Month in a Minute: Top Headlines from the Indian Renewable Sector in November 2025

TNGECL Invites Bids for 20 MW Rooftop Solar Projects on Government Buildings

MNRE Flags Solar Module Glut, Asks Lenders to Fund Upstream Manufacturing

Mahanadi Coalfields Issues EoI for 60 MWh BESS Project in Odisha

Rajasthan May Have 13 GW of Spare Grid Capacity for Renewables in FY 2026

Waaree Wins 288 MW Solar Module Supply Order in the US

UPERC Approves Tariffs for 129 MW Projects Under KUSUM

US Solar Companies Demand End to Permitting Moratorium

Diamond Power Bags ₹7.47 Billion Transmission Cable Order from Adani Green

Germany Awards 1.09 GW In Biomass and Rooftop Solar Auctions


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					</table><p>From: <a href="https://mercomcapital.com/funding-ma-roundup-residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>SunPower, a solar technology, services, and installation company, </strong><a href="https://mercomcapital.com/residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of Ambia Solar, a solar panel installation company based in Lindon, Utah</strong>. Both companies previously signed a non-binding letter of intent on November 11 for $37.5 million in equity, and the transaction was closed subject to customary closing conditions.</p>
<p><strong>Eos Energy, a U.S.-based energy storage company that designs and manufactures long-duration zinc-based battery systems for grid and industrial applications, has </strong><a href="https://mercomcapital.com/eos-energy-closes-600-million-convertible-senior-notes/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a previously announced</strong> $600 million convertible senior notes offering. According to the transaction, the offering of 1.75% convertible senior notes due 2031 generated approximately $580.5 million in net proceeds. With the initial purchasers fully exercising their option to buy additional notes, the company now has $600 million in total convertible notes issued and outstanding.</p>
<p><strong>Ecobat, a battery recycling company, has </strong><a href="https://mercomcapital.com/ecobat-sells-uk-operations-to-funds-advised-by-splitstone-capital/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the sale of its UK battery recycling and specialty lead operations to funds advised by Splitstone Capital</strong>, a UK-based private equity firm. The transaction includes Ecobat’s facility in Matlock and the company’s lead sheet mill in Welwyn Garden City.</p>
<p><strong>Brookfield Asset Management, an asset manager specializing in renewable energy, infrastructure, real estate, and private equity, </strong><a href="https://mercomcapital.com/brookfield-asset-management-acquires-alba-renewables/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the acquisition of Alba Renewables</strong>, a renewable energy project developer. This acquisition marks Brookfield’s entry into the Philippines, Thailand and Vietnam.</p>
<p><strong>Ecoplexus, a utility-scale solar and storage project developer, </strong><a href="https://mercomcapital.com/ecoplexus-secures-300-million-credit-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $300 million credit facility from capital accounts advised by KKR</strong>, an investment firm. The facility comprises development capital and a letter of credit facility provided by Sumitomo Mitsui Banking Corporation. The funding will be used to support the expansion of the company’s portfolio of over 13 GW of solar and storage projects across the U.S., and to advance several large-scale projects that will begin construction in the near term.</p>
<p><strong>Switzerland-headquartered solar solutions provider Candi Solar has </strong><a href="https://www.mercomindia.com/candi-solar-raises-58-5-million-in-ifc-led-funding-round" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $58.5 million in a funding round</strong> led by the global development institution, International Finance Corporation, to deliver clean, affordable solar solutions in India and South Africa.</p>
<p><strong>India-based electric vehicle solutions company Neuron Energy has </strong><a href="https://www.mercomindia.com/ev-solutions-firm-neuron-energy-raises-%E2%82%B9310-million-in-pre-series-b-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹310 million (~$3.47 million) in a pre-series B round to expand its battery manufacturing capacity</strong>. The funding was led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office, Chona Family Office, along with participation from some reputed family offices and high-net-worth individual investors.</p>
<p><strong>India-based battery-as-a-service company BatteryPool has </strong><a href="https://www.mercomindia.com/ev-charging-platform-batterypool-raises-%E2%82%B980-million-in-pre-series-a-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹80 million (~$895,957) in a pre-series A round led by Inflection Point Ventures</strong>. Indian Angel Network, Chennai Angels, and Keiretsu Forum also participated in this round, along with high-net-worth individuals. BatteryPool said it will utilize the funding to scale its battery fleet by 10 times over the next 18 months to strengthen its nationwide footprint.</p>
<p>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>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-neovolta-to-secure-13-million-in-private-placement-financing/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Residential Solar Company SunPower Acquires Ambia Solar


