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Solar Module Capacity Under ALMM Grows to 215.5 GW

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ess-tech-raises-31-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
ESS Tech, a manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, has <a href="https://mercomcapital.com/iron-flow-battery-ess-tech-raises-million/" target="_blank" rel="noopener">closed</a> $31 million in insider-led funding measures. This funding enables the company to build its technical momentum for its LDES product, Energy Base, which has a 12.2-hour duration at rated power and 17.8 hours at reduced power. The product is focused on being produced completely in the U.S.
Energy Storage developer Lightshift Energy has <a href="https://mercomcapital.com/lightshift-energy-secures-40-million-in-corporate-credit-facility/" target="_blank" rel="noopener">closed</a> a $40 million corporate credit facility, provided by the institutional investment platform Aiga Capital Partners. The company plans to move a large portion of its pipeline into construction during the second half of 2025 and into 2026. This facility is expected to support its expanding portfolio by addressing interconnection and power purchase agreement security needs, as well as equipment deposits and other related costs.
Ionic Mineral Technologies, an advanced battery materials producer, has <a href="https://mercomcapital.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">announced</a> the closing of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company&#8217;s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually, and supporting Gen-2 sample qualification with global battery OEMs and suppliers.
Foresight Group, an infrastructure and private equity investment firm, has <a href="https://mercomcapital.com/foresight-group-acquires-harmony-energy-income-trust/" target="_blank" rel="noopener">announced</a> the acquisition of Harmony Energy Income Trust (HEIT), a developer of utility-scale battery energy storage projects. Foresight Energy Infrastructure Partners II, an energy transition fund managed by Foresight Group, has acquired a 49% stake, while a Foresight portfolio company, Blackmead Infrastructure Limited, acquired the remaining 51%.
NLC India has granted an in-principle approval to <a href="https://www.mercomindia.com/nlc-india-to-invest-%E2%82%B916-3-billion-in-renewables-subsidiary" target="_blank" rel="noopener">invest</a> up to ₹16.3 billion (~$190 million) in one or more tranches in its wholly owned subsidiary, NLC India Renewables (NIRL). This investment will be utilized to support NIRL’s renewable energy projects via capital expenditure funding. The investment will be made by subscribing to 100% equity shares in NIRL at their face value. The related-party transaction is subject to approvals from the Department of Investment and Public Asset Management and other relevant authorities.
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://www.mercomindia.com/funding-and-ma-roundup-opdenergy-secures-412-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: ESS Tech Raises $31 Million

ESS Tech, a manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, has <a href="https://cms.mercomindia.com/iron-flow-battery-ess-tech-raises-million/" target="_blank" rel="noopener">closed</a> $31 million in insider-led funding measures. This funding enables the company to build its technical momentum for its LDES product, Energy Base, which has a 12.2-hour duration at rated power and 17.8 hours at reduced power. The product is focused on being produced completely in the U.S.
Energy Storage developer Lightshift Energy has <a href="https://cms.mercomindia.com/lightshift-energy-secures-40-million-in-corporate-credit-facility/" target="_blank" rel="noopener">closed</a> a $40 million corporate credit facility, provided by the institutional investment platform Aiga Capital Partners. The company plans to move a large portion of its pipeline into construction during the second half of 2025 and into 2026. This facility is expected to support its expanding portfolio by addressing interconnection and power purchase agreement security needs, as well as equipment deposits and other related costs.
Ionic Mineral Technologies, an advanced battery materials producer, has announced the <a href="https://cms.mercomindia.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">closing</a> of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company&#8217;s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually and supporting Gen-2 sample qualification with global battery OEMs and suppliers.
Foresight Group, an infrastructure and private equity investment firm, has <a href="https://cms.mercomindia.com/foresight-group-acquires-harmony-energy-income-trust/" target="_blank" rel="noopener">announced</a> the acquisition of Harmony Energy Income Trust (HEIT), a developer of utility-scale battery energy storage projects. Foresight Energy Infrastructure Partners II, an energy transition fund managed by Foresight Group, has acquired a 49% stake, while a Foresight portfolio company, Blackmead Infrastructure Limited, acquired the remaining 51%.
NLC India has granted an in-principle approval to <a href="https://www.mercomindia.com/nlc-india-to-invest-%E2%82%B916-3-billion-in-renewables-subsidiary" target="_blank" rel="noopener">invest</a> up to ₹16.3 billion (~$190 million) in one or more tranches in its wholly owned subsidiary, NLC India Renewables (NIRL). This investment will be utilized to support NIRL’s renewable energy projects via capital expenditure funding. The investment will be made by subscribing to 100% equity shares in NIRL at their face value. The related-party transaction is subject to approvals from the Department of Investment and Public Asset Management and other relevant authorities.
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-opdenergy-secures-412-million/" target="_blank" rel="noopener">roundup</a>.

