IEX Revenue Rises 11% in Q1 FY 2027 as Power Trading Volume Grows

Lebanon Invites EOIs for 350 MW Solar, 1,000 MWh Battery Storage Projects

Canadian Solar Subsidiary Opens First Phase of 6 GW Solar Cell Plant

Bondada Acquires 60% Stake in Onix’s 225 MW Solar Project in Maharashtra

Grenergy Secures $114 Million for 618 MWh Battery Storage Project in Spain

Greenvolt to Sell 57.47 MW Hungary Solar Project for $73 Million

REC’s Revenue Falls 3%, Profit Declines by 6% in Q1 FY 2027

Solar Manufacturing May Outpace Demand Due to Grid Constraints: Interview

Waaree Renewable Bags EPC Contract for 800 MW Solar Projects

SECI Tenders 5.29 MW Rooftop Solar Projects at Eight Government Institutions

<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

<a href="https://aberdeenminerals.com/" target="_blank" rel="noopener">Aberdeen Minerals</a>, a U.K.-based company specializing in the exploration and development of battery metal deposits, has secured an equity financing of up to £5.5 million (~$7 million). This financing aims to bolster company’s mineral exploration programs in North East Scotland, specifically targeting deposits of nickel, copper, and cobalt. These metallic raw materials play a crucial role in battery production and electrification.
Central Asia Metals plc (CAML) made a conditional cornerstone investment of £3 million (~$3.8 million), to acquire a 28.7% shareholding in Aberdeen Minerals at a rate of 8.5 pence per share. Additionally, warrants will be granted to CAML, to enable them to further invest an additional £2 million (~$2.5 million) at 11 pence per share, potentially increasing their ownership stake to 37.8%.
However, the completion of CAML&#8217;s investment is subject to customary closing conditions, including the approval of certain resolutions by Aberdeen Minerals&#8217; shareholders, clearance under the U.K. National Security and Investment Act 2021, and granting of merger clearance as per the Republic of North Macedonia&#8217;s Law on the Protection of Competition.
On the basis of the full financing being received, including the exercise of CAML’s warrants, Aberdeen Minerals has outlined plans for its exploration activities. These plans include conducting approximately 10,000 meters of drilling in two phases at the Arthrath Project, with the aim of determining the continuity of high-grade mineralized intersections identified at depth.
“The funding announced today provides a strong financial platform to progress our mineral exploration and development work in partnership with Aberdeenshire landowners, and to pursue local economic growth directly linked to the raw material needs of an energy transition.” Said Fraser Gardiner, Chief Executive Officer of Aberdeen Minerals.
According to Mercom’s Annual and Q4 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
Lilac Solutions, a lithium extraction technology provider, recently <a href="https://cms.mercomindia.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures, with participation from all major shareholders, including T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures (a Sumitomo Corporation Group Company), and BMWi Ventures amongst others.

Aberdeen Minerals Secures $7 Million Equity Financing

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/09/amazon_polly_58408.mp3?version=1694079600">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><a href="https://ascendelements.com/" target="_blank" rel="noopener">Ascend Elements</a>, a lithium-ion battery recycling and engineered materials company has raised $542 million in new equity investments. The funding includes $460 million from its Series D investments and an additional $82 million from earlier this year.
The Series D round was led by entities such as <a href="https://www.blackrock.com/corporate/sustainability/blackrock-temasek" target="_blank" rel="noopener">Decarbonization Partners</a>, <a href="https://www.temasek.com.sg/en/index" target="_blank" rel="noopener">Temasek</a>, and the <a href="https://www.qia.qa/en/Pages/default.aspx" target="_blank" rel="noopener">Qatar Investment Authority</a> (QIA).
<a href="https://www.goldmansachs.com/" target="_blank" rel="noopener">Goldman Sachs</a> served as the sole placement agent for the Series D transaction.
Ascend Elements aims to produce sustainable, engineered battery materials on a commercial scale that will drive the electrification of transport and hasten the global transition to zero carbon emissions.
The newly acquired funds are expected to drive the construction of Ascend Elements&#8217; Apex 1 facility in Hopkinsville, Kentucky, slated to be North America&#8217;s first sustainable cathode precursor (pCAM) and cathode active material (CAM) manufacturing facility.
CAM and pCAM are engineered materials manufactured to precise microstructure specifications for electric vehicle batteries.
CEO Mike O&#8217;Kronley said, &#8220;I&#8217;d like to thank our new and existing partners for helping us deliver on our vision of producing sustainable, engineered battery materials at a commercial scale. Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions. Together, we are investing in North America&#8217;s critical EV battery infrastructure and bringing good manufacturing jobs back to the United States.&#8221;
The company claimed its patented Hydro-to-Cathode direct precursor synthesis process eliminates multiple intermediary steps in the traditional cathode manufacturing process, offering substantial economic and carbon reduction benefits.
Independent studies have shown that Ascend Elements&#8217; recycled battery materials perform as well as similar materials made from virgin sources, all while reducing carbon emissions by up to 93%, the company added.
Over the past year, Ascend Elements secured its first commercial-scale pCAM contract, commencing construction of its Apex 1 facility, and secured two U.S. Department of Energy (<a href="https://www.energy.gov/" target="_blank" rel="noopener">DOE</a>) grants totaling $480 million as part of the Bipartisan Infrastructure Law in October 2022.
In June 2023, Ascend Elements signed a $1 billion contract to supply sustainable pCAM starting in Q4 2024, with options to expand the multi-year contract to a larger quantity valued at up to $5 billion.
Construction of the Apex 1 facility, spanning a 140-acre site in southwest Kentucky, began in October 2022. The company said once complete, the 1-million-square-foot facility will produce enough sustainable pCAM for 750,000 electric vehicles annually.
Last September, Ascend Elements <a href="https://www.mercomindia.com/funding-and-ma-roundup-battery-recycling-company-ascend-elements" target="_blank" rel="noopener">announced</a> a strategic investment of $50 million from SK Ecoplant, the environmental unit of Korean conglomerate SK Inc.
In November, the company <a href="https://www.mercomindia.com/funding-and-ma-roundup-ascend-elements-secures-300-million" target="_blank" rel="noopener">raised</a> $300 million in equity and debt financing. The funding round includes $200 million in Series C equity investments led by Fifth Wall Climate and joined by the SK Eco plant.

