Funding and M&A Roundup: Princeton NuEnergy Raises $16 Million Series A Funding

EQT To Acquire Battery Storage Developer and Operator Statera

November 8, 2023


From: Mercom Capital Group

Princeton NuEnergy, a battery recycling company, has announced the initial closing of its Series A funding round, raising $16 million. The round was led by Wistron Corporation, with participation from new investors, including Honda Motor, GS Futures, and Traxys North America, along with previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures. The company plans to use the funding to construct a new recycling facility and procure new equipment to increase processing capacity and further support operations.

EQT, a private equity firm, through its EQT Infrastructure VI fund, has agreed to acquire Statera Energy, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners. EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.

Electric vehicle (EV) company Euler Motors has raised ₹1.2 billion (~$14.41 million) in an ongoing series-C extension round, taking the tally of total investments to about ₹6.9 billion (~$82.87 million). The raised capital will be used to fund the company’s plans to enter the EV market across 40 cities by the end of this financial year. The fund will aid the company’s quest to facilitate the adoption of EVs in the country by enabling its service and charging network nationwide. Euler said it will use the funds to scale up production, presence, and services while also vying for a space in the global market.

Enovix Corporation, a silicon battery company, announced the acquisition of Routejade, a Korean battery manufacturer. The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing while adding an established lithium-ion battery business with two factories in Korea, along with complementary products, customers, and suppliers. With coating now vertically integrated, Enovix intends to realize significant cost savings while speeding up battery development cycles.

Strata Clean Energy, a solar and storage project developer, has closed a $300 million new revolving loan and letter of credit facility. Nomura Securities International led the financing, acting as Sole Coordinating Lead Arranger and book-runner, and Nomura Corporate Funding Americas, as Administrative Agent, with First Citizens Bank and ING Capital as Joint Lead Arrangers alongside five other participant banks. The loan proceeds will support the development, construction, and operation of Strata’s upcoming renewable energy, energy storage, and Power to X projects.

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.