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Addionics, an Israel-based chemistry-agnostic battery technology company, <a href="https://cms.mercomindia.com/battery-manufacturer-addionics-closes-39-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors. The investment will allow Addionics to build up teams across the globe and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.
d.light, a provider of off-grid solar solutions, <a href="https://cms.mercomindia.com/off-grid-solar-company-d-light-secures-176-million-securitization-facility/" target="_blank" rel="noopener">closed</a> a securitization facility that will purchase $176 million of receivables in Kenya, Tanzania, and Uganda. A social impact-focused asset management company, African Frontier Capital, is providing the funding. d.light will use the facility to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.
Splight, an AI-based smart grid solutions provider, has <a href="https://cms.mercomindia.com/splight-secures-12-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> a $12 million seed funding round led by noa (formerly A/O). EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation also joined this round. This funding will support the company expand its presence across North America and the European Union. Splight aims to cater to growing renewable energy demand and the need for efficient grid operations, stating it has developed a new AI-based technology that tackles grid congestion using inverter-based resources as a source of reliability.
Noida-based sustainable biogas solutions company Gruner Renewable Energy has <a href="https://www.mercomindia.com/gruner-renewable-energy-secures-60-million" target="_blank" rel="noopener">secured</a> funding of $60 million to establish new compressed biogas (CBG) plants across the country. Gruner is also setting up one of Asia’s largest CBG plants in Navsari, Gujarat. The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy. Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.
Solar EPC and turnkey solution provider Rays Power Infra has <a href="https://www.mercomindia.com/rays-power-infra-raises-%E2%82%B91-27-billion-via-equity-sale" target="_blank" rel="noopener">raised</a> ₹1.27 billion (~$15.17 million) in equity capital from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds. The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital. The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.
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-peak-energy-secures-55-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Maker Addionics Raises $39 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-maker-addionics-raises-39-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Addionics, an Israel-based chemistry-agnostic battery technology company, <a href="https://mercomcapital.com/battery-manufacturer-addionics-closes-39-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors. The investment will allow Addionics to build up teams across the globe and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.
d.light, a provider of off-grid solar solutions, <a href="https://mercomcapital.com/off-grid-solar-company-d-light-secures-176-million-securitization-facility/" target="_blank" rel="noopener">closed</a> a securitization facility that will purchase $176 million of receivables in Kenya, Tanzania, and Uganda. A social impact-focused asset management company, African Frontier Capital, is providing the funding. d.light will use the facility to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.
Splight, an AI-based smart grid solutions provider, has <a href="https://mercomcapital.com/splight-secures-12-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> a $12 million seed funding round led by noa (formerly A/O). EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation also joined this round. This funding will support the company expand its presence across North America and the European Union. Splight aims to cater to growing renewable energy demand and the need for efficient grid operations, stating it has developed a new AI-based technology that tackles grid congestion using inverter-based resources as a source of reliability.
Noida-based sustainable biogas solutions company Gruner Renewable Energy has <a href="https://www.mercomindia.com/gruner-renewable-energy-secures-60-million" target="_blank" rel="noopener">secured</a> funding of $60 million to establish new compressed biogas (CBG) plants across the country. Gruner is also setting up one of Asia’s largest CBG plants in Navsari, Gujarat. The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy. Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.
Solar EPC and turnkey solution provider Rays Power Infra has <a href="https://www.mercomindia.com/rays-power-infra-raises-%E2%82%B91-27-billion-via-equity-sale" target="_blank" rel="noopener">raised</a> ₹1.27 billion (~$15.17 million) in equity capital from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds. The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital. The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.
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-peak-energy-secures-55-million" target="_blank" rel="noopener">roundup</a>.

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					</table>Noida-based sustainable biogas solutions company <a href="https://grunerrenewable.com/" target="_blank" rel="noopener">Gruner Renewable Energy</a> has secured funding of $60 million to establish new Compressed biogas (CBG) plants across the country.
Gruner is also setting up one of Asia&#8217;s largest CBG plants in Navsari, Gujarat.
The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy.
Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.
In April 2024, Gruner secured projects worth ₹15 billion (~$ 179.14 million) to set up CBG plants with a total production capacity of 88,000 tons of CBG per year. The projects are proposed to be set up in Ayodhya in Uttar Pradesh, Satna in Madhya Pradesh, Balasore in Odisha, Navsari in Gujarat, Yavatmal in Maharashtra, and Vijayawada and Rajahmundry in Andhra Pradesh, among others.
Utkarsh Gupta, Founder &amp; CEO, Gruner Renewable Energy, said, &#8220;By promoting clean energy production and reducing dependence on imported compressed natural gas (CNG), we contribute significantly to India&#8217;s vision of energy independence.&#8221;
In 2023, the Petroleum Ministry <a href="https://www.mercomindia.com/government-mandates-biogas-in-cng-and-png" target="_blank" rel="noopener">announced</a> the phased blending of CBG in Compressed Natural Gas (CNG) for the transport sector and Piped Natural Gas(PNG) for domestic use.
The CBG Blending Obligation (CBO) aims to promote circular economy principles and reduce greenhouse gas emissions. The CBO will be implemented in phases, with voluntary participation until the fiscal year FY 2024-2025, followed by mandatory blending obligations from FY 2025-26.
In the Union Budget 2023-2024, the Indian government <a href="https://www.mercomindia.com/gobardhan-biogas-plants-registered-nationally" target="_blank" rel="noopener">decided</a> to establish 500 new waste-to-wealth plants under the Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) initiative. Within 60 days of its introduction in June 2023, the GOBARdhan initiative garnered registrations for over 1200 plants.
Earlier this year, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-small-biogas-projects" target="_blank" rel="noopener">invited</a> proposals for innovative and new design or material-based small biogas projects with a daily generation capacity of 1 to 25 cubic meters. It has sought changes to existing designs for simple, efficient, cost-effective village-level biogas usage.

Gruner Renewable Energy Secures 60 Million to Set Up CBG plants

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