Ascend Elements Secures $542 Million for Battery Materials Production in US

<a href="https://www.bluewhalematerials.com/" target="_blank" rel="noopener">Blue Whale Materials</a>, a provider of lithium-ion battery recycling solutions, announced the acquisition of <a href="http://www.eclipseenergy.us/services/" target="_blank" rel="noopener">Eclipse Energy</a>, a battery testing and evaluation lab based in Greenfield, Indiana.
The acquisition will allow Blue Whale Materials to provide customers with a complete range of battery testing and evaluation services, covering the entire life cycle of batteries from initial testing to end-of-life assessment for remanufacturing or reuse in secondary applications.
As the demand for batteries grows across various sectors, such as electric vehicles, energy storage, consumer electronics, and medical devices, so does the need for reliable and comprehensive testing and evaluation of battery performance, safety, and longevity. Blue Whale Materials aims to meet this need by forming a new subsidiary, BW Energy and Innovation, which will leverage the expertise and capabilities of Eclipse Energy.
Founded in 2011, Eclipse Energy provides solutions to test and validate batteries, ranging from an alkaline AAA battery to lithium cells and modules in EVs and hybrids. They provide solutions to clients via validation planning and project management, battery integration and maintenance, recycling, and second-life solutions.
&#8220;We are thrilled to welcome Eclipse Energy to the Blue Whale family,&#8221; said Robert Kang, CEO of Blue Whale Materials. &#8220;Eclipse brings unparalleled expertise in battery testing and evaluation. Our customers will now have access to end-to-end solutions for the entire battery life cycle — a critical step as we develop a preeminent network for li-ion battery collection in the U.S.&#8221;
Blue Whale Materials (BWM) is building a li-ion recycling plant in the U.S. using their proprietary, leading-edge technology validated commercially in Asia. BWM&#8217;s sustainable process takes spent li-ion batteries and produces Blacksand, a recycled product containing cobalt, nickel, and lithium. This technology is expected to provide a more cost-efficient, sustainable, and secure domestic supply of these critical minerals and reduce reliance on mining abroad.
According to Mercom&#8217;s Q1 2023 Storage and Smart Grid Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, Four M&amp;A transactions were recorded in Energy Storage in Q1 2023. In Q4 2022, there were five M&amp;A transactions. YoY, there were five Energy Storage M&amp;A transactions in Q1 2022.

Blue Whale Materials Acquires Eclipse Energy to Offer Battery Testing

General Motors said its venture capital arm GM Ventures, would lead a $50 million Series B financing round for <a href="https://energyx.com/" target="_blank" rel="noopener">EnergyX</a>, a Texas-based startup developing a more efficient method to extract and process lithium from salt flats.
EnergyX validated its technology with a pilot plant in South America’s “Lithium Triangle,” an area of salt flats covering parts of Argentina, Bolivia and Chile that contains over half of the world’s known lithium reserves. The company’s pilot plant, which started last year, has confirmed that its technology can recover 90% or more of the lithium in brine while using much less energy, water and land than existing processes.
EnergyX plans to use the new funding to construct five larger demonstration plants in North America and South America. General Motors will also help develop, refine, and deploy EnergyX’s technology &#8211; as part of the investment.
“EnergyX is developing a novel Direct Lithium Extraction process that’s not only cost competitive but also will reduce energy, land and water usage compared to the current extraction and processing process for brine-based Lithium,” said Jeff Morrison, GM vice president of Global Purchasing and Supply Chain.
“This single bottleneck (a massive lithium shortage) is the biggest challenge to scaling EV production. We will unlock lithium supply in the U.S., a pivotal move in expanding the EV industry. There are many ways of gauging success, but few are more rewarding than the support of leaders like GM”, said Teague Egan, CEO of EnergyX.
GM is investing in every stage of the battery supply chain in North America, from raw materials to processing, to cell components and full battery cell production. The company has committed to invest $35 billion in EVs and autonomous vehicles (AVs) through 2025.
According to Mercom’s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency">Report</a> for Storage, Grid &amp; Efficiency. VC funding for energy storage companies decreased by 34%, with $5.8 billion in 2022 compared to $8.8 billion in 2021.

battery-materials

Get the most relevant India solar and clean energy news.

RECENT POSTS