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					</table><p>U.S.-based energy storage solutions provider <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy Enterprises </a>reported a record revenue of $30.51 million in the third quarter (Q3) of 2025, a 3,500% year-over-year (YoY) increase <a href="https://mercomindia.com/eos-energy-q3-misses-estimates-by-87" target="_blank" rel="noopener">from</a> $854,000.</p>
<p>The revenue reported in the quarter was the highest in the company’s history. However, the revenue fell short of analysts’ expectations by $9.03 million.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture1-7.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-86696 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture1-7.png" alt="" width="441" height="347" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture1-7.png 441w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture1-7-300x236.png 300w" sizes="auto, (max-width: 441px) 100vw, 441px" /></a></p>
<p>Its net loss widened to $641.39 million, increasing 87.05% from $342.88 million in the same quarter last year.</p>
<p>It posted an earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $634 million, an 89.3% rise from the corresponding quarter last year, when it reported a loss of $334.8 million.</p>
<p>The company reported a loss per share of $4.91, compared with $1.77 in the same quarter last year.</p>
<p>The loss per share missed the analysts’ expectations by $2.63.</p>
<p><strong>9M Results</strong></p>
<p>In the first nine months (9M) of 2025, Eos reported a 573% YoY jump in revenue to $56.2 million from $8.35 million.</p>
<p>Net loss rose by 103% to $849.19 million from $417.75 million during the same period last year.</p>
<p>Its EBITDA loss also widened by 111.45% YoY to $823.61 million from $389.5 million.</p>
<p>The loss per share stood at $6.06 compared to a loss per share of $2.3 in 9M 2024.</p>
<p><strong>Business Highlights</strong></p>
<p>Eos Energy’s commercial opportunity pipeline increased by 59% YoY to $22.6 billion, and the order backlog stood at $644.4 million.</p>
<p>Nearly 22% of the pipeline demand came from data centers, with  64% of it at least 6-hour storage solutions.</p>
<p>During the quarter, Eos Energy Enterprises secured a 228 MWh order from Frontier Power to deploy its Eos Z3 energy storage systems across Frontier’s growing grid-reliability and energy storage portfolio.</p>
<p>The company signed a 750 MWh master supply agreement with MN8 Energy.</p>
<p>It also signed a collaboration with Talen Energy to develop multiple gigawatt-hours of storage capacity supporting data centers and AI infrastructure projects in Pennsylvania.</p>
<p>Eos was awarded $24 million in state and county incentives to support its ongoing manufacturing expansion and the establishment of a new software hub in the state.</p>
<p>The company introduced its DawnOS, a battery management, software, controls, and analytics platform.</p>
<p>The company also completed another sale of its production tax credits, monetizing $11.8 million of 45X credits generated in the first few quarters of this year.</p>
<p>Eos achieved the final cash receipt milestone under its Cerberus Capital Management Delayed Draw Term Loan agreement, resulting in $43 million in cash received in October.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-86697 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-3.png" alt="" width="346" height="408" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-3.png 346w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-3-254x300.png 254w" sizes="auto, (max-width: 346px) 100vw, 346px" /></a></p>
<p>In October, it shipped 179% more tubes than it did in the first month of Q3.</p>
<p>Eos said that it is beginning to see a significant increase in activity in the PJM Interconnection and the New York Independent System Operator region, along with the existing growth in the Southwest Power Pool and the Midcontinent Independent System Operator regions.</p>
<p><strong>Outlook</strong></p>
<p>Eos Energy Enterprises stated that it expects full-year revenue to be between $150 million and $160 million, in line with the lower end of its previously forecast range.</p>
<p>The company has also made progress on its subassembly automation at its Turtle Creek manufacturing facility, with all equipment now installed and 88% of its bipolar lines in commercial production.</p>
<p>It plans to scale production to an annualized rate of 2 GWh by the end of 2025 and to more than triple output in Q4.</p>
<p>In Q4, the company plans to ship three times as many batteries as in Q3.</p>


