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					</table>Battery manufacturer <a href="https://www.amararajaeandm.com/" target="_blank" rel="noopener">Amara Raja Energy &amp; Mobility</a> has invested an additional €20 million (~$21.4 million) in electric vehicle (EV) battery firm <a href="https://www.inobat.eu/" target="_blank" rel="noopener">InoBat</a>, Norway, for a 4.5% equity stake.
Amara Raja&#8217;s stake in the Slovakia-headquartered InoBat now stands at 9.32%. It had earlier invested €10 million in the company to enable it to secure a foothold in the European EV ecosystem.
InoBat specializes in custom-designing batteries for EVs to meet specific requirements of global mainstream and specialist original equipment manufacturers (OEMs) in the automotive, commercial vehicle, motorsport, and aerospace sectors.
Amara Raja&#8217;s products range from energy storage solutions, lithium-ion cell manufacturing, EV chargers, and Li-ion battery pack assembly to automotive and industrial lubricants and exploration of new chemistries.
Vikramadithya Gourineni, Executive Director of Amara Raja, said, &#8220;Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat&#8217;s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions.&#8221;
Last September, Chinese battery manufacturer Gotion High-Tech <a href="https://www.mercomindia.com/funding-and-ma-roundup-urbanvolt-raises-28-million" target="_blank" rel="noopener">acquired</a> a 25% stake in InoBat.
In May 2024, Amara Raja <a href="https://www.mercomindia.com/amara-rajas-q4-revenue-climbs">reported</a> a 15% year-over-year increase in revenue to ₹27.96 billion (~$338 million) for the fourth quarter of 2023. It attributed the robust performance to momentum across both the lead-acid battery and new energy businesses. The company saw healthy volume growth in automotive and industrial applications in the lead-acid segment.
In May 2023, Amara Raja <a href="https://www.mercomindia.com/amara-raja-lithium-cell-battery-facility-in-telangana" target="_blank" rel="noopener">set up</a> Telangana&#8217;s first gigafactory for lithium cell and battery pack manufacturing in the Mahbubnagar district. The unit, which has a capacity of up to 16 GWh, caters to domestic and international markets.
The Telangana government had entered into a memorandum of understanding with Amara Raja Advanced Cell Technologies, an Amara Raj Group subsidiary working on Li-ion cell chemistries customized for the Indian sub-continent.

Amara Raja Invests €20 Million in InoBat, Ups Stake by 4.5%

UrbanVolt, a solar-as-a-service company, <a href="https://cms.mercomindia.com/solar-solutions-provider-urbanvolt-raises-million/">raised</a> €26 million (~$28 million) from European growth investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt with its expansion plans in the Ireland, UK, and European markets. The company has signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.
U.S.-based battery materials producer Redwood Materials has <a href="https://www.mercomindia.com/redwood-1-billion-expand-battery-supply-chain-us">secured</a> over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S. The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.
American Battery Technology Company, an integrated battery materials technology company, has <a href="https://cms.mercomindia.com/american-battery-technology-company-secures-debt-financing/">secured</a> a debt financing of $50 million from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes. The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into a battery-grade lithium hydroxide product.
Allume Energy, a rooftop solar solutions provider, <a href="https://cms.mercomindia.com/rooftop-solar-solutions-provider-allume-energy-raises/">raised</a> $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation. The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
Gotion High-Tech, a Chinese battery conglomerate, has <a href="https://cms.mercomindia.com/gotion-hight-tech-acquires-battery-company-inobat/">acquired</a> a 25% stake in Slovakian battery company InoBat, specializing in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials. The partnership will also enhance and accelerate R&amp;D across the battery value chain.
The Board of Directors of Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights <a href="https://www.mercomindia.com/hero-motocorp-approves-investment-in-ather-energy">issue</a> of Indian electric two-wheeler company Ather Energy. The indicative timeline for the completion of this investment is set for September 30, 2023. The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy. Hero MotoCorp is already an existing shareholder in Ather.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-franklinwh-secures-25-million-series-b-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Solutions Provider UrbanVolt Raises $28 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-urbanvolt-raises-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
UrbanVolt, a solar-as-a-service company, <a href="https://mercomcapital.com/solar-solutions-provider-urbanvolt-raises-million/">raised</a> €26 million (~$28 million) from European growth investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt with its expansion plans in the Ireland, UK, and European markets. The company has signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.
U.S.-based battery materials producer Redwood Materials has <a href="https://www.mercomindia.com/redwood-1-billion-expand-battery-supply-chain-us">secured</a> over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S. The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.
American Battery Technology Company, an integrated battery materials technology company, has <a href="https://mercomcapital.com/american-battery-technology-company-secures-debt-financing/">secured</a> a debt financing of $50 million from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes. The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into a battery-grade lithium hydroxide product.
Allume Energy, a rooftop solar solutions provider, <a href="https://mercomcapital.com/rooftop-solar-solutions-provider-allume-energy-raises/">raised</a> $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation. The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
Gotion High-Tech, a Chinese battery conglomerate, has <a href="https://mercomcapital.com/gotion-hight-tech-acquires-battery-company-inobat/">acquired</a> a 25% stake in Slovakian battery company InoBat, specializing in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials. The partnership will also enhance and accelerate R&amp;D across the battery value chain.
The Board of Directors of Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights <a href="https://www.mercomindia.com/hero-motocorp-approves-investment-in-ather-energy">issue</a> of Indian electric two-wheeler company Ather Energy. The indicative timeline for the completion of this investment is set for September 30, 2023. The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy. Hero MotoCorp is already an existing shareholder in Ather.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-franklinwh-secures-25-million-series-b-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://en.gotion.com.cn/" target="_blank" rel="noopener">Gotion High-Tech</a>, a Chinese battery conglomerate, acquired a 25% stake in <a href="https://www.inobat.eu/" target="_blank" rel="noopener">InoBat</a>, a Slovakian battery company. Inobat specializes in high-performance NMC batteries with its proprietary C2C circular value-chain development platform.
Mr. Li Zhen, founding Chairman and CEO of Gotion High-Tech, said, “It is my earnest desire that Gotion High-tech, alongside InoBat, extends the reach of its batteries worldwide. Moreover, I hope that Gotion High-tech can foster collaborations not only with InoBat but also with other renowned enterprises in Europe and across the globe. Through our joint efforts, we aim to develop and manufacture batteries that will find their way into countless households in Europe. We strive to play a pivotal role in achieving the continent’s carbon neutrality goals by 2050.”
The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials.
Mr. Marian Bocek, Co-founder and CEO of InoBat added, “We are thrilled about GIB. Our partnership with Gotion High Tech heralds a new era in significant value creation through collaborative win-win alliances, helping to close the gap between Asian battery leaders and the rest of the world. GIB will unlock the full potential of Europe and our neighbors in the EMEA region in delivering localized Net Zero closed-loop circular battery value chains for e-mobility as well as superior energy storage solutions.  GIB will nurture and grow InoBat‘s strategic premise and ethos for customized bespoke R&amp;D to deliver safe high-performance batteries and green energy solutions”.
According to Mercom’s  1H and Q2 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid, In 1H 2023, eight (one disclosed) Energy Storage M&amp;A transactions were completed, compared to 13 deals (six disclosed) in 1H 2022.
Recently, Group14 Technologies, a manufacturer of silicon battery technology, <a href="https://cms.mercomindia.com/silicon-battery-technology-company-acquires-schmid-silicon/" target="_blank" rel="noopener">acquired</a> Schmid Silicon Technology Holding, a silane producer based in Europe, for an undisclosed amount to meet the growing demand for silicon battery technology worldwide.

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