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GlassPoint, a company that provides solar thermal-based energy solutions, has <a href="https://cms.mercomindia.com/solar-thermal-company-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">closed</a> $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital. The investment will help advance its existing megaprojects and expand power generation worldwide, with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
ICG, the global alternative asset manager, <a href="https://cms.mercomindia.com/icg-acquires-majority-stake-in-energy-storage-developer-ray8-energy/" target="_blank" rel="noopener">announced</a> that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects. Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements.
Berlin-based climate fintech company Cloover has <a href="https://www.mercomindia.com/climate-fintech-company-cloover-raises-1-2-billion-in-debt-equity" target="_blank" rel="noopener">secured</a> over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions. The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility. Additionally, Cloover also received a €300 million guarantee from the European Investment Fund.
Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has <a href="https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl" target="_blank" rel="noopener">announced</a> the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million). The acquisition is expected to be completed by April 30, 2026. APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).
Power transmission and renewable energy company IndiGrid has <a href="https://www.mercomindia.com/indigrid-raises-%E2%82%B915-billion-in-funding-through-institutional-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$163.15 million) in funding through an institutional placement, bringing the total funds raised in the financial year 2026 to ₹19.38 billion (~$210.8 million). IndiGrid Investment Managers, the investment management arm of IndiGrid, approved this fundraise last year. Existing and new long-only domestic and global institutional investors, including 10 insurance companies and six mutual funds, participated in the institutional placement process.
Eversource Capital’s green mobility arm, GreenCell Mobility, has <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment (BII), IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. BII has committed $33 million to the funding round. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses.
Solar energy financing firm, Aerem Solutions, has <a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-15-million-in-pre-series-b-round" target="_blank" rel="noopener">raised</a> $15 million (~₹1.36 billion) in a pre-series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation. The funding round also saw participation from existing institutional investors, British International Investment, The University of Tokyo Edge Capital Partners, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures, the venture arm of Schneider Electric.
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-terralayr-secures-223-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: GlassPoint Secures $20 Million in Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
GlassPoint, a company that provides solar thermal-based energy solutions, has <a href="https://mercomcapital.com/solar-thermal-company-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">closed</a> $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital. The investment will help advance its existing megaprojects and expand power generation worldwide, with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
ICG, the global alternative asset manager, <a href="https://mercomcapital.com/icg-acquires-majority-stake-in-energy-storage-developer-ray8-energy/" target="_blank" rel="noopener">announced</a> that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects. Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements.
Berlin-based climate fintech company Cloover has <a href="https://www.mercomindia.com/climate-fintech-company-cloover-raises-1-2-billion-in-debt-equity" target="_blank" rel="noopener">secured</a> over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions. The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility. Additionally, Cloover also received a €300 million guarantee from the European Investment Fund.
Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has <a href="https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl" target="_blank" rel="noopener">announced</a> the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million). The acquisition is expected to be completed by April 30, 2026. APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).
Power transmission and renewable energy company IndiGrid has <a href="https://www.mercomindia.com/indigrid-raises-%E2%82%B915-billion-in-funding-through-institutional-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$163.15 million) in funding through an institutional placement, bringing the total funds raised in the financial year 2026 to ₹19.38 billion (~$210.8 million). IndiGrid Investment Managers, the investment management arm of IndiGrid, approved this fundraise last year. Existing and new long-only domestic and global institutional investors, including 10 insurance companies and six mutual funds, participated in the institutional placement process.
Eversource Capital’s green mobility arm, GreenCell Mobility, has <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment (BII), IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. BII has committed $33 million to the funding round. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses.
Solar energy financing firm, Aerem Solutions, has <a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-15-million-in-pre-series-b-round" target="_blank" rel="noopener">raised</a> $15 million (~₹1.36 billion) in a pre-series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation. The funding round also saw participation from existing institutional investors, British International Investment, The University of Tokyo Edge Capital Partners, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures, the venture arm of Schneider Electric.
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-terralayr-secures-223-million-2" target="_blank" rel="noopener">roundup</a>.

