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Industry Opines Budget 2026 Marks a Focus Shift to Stable Renewables


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					</table><p>Integrated home battery systems and virtual power plant (VPP) software provider, <a href="https://www.lunarenergy.com/" target="_blank" rel="noopener">Lunar Energy</a>, has raised $102 million in a Series D funding round led by B Capital and Prelude Ventures.</p>
<p>Lunar Energy will utilize the funding to expand its hardware and software products. It will also use the funding to scale its AI-driven distributed power software platform, Lunar Gridshare. Lunar Energy said this platform is managing major distributed resources/VPP programs in the U.S.</p>
<p>The company had earlier raised $130 million in an unannounced Series C funding round led by Activate Capital. Funding from these two rounds totaled $232 million.</p>
<p>These funding rounds also included participation from DCVC, Piva Capital, Leitmotif, Sunrun, Itochu Corporation, and Q Capital Partners.</p>
<p>Lunar Energy is managing 650 MW of distributed energy devices.</p>
<p>The company’s major clients include residential solar and battery storage provider Sunrun, which utilizes the Gridshare platform for its distributed power plants in multiple markets, such as New England, Hawaii, and Puerto Rico. The platform is also used by non-profit electricity procurement entity, California Community Choice Aggregators, to develop and deploy new distributed power programs across the state.</p>
<p>Lunar Energy’s clients also include utilities and retailers in Europe and Asia.</p>
<p>The company said its VPP earned customers an average of $464 per customer. It also claimed that the software provided customers with an additional $338  in savings compared to a standard home battery operating mode.</p>
<p>Venture capital investment in energy storage gained momentum in 2025, rising 30% year over year to $4.8 billion across 75 deals, even as total corporate funding for the sector declined 19% to $16.2 billion, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage.</a></p>
<p>Overall corporate funding totaled $16.2 billion across 119 deals in 2025, down from $19.9 billion raised through 116 deals in 2024. Despite the decline in total capital raised, deal activity increased 3% during the year, indicating continued investor engagement in the sector.</p>


VPP Software Provider Lunar Energy Raises $232 Million


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					</table><p>The board of directors of renewable energy solutions provider <a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a> has approved a proposal to raise ₹4.75 billion (~$52.99 million) by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia.</p>
<p>Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.</p>
<p>Quyosh Energia can subscribe to one equity share of face value of ₹5 (~$0.055) for each warrant at an issue price of ₹470.3 (~$5.19). The warrants are being issued at a premium of ₹465.3 (~$5.14) each.</p>
<p>A minimum of 25% of the warrant price must be paid at the time of allotment, and 75% must be paid when the warrant is converted into equity shares.</p>
<p>In September 2025, KPI Green Energy’s board of directors <a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B96-7-billion-through-green-bonds-issue" target="_blank" rel="noopener">approved</a> the issuance of ₹6.7 billion (~$76.05 million) in green bonds through a private placement to eligible investors.</p>
<p>In the same month, the company also <a href="https://www.mercomindia.com/kpi-green-secures-%E2%82%B932-billion-loan-from-sbi-for-1-gw-renewable-energy-projects" target="_blank" rel="noopener">secured</a> approval from the State Bank of India for a ₹32 billion (~$360.77 million) loan for its solar and hybrid independent power producer projects in Gujarat. The approval was for fund-based and non-fund-based facilities to part-finance the development of KPI Green’s 250 MW solar and 370 MW hybrid projects in Gujarat.</p>
<p>KPI recently <a href="https://www.mercomindia.com/kpi-green-epc-contract-110-mw-floating-solar-project-gujarat" target="_blank" rel="noopener">received</a> a work order from Gujarat State Electricity Corporation for the engineering, procurement, and construction (EPC) of a 110 MW floating solar project at the Kadana Dam reservoir in Mahisagar, Gujarat.</p>
<p>In November, the company <a href="https://www.mercomindia.com/kpi-green-bags-epc-contract-from-sjvn-for-200-mw-solar-project-in-gujarat" target="_blank" rel="noopener">signed</a> contracts with SJVN for the EPC of a 200 MW solar project at the Gujarat Industries Power Company Renewable Energy Park in Khavda.</p>
<p>In October, KPI Green Energy <a href="https://www.mercomindia.com/kpi-green-bags-600-mw-solar-plus-storage-fve-lifecare" target="_blank" rel="noopener">received</a> a letter of intent from UAE-based FVE Lifecare General Trading  to develop a 600 MW solar plus storage project in India at an estimated cost of ₹10.5 billion (~$119.02 million).</p>


