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Delhi Regulator Simplifies Net Metering Rules for Rooftop Solar Projects

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Rajasthan Tenders 172 MW/688 MWh Battery Energy Storage Projects

SECI Seeks Bulk Power Buyers for Long-Term Renewable Energy Procurement

Ather Energy Approves ₹12 Billion Preferential Fundraise

Malaysia Launches 2.65 GW Solar Tender with 1.25 GW Battery Storage

Primo Chemicals to Procure Solar Power from TPCS’ 50 MW Project

Borosil’s Revenue Up 17% YoY in Q1, Advances 600 TPD Solar Glass Expansion

Scout Clean Energy, a Colorado-based renewable energy developer, owner, and operator, <a href="https://cms.mercomindia.com/scout-clean-energy-secures-loan/" target="_blank" rel="noopener">announced</a> the closing of a $100 million equipment supply loan with Rabobank. The facility will be used to fund Scout equipment down payments. The company intends to upsize the facility to $200 million and bring in additional banks later in the year to secure equipment supply for Scout’s near-term advanced-stage pipeline of wind, solar, and storage projects.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, <a href="https://cms.mercomindia.com/ev-charging-firm-envirospark-secures-funding/" target="_blank" rel="noopener">secured</a> a $50 million investment from funds that will help the company expand its EV charging landscape, which is owned and operated across the U.S. The funding round was advised by Basalt Infrastructure Partners, a U.S.-based equity investment firm focusing on investments in Europe and North America.
Independent power producer AMPIN Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-to-fund-expansion-plans" target="_blank" rel="noopener">secured</a> funding of up to $35 million from responsAbility, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India. The investment is part of responsAbility’s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will. This aligns with the responsAbility’s investor goal of funding solutions that benefit both society and the environment in developing countries.
Charge Zone, an India-based EV charging network firm, has <a href="https://www.mercomindia.com/charge-zone-secures-19-million" target="_blank" rel="noopener">secured</a> a commitment of $19 million from British International Investment (BII), the United Kingdom’s development finance institution, to accelerate the expansion of EV charging infrastructure in India. This is BII’s second investment in India’s EV market since 2022 when the impact investor invested $250 million in Mahindra &amp; Mahindra’s passenger EV venture.
LiNova Energy, a developer of polymer cathode-based batteries, <a href="https://cms.mercomindia.com/polymer-battery-maker-linova-energy-raises-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $15.8 million in a Series A funding round led by Catalus Capital. Saft, a subsidiary of Total Energies, Chevron Technology Ventures, and a syndicate of investors, also participated in the round. This funding will help accelerate the company in research, development, and expansion of its high-energy polymer cathode battery technology.
Lithium battery startup PointO has <a href="https://www.mercomindia.com/pointo-raises-62-million-lithium-battery-ecosystem" target="_blank" rel="noopener">secured</a> ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund (EIF) leading the round with an investment of ₹50 million ($599,364). The funds are expected to enable the company to build a full-stack lithium battery ecosystem, including manufacturing, financing, and servicing lithium batteries. Led by IIT-Guwahati alumni, PointO plans to expand its physical centers to more than ten cities in the next 12 months.
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-pine-gate-renewables-secures-650-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Scout Clean Energy Secures $100 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-pine-gate-renewables-secures-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scout Clean Energy, a Colorado-based renewable energy developer, owner, and operator, <a href="https://mercomcapital.com/scout-clean-energy-secures-loan/" target="_blank" rel="noopener">announced</a> the closing of a $100 million equipment supply loan with Rabobank. The facility will be used to fund Scout equipment down payments. The company intends to upsize the facility to $200 million and bring in additional banks later in the year to secure equipment supply for Scout’s near-term advanced-stage pipeline of wind, solar, and storage projects.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, <a href="https://mercomcapital.com/ev-charging-firm-envirospark-secures-funding/" target="_blank" rel="noopener">secured</a> a $50 million investment from funds that will help the company expand its EV charging landscape, which is owned and operated across the U.S. The funding round was advised by Basalt Infrastructure Partners, a U.S.-based equity investment firm focusing on investments in Europe and North America.
Independent power producer AMPIN Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-to-fund-expansion-plans" target="_blank" rel="noopener">secured</a> funding of up to $35 million from responsAbility, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India. The investment is part of responsAbility’s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will. This aligns with the responsAbility’s investor goal of funding solutions that benefit both society and the environment in developing countries.
Charge Zone, an India-based EV charging network firm, has <a href="https://www.mercomindia.com/charge-zone-secures-19-million" target="_blank" rel="noopener">secured</a> a commitment of $19 million from British International Investment (BII), the United Kingdom’s development finance institution, to accelerate the expansion of EV charging infrastructure in India. This is BII’s second investment in India’s EV market since 2022 when the impact investor invested $250 million in Mahindra &amp; Mahindra’s passenger EV venture.
LiNova Energy, a developer of polymer cathode-based batteries, <a href="https://mercomcapital.com/polymer-battery-maker-linova-energy-raises-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $15.8 million in a Series A funding round led by Catalus Capital. Saft, a subsidiary of Total Energies, Chevron Technology Ventures, and a syndicate of investors, also participated in the round. This funding will help accelerate the company in research, development, and expansion of its high-energy polymer cathode battery technology.
Lithium battery startup PointO has <a href="https://www.mercomindia.com/pointo-raises-62-million-lithium-battery-ecosystem" target="_blank" rel="noopener">secured</a> ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund (EIF) leading the round with an investment of ₹50 million ($599,364). The funds are expected to enable the company to build a full-stack lithium battery ecosystem, including manufacturing, financing, and servicing lithium batteries. Led by IIT-Guwahati alumni, PointO plans to expand its physical centers to more than ten cities in the next 12 months.
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-pine-gate-renewables-secures-650-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://envirosparkenergy.com/" target="_blank" rel="noopener">EnviroSpark</a>, a provider of electric vehicle (EV) charging solutions, secured a $50 million investment from funds that will help the company expand its EV charging landscape, which is owned and operated across the U.S.
The funding round was advised by Basalt Infrastructure Partners, a U.S.-based equity investment firm focusing on investments in Europe and North America.
&#8220;Securing this substantial funding milestone marks a pivotal moment for EnviroSpark,&#8221; said Aaron Luque, co-founder, and CEO of the Company. &#8220;With strategic support from Basalt, we are poised to accelerate our mission of fostering sustainable transportation solutions. This investment not only fuels our expansion efforts but also reinforces our commitment to making electric mobility accessible and convenient for all.&#8221;
According to the company, it has installed over 8,200 charging plugs across North America. In addition to existing partners like Tesla, Volkswagen, Volta (recently acquired by Shell), and Starwood Capital Group, the company has also recently had partnerships with RaceTrac, Waffle House, IHG Hotels &amp; Resorts, Ford Dealerships, Hunt, and Asset Living. The company has also partnered with the U.S. Federal Government through the General Services Administration.
Earlier in 2022, the company <a href="https://cms.mercomindia.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to expand its services and nearly quadruple its workforce. The financing brings the company&#8217;s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
According to Mercom&#8217;s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage &amp; Smart Grid, Smart Grid VC funding increased 134% in Q1 2024, with $656 million raised in 12 deals compared to $280 million in 14 deals in Q1 2023. In a QoQ comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.

