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Adden Energy, a solid-state battery developer for electric vehicles, <a href="https://cms.mercomindia.com/adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding. The funding round was led by At One Ventures with participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures. The company plans to use the funding to expand its lithium-metal solid-state batteries in pouch cell form factors to become more commercially accessible to EVs.
MobilityPlus, a company that provides charging solutions for electric vehicles (EV), has <a href="https://cms.mercomindia.com/ev-charging-platform-mobilityplus-receives-43-million-funding/" target="_blank" rel="noopener">secured</a> €40 million (~$43 million) in funding from Suma Capital through its Climate Impact Fund III, an Article 9 fund for European energy transition investments. Previous investors, such as Concentra, also participated in the funding. The funds will be used to expand its EV fleet charging portfolio and grow its charging network in Belgium and France.
Solar module manufacturer Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering (IPO) <a href="https://www.mercomindia.com/waaree-energies-ipo-oversubscribed-76-times" target="_blank" rel="noopener">garnered</a> strong investor interest from institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer. According to data from the NSE, this resulted in a 76.34 times oversubscription.
GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, <a href="https://www.mercomindia.com/gfcl-ev-products-raises-%E2%82%B910-billion" target="_blank" rel="noopener">raised</a> ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion). The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India. The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles and energy storage systems sectors.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Adden Energy Secures $15 Million in Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Adden Energy, a solid-state battery developer for electric vehicles, <a href="https://mercomcapital.com/adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding. The funding round was led by At One Ventures with participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures. The company plans to use the funding to expand its lithium-metal solid-state batteries in pouch cell form factors to become more commercially accessible to EVs.
MobilityPlus, a company that provides charging solutions for electric vehicles (EV), has <a href="https://mercomcapital.com/ev-charging-platform-mobilityplus-receives-43-million-funding/" target="_blank" rel="noopener">secured</a> €40 million (~$43 million) in funding from Suma Capital through its Climate Impact Fund III, an Article 9 fund for European energy transition investments. Previous investors, such as Concentra, also participated in the funding. The funds will be used to expand its EV fleet charging portfolio and grow its charging network in Belgium and France.
Solar module manufacturer Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering (IPO) <a href="https://www.mercomindia.com/waaree-energies-ipo-oversubscribed-76-times" target="_blank" rel="noopener">garnered</a> strong investor interest from institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer. According to data from the NSE, this resulted in a 76.34 times oversubscription.
GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, <a href="https://www.mercomindia.com/gfcl-ev-products-raises-%E2%82%B910-billion" target="_blank" rel="noopener">raised</a> ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion). The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India. The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles and energy storage systems sectors.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.addenenergy.com/" target="_blank" rel="noopener">Adden Energy</a>, a solid-state battery developer for electric vehicles (EVs), secured $15 million in Series A funding. The funding round was led by At One Ventures with participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures.
The company plans to use the funding to expand its lithium-metal solid-state batteries in pouch cell form factors to become more commercially accessible to EVs.
In 2022, the company <a href="https://cms.mercomindia.com/adden-energy-secures-seed-funding/" target="_blank" rel="noopener">received</a> $5.15 million in seed financing and a technology license from Harvard University’s Office of Technology Development.
“Current EVs work great for people like me – those with at-home charging whose driving consists of short commutes and an occasional road trip,” explained Adden Energy Co-Founder and CEO Will Fitzhugh. “That’s not good enough. We need to deliver battery solutions that put EVs at parity with the internal combustion engine in every consumer-facing dimension.
Lithium-based batteries have more energy density than most battery materials, offering longer driving range at lower costs. However, lithium metal dendrites (microscopic strands of lithium metal) grow through the battery, causing short circuits and battery failures.
“Every battery has some level of imperfection – or defects – which dendrites can use as an avenue to grow. For example, dendrites can grow along microscopic cracks in the battery components,” said  Harvard Professor and Adden Energy Co-Founder and Chairman Xin Li. “Rather than trying to make perfect batteries with no defects, which is practically impossible, we’ve figured out how to make components that self-heal dynamically while the battery is in use, a phenomenon that has been studied for years and nowadays can be designed by us. This allows the battery to stop dendrites in terms of both manufacturing defects and any damage to the battery that happens during its useful lifetime.”
According to the recently released  Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, Venture capital (VC) funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.

Adden Energy Secures $15 Million in Series A Funding

<a href="https://www.addenenergy.com/" target="_blank" rel="noopener">Adden Energy</a>, a solid-state battery developer, announced that it had received a seed financing of $5.15 million and a technology license from Harvard University’s Office of Technology Development (OTD). Primavera Capital Group led the funding round with participation from Rhapsody Venture Partners and MassVentures.
The license and the venture funding will enable the startup to scale Harvard’s laboratory prototype toward commercial deployment of a solid-state lithium-metal battery that may provide reliable and fast charging for future EVs to help bring them into the mass market.
Developed by researchers in the lab of Xin Li, Associate Professor of Materials Science at Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS), the lab-scale coin-cell prototype has achieved battery charge rates as fast as three minutes with over 10,000 cycles in a lifetime, with results published in Nature and other journals. It also boasts high energy density and a level of material stability that overcomes the safety challenges posed by some other lithium batteries.
“Complete electrification of the vehicle fleet is one of the most meaningful steps we can take to fight climate change,” said Fitzhugh, CEO of Adden Energy. “However, broad adoption of electric vehicles requires batteries that can meet a diverse set of consumer needs. For example, 37% of Americans don’t have garages at home, so at-home overnight charging is not possible. In order to electrify this segment, EVs need to recharge at comparable times to internal combustion vehicles, essentially in the time you’d currently spend at the gas pump.”
Adden aims to scale the battery to a palm-sized pouch cell, then upward toward a full-scale vehicle battery in the next three to five years.
“Typically, lithium-metal anodes in other solid-state designs develop dendrites, twig-like growths that can gradually penetrate through the electrolyte to the cathode. We defeat the growth of dendrites before they can cause damage by novel structural and material designs,” said Ye, now CTO of Adden Energy. “As a result, the device can sustain its high performance over a long lifetime. Our recent study shows that this nice feature can also be maintained at scale-up.”
Last Month, Zitara, a machine-learning powered battery management software company, <a href="https://cms.mercomindia.com/zitara-raises-12-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> the close of a $12 million Series A round led by Energy Impact Partners with existing investors NextView Ventures, Collaborative Fund, and Trucks VC.
According to Mercom’s 1H and Q2 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, In Q2 2022, VC funding for Energy Storage, Smart Grid, and Efficiency companies increased to $2.4 billion in 34 deals compared to $1.6 billion in 37 deals in Q1 2022.

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