KPI Green to Raise ₹4.75 Billion from Promoter Group Quyosh Energia


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					</table><p>Solar module manufacturer <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a>’s initial public offering (IPO) was oversubscribed 54.63 times at the end of the bidding window on August 21, 2025.</p>
<p>The price band was set at ₹315 (~$3.6) to ₹332 (~$3.6) per equity share with a face value of ₹10 (~$0.11). The IPO saw bids for 2.47 billion shares, exceeding the 45 million shares on offer.</p>
<p>Qualified institutional buyers led the demand, with a subscription rate of 142.9, followed by non-institutional investors at 50.9 and retail individual investors at 7.65. The employees’ portion was oversubscribed by 4.84 times.</p>
<p>The shares will likely be listed on BSE and NSE on August 26, 2025.</p>
<p>In June 2025, Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-gets-sebi-approval-for-ipo-to-fund-expansion-plans" target="_blank" rel="noopener">received</a> approval from the Securities and Exchange Board of India to proceed with its IPO.</p>
<p>The IPO consisted of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. The face value of each equity share is ₹10 (~$0.11).</p>
<p>Ahead of the IPO, Vikram Solar raised ₹6.21 billion (~$71.32 million) from anchor investors. The company allotted 18.7 million shares at ₹ 332 (~$3.81) apiece to 43 anchor investors.</p>
<p>The proceeds from the fresh issue will be utilized for capital expenditure through investment in Vikram Solar’s wholly owned subsidiary, VSL Green Power. Of the total amount, ₹7.93 billion (~$92.42 million) will be deployed for partial funding of an integrated solar cell and module manufacturing facility.</p>
<p>In 2025, five companies in the solar sector filed papers with the market regulators to raise funds through the IPO route.</p>
<p>In July 2025, Bengaluru-based solar cell and module manufacturer Emmvee Photovoltaic Power <a href="https://www.mercomindia.com/emmvee-photovoltaic-draft-papers-30-billion-ipo" target="_blank" rel="noopener">filed</a> a draft red herring prospectus (DRHP) with the SEBI to raise ₹30 billion (~$350.12 million) through an IPO.</p>
<p>In June 2025, independent renewable energy producer Juniper Green Energy filed papers to raise over ₹30 billion (~$349 million) through an IPO.</p>


