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ACT-ion Battery Technologies, a producer of cathode active materials for lithium-ion batteries, <a href="https://mercomcapital.com/act-ion-battery-technologies-raises-4m-in-pre-series-a-extension-round/" target="_blank" rel="noopener">raised</a> a $4 million extension to its Pre-Series A funding round. The extension increases the company’s total funding to $11.5 million, building on the $7.5 million raised earlier this year in the initial phase of the round led by BASF Venture Capital.
Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has <a href="https://www.mercomindia.com/energy-solutions-provider-iljin-electronics-raises-%E2%82%B912-billion" target="_blank" rel="noopener">secured</a> ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates. ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares. 
Battery innovation company Offgrid Energy Labs has <a href="https://www.mercomindia.com/battery-manufacturer-offgrid-raises-15-million-in-series-a-round" target="_blank" rel="noopener">raised</a> $15 million in a Series A funding round led by Archean Chemical Industries. This round also saw participation from existing investor, Ankur Capital. Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the U.K., enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.
Nextracker, a solar tracker and software solutions provider, <a href="https://mercomcapital.com/nextracker-acquires-pv-frame-manufacturer-origami-solar-in-53m-cash-deal/" target="_blank" rel="noopener">announced</a> its expansion into the solar panel frame market with the acquisition of Origami Solar, a provider of roll-formed steel frame technology for solar panels, in an all-cash transaction of approximately $53 million, including future contingent earnout consideration. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive its panel-tracker solutions.
Solar manufacturer GREW Solar, a subsidiary of Chiripal Group, has <a href="https://www.mercomindia.com/module-manufacturer-grew-solar-secures-%E2%82%B93-billion-to-expand-capacity" target="_blank" rel="noopener">raised</a> ₹3 billion (~$34.09 million) from a group of investors, including those from GeeCee Holdings. Grew Solar will utilize the funds to develop new products, strengthen its technological infrastructure, and drive capacity expansion across its facilities. The new funding comes as the company plans to increase the capacity of its module manufacturing facility in Rajasthan, India, to 11 GW.
Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, <a href="https://mercomcapital.com/solaris-completes-acquisition-of-sunnovas-solar-assets-and-operations/" target="_blank" rel="noopener">announced</a> the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International. Solaris acquired Sunnova’s residential solar servicing, operations &amp; management platform, as well as its solar generation and storage portfolio. Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.
Renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to <a href="https://www.mercomindia.com/acme-solar-to-acquire-ak-renewable-infra-for-%E2%82%B9792-million" target="_blank" rel="noopener">acquire</a> 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million). The acquisition will be subject to the SPA’s closing conditions and adjustments. AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.
Solar module manufacturer Waaree Energies will <a href="https://www.mercomindia.com/waaree-to-buy-64-stake-in-power-transformer-firm-kotsons" target="_blank" rel="noopener">acquire</a> a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons for ₹1.92 billion (~$21.79 million). The acquisition is expected to be completed by September 30, 2025. Post acquisition, Kotsons will become Waaree’s subsidiary.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-palmer-energy-technology-acquires-brill-power/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: ACT-ion Battery Technologies Raises $4M

