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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-module-manufacturer-heliup-raises-19-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
HELIUP, a solar module manufacturer for large rooftops of commercial and industrial buildings, <a href="https://mercomcapital.com/solar-module-manufacturer-heliup-raises-19-million-in-funding/" target="_blank" rel="noopener">closed</a> a €16 million (~$19 million) funding round. Supernova Invest led the funding round. Supernova Invest led the funding round, alongside new investors including MAIF Impact, Lita Gestion, C2AD, as well as existing partners Starquest Capital and BNP Paribas Développement. Avolta Partners supported HELIUP in structuring and implementing the transaction.
Energy Vault, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/energy-vault-closes-150-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of an upsized $150 million financing in convertible senior notes against the initially announced $125 million offering. According to Energy Vault, the transaction will enhance the company’s liquidity and financial flexibility while supporting its strategic expansion into higher-margin infrastructure verticals.
Photoncycle, a hydrogen-based energy storage solutions provider, <a href="https://mercomcapital.com/energy-storage-startup-photoncycle-closes-17-million/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series A funding round, led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm. According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.
Qnetic, a company developing long-duration flywheel energy storage systems (FESS), <a href="https://mercomcapital.com/flywheel-energy-storage-systems-provider-qnetic-raises-5-million/" target="_blank" rel="noopener">raised</a> $5 million in a recent funding round. Combined with a $2.1 million equity crowdfunding campaign completed last year, the company has secured a total of $7.1 million in funding over the past 12 months. According to Qnetic, the newly raised capital will be used to support fitting out its California manufacturing facility for low-volume production of its Q500 FESS.
Torrent Power, a power utility, <a href="https://www.mercomindia.com/torrent-power-issues-non-convertible-debentures-worth-%E2%82%B920-billion" target="_blank" rel="noopener">raised</a> ₹20 billion (~$216.58 million) through private placement of secured, non-convertible debentures (NCDs). The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,083), carrying a coupon rate of 7.97% per annum. These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India.
Infrastructure debt fund IL&amp;FS Mutual Fund <a href="https://www.mercomindia.com/ilfs-mutual-fund-commits-%E2%82%B91-25-billion-investment-in-hero-solar-energy" target="_blank" rel="noopener">committed</a> an investment of ₹1.25 billion (~$13.63 million) in Hero Solar Energy, part of renewable energy developer Hero Future Energies, to refinance its debt and support the expansion of its renewable projects. Hero Solar Energy will issue secured debentures to IL&amp;FS to facilitate the deployment of long-term capital.
Holyvolt, a renewable energy technology company, completed the <a href="https://mercomcapital.com/holyvolt-acquires-wildcat-discovery-technologies/" target="_blank" rel="noopener">acquisition</a> of Wildcat Discovery Technologies, a company developing nickel- and cobalt-free cathode materials for batteries used in energy storage and electric vehicles. The acquisition is expected to combine advanced material development with scalable manufacturing on a single platform.
Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://mercomcapital.com/exus-renewables-north-america-acquires-ozone-renewables/" target="_blank" rel="noopener">acquired</a> Ozone Renewables, a U.S.-based renewable company. With this acquisition, Exus added new projects and expertise to its greenfield development team, as well as a pipeline of early-stage projects. This also marks the company’s first organizational acquisition.
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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-solarafrica-energy-secures-39-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Module Manufacturer HELIUP Raises $19 Million

