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Cornish Lithium, a U.K.-based mineral exploration and development company, has <a href="https://cms.mercomindia.com/cornish-lithium-secures-67-million-funding/" target="_blank" rel="noopener">secured</a> a $67 million direct equity investment led by UK Infrastructure Bank alongside the Energy &amp; Minerals Group (EMG) and TechMet. The funding is expected to significantly accelerate progress toward creating a domestic supply of battery-grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources.
d.light, a provider of solar-based products and solutions, <a href="https://www.prnewswire.com/news-releases/dlight-closes-usd125m-funding-through-a-securitization-facility-to-meet-growing-demand-for-off-grid-solar-products-in-tanzania-301898953.html" target="_blank" rel="noopener">secured</a> a $30 million securitization facility from Eastern and Southern African Trade and Development Bank Group, with the capability to purchase up to $125 million of receivable assets. The facility brings the company’s total securitized financing since 2020 to $490 million. d.light is expected to use the capital to increase its existing securitized financing facility and scale up its low-cost Pay-Go personal finance service in Tanzania.
Treehouse, a home electric vehicle (EV) charging solutions provider, has <a href="https://cms.mercomindia.com/home-ev-charging-solutions-provider-treehouse-secures-funding/" target="_blank" rel="noopener">secured</a> $10 million in funding. The funding round was led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The funding will be utilized to expand the company’s installation-as-a-service offering to more than 30 states in the next 12 months.
STANLIB Asset Management, an investor in sustainable infrastructure in South Africa, has <a href="https://stanlib.com/2023/08/07/stanlib-asset-management-acquires-a-majority-interest-in-renewable-energy-solutions-specialist-solareff-and-its-subsidiary-gridcars/" target="_blank" rel="noopener">acquired</a> a majority stake in Solareff, an engineering, procurement, and construction company. The acquisition was made through the STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals. Solareff is also the controlling shareholder of GridCars, a company that provides electric vehicle charging infrastructure in South Africa.
Indian EV charging solutions startup chargeMOD has <a href="https://www.mercomindia.com/ev-charging-chargemod-%e2%82%b925-million-product-growth" target="_blank" rel="noopener">raised</a> ₹25 million (~$301,291) from Phoenix Angels in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector. chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.
Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency, <a href="https://cms.mercomindia.com/perovskite-based-solar-tech-firm-caelux-raises-series-a-funding/" target="_blank" rel="noopener">closed</a> a $12 million Series A3 funding round, bringing the total Series A funding raised to $24 Million. The round was led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Cornish Lithium Secures $67 Million Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-cornish-lithium-secures-67-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Cornish Lithium, a U.K.-based mineral exploration and development company, has <a href="https://mercomcapital.com/cornish-lithium-secures-67-million-funding/" target="_blank" rel="noopener">secured</a> a $67 million direct equity investment led by UK Infrastructure Bank alongside the Energy &amp; Minerals Group (EMG) and TechMet. The funding is expected to significantly accelerate progress toward creating a domestic supply of battery-grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources.
d.light, a provider of solar-based products and solutions, <a href="https://www.prnewswire.com/news-releases/dlight-closes-usd125m-funding-through-a-securitization-facility-to-meet-growing-demand-for-off-grid-solar-products-in-tanzania-301898953.html" target="_blank" rel="noopener">secured</a> a $30 million securitization facility from Eastern and Southern African Trade and Development Bank Group, with the capability to purchase up to $125 million of receivable assets. The facility brings the company’s total securitized financing since 2020 to $490 million. d.light is expected to use the capital to increase its existing securitized financing facility and scale up its low-cost Pay-Go personal finance service in Tanzania.
Treehouse, a home electric vehicle (EV) charging solutions provider, has <a href="https://mercomcapital.com/home-ev-charging-solutions-provider-treehouse-secures-funding/" target="_blank" rel="noopener">secured</a> $10 million in funding. The funding round was led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The funding will be utilized to expand the company’s installation-as-a-service offering to more than 30 states in the next 12 months.
STANLIB Asset Management, an investor in sustainable infrastructure in South Africa, has <a href="https://stanlib.com/2023/08/07/stanlib-asset-management-acquires-a-majority-interest-in-renewable-energy-solutions-specialist-solareff-and-its-subsidiary-gridcars/" target="_blank" rel="noopener">acquired</a> a majority stake in Solareff, an engineering, procurement, and construction company. The acquisition was made through the STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals. Solareff is also the controlling shareholder of GridCars, a company that provides electric vehicle charging infrastructure in South Africa.
Indian EV charging solutions startup chargeMOD has <a href="https://www.mercomindia.com/ev-charging-chargemod-%e2%82%b925-million-product-growth" target="_blank" rel="noopener">raised</a> ₹25 million (~$301,291) from Phoenix Angels in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector. chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.
Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency, <a href="https://mercomcapital.com/perovskite-based-solar-tech-firm-caelux-raises-series-a-funding/" target="_blank" rel="noopener">closed</a> a $12 million Series A3 funding round, bringing the total Series A funding raised to $24 Million. The round was led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-electriq-power-goes-public" target="_blank" rel="noopener">roundup</a>.

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					</table>Kerala-based electric vehicle (EV) charging solutions startup <a href="https://chargemod.com/" target="_blank" rel="noopener">chargeMOD</a> has raised ₹25 million (~$301,291) from <a href="https://phoenixangels.in/" target="_blank" rel="noopener">Phoenix Angels </a>in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector.
chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.
The company is working to expand its reach in the Indian EV market with its product that claims to provide convenient and reliable solutions to EV owners on the go.
Kerala State Electricity Board, Larsen &amp; Turbo, Murugappa Group, and Kochi Metro Rail Limited are a few of the many companies that have worked with chargeMOD and availed the EV solutions the startup offers.
The lead investor, Phoenix Angels, is a non-profit company promoted to provide a platform that supports entrepreneurs by connecting them to a diverse group of investors.
Director at Phoenix Angels Joe Ranji said, “At chargeMOD, we see a great combination of a wonderful product and an energetic team that has the potential to become a strong player in the EV charging space.”
According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, global corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33 deals, driven primarily by accelerated EV adoption.
Government-owned financing institutions in India have also introduced various programs to help the EV market flourish in India.
In April this year, government-owned lender Small Industries Development Bank of India <a href="https://www.mercomindia.com/sidbi-electric-vehicles-affordable" target="_blank" rel="noopener">launched</a> a pilot program— Mission 50K-EV4ECO- to cut down the cost of capital for purchasing electric vehicles, specifically two-and three-wheelers, via direct and indirect lending.
The Minister of State for Heavy Industries, Krishan Pal Gurjar, in a recent statement at the Rajya Sabha, said that India has <a href="https://www.mercomindia.com/8738-public-ev-charging-stations-june-minister" target="_blank" rel="noopener">installed</a> 8,738 operational public EV charging stations, as of June 30, 2023, according to the Bureau of Energy Efficiency (BEE) and the Ministry of Power data.

EV Charging Startup chargeMOD Raises ₹25 Million to Accelerate Product Growth

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