Eos Energy Posts Record Revenue in Q3, But Loss Widens


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					</table><p>U.S.-based energy storage solutions provider <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a> reported a 58% year-over-year (YoY)increase in revenue from $6.6 million to $10.5 million in the first quarter (Q1) of 2025, missing analysts’ expectations by $1.31 million.</p>
<p>The company also recorded the highest quarterly revenue as it ramped production to deliver customer backlogs.</p>
<p>Eos’ net profit for the quarter came in $95.14 million from a net loss of $46.71 million a year ago.</p>
<p>It posted an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $23.77 million in Q1 2025 against an EBITDA loss of $36.37 million in Q1 2024.</p>
<p>The Earnings Per Share (EPS) loss was $0.20 compared to an EPS loss of $0.23 in the same quarter the previous year.</p>
<p>Due to large opportunities in Puerto Rico, Eos expanded its opportunity pipelines to ~60 GWh, amounting to $15.6 billion. The opportunity pipeline also expanded due to several eight-hour targets in CASIO, as well as new direct and indirect data center projects.</p>
<p>Eos Energy has surpassed its customer shipments for 2024 with seven of its Z3 projects under installation and commissioning.</p>
<p>The company entered an agreement with Trip Ventures for a 400 MWh utility-scale energy storage project in Puerto Rico.</p>
<p>It also signed a 5 GWh agreement with Frontier Power for the UK’s Long Duration Energy Storage cap and floor scheme. The company said that the partnership would also open the door to developing local manufacturing in the UK if the project volumes increased.</p>
<p>In March, the company also announced the San Diego Navy energy project. The California Energy Commission fully funds the project, providing essential energy resiliency to the U.S. Navy’s Western fleet.</p>
<p>Eos is expanding its manufacturing line from 1.25 GWh to 2 GWh by the year-end. It plans to automate subassemblies to increase its production volumes.</p>
<p>It completed a small microgrid order for two schools in Florida.</p>
<p>The company has an order book of $9.2 million and discharge energy of 5.4 GWh. It also has ~$4.9 GWh of energy in the field and $680.0 million worth of orders in the backlog. The company also has standalone storage, which amounts to 45% of its ESS.</p>
<p><strong>Outlook </strong></p>
<p>In 2025, Eos expects to achieve revenue between $150 million and $190 million.</p>
<p>In an earnings call, the company said U.S. tariffs on other countries are an upward cost pressure and have created risk within the industry. However, the company expects less exposure from the imposition of tariffs.</p>
<p>With tariffs driving up costs for some U.S. competitors, Eos said it is seeing a growing demand from customers seeking a U.S.-based solution.</p>
<p>The company said that a mandate for high domestic content will allow it to simplify supply chains and relocate supply chains according to its expansion plans.</p>
<p>In Q3 2024, Eos <a href="https://www.mercomindia.com/eos-energy-q3-misses-estimates-by-87" target="_blank" rel="noopener">reported</a> a revenue of $854,000, a 24.9% YoY increase from $684,000. However, this figure was lower than the expected $5.79 million due to supply chain delays affecting the delivery of new Z3 inline enclosures, its latest generation battery module.</p>
<p>In Q2 2024, it <a href="https://www.mercomindia.com/eos-energy-posts-revenue-narrows-net-loss" target="_blank" rel="noopener">reported</a> revenue of $900,000 during the Q2 of 2024, a 261% YoY increase.</p>