EV Charging Firm EnviroSpark Secures $50 Million Funding

Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://cms.mercomindia.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://cms.mercomindia.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://cms.mercomindia.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://cms.mercomindia.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://cms.mercomindia.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://cms.mercomindia.com/energy-efficiency-solutions-provider-redaptive-raises-200-million/" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Arcadia Raises $125 Million for Electric Grid Decarbonization

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-arcadia-raises-125-million-for-electric-grid-decarbonization/" target="_blank" rel="noopener">Mercom Capital Group</a>
Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://mercomcapital.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://mercomcapital.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://mercomcapital.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://mercomcapital.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://mercomcapital.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://redaptive.com/news/cpp-investments-invests-us200-million-in-redaptive" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

<a href="https://envirosparkenergy.com/" target="_blank" rel="noopener">EnviroSpark</a>, a provider of electric vehicle (EV) charging solutions, has announced the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times.
The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
The funding round was led by <a href="https://www.ultracapital.com/" target="_blank" rel="noopener">Ultra Capital</a>, an independent investment firm that funds businesses focused on sustainable infrastructure and energy transition.
Additional investors include Frank Blake, Former Chairman and Chief Executive Officer at The Home Depot; Tim Tassopoulos, President and Chief Operating Officer of Chick-fil-A, Inc.; Mark Bonfigli, Founder and Former CEO of Dealer.com; Dave Stockert, Former President and Chief Executive Officer of Post Properties and Paul Bowers, Former Chairman, President, and CEO of Georgia Power.
EnviroSpark partners with property owners, utilities, non-profits, and governments to provide turnkey design, installation, and operation of EV charging solutions. The company aims to further expand its footprint of 5,800 chargers installed across the U.S. and Canada.
&#8220;Given the U.S. economy&#8217;s focus on the clean energy transition and EnviroSpark&#8217;s focus on top-notch operations and service, they are poised for success,&#8221; said Bowers. &#8220;EnviroSpark served as Georgia Power&#8217;s preferred partner during my tenure, and I&#8217;m confident they will continue to deliver for GPC and all the utilities they serve.&#8221;
EnviroSpark was recently awarded a federal government contract to design and install EV charging stations at federal agency locations throughout the Southeastern region of the U.S. The $500 million contract came from the General Services Administration (GSA).
According to Mercom’s 9M And Q3 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion raised compared to the $936 million in 9M 2021.
Last Month, The Mobility House, a provider of EV charging and energy management solutions, announced it had <a href="https://cms.mercomindia.com/the-mobility-house-secures-series-c-funding/" target="_blank" rel="noopener">raised</a> $50 million in a Series C Funding round led by Mercuria and co-led by Ventura Capital and Green Gateway Fund.

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