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Texas-based Base Power has <a href="https://cms.mercomindia.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener">raised</a> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions. Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.
NineDot Energy, a community-scale battery energy storage systems developer, <a href="https://cms.mercomindia.com/ninedot-energy-secures-175-million-corporate-debt-facility/" target="_blank" rel="noopener">closed</a> a $175 million revolving debt facility with Deutsche Bank. The financing will support NineDot’s full development cycle, from grid interconnection deposits to equipment procurement and project construction. This new facility also enabled the company to repay its existing revolving credit facility, which had previously been used to fund interconnection deposits with NY Green Bank.
Enurgen, a developer of software solutions for assessing solar energy yield performance, <a href="https://cms.mercomindia.com/enurgen-raises-4-1-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $4.1 million in seed funding. The round was co-led by Business Development Bank of Canada, Brightspark, and Diagram, with participation from MaRS IAF. The company’s yield modeling software leverages physics-based models across the lifecycle of solar assets, and the investment is expected to accelerate the global expansion of Enurgen’s flagship software platform.
Glance Finance has announced an investment of ₹3.17 million (~$35,770.19) in the power transformer solutions company, Kotsons, through the <a href="https://www.mercomindia.com/glance-finance-to-acquire-62400-shares-in-kotsons-for-%E2%82%B93-17-million" target="_blank" rel="noopener">acquisition</a> of 62,400 equity shares. Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share. Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%. The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025.
T1 Energy, a solar and battery manufacturing company, has <a href="https://cms.mercomindia.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer.Agreement for Future Equity (SAFE), with both companies continuing discussions to potentially expand their strategic partnership. Both Texas-based companies aim to utilize advanced manufacturing technologies to produce TOPCon solar cells in the U.S.
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-opensolar-raises-20m-equity-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Base Power Raises $1 Billion

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-1-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Texas-based Base Power has <a href="https://mercomcapital.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener">raised</a> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions. Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.
NineDot Energy, a community-scale battery energy storage systems developer, <a href="https://mercomcapital.com/ninedot-energy-secures-175-million-corporate-debt-facility/" target="_blank" rel="noopener">closed</a> a $175 million revolving debt facility with Deutsche Bank. The financing will support NineDot’s full development cycle, from grid interconnection deposits to equipment procurement and project construction. This new facility also enabled the company to repay its existing revolving credit facility, which had previously been used to fund interconnection deposits with NY Green Bank.
Enurgen, a developer of software solutions for assessing solar energy yield performance, <a href="https://mercomcapital.com/enurgen-raises-4-1-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $4.1 million in seed funding. The round was co-led by Business Development Bank of Canada, Brightspark, and Diagram, with participation from MaRS IAF. The company’s yield modeling software leverages physics-based models across the lifecycle of solar assets, and the investment is expected to accelerate the global expansion of Enurgen’s flagship software platform.
Glance Finance has announced an investment of ₹3.17 million (~$35,770.19) in the power transformer solutions company, Kotsons, through the <a href="https://www.mercomindia.com/glance-finance-to-acquire-62400-shares-in-kotsons-for-%E2%82%B93-17-million" target="_blank" rel="noopener">acquisition</a> of 62,400 equity shares. Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share. Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%. The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025.
T1 Energy, a solar and battery manufacturing company, has <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership in the future. Both Texas-based companies aim to utilize advanced manufacturing technologies to produce TOPCon solar cells in the U.S.
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-opensolar-raises-20-million-equity-funding" target="_blank" rel="noopener">roundup</a>.

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					</table>Solar module manufacturer <a href="https://waaree.com/">Waaree Energies</a> will acquire a 64% equity stake in Rajasthan-based power transformer solutions company <a href="https://www.kotsons.com/">Kotsons</a> for ₹1.92 billion (~$21.79 million).
Waaree’s board of directors approved the company’s share subscription and shareholders&#8217; agreements for the acquisition of 25.6 million shares costing ₹75 (~$0.85) per share at a face value of ₹10 (~$0.11) each. Post acquisition, Kotsons will become Waaree’s subsidiary.
The acquisition is expected to be completed by September 30, 2025.
According to Waaree’s BSE filing, Kotsons acquisition will entail vertical integration, market expansion, and access to the electrical ecosystem to enhance control over the supply chain and product quality.
Kotsons has a production capacity of 4,000 MVA.
In another decision, Waaree’s board approved the acquisition of 100% of equity in renewable energy company Impactgrid Renewables, a step-down subsidiary of Waaree Forever Energies, for ₹100,000 (~$1,135.08).
Impactgrid is a newly incorporated company and is non-operational.
This acquisition is expected to be completed in the current financial year.
The Waaree group manufactures solar modules and provides engineering, procurement and construction services across ground-mounted, rooftop and floating solar project categories.
Waaree Energies’ total income for the first quarter of the financial year 2026 <a href="https://www.mercomindia.com/higher-solar-module-sales-drive-waaree-energies-income-up-31-in-q1-fy26" target="_blank" rel="noopener">rose</a> 31% year-over-year to ₹45.97 billion (~$529.19 million) from ₹34.96 billion (~$402.44 million). Waaree achieved its highest-ever quarterly module production of 2.3 GW in this quarter, compared to 1.4 GW in the corresponding quarter last year.
The company’s manufacturing capacity includes 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 25 GW, worth approximately ₹490 billion (~$5.64 billion).
In June this year, Waaree Energies <a href="https://www.mercomindia.com/waaree-realigns-solar-manufacturing-plans-confirms-odisha-project-on-track" target="_blank" rel="noopener">announced</a> a strategic realignment of certain components of its integrated 6 GW module, cell, ingot, and wafer manufacturing facility, citing execution delays.
In the same month, Waaree Energies <a href="https://www.mercomindia.com/waaree-energies-to-divest-1-15-in-solar-cell-manufacturer-indosolar" target="_blank" rel="noopener">proposed</a> divesting 1.15% of its shares in its solar cell manufacturing unit Indosolar. The divestment would include an offer for sale of 476,495 shares of Indosolar, each with a face value of ₹10 (~$0.116) per share.

Waaree to Buy 64% Stake in Power Transformer Firm Kotsons

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