Rise in Product Shipment Volume Drives Eos Energy’s Revenue Up 58% YoY


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					</table><p><a href="https://www.mercomindia.com/top-module-mounting-firms-2023" target="_blank" rel="noopener">Goodluck India, Arctech, and GameChange Solar were the top three module mounting structure suppliers to the Indian solar market in the calendar year 2023.</a> Raydean Industries and Strolar Mounting Systems rounded off the top five, according to Mercom’s recently released report, India Solar Market Leaderboard 2024. The top five companies shipped 67% of the mounting structures used in the country’s solar projects during the year.</p>
<p><a href="https://www.mercomindia.com/sjvn-subsidiary-invites-bids-solar-modules" target="_blank" rel="noopener">SJVN Green Energy (SGEL), a wholly owned subsidiary of SJVN, has invited bids for the manufacture and supply of solar photovoltaic modules with a capacity of 376.60 MW for</a> the GUVNL (Phase-XIV) solar power project. The last date to submit bids is June 11, 2024. Bids will be opened on the same day. The bidding process will have two stages, with the first involving the submission of techno-commercial bids, followed by a price bid in the second stage. A reverse auction will then determine the successful bidder.</p>
<p><a href="https://www.mercomindia.com/singareni-collieries-issues-consultancy-solar-project" target="_blank" rel="noopener">Singareni Collieries Company (SCCL), a coal mining company owned by the Government of Telangana and the Government of India, has floated a tender to appoint a project management</a> consultant for a 67.5 MW solar power project. The last date for submission of bids is June 5, 2024. Bids will open on the same day. Bidders must furnish an earnest money deposit of ₹700,000 (~$8,383). They must also pay a transaction fee of 0.03% on their quoted value (on a landed cost basis) plus 18% GST on the transaction fee.</p>
<p><a href="https://www.mercomindia.com/rajasthan-regulator-approves-mw-solar-project" target="_blank" rel="noopener">The Rajasthan Electricity Regulatory Commission (RERC) has adopted a tariff of ₹2.64 (~$0.03)/kWh for NLC India’s (NLCIL) 810 MW intrastate-connected solar photovoltaic power</a> project in Rajasthan. The tariff was discovered through tariff-based competitive bidding under the program for flexibility in generating and scheduling thermal / hydropower stations through bundling with renewable energy.</p>
<p><a href="https://www.mercomindia.com/iex-q4-profits" target="_blank" rel="noopener">The Indian Energy Exchange (IEX) has reported a total income of ₹1.49 billion (~$17.85 million), an increase of 15% year-on-year (YoY) in the fourth quarter of the financial year 2024.</a> The profit after tax (PAT) for the quarter stood at ₹966.86 million (~$11.58 million), a 9% increase YoY. IEX achieved a total trading volume of 30.1 billion units (BU) across all market segments, marking a 15.5% increase from the previous year. The trading volume includes 25.9 BU from the conventional power market, 1 BU from the green market, and 3.25 million Renewable Energy Certificates (RECs), equivalent to 3.2 BU. The REC traded volume surged by nearly 98% YoY.</p>
<p><a href="https://www.mercomindia.com/cerc-draft-deviation-settlement-regulations" target="_blank" rel="noopener">The Central Electricity Regulatory Commission (CERC) has released a draft Deviation Settlement Mechanism (DSM) Regulations 2024 to provide a framework of charges and</a> penalties to treat and settle deviations from scheduled generation or drawal of electricity to ensure grid stability. The charges get progressively steep as the percentage deviation increases from the safe range of 49.90 Hz to 50.05 Hz. They also factor in grid frequency – from paying back at normal rates for moderate deviations to heavy penalties of up to 200% of normal rates for large deviations.</p>
<p><a href="https://www.mercomindia.com/nextracker-q4-net-income-soars" target="_blank" rel="noopener">Solar tracker firm Nextracker‘s fourth-quarter revenue jumped 42% to $737 million in financial year 2024 from $518 million last year, reflecting robust demand for its products.</a> The demand was driven by 27% growth in the U.S. and 89% growth in the rest of the world. Meanwhile, lower cost of sales and robust sales growth, along with optimized supply chains, helped the California-based company’s net income surge 710% to $223 million from $27.5 million in the prior year quarter.</p>
<p><a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener">Enfinity Global, a renewable energy project developer, has announced financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and</a> construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.</p>
<p><a href="https://www.mercomindia.com/coal-india-solar-projects-odisha" target="_blank" rel="noopener">CIL Navikarniya Urja, a wholly-owned subsidiary of Coal India Limited (CIL), has invited bids to commission 20 MW (10 MW x 2) of solar power projects along with the associated transmission</a> system in Jagannath and Lakhanpur, Odisha. Only empanelled engineering, procurement, and construction contractors can participate in this tender. The project should be commissioned within 12 months of receiving the work order. The successful bidder must also provide operation and maintenance services for the project for ten years.</p>
<p><a href="https://www.mercomindia.com/eos-energy-narrows-cuts-direct-material-cost" target="_blank" rel="noopener">Energy storage solutions provider Eos Energy Enterprises narrowed its first quarter, 2024 net loss by 34.7% to $46.71 from $71.6 million in the same quarter of 2023.</a> Eos’ revenue from its their “Z3” semi-automated manufacturing line amounted to $6.6 million, a 25% YoY decrease, primarily due to the timing of customer revenue recognition. The cost of goods sold reached $28.2 million, up 5% YoY, due to a 28% rise in manufacturing volume. Operating expenses totaled $19.5 million, indicating a 3%YoY decrease compared to the prior year.</p>