HELIUP, a solar module manufacturer for large rooftops of commercial and industrial buildings, <a href="https://cms.mercomindia.com/solar-module-manufacturer-heliup-raises-19-million-in-funding/" target="_blank" rel="noopener">closed</a> a €16 million (~$19 million) funding round. Supernova Invest led the funding round. Supernova Invest led the funding round, alongside new investors including MAIF Impact, Lita Gestion, C2AD, as well as existing partners Starquest Capital and BNP Paribas Développement. Avolta Partners supported HELIUP in structuring and implementing the transaction.
Energy Vault, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/energy-vault-closes-150-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of an upsized $150 million financing in convertible senior notes against the initially announced $125 million offering. According to Energy Vault, the transaction will enhance the company’s liquidity and financial flexibility while supporting its strategic expansion into higher-margin infrastructure verticals.
Photoncycle, a hydrogen-based energy storage solutions provider, <a href="https://cms.mercomindia.com/energy-storage-startup-photoncycle-closes-17-million/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series A funding round, led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm. According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.
Qnetic, a company developing long-duration flywheel energy storage systems (FESS), <a href="https://cms.mercomindia.com/flywheel-energy-storage-systems-provider-qnetic-raises-5-million/" target="_blank" rel="noopener">raised</a> $5 million in a recent funding round. Combined with a $2.1 million equity crowdfunding campaign completed last year, the company has secured a total of $7.1 million in funding over the past 12 months. According to Qnetic, the newly raised capital will be used to support fitting out its California manufacturing facility for low-volume production of its Q500 FESS.
Torrent Power, a power utility, <a href="https://www.mercomindia.com/torrent-power-issues-non-convertible-debentures-worth-%E2%82%B920-billion" target="_blank" rel="noopener">raised</a> ₹20 billion (~$216.58 million) through private placement of secured, non-convertible debentures (NCDs). The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,083), carrying a coupon rate of 7.97% per annum. These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India.
Infrastructure debt fund IL&amp;FS Mutual Fund <a href="https://www.mercomindia.com/ilfs-mutual-fund-commits-%E2%82%B91-25-billion-investment-in-hero-solar-energy" target="_blank" rel="noopener">committed</a> an investment of ₹1.25 billion (~$13.63 million) in Hero Solar Energy, part of renewable energy developer Hero Future Energies, to refinance its debt and support the expansion of its renewable projects. Hero Solar Energy will issue secured debentures to IL&amp;FS to facilitate the deployment of long-term capital.
Holyvolt, a renewable energy technology company, completed the <a href="https://cms.mercomindia.com/holyvolt-acquires-wildcat-discovery-technologies/" target="_blank" rel="noopener">acquisition</a> of Wildcat Discovery Technologies, a company developing nickel- and cobalt-free cathode materials for batteries used in energy storage and electric vehicles. The acquisition is expected to combine advanced material development with scalable manufacturing on a single platform.
Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://cms.mercomindia.com/exus-renewables-north-america-acquires-ozone-renewables/" target="_blank" rel="noopener">acquired</a> Ozone Renewables, a U.S.-based renewable company. With this acquisition, Exus added new projects and expertise to its greenfield development team, as well as a pipeline of early-stage projects. This also marks the company’s first organizational acquisition.
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-solv-energy-raises-589-million-through-ipo/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.heliup-solar.com/" target="_blank" rel="noopener">HELIUP</a>, a solar photovoltaic module manufacturer for the large rooftops of commercial and industrial buildings, closed a €16 million (~$19 million) funding round.
Supernova Invest led the funding round, alongside new investors including MAIF Impact, Lita Gestion, C2AD, as well as existing partners Starquest Capital and BNP Paribas Développement. Avolta Partners supported HELIUP with the structuring and implementation of the transaction.
Headquartered in Le Bourget-du-Lac (Savoie, France), the company develops and manufactures lightweight photovoltaic panels specifically designed for large rooftops. In 2023, the company launched its 10 MWp pilot line as part of the France 2030 program.
The funding is expected to support the company in strengthening its commercial teams across Europe, the expansion of production capacity at its French industrial site, the preparation of additional replicable production units, and continued efforts to maintain a sustainable technological edge.
“This funding round gives us the means to accelerate HELIUP’s industrial deployment at a European scale. Our ambition is clear: to finally make millions of square meters of currently unused rooftops solar-ready and transform existing buildings into true energy infrastructure. By equipping existing rooftops, we enable building owners and operators to sustainably reduce their energy costs, enhance the value of their real estate assets, and comply with new regulatory requirements related to the energy transition,” said Yannick VESCHETTI, President of HELIUP.
In 2024, HELIUP completed a €10 million (~$11 million) funding round led by Starquest Capital, with participation from EIT InnoEnergy, BNP Paribas Développement, and Groupe IDEC. Later in 2025, the company reached industrial scale with a 100 MWp factory supported by the European Union’s Innovation Fund.
According to Mercom’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.
&nbsp;

Solar Module Manufacturer HELIUP Raises $19 Million in Funding

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					</table>European Commission-backed solar panel manufacturer, <a href="https://www.heliup-solar.com/en/" target="_blank" rel="noopener">Heliup</a> has commissioned its pilot 100 MW solar module manufacturing facility, which will focus on producing lightweight modules utilizing ultra-thin glass.
The manufacturing plant, located in France, will produce these lightweight modules for rooftop installations on roofs with low bearing capacity. The modules are considered ideal for buildings with flat rooftops.
These modules utilize ultra-thin glass measuring 1 mm in thickness.
They can be installed without needing any mounting structures. Heliup’s modules are directly glued to waterproofing membranes using adhesives.
The company’s lightweight module, the Stykon, uses crystalline silicon module cells and is resistant to impact and tearing from natural forces. Heliup claims the module can withstand wind speeds of up to 270 km/h.
The new modules are expected to reduce the weight of rooftop solar systems by 60% compared to conventional systems. Heliup said that the modules weigh roughly 5 kg/m² less than the average module weight of 15 kg/m².
The company claims that the module does not compromise on energy efficiency despite its lighter weight.
The module manufacturing plant received funding of €3.2 million (~$3.61 million) under the Innovation Fund 2024.
Heliup was one of the 18 cleantech projects that signed grant agreements to receive €173 million (~$195.67 million) from the Innovation Fund for their projects. Under the funding program, the Commission can allocate up to €3.4 billion (~$3.84 billion) for these projects.
The Innovation Fund aligns with the EU’s target to <a href="https://www.mercomindia.com/eu-targets-domestic-green-technology-2030" target="_blank" rel="noopener">produce</a> 40% of its green technology domestically by 2030.  In February 2024, the EU reached a provisional agreement on legislation aimed at boosting the bloc’s production of green technologies needed to achieve its goal of cutting carbon emissions by at least 55% by 2030 compared to 1990s levels.
Recently, the Ministry of New and Renewable Energy and the European Union’s Trade and Technology Council <a href="https://mercomindia.com/mnre-eu-trade-council-call-for-proposals-on-waste-to-green-hydrogen-projects" target="_blank" rel="noopener">invited</a> proposals to fund projects that generate renewable hydrogen from agricultural, forest, and industrial biogenic waste.

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