Funding and M&A Roundup: Energy Storage Firm phelas Secures $4.5 Million Funding

Battery monitoring tech company Glimpse raises $4 million in seed funding

March 13, 2024


From: Mercom Capital Group

phelas, a provider of long-duration energy storage solutions, secured €4.1 million (~$4.5 million) in a seed funding round led by E44 Ventures, an Israel-leading climate tech fund. It also saw participation from Axon Partners Group, Deutsche Telekom Hubraum Fund, BNV Partners, other investors, and existing angel investors. phelas specializes in the development of its Aurora long-duration energy storage, a proprietary Liquid Air Energy Storage technology that is modular, scalable, and tailored for integrating with renewable energy sources.

Glimpse, a provider of battery quality monitoring solutions for battery producers and electric mobility companies, raised $4 million in a seed funding round from venture capital firms Ibex Mobility and Flybridge Capital Partners and a syndicate of battery and EV angel investors. The company has created a battery quality monitoring platform.

Attron Automotive, an electric mobility motor and controller solutions company, has raised ₹47.5 million (~$573,956) in a seed funding round led by Anicut Capital and co-led by Venture Catalysts. The company will use the funding to promote electric mobility with technology and innovation. The company is setting up a new facility that will produce 8,000 units every month, allowing Attron to meet its growing demand for motor and controller solutions, particularly in the electric two-wheeler and three-wheeler segments.

Sermsang Palang Ngan Company (SPN), a renewable energy project developer, secured $64 million through a green loan facility provided by the International Finance Corporation (IFC). The financing package includes an IFC loan of up to $32 million (THB1.2 billion) and a parallel loan from Siam Commercial Bank (SCB) for a similar amount. IFC’s funding will help SPN finance the acquisition, development, and construction of renewable projects—especially solar farms, solar rooftops, and biomass—in Thailand as well as in other ASEAN countries.

Volvo Cars has announced an investment in UK-based battery management software startup Breathe Battery Technologies. Volvo plans to use the company’s battery software to cut charging time for its next generation of electric vehicles by 30% while maintaining the same energy density and range. Breathe’s software uses adaptive charging to dynamically control the battery in real-time, resulting in shorter charging times.

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.