Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

Solar Module Capacity Under ALMM Grows to 215.5 GW

PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

Green Hydrogen and Storage Key to Curbing Renewables Curtailment: Interview

Scale Microgrids, a commercial-scale distributed energy developer, <a href="https://cms.mercomindia.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener">closed</a> a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, <a href="https://cms.mercomindia.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener">secured</a> $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, <a href="https://cms.mercomindia.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener">secured</a> $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has <a href="https://cms.mercomindia.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener">raised</a> $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, <a href="https://cms.mercomindia.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener">raised</a> $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, <a href="https://cms.mercomindia.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener">secured</a> a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, <a href="https://cms.mercomindia.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, <a href="https://cms.mercomindia.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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-connectder-secures-35-million-in-series-d-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Scale Microgrids Secures $150 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-scale-microgrids-secures-150-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scale Microgrids, a commercial-scale distributed energy developer, <a href="https://mercomcapital.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener">closed</a> a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, <a href="https://mercomcapital.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener">secured</a> $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, <a href="https://mercomcapital.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener">secured</a> $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has <a href="https://mercomcapital.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener">raised</a> $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, <a href="https://mercomcapital.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener">raised</a> $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, <a href="https://mercomcapital.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener">secured</a> a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, <a href="https://mercomcapital.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, <a href="https://mercomcapital.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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-connectder-secures-35-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://enzinc.com/" target="_blank" rel="noopener">Enzinc</a>, an advanced zinc battery developer, raised $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round.
Enzinc develops rechargeable nickel-zinc batteries, and according to the company, its technology enables lead-acid battery manufacturers to leverage the existing 400 GWh of global manufacturing capacity to make batteries without a significant capital investment.
Zinc-based batteries have been traditionally <a href="https://www.sciencedirect.com/science/article/abs/pii/S2468606921000575#:~:text=The%20formation%20of%20zinc%20dendrites,cycle%20life%20of%20the%20batteries." target="_blank" rel="noopener">limited</a> due to dendrite formation, which is an uneven deposition of zinc in the battery charging process that can cause a short circuit between the anode and the cathode, shortening the cycle life of the batteries.
“The U.S. can leverage its global leadership in lead-acid battery manufacturing capacity to position itself as a leader in advanced battery manufacturing without investing billions of dollars in Giga scale factories. We invest in companies that are building earth’s most vital ventures, and energy storage is one of the most powerful areas of innovation to get to net zero greenhouse gas emissions. Enzinc’s technology unlocks the ability to transform these existing factories into powerhouses for advanced batteries,” said Joshua Phitoussi, co-founder and managing partner at TO VC.
The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market. The company recently launched its Manufacturing Technology Center in Oakland, California, to provide zinc batteries for mobility and stationary energy storage applications.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In July, e-Zinc, a developer of zinc-air-based long-duration energy storage solutions, <a href="https://cms.mercomindia.com/e-zinc-raises-additional-31-million-in-series-a2-funding/" target="_blank" rel="noopener">raised</a> an additional $31 million in Series A2 financing. This funding round was led by Evok Innovations, with additional investments from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners.

Zinc Battery Developer Enzinc Secures $8 Million

enzinc

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