Energy Storage developer <a href="https://www.lightshift.com/" target="_blank" rel="noopener">Lightshift Energy</a> has closed a $40 million corporate credit facility, provided by the institutional investment platform Aiga Capital Partners.
The company plans to move a large portion of its pipeline into construction during the second half of 2025 and into 2026. This facility is expected to support its expanding portfolio by addressing interconnection and power purchase agreement security needs, as well as equipment deposits and other related costs.
“This financing milestone strengthens our balance sheet and positions Lightshift to execute with speed and certainty as we bring more of our high-impact projects online,” said Rory Jones, Co-Founder and Managing Partner at Lightshift Energy. “We are pleased to partner with Aiga, whose innovative approach to structured credit supports our mission to advance a more resilient, capable and lower-cost grid.”
In 2023, the company <a href="https://cms.mercomindia.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management, a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms.
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, announced debt and public market financing for Energy Storage companies in Q1 2025 decreased 90% year over year, with $1.1 billion in 13 deals compared to $10.5 billion in six deals in Q1 2024.
In May, Aypa Power, an energy storage-focused independent power producer, <a href="https://cms.mercomindia.com/aypa-power-upsized-existing-credit-facility-by-400-million/" target="_blank" rel="noopener">announced</a> the upsizing of its corporate credit facility by $400 million, which the company initially closed in July 2024. The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.

Lightshift Energy Secures $40 Million in Corporate Credit Facility

Invenergy, a developer of renewable energy projects, <a href="https://cms.mercomindia.com/invenergy-secured-additional-900-million-from-natixis-cib/" target="_blank" rel="noopener">secured</a> a $900 million Green Letter of Credit facility to support the development of Invenergy Renewables Finance North America’s project pipeline. The funding will also support Invenergy’s development pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate &amp; Investment Banking (Natixis CIB) acted as Sole Bookrunner, Syndication Agent, Administrative Agent, Documentation Agent, and Green Loan Coordinator.
The Japan Bank for International Cooperation (JBIC) has <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">entered</a> into strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India. The loans for the public sector undertakings are co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, with JBIC providing 60% of the total financing. NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).
Energy storage developer Lightshift Energy (formerly Delorean Power) <a href="https://cms.mercomindia.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline. Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets.
Independent power producer AmpIn Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio. The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.
Ionobell, a silicon battery technology company, <a href="https://cms.mercomindia.com/silicon-battery-technology-startup-ionobell-raises-3-9-million-financing/" target="_blank" rel="noopener">raised</a> $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures. The company claims its silicon material is 500% more energy-dense than Graphite. With this funding, Ionobell plans to expand its production across the U.S.
MN8 Energy, an independent power producer, has announced the completion of its private placement, <a href="https://cms.mercomindia.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">raising</a> $325 million through the issuance and sale of convertible preferred stock. The funds obtained from the private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating its growth. The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure.
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-enapi-raises-2-7-million-in-pre-seed-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Invenergy Secures $900 Million Green Loan

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-invenergy-secures-900-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Invenergy, a developer of renewable energy projects, <a href="https://mercomcapital.com/invenergy-secured-additional-900-million-from-natixis-cib/" target="_blank" rel="noopener">secured</a> a $900 million Green Letter of Credit facility to support the development of Invenergy Renewables Finance North America’s project pipeline. The funding will also support Invenergy’s development pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate &amp; Investment Banking (Natixis CIB) acted as Sole Bookrunner, Syndication Agent, Administrative Agent, Documentation Agent, and Green Loan Coordinator.
The Japan Bank for International Cooperation (JBIC) has <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">entered</a> into strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India. The loans for the public sector undertakings are co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, with JBIC providing 60% of the total financing. NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).
Energy storage developer Lightshift Energy (formerly Delorean Power) <a href="https://mercomcapital.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline. Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets.
Independent power producer AmpIn Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio. The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.
Ionobell, a silicon battery technology company, <a href="https://mercomcapital.com/silicon-battery-technology-startup-ionobell-raises-3-9-million-financing/" target="_blank" rel="noopener">raised</a> $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures. The company claims its silicon material is 500% more energy-dense than Graphite. With this funding, Ionobell plans to expand its production across the U.S.
MN8 Energy, an independent power producer, has announced the completion of its private placement, <a href="https://mercomcapital.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">raising</a> $325 million through the issuance and sale of convertible preferred stock. The funds obtained from the private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating its growth. The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure.
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://www.mercomindia.com/funding-and-ma-roundup-enapi-raises-2-7-million" target="_blank" rel="noopener">roundup</a>.

Energy Storage developer <a href="https://www.lightshift.com/" target="_blank" rel="noopener">Lightshift Energy</a> (formerly Delorean Power), secured $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager.
Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift&#8217;s team, accelerate sales, and enhance its project pipeline.
Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets, further strengthening the company&#8217;s ability to construct and operate its portfolio.
These strategic investments follow an initial $20 million equity investment in Lightshift Energy back in 2021 through the Greenbacker Development Opportunities Fund I, LP. The recent capital infusions coincide with Lightshift Energy&#8217;s rebranding initiative, signaling a new phase of growth for the company.
“Rapidly increasing electricity demand and the growing appetite for renewable energy are straining our legacy energy infrastructure and creating major supply, cost and reliability challenges across the country. Our storage projects are purpose-built to address these challenges, helping our utility partners achieve major cost reductions while paving the way for reliable and sustainable growth,” said Rory Jones, Managing Partner, and co-founder of Lightshift. “Our unique approach to storage development and operations considers the full landscape of technical and economic challenges confronted by our partners and uses the flexibility of batteries for maximum impact.”
According to Mercom’s Annual and Q4 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
Earlier this year, Cactos, a developer of energy storage systems, has <a href="https://cms.mercomindia.com/energy-storage-company-cactos-raises-equity-funding/" target="_blank" rel="noopener">secured</a> over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing.

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