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-act-ion-battery-technologies-raises-4m/" target="_blank" rel="noopener">Mercom Capital Group</a>
ACT-ion Battery Technologies, a producer of cathode active materials for lithium-ion batteries, <a href="https://mercomcapital.com/act-ion-battery-technologies-raises-4m-in-pre-series-a-extension-round/" target="_blank" rel="noopener">raised</a> a $4 million extension to its Pre-Series A funding round. The extension increases the company’s total funding to $11.5 million, building on the $7.5 million raised earlier this year in the initial phase of the round led by BASF Venture Capital.
Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has <a href="https://www.mercomindia.com/energy-solutions-provider-iljin-electronics-raises-%E2%82%B912-billion" target="_blank" rel="noopener">secured</a> ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates. ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares. 
Battery innovation company Offgrid Energy Labs has <a href="https://www.mercomindia.com/battery-manufacturer-offgrid-raises-15-million-in-series-a-round" target="_blank" rel="noopener">raised</a> $15 million in a Series A funding round led by Archean Chemical Industries. This round also saw participation from existing investor, Ankur Capital. Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the U.K., enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.
Nextracker, a solar tracker and software solutions provider, <a href="https://mercomcapital.com/nextracker-acquires-pv-frame-manufacturer-origami-solar-in-53m-cash-deal/" target="_blank" rel="noopener">announced</a> its expansion into the solar panel frame market with the acquisition of Origami Solar, a provider of roll-formed steel frame technology for solar panels, in an all-cash transaction of approximately $53 million, including future contingent earnout consideration. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive its panel-tracker solutions.
Solar manufacturer GREW Solar, a subsidiary of Chiripal Group, has <a href="https://www.mercomindia.com/module-manufacturer-grew-solar-secures-%E2%82%B93-billion-to-expand-capacity" target="_blank" rel="noopener">raised</a> ₹3 billion (~$34.09 million) from a group of investors, including those from GeeCee Holdings. Grew Solar will utilize the funds to develop new products, strengthen its technological infrastructure, and drive capacity expansion across its facilities. The new funding comes as the company plans to increase the capacity of its module manufacturing facility in Rajasthan, India, to 11 GW.
Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, <a href="https://mercomcapital.com/solaris-completes-acquisition-of-sunnovas-solar-assets-and-operations/" target="_blank" rel="noopener">announced</a> the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International. Solaris acquired Sunnova’s residential solar servicing, operations &amp; management platform, as well as its solar generation and storage portfolio. Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.
Renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to <a href="https://www.mercomindia.com/acme-solar-to-acquire-ak-renewable-infra-for-%E2%82%B9792-million" target="_blank" rel="noopener">acquire</a> 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million). The acquisition will be subject to the SPA’s closing conditions and adjustments. AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.
Solar module manufacturer Waaree Energies will <a href="https://www.mercomindia.com/waaree-to-buy-64-stake-in-power-transformer-firm-kotsons" target="_blank" rel="noopener">acquire</a> a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons for ₹1.92 billion (~$21.79 million). The acquisition is expected to be completed by September 30, 2025. Post acquisition, Kotsons will become Waaree’s subsidiary.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-palmer-energy-acquires-brill-power" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.act-ion.com/" target="_blank" rel="noopener">ACT-ion Battery Technologies</a>, a producer of cathode active materials (CAM) for lithium-ion batteries, raised a $4 million extension to its Pre-Series A funding round.
The extension increases the company&#8217;s total funding to $11.5 million, building on the $7.5 million <a href="https://cms.mercomindia.com/act-ion-battery-technologies-raises-7-5-million/" target="_blank" rel="noopener">raised</a> earlier this year in the initial phase of the round led by BASF Venture Capital. The earlier funding was earmarked to advance its CAM production technology, with the objective of setting up an operational pilot facility by 2025.
The extension round was led by South Korean financial institutions Kyobo Life Insurance Group and KB Investment.
The proceeds will be used to complete the build-out and commissioning of its pilot production facility in Carrollton, Texas, and to secure commercial validation and offtake agreements with key industry partners in the electric vehicle and energy storage sectors.
According to the release, Korea accounts for over 25% of global battery cell production and hosts the world&#8217;s most sophisticated battery supply chains. This investment is expected to provide a direct pathway for ACT-ion to engage with Korean battery companies that collectively supply Tesla, GM, Ford, and other major OEMs.
&#8220;ACT-ion&#8217;s innovative approach to cathode manufacturing directly addresses the cost and environmental bottlenecks that challenge the industry today,&#8221; said Ryan Kim, Head of Global Investment at KB Investment.
According to Mercom&#8217;s 1H and Q2 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, VC funding for Energy Storage companies in 1H 2025 came to $1.7 billion in 36 deals, a 29% decrease YoY compared to $2.4 billion in 48 deals in 1H 2024.
In July, Ionic Mineral Technologies, a producer of advanced battery materials, <a href="https://cms.mercomindia.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">announced</a> the closing of a $29 million Series B funding round. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors.

ACT-ion Battery Technologies Raises $4M in Pre-Series A Extension Round

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