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Exowatt, a provider of thermal energy storage solutions, <a href="https://cms.mercomindia.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">secured</a> $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.
REC, a state-owned infrastructure finance company, has <a href="https://www.mercomindia.com/rec-raises-%E2%82%B950-billion-through-five-and-ten-year-bonds" target="_blank" rel="noopener">raised</a> ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.
Lodestone Energy, a solar project developer, has <a href="https://cms.mercomindia.com/lodestone-energy-raises-30-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
iwell, a provider of smart energy management and battery storage system solutions, <a href="https://cms.mercomindia.com/battery-storage-solutions-provider-iwell-secures-31-million/" target="_blank" rel="noopener">closed</a> a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.
OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, <a href="https://cms.mercomindia.com/oneplanet-raises-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.
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-ma-roundup-solar-energy-startup-arnergy-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Exowatt Closes $70 Million Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-exowatt-closes-70-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Exowatt, a provider of thermal energy storage solutions, <a href="https://mercomcapital.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">secured</a> $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.
REC, a state-owned infrastructure finance company, has <a href="https://www.mercomindia.com/rec-raises-%E2%82%B950-billion-through-five-and-ten-year-bonds" target="_blank" rel="noopener">raised</a> ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.
Lodestone Energy, a solar project developer, has <a href="https://mercomcapital.com/lodestone-energy-raises-30-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
iwell, a provider of smart energy management and battery storage system solutions, <a href="https://mercomcapital.com/battery-storage-solutions-provider-iwell-secures-31-million/" target="_blank" rel="noopener">closed</a> a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.
OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, <a href="https://mercomcapital.com/oneplanet-raises-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.
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://mercomindia.com/funding-and-ma-roundup-arnergy-raises-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.iwell.eu/" target="_blank" rel="noopener">iwell</a>, a provider of smart energy management and battery storage system solutions, closed a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund (GIGF).
Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors.
The company develops modular, software-driven Energy Management Systems and Battery Energy Storage Systems solutions for the commercial and industrial sectors. According to the company, its systems store energy, such as solar power, when it&#8217;s cheap and deploy it when demand and costs peak, lowering energy bills, reducing strain on the grid, and maximizing on-site use of renewables.
The funding will help the company expand into new markets across Europe and globally. In addition to international expansion, a portion of the funds will also be invested in software development, data analytics, and AI capabilities.
“We are proud to support iwell in its ambitious development plan. It is clear to us that iwell has the potential to become a pan-European powerhouse, leveraging their demonstrated expertise in complex projects. Following several investments into pioneering solutions across the smart grid value chain, Meridiam continues to strive to support a sustainable electrification path in Europe and contribute to reaching net-zero and energy independency,” said Eric Rey, Managing Director of GIGF.
According to Mercom’s recently released Q1 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, VC funding in the sector fell 8% YoY, with $1.1 billion raised in 18 deals, down from $1.2 billion in 23 deals during the same quarter last year.
In February, Tyba, a company that provides an optimization platform for energy storage projects, <a href="https://cms.mercomindia.com/energy-storage-solutions-provider-tyba-raises-13-9-million/" target="_blank" rel="noopener">secured </a>$13.9 million in Series A funding, raising its total funding to $18.15 million. Energize Capital led the funding round, with new investments from Pear VC, Mobilize Climate Capital, and Borusan Ventures, and follow-on investments from Powerhouse, Wireframe, Virta, and Lorimer.

Battery Storage Solutions Provider iwell Secures $31 Million

iwell

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