Funding and M&A Roundup: Origis Energy Secures $300 Million Funding from KKR

Battery recycling startup Cylib secures $60 million Series A funding

May 22, 2024

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From: Mercom Capital Group

Origis Energy, a vertically integrated renewable energy platform and a solar project developer, secured a $300 million corporate credit facility from global investment firm KKR. Proceeds from the facility will support the continued development and construction of Origis’ pipeline of solar and storage projects. This investment is stated to comply with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets.

Cylib, a Germany-based battery recycling startup, secured €55 million (~$59.79 million) in a Series A funding round co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels. The total funding raised to date amounts to about €74 million (~$80.43 million). Cylib will use the funds to commercialize its proprietary technology, which is already used by leading OEMs and battery manufacturers.

Bedrock Materials, a startup that designs and develops sodium-ion cathode materials, secured $9 million in seed funding. The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries. Last month, the company began R&D scale production of battery precursor materials at its facility in Near West Chicago. Plans are underway to open a larger, permanent site later this year.

Pune-based mobility and energy solutions provider Matel has secured $4 million in Series A financing, spearheaded by Transition VC. Gruhas and Haresh Abichandani, founder of Millennium Semiconductors, also participated in the round. Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.

Solutions30, a provider of support services related to new digital technologies, has acquired a 10% stake in So-Tec, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years. Both companies aim to provide the French market with a “Made in France” offering, capable of addressing both the structural and electrical work packages and taking on the overall management of engineering, procurement, and construction) contracts.

Aerem, an Indian solar financing firm, has acquired solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain. The company did not disclose details about the cost of the acquisition. Spinkraft deals in the sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.

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.

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