Funding and M&A Roundup: Verkor Raises $1.5 Billion to Develop Battery Gigafactory

Serentica secures $313 million from PFC for green energy expansion

September 20, 2023


From: Mercom Capital Group

Verkor, a manufacturer of lithium-based battery cells and modules, secured €1.45 billion (~$1.54 billion) with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition. Other investors who participated in the equity round include Meridiam, Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater, Crédit Agricole Assurances, and Bpifrance.

Serentica Renewables has achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. The entire debt funding of ₹26 billion (~$313.3 million) has been secured from power sector lender Power Finance Corporation. Serentica aims to install 4 GW of renewable energy capacity across India. In Karnataka, it plans to set up 400 MW of wind and solar energy capacities.

Juniper Green Energy, an independent renewable energy power producer and operator of solar, wind, and hybrid power projects, has received an investment of $150 million from AT Capital Group and Vitol to support the expansion of its operational capacity. The two investors had invested $200 million in Juniper nearly two years ago. With an operational portfolio of nearly 800 MW and an under-construction capacity of 435 MW, Juniper Green expects to solidify its position as a key player in the Indian renewable energy sector.

Heliene, a manufacturer of solar PV modules, closed a $170 Million funding round, including a mix of $20 million in equity and $150 million in debt funding. The funding will be utilized for Heliene’s expansion. The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), an infrastructure investment firm. The $20 million equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing Heliene customers – Valta Energy and Bullrock Renewables – joined the round.

Indian battery technology startup Dreamfly Innovations has secured $300,000 in funding through a round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s Center for Innovation Incubation and Entrepreneurship. The startup plans to utilize the funds for product commercialization and expanding its team. Dreamfly aims to revolutionize the future of energy by leveraging software-defined battery technology which employs software algorithms to optimize battery performance, efficiency, and safety.

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.