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Redoxblox, a thermochemical energy storage company, <a href="https://cms.mercomindia.com/redoxblox-raises-30-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> an additional $30 million in Series A funding. The funding round was led by Prelude Ventures and joined by Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures. The company was also awarded $8.9 million from the California Energy Commission and $6.7 million from the U.S. Department of Energy this year.
eSmart Systems, an inspection and asset information management solutions provider for utilities, <a href="https://cms.mercomindia.com/esmart-systems-raises-32-million-funding/" target="_blank" rel="noopener">raised</a> €30 million (~$32 million) in new capital funding, bringing its total to €63 million (~$65 million) in the past two years. The funding round was led by TiLT Capital Partners, a French growth capital impact fund, along with Quanta Services, a U.S.-based energy infrastructure solutions company, which joined as a strategic investor.
Jupiter Power, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/jupiter-power-secures-225-million-in-corporate-credit-facility/" target="_blank" rel="noopener">secured</a> a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans. This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as coordinating lead arrangers. Kirkland &amp; Ellis acted as the borrower’s counsel, and Latham &amp; Watkins as the lenders’ counsel.
Birch Creek Energy, a utility-scale solar and energy storage project developer, has <a href="https://cms.mercomindia.com/project-developer-birch-creek-energy-closes-150-million-credit-facility/" target="_blank" rel="noopener">secured</a> a $150 million credit facility provided by KKR’s high-grade asset-based finance strategy via insurance accounts managed by KKR. This funding will extend and upsize its previous $100 million facility, and the company&#8217;s development expenses and equipment will be used for solar farms in its development portfolio.
S4 Energy, a Dutch-based grid-scale energy storage developer, <a href="https://cms.mercomindia.com/s4-energy-acquires-lc-energy-grid-services/" target="_blank" rel="noopener">announced</a> the acquisition of LC Energy Grid Service, a high-voltage battery storage platform and subsidiary of LC Energy. S4 Energy is majority-owned by Castleton Commodities International. With this acquisition, S4 Energy will be able to continue developing its existing portfolio of projects, which includes four 10 MW medium-voltage, 4-hour duration systems in the Netherlands, all of which are scheduled to become operational in 2025.
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-and-ma-roundup-adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Redoxblox Raises $30 Million in Series A Funding

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					</table>Redoxblox, a thermochemical energy storage company, <a href="https://mercomcapital.com/redoxblox-raises-30-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> an additional $30 million in Series A funding. The funding round was led by Prelude Ventures and joined by Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures. The company was also awarded $8.9 million from the California Energy Commission and $6.7 million from the U.S. Department of Energy this year.
eSmart Systems, an inspection and asset information management solutions provider for utilities, <a href="https://mercomcapital.com/esmart-systems-raises-32-million-funding/" target="_blank" rel="noopener">raised</a> €30 million (~$32 million) in new capital funding, bringing its total to €63 million (~$65 million) in the past two years. The funding round was led by TiLT Capital Partners, a French growth capital impact fund, along with Quanta Services, a U.S.-based energy infrastructure solutions company, which joined as a strategic investor.
Jupiter Power, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/jupiter-power-secures-225-million-in-corporate-credit-facility/" target="_blank" rel="noopener">secured</a> a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans. This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as coordinating lead arrangers. Kirkland &amp; Ellis acted as the borrower’s counsel, and Latham &amp; Watkins as the lenders’ counsel.
Birch Creek Energy, a utility-scale solar and energy storage project developer, has secured a $150 million credit facility provided by KKR’s high-grade asset-based finance strategy via insurance accounts managed by KKR. This funding will extend and upsize its previous $100 million facility, and the company&#8217;s development expenses and equipment will be used for solar farms in its development portfolio.
S4 Energy, a Dutch-based grid-scale energy storage developer, announced the acquisition of LC Energy Grid Service, a high-voltage battery storage platform and subsidiary of LC Energy. S4 Energy is majority-owned by Castleton Commodities International. With this acquisition, S4 Energy will be able to continue developing its existing portfolio of projects, which includes four 10 MW medium-voltage, 4-hour duration systems in the Netherlands, all of which are scheduled to become operational in 2025.
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-adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://birchcreekdev.com/" target="_blank" rel="noopener">Birch Creek Development</a> announced that Fundamental Renewables, the renewable and clean energy investment arm of Fundamental Advisors, will increase its existing credit facility with Birch Creek to $250 million.
The company said it would use the new funding to develop and construct utility-scale solar projects in the United States and strategic acquisitions in key markets. The investments will also support the company&#8217;s solar module procurement strategy.
Birch Creek&#8217;s primary focus is developing and financing utility-scale solar and storage projects in the United States. According to the company, since 2019, they have successfully funded over 700 MWs of projects. Birch Creek has 5+ GWs of utility-scale solar pipeline in various stages of development across MISO, PJM, Texas, and the Southeast.
&#8220;Birch Creek has developed an impressive pipeline of executable solar and storage projects,&#8221; said Mark Dominé, Managing Director of Fundamental Renewables. &#8220;We are excited to continue working with their talented team to support the development of renewable energy projects nationwide, and we are proud to be part of creating the many environmental benefits these projects will provide.&#8221;
Recently, Summit Ridge Energy &#8211; an owner and operator of community solar assets &#8211; <a href="https://cms.mercomindia.com/summit-ridge-secures-million-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $15 million in funding for constructing two lithium-ion battery energy storage systems (BESS) projects totaling 31 MWh in Staten Island, New York. Fundamental Renewables provided the financing through two loans.
According to Mercom&#8217;s Q1 2022 solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced debt financing for the solar sector in Q1 2022 totaled $3.8 billion, a 137% increase compared to Q4 2021 when $1.6 billion was raised.
Earlier this year, Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, <a href="https://cms.mercomindia.com/pivot-energy-closes-financing-us-solar-portfolio/" target="_blank" rel="noopener">closed</a> a $190 million financing facility to support a 90 MW multi-state portfolio of distributed solar generation projects. Silicon Valley Bank (SVB) led the debt facilities, which include a construction loan, tax equity bridge loan, and permanent loan, coupled with the tax equity investment from Foss.

Birch Creek Development Secures $250 Million Credit from Fundamental Renewables

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