Funding and M&A Roundup: Volta Raises $125 Million for EV Charging
Aker Horizons acquires 75% stake in Mainstream Renewable Power for $1 billion
From: Mercom Capital Group
Total, a French oil and gas major, has acquired a 20% minority interest in Adani Green Energy (AGEL) from Adani Group. The two partners agreed to the acquisition of a 20% stake in AGEL for an investment worth $2.5 billion. With this 20% minority interest in Adani Green Energy, Total will also have a position on the board of directors of Adani Green Energy, Total said in a statement.
iSun, formerly The Peck Company, a solar engineering, procurement, and construction (EPC) company, and iSun Energy, an electrical and data contractor, and provider of solar EPC solutions in Vermont, focused on high-quality commercial, industrial, and small-utility scale solar projects, closed the acquisition of iSun Energy. iSun now trades on Nasdaq as ISUN and replaces PECK.
Solstice Power Technologies, a software and customer management company that provides affordable solar power solutions in the U.S., has closed a $3.1 million funding round. Total Carbon Neutrality Ventures led the funding with additional investments from American Family Insurance Institute for Corporate and Social Impact, Massachusetts Clean Energy Center, Schneider Electric Ventures, Next Wave Impact, Active Impact Investments, Powerhouse Ventures, Gratitude Railroad, H/L Ventures, SustainVC, Halcyon Angels, and prominent angel investors.
Aker announced that its wholly-owned subsidiary, Aker Horizons, has agreed to acquire 75% of Mainstream Renewable Power, an independent developer of utility-scale wind and solar projects. The transaction values Mainstream’s current equity at €900 million (~$1 billion) on a 100% basis. It gives Aker Horizons a portfolio of projects in operation and under construction of about 1.4 GW, a project development pipeline of about 10 GW, and a further 10 GW of identified project opportunities.
Pattern Energy, a privately-owned developer and operator of wind, solar, transmission, and energy storage projects, has closed the financing of a $515 million fund, Green Power Renewable No. 1 Investment fund in Japan focused on wind and solar energy investments. Pattern Energy’s affiliate in Japan, Green Power Investment Corporation (GPI), will manage the fund. Investors in the fund comprise financial institutions in Japan, including the Development Bank of Japan, which will serve as the anchor investor. The fund will invest in five renewable energy facilities that were developed, constructed, and are now owned and operated by GPI, including Futtsu Solar, Kanagi Solar, Ohorayama Wind, Otsuki Wind, and Tsugaru Wind.
Green Climate Ventures (GCV) announced the merger of its fully controlled company Nexus Energy with Africa GreenTec (AGT). The financial terms of the transaction have not yet been disclosed. AGT, a German mini-grid developer operating 21 mini-grids in the Sahel region, three projects under construction, a secured pipeline of 100s of sites in development, and an ongoing expansion in 7 African countries. As a result of the merger, Nexus Energy is now fully dissolved into the AGT holdings structure, while Green Climate Ventures becomes an important AGT shareholder.
Indra, an electric vehicle and smart energy technology company developing innovative charging and energy storage solutions for home and commercial use, secured a £6 million (~$8 million) investment led by the UK venture capital fund, the Clean Growth Fund (CGF), alongside Gulf Oil International (Gulf). Through their investment in Indra, Gulf is making its first strategic move into the e-mobility/electric vehicles sector. CGF and Gulf will become shareholders in Indra, alongside OVO Group, which had provided seed capital and technical support to Indra via Kaluza, its technology business.
Electric car charging network provider Volta Charging announced an oversubscribed Series D financing of $125 million. Goldman Sachs acted as exclusive placement agent. The Series D fundraising caps a banner year for Volta, bringing the fast-growing company’s total equity financing to over $200 million. The capital raise will accelerate Volta’s efforts to unlock the value of its contract portfolio and increase investment in product, engineering, and network infrastructure. It will also allow Volta to begin its international expansion.
e-Zinc, an energy storage innovator, announced that it had raised $2.3 million in a closed round led by BDC Capital’s Cleantech Practice. The company intends to deploy its first in-field system in May 2021 with Faromor at their facility in Stratford, Ontario. Sustainable Development Technology Canada and NRCan financially support this project.
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.