financial terms of the deal were not disclosed. The acquisition was led by the newly formed Technology Acceleration and Commercialization (TAC) organization, a group within General Motors that works to identify emerging technology that can support the company in battery development through investments, acquisitions, or partnerships.

Imerys, a provider of mineral-based specialty solutions, announced the acquisition of an 80% stake in British Lithium, a developer and operator of mineral resource projects. British Lithium has been working with Imerys since 2017, drilling and exploring Imerys-owned land in Cornwall and developing a bespoke process and pilot plant to extract lithium from mica, a mineral abundant in the region. The acquisition will enable Imerys to leverage its existing mining footprint, infrastructure, R&D, and process development capabilities.

Service4Charger, a Berlin-based provider of comprehensive electric vehicle charging infrastructure solutions, secured a €7.5 million (~$8 million) investment from bp Ventures, bp’s venture capital arm. The investment is part of a €10 million (~$11 million) Series A round for Service4Charger, including Smart Energy Innovationsfonds. The new capital will enable Service4Charger to expand into additional markets and increase its team.

ZincFive, a provider of nickel-zinc battery solutions, has entered into a strategic partnership with Orion Infrastructure Capital. The partnership will provide ZincFive with up to $80 million in term loan to fuel its global commercial adoption in existing and new markets. The company will leverage the funds to enhance its global channel development, advance its new product pipeline, and boost its U.S.-based high-volume production capacity. The company will also expand its recycling infrastructure to reuse battery-grade materials and reduce its life-cycle climate impact.

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.