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EVOS, an electric vehicle (EV) charging solutions provider, <a href="https://cms.mercomindia.com/ev-charging-solutions-provider-evos-secures-5-million/" target="_blank" rel="noopener">secured</a> $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others. The company initially raised $1.7 million to help it expand its team and commercialize its technology.
U.S.-based solar modules manufacturer First Solar has <a href="https://cms.mercomindia.com/first-solar-secures-1-billion-revolving-credit-and-guarantee-facility/" target="_blank" rel="noopener">secured</a> a five-year revolving credit and guarantee facility worth $1 billion. The facility includes up to $250 million for issuing letters of credit. The revolving credit facility is expected to provide the company with the necessary financial leeway and flexibility while balancing its ability to grow in response to the demand for its technology.
Spain-based independent power producer Iberdrola has <a href="https://www.mercomindia.com/spain-based-utility-931-million-through-green-bonds" target="_blank" rel="noopener">issued</a> ten-year green bonds raising about €850 million (~$930.64 million). The proceeds from the bond issuance will be allocated to green-eligible assets, as defined in Iberdrola’s Green Financing Framework. The bond issuance witnessed demand exceeding €2 billion (~$ 2.1 billion).
Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has <a href="https://www.mercomindia.com/battery-smart-pre-series-funding" target="_blank" rel="noopener">raised</a> $33 million by closing a pre-series B funding round. The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally.
Indian electric-two-wheeler manufacturing startup Vegh has <a href="https://www.mercomindia.com/ev-vegh-raises-5-million-expand-manufacturing" target="_blank" rel="noopener">secured</a> $5 million in a strategic pre-series investment round from an undisclosed investor. The funds will be used to support Vegh’s working capital needs, including creating a robust sales and distribution network and expanding its manufacturing capabilities for EV parts.
NEU Battery Materials, a lithium-ion battery recycling startup, <a href="https://cms.mercomindia.com/neu-battery-materials-raises-3-7-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.7 million in an oversubscribed Seed Funding Round led by SGInnovate, a Singapore government-backed Deep Tech investor and ecosystem builder. ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors joined the round.
Go Eve, an EV Charging solutions provider, <a href="https://cms.mercomindia.com/go-eve-raises-ev-charging-technology/" target="_blank" rel="noopener">secured</a> £3 million (~$3.9 million) in its first funding round, valuing the business at £12.6 million (~$16.2 million). The first funding round was led by The Pearl Family Office, a multi-family office that invests in sustainable and innovative businesses along with other investors.  Go Eve plans to use the funds to secure its supply chains, ramp up production, and install its DockChain system on sites across Europe and the US over the summer. The company aims to ensure volume availability in both markets before the end of the year and expand its presence in other regions.
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/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-microgrid-solutions-provider-nuru-raises-40-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Solutions Provider EVOS Raises $5 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charging-solutions-provider-evos-raises-5-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
EVOS, an electric vehicle (EV) charging solutions provider, <a href="https://mercomcapital.com/ev-charging-solutions-provider-evos-secures-5-million/" target="_blank" rel="noopener">secured</a> $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others. The company initially raised $1.7 million to help it expand its team and commercialize its technology.
U.S.-based solar modules manufacturer First Solar has <a href="https://mercomcapital.com/first-solar-secures-1-billion-revolving-credit-and-guarantee-facility/" target="_blank" rel="noopener">secured</a> a five-year revolving credit and guarantee facility worth $1 billion. The facility includes up to $250 million for issuing letters of credit. The revolving credit facility is expected to provide the company with the necessary financial leeway and flexibility while balancing its ability to grow in response to the demand for its technology.
Spain-based independent power producer Iberdrola has <a href="https://www.mercomindia.com/spain-based-utility-931-million-through-green-bonds" target="_blank" rel="noopener">issued</a> ten-year green bonds raising about €850 million (~$930.64 million). The proceeds from the bond issuance will be allocated to green-eligible assets, as defined in Iberdrola’s Green Financing Framework. The bond issuance witnessed demand exceeding €2 billion (~$ 2.1 billion).
Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has <a href="https://www.mercomindia.com/battery-smart-pre-series-funding" target="_blank" rel="noopener">raised</a> $33 million by closing a pre-series B funding round. The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally.
Indian electric-two-wheeler manufacturing startup Vegh has <a href="https://www.mercomindia.com/ev-vegh-raises-5-million-expand-manufacturing" target="_blank" rel="noopener">secured</a> $5 million in a strategic pre-series investment round from an undisclosed investor. The funds will be used to support Vegh’s working capital needs, including creating a robust sales and distribution network and expanding its manufacturing capabilities for EV parts.
NEU Battery Materials, a lithium-ion battery recycling startup, <a href="https://mercomcapital.com/neu-battery-materials-raises-3-7-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.7 million in an oversubscribed Seed Funding Round led by SGInnovate, a Singapore government-backed Deep Tech investor and ecosystem builder. ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors joined the round.
Go Eve, an EV Charging solutions provider, <a href="https://mercomcapital.com/go-eve-raises-ev-charging-technology/" target="_blank" rel="noopener">secured</a> £3 million (~$3.9 million) in its first funding round, valuing the business at £12.6 million (~$16.2 million). The first funding round was led by The Pearl Family Office, a multi-family office that invests in sustainable and innovative businesses along with other investors.  Go Eve plans to use the funds to secure its supply chains, ramp up production, and install its DockChain system on sites across Europe and the US over the summer. The company aims to ensure volume availability in both markets before the end of the year and expand its presence in other regions.
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/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-microgrid-solutions-provider-nuru-raises-40-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://evos.com.au/" target="_blank" rel="noopener">EVOS</a>, a provider of EV Charging solutions, secured $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others. The company initially raised $1.7 million to help it expand its team and commercialize its technology.
“The investment is going to help us build on these market-leading technologies and allow us to deliver our technology roadmap,” said Chief Experience &amp; Innovation Officer Seshan Weeratunga. “We aim to simplify everything, from installation to charging and energy management. We take this idea into every product we create, resulting in a seamless user experience.”
EVOS’ Energy Management systems allow customers to install more EV charging stations that share existing power between them and avoid costly upgrades. The company manages the individual power output of each charging station to ensure the maximum load set is never exceeded.
“Some of the barriers to EV adoption have gone down, and we’re seeing a pickup in sales locally – yet the issue holding EVs back from being the logical and only next vehicle purchase for many people here is the availability of charging infrastructure suited to their requirements,” said Chief Technology Officer Chris Crossman.
According to Mercom’s Q1 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage and Smart Grid. There was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, funding in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.
Earlier this year, ChargeLab, an electric vehicle (EV) charging software provider, <a href="https://cms.mercomindia.com/ev-charging-software-startup-chargelab-raises-15-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> an additional $15 million in funding, bringing its total Series A round to $30 million. The new financing includes $10 million in equity and $5 million in venture debt.

EV Charging Solutions Provider EVOS Secures $5 Million

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