Funding and M&A Roundup: Ryse Energy Raises $15 Million from RWE
E-mobility firm Magenta secures $22 million from bp and Morgan Stanley
From: Mercom Capital Group
Ryse Energy, a provider of decentralized renewable energy systems, has raised a $15 million growth funding round led by RWE Energy Transition Investments, an investment vehicle of RWE Supply & Trading, the energy trading arm of the global renewable energy company RWE. The investment will enable Ryse Energy to accelerate its international growth and enter other markets, expand its technology offerings, and continue to diversify its business model into energy-as-a-service.
India-based electric mobility service provider Magenta Mobility has secured a $22 million investment from bp and a Morgan Stanley India Infrastructure-managed investment fund. The company focuses on electrifying logistics and last-mile delivery, which involves transporting goods from a distribution center to a home or business. The investment represents bp’s first foray into India’s last-mile delivery market and its second in its mobility sector. bp pulse has over 100 million online shoppers.
Asian Development Bank said it would invest in non-convertible debentures worth ₹1.5 billion (~$18.2 million) issued by Tata Power Delhi Distribution Limited, the distribution unit of Tata Power. Additionally, the partnership will partially fund a 10 MWh pilot battery energy storage system (BESS) through a $2 million grant.
Prozeal Infra Engineering, a solar engineering, procurement, and construction company, raised $4 million in Series A funding from Alchemie Ventures. The company plans to use the fresh funds to scale its operations and execute developer-model projects for energy and utility companies across India. The company has over 1000 MW of installed and commissioned solar projects across 18 states in India and is expanding in Dubai, Thailand, and Saudi Arabia.
India-based two-wheeler maker TVS Motor Company said that its Singapore-based subsidiary would purchase a 25% ownership interest in Killwatt GmbH, a German startup engaged in manufacturing electric mobility products and components. The total cost of the acquisition is approximately €2 million (~$2.1 million) and is expected to be completed by April 24, 2023.
Veloce Energy, a provider of hardware and software infrastructure solutions for EV charging and storage, announced the closing of its initial Series A funding round. The amount was not disclosed. Itochu and Ecliptic Capital led the investment round. The company plans to use the funds to expand its technology and develop its product roadmap for FastGrid. FastGrid is a hardware and software infrastructure platform that reduces the time and cost of deploying and operating EV charging stations and commercial and solar storage.
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.