Vikram Solar’s IPO Oversubscribed by Over 54 Times 


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					</table><p>Combined carbon dioxide (CO<sub>2</sub>) removal and green hydrogen production company <a href="https://www.equatic.tech/" target="_blank" rel="noopener">Equatic</a> has closed its Series A funding round, raising $ 11.6 million. The funding round was led by <a href="https://www.temasektrust.org.sg/" target="_blank" rel="noopener">Temasek Trust</a>’s catalytic vehicle, Catalytic Capital for Climate and Health, and Singapore-based private investment office <a href="https://kiboinvest.com/" target="_blank" rel="noopener">Kibo Invest</a>.</p>
<p>Equatic will utilize the funds to accelerate the engineering scale-up and commercialization of its patented seawater electrolysis technology. The company claims to produce green hydrogen from seawater while capturing and storing carbon dioxide.</p>
<p>The funding will also support the ongoing engineering of the company’s first 100-kiloton CO<sub>2  </sub>removal commercial facility. It will also aid in further commercialization, manufacturing, and technological development of Equatic’s solutions.</p>
<p>Gaurav N. Sant, Founder and Chief Technology Officer at Equatic, said, “This investment marks a pivotal moment for Equatic, enabling us to significantly scale our production capabilities and accelerate our mission to deliver durable carbon removal at scale.”</p>
<p>“Truly innovative carbon management technologies are needed to mitigate climate change before the consequences become irreversible,” said John Browne, Chairman of Equatic’s Advisory Board, and Founder and Chairman at BeyondNetZero. “By removing carbon dioxide and simultaneously generating green hydrogen, Equatic’s solution provides unique advantages in terms of cost and scalability.”</p>
<p>Equatic has deployed its technology at two pilot plants in Los Angeles and Singapore. It is expanding its operations with Equatic-1, a demonstration plant in Singapore. The company is also setting up a commercial-scale plant in Canada. Its proprietary technology is designed to capture atmospheric CO<sub>2 </sub>to produce green hydrogen through what it claims to be a single and scalable process.</p>
<p>A Cornell University-led research team claimed to have <a href="https://www.mercomindia.com/researchers-use-sunlight-and-seawater-to-produce-low-cost-green-hydrogen" target="_blank" rel="noopener">developed</a> a sustainable and low-cost method to produce carbon-free green hydrogen using just sunlight and seawater as inputs.</p>
<p>In 2024, engineers from the University of Illinois, Chicago, <a href="https://www.mercomindia.com/researchers-use-sunlight-and-seawater-to-produce-low-cost-green-hydrogen" target="_blank" rel="noopener">developed</a> a novel method to produce hydrogen from water utilizing only solar power and agricultural waste such as manure or husks. This novel technique claimed to reduce the energy required to extract hydrogen from water by 600%.</p>


Carbon Removal Firm Equatic Raises $11.6 Million in Series A Round


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					</table><p>Electric vehicle (EV) charging software platform <a href="https://kazam.energy/" target="_blank" rel="noopener">Kazam</a> has raised $6.2 million in a Series B funding round from the International Finance Corporation (<a href="https://www.ifc.org/en/home" target="_blank" rel="noopener">IFC</a>) and existing investors <a href="https://www.vertexventures.sg/" target="_blank" rel="noopener">Vertex Ventures SEA and India</a> and <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital Advisors.</a></p>
<p>The newly raised funds will be used to support the company’s expansion across markets with its energy transition tools.</p>
<p>The latest round of funding has increased Kazam’s total capital raised to $19.2 million. This funding includes $13 million in equity from past rounds led by Avaana Capital Advisors, Vertex Ventures SEA and India, and Chakra Ventures.</p>
<p>Kazam offers device-agnostic solutions to charging and battery-swapping operators, fleet operators, and electricity grid companies.</p>
<p>The company said it has onboarded over 68,000 chargers, enabled more than 5 million charging sessions, and facilitated 45 GWh of energy. Kazam claims its platform powered 25 million electric kilometers across 80 cities and 10 countries last month.</p>
<p>EV adoption has been seeing an uptick in the country, with sales <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2025" target="_blank" rel="noopener">reaching</a> 514,198 units in the first quarter (Q1) of 2025, an over 3% year-over-year increase from 499,930 units. India now has over 5.91 million registered EVs.</p>
<p>These vehicles account for 8% of overall automobile sales, which totaled 6,371,476 units in Q1 2025, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.</p>
<p>In March this year, the Ministry of Heavy Industries Importing battery modules, PMP components, and other EV components in complete knockdown form from a single supplier has also been prohibited.</p>
<p>The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">focuses</a> on providing demand incentives, deploying EVs, and developing charging infrastructure to support wider EV adoption.</p>


