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POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

Peak Energy, a sodium-ion battery manufacturer, <a href="https://cms.mercomindia.com/peak-energy-secures-55-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $55 million in a Series A funding round led by Xora Innovation, Temasek’s Early-Stage deep-tech investing platform. The company will use this funding to commercialize sodium-ion battery technology and launch a pilot program. This round also involved new investors, including Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, DETV-Scania Invest, and existing investor Eclipse and strategic partner TDK Ventures.
The Asian Development Bank (ADB) has <a href="https://www.mercomindia.com/adb-240-million-loan-rooftop-solar-india" target="_blank" rel="noopener">approved</a> loans of $240.5 million to finance rooftop solar systems in India. The financing will be provided to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop solar systems across India. This funding will support the second and third tranches of the Multi-tranche Financing Facility Solar Rooftop Investment Program, approved by ADB in 2016.
NineDot Energy, a developer of community-scale clean energy projects, <a href="https://cms.mercomindia.com/ninedot-energy-upsizes-revolving-credit-facility-to-50-million/" target="_blank" rel="noopener">closed</a> an additional $25 million revolving credit debt facility provided by NY Green Bank, a New York State Energy Research and Development Authority division. The facility extends and increases the early-stage standalone storage financing completed by NY Green Bank last year to $50 million. The company has stated that it has secured over $400 million in total to acquire, develop, and operate battery storage sites across the New York City boroughs, Westchester County, and Long Island.
itselectric, a provider of electric vehicle charging solutions, <a href="https://cms.mercomindia.com/ev-charging-startup-itselectric-raises-6-5-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $6.5 million in a seed funding round, bringing its funding total to $11.8 million. This round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. The funds acquired will be used to deploy pilot EV chargers across several major U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.
Electric vehicle (EV) ride-hailing startup MyPickup <a href="https://www.mercomindia.com/ride-hailing-firm-mypickup-secures-%E2%82%B915-million-in-seed-funding" target="_blank" rel="noopener">raised</a> ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures (IPV). MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization. The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.
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-naked-energy-raises-22-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Peak Energy Secures $55 Million

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					</table>Peak Energy, a sodium-ion battery manufacturer, <a href="https://mercomcapital.com/peak-energy-secures-55-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $55 million in a Series A funding round led by Xora Innovation, Temasek’s Early-Stage deep-tech investing platform. The company will use this funding to commercialize sodium-ion battery technology and launch a pilot program. This round also involved new investors, including Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, DETV-Scania Invest, and existing investor Eclipse and strategic partner TDK Ventures.
The Asian Development Bank (ADB) has <a href="https://www.mercomindia.com/adb-240-million-loan-rooftop-solar-india">approved</a> loans of $240.5 million to finance rooftop solar systems in India. The financing will be provided to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop solar systems across India. This funding will support the second and third tranches of the Multi-tranche Financing Facility Solar Rooftop Investment Program, approved by ADB in 2016.
NineDot Energy, a developer of community-scale clean energy projects, <a href="https://mercomcapital.com/ninedot-energy-upsizes-revolving-credit-facility-to-50-million/">closed</a> an additional $25 million revolving credit debt facility provided by NY Green Bank, a New York State Energy Research and Development Authority division. The facility extends and increases the early-stage standalone storage financing completed by NY Green Bank last year to $50 million. The company has stated that it has secured over $400 million in total to acquire, develop, and operate battery storage sites across the New York City boroughs, Westchester County, and Long Island.
itselectric, a provider of electric vehicle charging solutions, <a href="https://mercomcapital.com/ev-charging-startup-itselectric-raises-6-5-million-in-seed-funding/">secured</a> $6.5 million in a seed funding round, bringing its funding total to $11.8 million. This round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. The funds acquired will be used to deploy pilot EV chargers across several major U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.
Electric vehicle (EV) ride-hailing startup MyPickup <a href="https://www.mercomindia.com/ride-hailing-firm-mypickup-secures-%E2%82%B915-million-in-seed-funding">raised</a> ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures (IPV). MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization. The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.
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/">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-naked-energy-raises-22-million/">roundup</a>.

