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GlassPoint, a company that provides solar thermal-based energy solutions, has <a href="https://cms.mercomindia.com/solar-thermal-company-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">closed</a> $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital. The investment will help advance its existing megaprojects and expand power generation worldwide, with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
ICG, the global alternative asset manager, <a href="https://cms.mercomindia.com/icg-acquires-majority-stake-in-energy-storage-developer-ray8-energy/" target="_blank" rel="noopener">announced</a> that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects. Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements.
Berlin-based climate fintech company Cloover has <a href="https://www.mercomindia.com/climate-fintech-company-cloover-raises-1-2-billion-in-debt-equity" target="_blank" rel="noopener">secured</a> over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions. The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility. Additionally, Cloover also received a €300 million guarantee from the European Investment Fund.
Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has <a href="https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl" target="_blank" rel="noopener">announced</a> the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million). The acquisition is expected to be completed by April 30, 2026. APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).
Power transmission and renewable energy company IndiGrid has <a href="https://www.mercomindia.com/indigrid-raises-%E2%82%B915-billion-in-funding-through-institutional-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$163.15 million) in funding through an institutional placement, bringing the total funds raised in the financial year 2026 to ₹19.38 billion (~$210.8 million). IndiGrid Investment Managers, the investment management arm of IndiGrid, approved this fundraise last year. Existing and new long-only domestic and global institutional investors, including 10 insurance companies and six mutual funds, participated in the institutional placement process.
Eversource Capital’s green mobility arm, GreenCell Mobility, has <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment (BII), IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. BII has committed $33 million to the funding round. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses.
Solar energy financing firm, Aerem Solutions, has <a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-15-million-in-pre-series-b-round" target="_blank" rel="noopener">raised</a> $15 million (~₹1.36 billion) in a pre-series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation. The funding round also saw participation from existing institutional investors, British International Investment, The University of Tokyo Edge Capital Partners, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures, the venture arm of Schneider Electric.
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-and-ma-roundup-terralayr-secures-223-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: GlassPoint Secures $20 Million in Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
GlassPoint, a company that provides solar thermal-based energy solutions, has <a href="https://mercomcapital.com/solar-thermal-company-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">closed</a> $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital. The investment will help advance its existing megaprojects and expand power generation worldwide, with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
ICG, the global alternative asset manager, <a href="https://mercomcapital.com/icg-acquires-majority-stake-in-energy-storage-developer-ray8-energy/" target="_blank" rel="noopener">announced</a> that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects. Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements.
Berlin-based climate fintech company Cloover has <a href="https://www.mercomindia.com/climate-fintech-company-cloover-raises-1-2-billion-in-debt-equity" target="_blank" rel="noopener">secured</a> over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions. The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility. Additionally, Cloover also received a €300 million guarantee from the European Investment Fund.
Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has <a href="https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl" target="_blank" rel="noopener">announced</a> the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million). The acquisition is expected to be completed by April 30, 2026. APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).
Power transmission and renewable energy company IndiGrid has <a href="https://www.mercomindia.com/indigrid-raises-%E2%82%B915-billion-in-funding-through-institutional-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$163.15 million) in funding through an institutional placement, bringing the total funds raised in the financial year 2026 to ₹19.38 billion (~$210.8 million). IndiGrid Investment Managers, the investment management arm of IndiGrid, approved this fundraise last year. Existing and new long-only domestic and global institutional investors, including 10 insurance companies and six mutual funds, participated in the institutional placement process.
Eversource Capital’s green mobility arm, GreenCell Mobility, has <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment (BII), IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. BII has committed $33 million to the funding round. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses.
Solar energy financing firm, Aerem Solutions, has <a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-15-million-in-pre-series-b-round" target="_blank" rel="noopener">raised</a> $15 million (~₹1.36 billion) in a pre-series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation. The funding round also saw participation from existing institutional investors, British International Investment, The University of Tokyo Edge Capital Partners, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures, the venture arm of Schneider Electric.
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-terralayr-secures-223-million-2" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.glasspoint.com/" target="_blank" rel="noopener">GlassPoint</a>, a company that provides solar thermal-based energy solutions, has closed $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital.
The investment will help to advance its existing megaprojects as well as power expansion across the globe with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
The company, with its Enclosed Trough system, offers a low-cost method of converting sunlight into industrial heat by capturing nearly 70% of available solar energy, while the company’s Unify Storage System enables delivery of clean thermal energy to its customers when needed.
The funding comes on the heels of GlassPoint&#8217;s partnership with Searles Valley Minerals to deploy 750 MWth of GlassPoint&#8217;s advanced solar technology to reduce costs while beginning to decommission the last two coal-fired plants in California.
The company continues to advance its flagship 1.5 GWth project with Ma&#8217;aden to decarbonize a bauxite refinery in Saudi Arabia.
&#8220;GlassPoint provides industry leaders with a proven solution to deliver industrial process heat at the lowest cost,&#8221; said Rod MacGregor, CEO of GlassPoint. &#8220;With this latest round of financing, we will expand into several new global markets where GlassPoint’s technology delivers compelling value. We look forward to helping leaders across mining, oil &amp; gas, and building materials achieve a significant cost advantage against their competitors.&#8221;
Using this funding, the company also plans to expand its technology center in Stuttgart, Germany, by hiring leading technologists and engineers, as well as business development, engineering, and finance talent in Dubai and the U. S.
According to Mercom&#8217;s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, Global VC and private equity funding in the solar sector in 2025 totaled $3.5 billion across 75 deals, 22% lower than the $4.5 billion raised in 60 deals in 2024. There were eight VC funding deals of $100 million or more in 2025.

Solar Thermal Company GlassPoint Secures $20 Million in Funding

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