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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://holyvolt.com/" target="_blank" rel="noopener">Holyvolt</a>, a renewable energy technology company, has completed the acquisition of <a href="https://www.wildcatdiscovery.com/" target="_blank" rel="noopener">Wildcat Discovery Technologies</a>, a company developing nickel- and cobalt-free cathode materials used in batteries for energy storage and electric vehicles.
Holyvolt develops thin-film solar technology. The technology enables screen printing of solar cells under ambient conditions, removing the need for energy and capital-intensive vacuum and clean-room processes. The company also offers printing-based technology for batteries that enables high material and process flexibility across different battery chemistries.
Wildcat’s High Throughput Platform is stated to synthesize and screen thousands of material combinations in parallel, identifying optimal battery chemistries up to ten times faster than conventional R&amp;D methods.
The acquisition is expected to combine advanced materials development with scalable manufacturing on a single platform.
Mark Gresser, President and CEO, Wildcat Discovery Technologies, said, “The Wildcat team is thrilled with this acquisition by Holyvolt. Mathias and team are very thoughtful with regard to their objectives in the battery industry, and recognise the value that Wildcat’s High Throughput Platform can deliver to our combined company and the industry at large. With Holyvolt’s vision and financial backing, Wildcat can finally unlock the true potential of high-throughput combinatorial chemistry for battery materials.”
In 2022, Wildcat raised $90 million in a Series D funding <a href="https://cms.mercomindia.com/wildcat-raises-90-million/" target="_blank" rel="noopener">round</a> led by Koch Strategic Platforms (KSP), an investment subsidiary of Koch Industries, with significant investments from Eastman Kodak and Fifth Wall Climate.
According to Mercom’s Annual and Q4 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, the corporate M&amp;A activity decreased, with 22 companies acquired in 2025 compared to 25 in 2024.
In September 2025, I Squared Capital, an infrastructure investment manager, entered into a definitive agreement to <a href="https://cms.mercomindia.com/i-squared-capital-acquires-majority-equity-interest-in-entek/" target="_blank" rel="noopener">acquire</a> a majority equity interest in ENTEK Technology Holdings, a manufacturer of battery separators. I Squared’s $800 million investment is paired with a loan of up to $1.3 billion from the DOE’s Advanced Technology Vehicles Manufacturing program.
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Holyvolt Acquires Wildcat Discovery Technologies

holyvolt

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