EV Charging Software Platform Kazam Raises $6.2 Million in Series B Funding


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					</table><p><a href="https://www.mercomindia.com/himachal-regulator-allows-solar-power-from-seci" target="_blank" rel="noopener">The Himachal Pradesh Electricity Regulatory Commission has allowed Himachal Pradesh State Electricity Board to procure 550 MW of inter-state</a> transmission system-connected solar power from the Solar Energy Corporation of India for a period of 25 years. The agreed tariff for the power is ₹2.56 (~$0.030)/kWh, with an additional trading margin of ₹0.07 (~$0.00082)/kWh payable to SECI.</p>
<p><a href="https://www.mercomindia.com/karnataka-floats-epc-tender-for-1-2-mw-solar-project" target="_blank" rel="noopener">The Karnataka Renewable Energy Development has floated a tender for the engineering, procurement, and construction of a 1.2 MW ground-mounted, grid-</a>connected solar power project with a 300 kW green hydrogen project in Bellary, Karnataka. Selected bidders must design, fabricate, supply, install, test, commission, and provide operation and maintenance services for ten years. They must also provide a power evacuation setup within the Karnataka Power Corporation’s Bellary premises.</p>
<p><a href="https://www.mercomindia.com/hpcl-solar-power-project-in-gujarat" target="_blank" rel="noopener">Hindustan Petroleum Corporation has issued a tender for designing, supplying, installing, and commissioning a 1.2 MW ground-mounted solar power project at its</a> Palanpur Vadodara pipeline in Gujarat. Selected bidders must design, engineer, procure and supply materials, and construct the project. They must also test, commission, and demonstrate the project’s performance, alongside laying an 11 kV transmission line for power evacuation.</p>
<p><a href="https://www.mercomindia.com/rmc-switchgears1-gw-solar-module-plant-jaipur" target="_blank" rel="noopener">RMC Switchgears has announced plans to develop a solar module manufacturing project with an annual production capacity of 1 GW in Jaipur, Rajasthan. The project</a> includes an estimated capital expenditure of ₹1 billion (~$12.5 million). The new facility will be adjacent to the company’s current operational project to ensure efficient integration with existing operations. Both projects are expected to become operational by July 2025, with commercial revenues anticipated to begin by August 2025.</p>
<p><a href="https://www.mercomindia.com/rmc-switchgears1-gw-solar-module-plant-jaipur" target="_blank" rel="noopener">Government-owned transmission utility Power Grid Corporation of India (POWERGRID) has approved the issuance of bonds worth up to ₹42.5 billion (~$499.62 million) on a</a> private placement basis. The 80th issue of POWERGRID bonds (2024–25) comes with a base size of ₹10 billion (~$117.56 million) and a greenshoe option of ₹32.5 billion (~$382.07 million). These bonds are unsecured, non-convertible, non-cumulative, redeemable, and taxable. They are structured for 10 years and redeemable at par at the end of the term. Interest on the bonds will be paid annually.</p>
<p><a href="https://www.mercomindia.com/swelect-raise-debenture-sale" target="_blank" rel="noopener">Solar module manufacturer SWELECT Energy Systems has proposed raising ₹1.38 billion (~$16.22 million) by issuing 1,385 non-convertible debentures (NCDs) with a face</a> value of ₹1 million (~$11,757) each through private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs will have a tenure of 12.5 years and a 9.5% average interest rate. The funds will strengthen the company’s finances. The company board has also approved the conversion of ₹400 million (~$4.7 million) in loans into 4 million preference shares at ₹100 (~$1.18) each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics.</p>
<p><a href="https://www.mercomindia.com/agri-solar-solutions-provider-gk-energy-files-papers-for-%E2%82%B95-01-billion-ipo" target="_blank" rel="noopener">Maharashtra-based agri-solar solutions provider GK Energy has filed the draft red herring prospectus to raise over ₹5.01 billion (~$60.02 million) through an initial</a> public offering (IPO). The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714). The company will utilize the funds raised for its long-term working capital requirements of ₹4.22 billion (~$49.66 million) and the remaining towards its general corporate purposes.</p>


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