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					</table>Berlin-based climate fintech company <a href="https://cloover.co/" target="_blank" rel="noopener">Cloover</a> has secured over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions.
The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility.
The equity round was led by <a href="https://mmc.vc/" target="_blank" rel="noopener">MMC Ventures</a> and <a href="https://www.qedinvestors.com/" target="_blank" rel="noopener">QED Investors</a>, with participation from <a href="https://lowercarbon.com/" target="_blank" rel="noopener">Lowercarbon Capital</a>, <a href="https://bnvtcapital.com/" target="_blank" rel="noopener">BNVT Capital</a>, <a href="https://www.rbvc.com/" target="_blank" rel="noopener">Bosch Ventures</a>, <a href="https://www.centrotec.de/" target="_blank" rel="noopener">Centrotec</a>, and <a href="https://www.earthshot.vc/" target="_blank" rel="noopener">Earthshot Ventures</a>.
The debt facility was provided by a European bank to fund customer and installer financing on the platform.
Additionally, Cloover also received a €300 million guarantee from the <a href="https://www.eif.org/" target="_blank" rel="noopener">European Investment Fund</a>.
Jodok Betschart, Co-Founder and CEO at Cloover, said that with this $1.2 billion commitment, Cloover is enabling households to become energy independent, without the friction of upfront costs or complex loan applications.
The company has so far raised more than $30 million in equity financing and secured over $1.3 billion in debt.
The company focuses on AI-powered credit underwriting that evaluates long-term energy savings rather than relying solely on traditional credit metrics.
Cloover also pre-funds public subsidies, allowing consumers to benefit from state incentives immediately.
For institutional investors, the company opens the door to a new impact-aligned infrastructure asset class, backed by real performance data, climate impact tracking, and full transparency across the value chain.
Cloover’s AI-powered platform integrates workflow management, financing, procurement, and energy optimization into one seamless operating system.
It also automates complex workflows, detects risks early, and empowers data-driven decisions from the first customer, leading to long-term energy-management through Cloover’s energy management system and dynamic tariffs.
The company’s AI Finance co-pilot also helps small and medium-sized enterprise installers address capital flow challenges across the entire value chain and improve liquidity, enabling faster growth.
In 2025, Cloover’s revenue grew 8X, approaching $100 million in sales. The company is projecting $500 million in 2026 and $1 billion in 2027.
In 2024, the company <a href="https://mercomcapital.com/cloover-secures-seed-funding/" target="_blank" rel="noopener">secured</a> $114 million in a seed funding round led by Lowercarbon Capital, founded by venture capitalist Chris Sacca, and with participation from existing investors 9900 Capital and QED.
Global corporate solar funding <a href="https://www.mercomindia.com/corporate-solar-funding-down-16-yoy-in-2025-deal-count-rises-ma-robust" target="_blank" rel="noopener">dropped</a> by 16% year-over-year, with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024, according to Mercom Capital Group’s 2025 Annual and Q4 Solar Funding and M&amp;A Report.

Climate Fintech Company Cloover Raises $1.2 Billion in Debt, Equity

<a href="https://cloover.co/" target="_blank" rel="noopener">Cloover</a>, a Berlin-based climate fintech company, secured $114 million in a seed funding round led by Lowercarbon Capital, founded by venture capitalist Chris Sacca, and with participation from existing investors 9900 Capital and QED.
The company is strategically positioning itself to serve the expanding European market for residential renewable energy, which has seen a 20% growth in the decade. This growth is attributed to rising energy costs, increased electrification, and heightened consumer awareness.
Cloover is a financial and payment provider specializing in the renewable energy sector. Cloover collaborates with companies that focus on solar panels, heat pumps, and other sustainable technologies and enables them to offer customized financing solutions to their customers alongside traditional lump-sum payments. The company&#8217;s platform also helps partners optimize and streamline their administrative and financial processes.
“Cloover’s vision is to dismantle the silos among key stakeholders essential for a successful energy transition. By streamlining the sales process for installers, managing payment flows and financing, procuring necessary materials, and overseeing energy production and consumption for individuals, Cloover connects the dots and leverages synergies across the entire value chain,” states Jodok Betschart, Co-Founder &amp; -CEO of Cloover.
With the fresh capital, Cloover plans to double down on its installer software development and further strengthen its sales, payments, and financing offering.
“We are bringing renewables to the remaining mass market in Europe. That is 160 million households that are still left out. By combining our proprietary data on consumer energy savings with multiple capital sources, we are able to extend financing to households who previously could not access these assets. Moreover, through our platform Cloovers partners can unlock working capital for their operations which allows even faster deployment of renewables in Europe,” said Peder Broms, Co-Founder &amp; -CEO.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, global VC funding for the solar sector in Q1 2024 came to $406 million in 13 deals, an 81% decline YoY compared to $2.1 billion raised in 18 deals in Q1 2023. Funding declined 68% QoQ compared to the $1.3 billion raised in 19 deals in Q4 2023.
In 2023, Solfium, a solar-tech company, <a href="https://cms.mercomindia.com/solar-tech-company-solfium-raises-3-million-seed-funding/" target="_blank" rel="noopener">raised</a> $3 million in seed funding at the Bolsa Institutional de Valores (BIVA), Mexico’s second-largest stock exchange, focused on technology and supported by Nasdaq.

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