Daily News Wrap-Up: Top Solar Module Mounting Firms in 2023


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					</table><p>Energy storage solutions provider <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a> recorded a revenue of $684,000 in the third quarter (Q3) of 2023, an 89% year-over-year (YoY) drop from $6.07 million, primarily due to lower sales during the period.</p>
<p>The company’s net income, however, was boosted to $14.93 million profit, a 121% improvement from the $70.72 million of losses reported in Q3 2022. The profits were mainly due to the one-time non-cash accounting adjustments for project commissioning and inventory reserves, which helped reduce $61.80 million from the overall operating expenses and net taxes.</p>
<p>The total operating expenses dropped by 45% YoY from $69.63 million to $38.52 million, driven by a reduction in services.</p>
<p>The cost of goods sold decreased by 57% YoY to $21.3 million on lower sales volume.</p>
<p>In August 2023, Eos Energy also announced the issuance of conditional commitment from the U.S. Department of Energy Loans Program Office for a Title XVII loan of $399 million to support the company’s plans to scale annual production to 8 GWh of storage by 2026.</p>
<p>The company also began commercial production and shipped its first EoS Z3 energy storage systems.</p>
<p>Eos Chief Executive Officer Joe Mastrangelo said, “In just 12 months, we completed the design and developed, manufactured, and shipped our first Eos Z3 cube, incorporating our time-tested 15-year chemistry in a simpler manufacturing process, along with a streamlined energy system configuration. The team is focused on providing stationary storage solutions that are fully manufactured in the United States and provide both the flexibility and safety the market requires.”</p>
<p><strong>First Nine Months </strong></p>
<p>For the first nine months (9M) of 2023, Eos Energy’s revenues dropped to $9.77 million, a 36% YoY drop from $15.26 million.</p>
<p>The net loss for the period also went up 8.7% YoY from $173.2 million to $188.3 million.</p>
<p>The total operating expenses for the period decreased to $120.47 million, a 36% drop from $187.91 million.</p>
<p>The company booked orders of $92.7 million during 9M 2023, increasing the order backlog by 19% YoY to $539 million.</p>
<p>Dominion Energy Virginia also selected Eos Energy to provide longer-duration energy storage for a regional pilot project.</p>
<p>The company has proposed a manufacturing capacity expansion program for the upcoming quarters.</p>
<p>Eos Chief Financial Officer Nathan Kroeker said, “The capacity expansion consists of four state-of-the-art manufacturing lines that would be added over time as supported by customer demand, financial and production forecasts, as well as construction costs. We are currently building out the first line, which we expect to come online in the second quarter of 2024, with additional lines to follow thereafter. Each of the lines are capable and expected to produce over 2 gigawatt hours of storage annually when run at capacity, but we plan to run the first line at 1.25 gigawatt hours annually, which is less than the anticipated nameplate capacity until we implement subassembly automation in the future.”</p>
<p>Eos Energy’s net loss <a href="https://www.mercomindia.com/interest-expense-dents-eos-earnings-q2-23" target="_blank" rel="noopener">widened</a> to $131.6 million for Q2 2023 from $56.7 million YoY, mainly due to higher interest and other expenses, even though the cost of goods came down.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>, the global corporate funding in the energy storage sector witnessed a 31% YoY decrease during the 9M 2023, with a total of $15.2 billion raised across 94 deals.</p>


Eos Energy Q3 Revenues Decrease by 89% YoY as Sales Drop

<p><a href="https://eosenergystorage.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a>, a U.S.-based zinc-powered energy storage systems provider, announced that its wholly-owned subsidiary HI-POWER had signed a $25 million equity financing agreement with <a href="https://trincapinvestment.com/" target="_blank" rel="noopener">Trinity Capital</a>.</p>
<p>The funding will be utilized to acquire equipment that will expand the production of its proprietary aqueous Znyth® batteries.</p>
<p>The company produces long-duration (3-12 hours) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial sites.</p>
<p>Sagar C. Kundra, Chief Financial Officer of Eos Energy Enterprises, said, &#8220;Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy. As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our consumers&#8217; commitment and orders backlog and improve our delivery lead times.&#8221;</p>
<p>Ryan Little, Managing Director of Trinity Capital, said, &#8220;We are proud to partner with the team at Eos, whose mission to build a greener planet for future generations is being driven by their breakthrough Znyth® batteries. We see a massive opportunity ahead for Eos, and their innovative and sustainable design is poised to transform multiple verticals.&#8221;</p>
<p>In November 2020, Eos Energy Enterprises <a href="https://mercomindia.com/zinc-battery-eos-lists-nasdaq/" target="_blank" rel="noopener">completed</a> the business combination with a special-purpose acquisition company (SPAC), B.Riley Principal Merger Corporation II (BMRG), with a pro forma market capitalization of $500 million. The company went public on the Nasdaq capital market in a rare battery energy storage listing.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2021 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, in the first half of 2021, battery storage companies raised $9.6 billion in corporate funding from 41 deals compared to $716 million raised in 19 deals in the same period last year. The report said that funding levels had improved every quarter since Q1 2020. Funding activity, however, slumped in Q1 2020 due to the Covid-19 impact.</p>


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