From: Mercom Capital Group

Stardust Power, a U.S.-based developer of battery-grade lithium carbonate, has signed a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing. The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock. According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.

Renewco Power, a developer of utility-scale solar, wind, and battery projects, has secured £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round. Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects.

Solar energy solutions GRE Renew Enertech has received an in-principle approval from BSE for its proposed initial public offering (IPO). The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO. GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model. The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.

Naxatra Labs, a manufacturer of motors and controllers for electric vehicles (EVs), has raised $3 million in a Pre-Series A funding round led by Rainmatter by Zerodha. The company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.

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.