Funding and M&A Roundup: Energy Storage Firm Moxion Secures $100 Million to Scale Production
RWE acquires Con Edison Clean Energy Businesses
From: Mercom Capital Group
Moxion Power, a manufacturer of mobile energy storage technology, announced securing $100 million in Series B funding, led by Tamarack Global, with participation from existing investor Energy Impact Partners. The company plans to use the funding to scale production at its first two domestic manufacturing facilities to meet the increasing demand for its mobile energy storage product lineup.
RWE, a renewable energy company, signed a purchase agreement with Con Edison, a renewable energy project developer, to acquire all shares in its subsidiary Con Edison Clean Energy Businesses. The transaction is valued at $6.8 billion. According to RWE, the acquisition almost doubles its operating assets in the U.S to about 7.2 GW.
Brookfield Renewable, an owner, operator, and developer of renewable power has agreed to acquire Scout Clean Energy, a renewable energy developer, for $1 billion with the potential to invest an additional $350 million to support the business development activities. The company also announced closing its acquisition of Standard Solar, a solar energy company specializing in developing and financing solar electric systems, for $540 million.
Loop Global, an electric vehicle charging infrastructure company, announced the completion of a $40 million Series A-1 funding round led by Fifth Wall Climate and Agility Ventures. It also raised an additional $20 million from Keystone National Group, bringing the total to $60 million. Loop will use the funds to expand its U.S operations by continuing to provide support to all 50 U.S states and expanding beyond the 15+ countries the company already supports.
Multiply Group, an Abu Dhabi-based holding company, has acquired 80% of International Energy Holding (IEH). International Energy Holding recently acquired a 50% stake in Kalyon Enerji Yatrimlari, a clean and renewable energy company based in Turkey. Under IEH, Multiply Group aims to continue expanding its utilities and energy investments globally. Kalyon Enerji’s assets include the PV power plant project with an installed capacity of 1,348 MWp in Konya’s Karapinar region. When the project is completed in 2023, this facility alone will meet the annual electrical energy needs of approximately 2 million people.
Greece-based battery manufacturer Sunlight Group has secured a €140 million (~$136 million) loan for its manufacturing and R&D investments. The €140 million syndicated bond loan is made up of €87.5 million (~$86.4 million) in Recovery and Resilience Facility funds, the EU-wide program to mitigate the negative effects of the Covid pandemic, and €52.5 million (~$51.8) from Piraeus Bank and Eurobank.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s funding roundup.