<a href="https://www.itselectric.us/" target="_blank" rel="noopener">itselectric</a>, a provider of electric vehicle charging solutions, secured $6.5 million in a seed funding round, bringing its funding total to $11.8 million.
This round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm.
&#8220;2023 was the hottest year on record with transportation as one of the largest contributors of U.S. greenhouse gas emissions. The decision to drive electric will make an impactful difference; however, the lack of public charging is one of the leading barriers deterring drivers from transitioning from their current gas vehicles,&#8221; said Tiya Gordon, co-founder and COO of itselectric.
The company claims that its Level-2 charging posts bypass the need for utility permits, connections, and coordination and connect behind the meter, utilizing spare electrical supplies from adjacent buildings.
The funds acquired will be used to deploy pilot EV chargers across several major U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.
The National Renewable Energy Laboratory (NREL) <a href="https://www.energy.gov/eere/vehicles/articles/fotw-1334-march-18-2024-2030-us-will-need-28-million-ev-charging-ports?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noopener">estimates</a> that by 2030, 33 million EVs will be on the road, and 28 million EV charging ports will be needed to support them. Moreover, new legislation in states like<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4212270-1&amp;h=3417747092&amp;u=https%3A%2F%2Fww2.arb.ca.gov%2Fnews%2Fcalifornia-requires-zero-emissions-vehicle-use-ridesharing-services-another-step-toward&amp;a=%C2%A0"> </a><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4212270-1&amp;h=3394379490&amp;u=https%3A%2F%2Fww2.arb.ca.gov%2Fnews%2Fcalifornia-requires-zero-emissions-vehicle-use-ridesharing-services-another-step-toward&amp;a=California" target="_blank" rel="noopener">California</a> and<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4212270-1&amp;h=670896063&amp;u=https%3A%2F%2Fwww.nyc.gov%2Foffice-of-the-mayor%2Fnews%2F597-23%2Fmayor-adams-tlc-new-rules-require-city-s-rideshare-vehicles-be-zero-emission-%23%3A%7E%3Atext%3DNEW%252520YORK%252520%2525E2%252580%252593%252520New%252520York%252520City%2Cwheelchair%252520accessible%252520vehicles%252520by%2525202030.&amp;a=%C2%A0"> </a><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4212270-1&amp;h=2165923111&amp;u=https%3A%2F%2Fwww.nyc.gov%2Foffice-of-the-mayor%2Fnews%2F597-23%2Fmayor-adams-tlc-new-rules-require-city-s-rideshare-vehicles-be-zero-emission-%23%3A%7E%3Atext%3DNEW%252520YORK%252520%2525E2%252580%252593%252520New%252520York%252520City%2Cwheelchair%252520accessible%252520vehicles%252520by%2525202030.&amp;a=New+York" target="_blank" rel="noopener">New York</a> mandates that rideshare drivers transition to zero-emissions vehicles, increasing the demand for EV charging solutions.
With the funding, itselectric&#8217;s curbside charging infrastructure is also expected to help support Uber&#8217;s goal of helping rideshare drivers go electric.
According to Mercom&#8217;s recently released 1H and Q2 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage and Grid, VC funding across all Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY than the $986 million raised in 26 deals in 1H 2023. Investments into Smart Charging companies primarily drove this.
Gireve, a French EV charging solutions provider, recently <a href="https://cms.mercomindia.com/ev-charging-firm-gireve-million-funding/" target="_blank" rel="noopener">raised</a> €20 million (~$22 million) in a fresh funding round from investor Partech through its impact fund. Existing shareholders like EDF Group, ENEDIS, the Banque des Territoires (Caisse des Dépôts), and Demeter participated in this funding round.

EV Charging Startup itselectric Raises $6.5 Million in Seed Funding

<a href="https://www.itselectric.us/" target="_blank" rel="noopener">itselectric</a>, a curbside electric vehicle charging provider in Brooklyn, secured $2.2 million in Seed funding.
Brooklyn Bridge Ventures led the investment round with participation from The Helm, XFactor, Graham &amp; Walker, Clean Energy Venture Group, and Pericles. The funding will be used to install the company&#8217;s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.
The U.S. Department of Energy <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3801811-1&amp;h=188447431&amp;u=https%3A%2F%2Fwww.nrel.gov%2Fdocs%2Ffy17osti%2F69031.pdf%3Futm_source%3DNREL%2BNews%26utm_campaign%3D888314f4c5-EMAIL_NR_PEV_CHARGING_2017_10_04%26utm_medium%3Demail%26utm_term%3D0_807f77e7f4-888314f4c5-282475801&amp;a=according+to+the+U.S.+Department+of+Energy" target="_blank" rel="noopener">estimates</a> that by 2030, 15 million electric vehicles will be on the road. And they will require more than 600,000 Level 2 charging stations.
The U.S. government recently announced a plan to invest $7.5 billion in electric vehicle charging infrastructure and set new standards for the national EV charging network, making charging accessible in urban areas and enabling the shift to clean transportation.
&#8220;At least 40 million U.S. drivers park their cars on the public streets, and municipalities are looking for solutions that will help these drivers go electric,” said Nathan King, CEO and co-founder,
&#8220;itselectric has taken a complicated problem and created a simple, deliberately designed solution that truly changes the EV charging game and one that will make charging more accessible to a broader population of drivers,&#8221; said Natalya Bailey, Investment Partner at XFactor Ventures.
According to Mercom’s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion raised in 35 deals in 2021.
Recently, EO Charging, a British electric vehicle charging solutions company, <a href="https://cms.mercomindia.com/eo-charging-raises-80-million-in-equity-funding/" target="_blank" rel="noopener">secured</a> $80 million in equity funding from Vortex Energy and Zouk Capital. The company focuses on charging solutions for electric cars, vans, trucks, and bus fleets, helping customers transition to zero-emission transportation at scale.

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