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MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, has<a href="https://cms.mercomindia.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener"> secured</a> A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million). The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout.
Amarenco, an independent power producer, <a href="https://cms.mercomindia.com/amarenco-secures-150-million-preferred-equity-tranche/" target="_blank" rel="noopener">secured</a> a €130 million (~$150 million) preferred equity tranche from its long-standing shareholder Arjun Infrastructure Partners. The facility will be used to accelerate its growth in European markets. The investment is expected to reinforce the company’s integrated independent power producer platform and support its trajectory towards structural autonomy
Doral Renewables, a utility-scale renewable energy project developer, has <a href="https://cms.mercomindia.com/doral-renewables-secures-525-million-in-letter-of-credit-financing/" target="_blank" rel="noopener">secured</a> approximately $525 million in letter of credit facilities. The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee facility, and the second arrangement is an approximately $140 million all-purpose guarantee facility.
AmpliSi, a U.K.-based advanced materials company that develops silicon anodes for lithium-ion batteries, has <a href="https://cms.mercomindia.com/amplisi-secures-2-7-million-in-pre-seed-funding-round/" target="_blank" rel="noopener">secured</a> £2 million (~$2.7 million) in a pre-seed funding led by Northern Gritstone and Clean Growth Fund. The latest funding round will support AmpliSi’s transition from laboratory development toward industrial scale-up and early customer engagement.
A consortium of three investors led by LeapFrog Investments, Emerging Market Climate Action Fund, and Carlyle AlpInvest has <a href="https://www.mercomindia.com/renew-offloads-11-stake-in-ci-arm-for-95-million" target="_blank" rel="noopener">picked</a> up a combined stake of approximately 11.3% in ReNew Green Energy Solutions, the commercial and industrial platform of ReNew Energy Global. LeapFrog led the investment round, committing $50 million.
Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, has <a href="https://cms.mercomindia.com/swift-solar-acquires-meyer-burgers-manufacturing-assets-and-ip/" target="_blank" rel="noopener">acquired</a> the core manufacturing assets and intellectual property of Meyer Burger, a manufacturer of solar cells and modules. With this acquisition, Swift Solar plans to build a GW-scale HJT cell and module manufacturing facility in the U.S. The company also plans to add perovskite tandems to the same factory.
Alternative credit platform BlackSoil has <a href="https://www.mercomindia.com/blacksoil-invests-%E2%82%B9750-million-in-euler-motors-to-support-ev-growth" target="_blank" rel="noopener">invested</a> ₹750 million (~$8.1 million) in electric vehicle manufacturer Euler Motors as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors. The capital will primarily support Euler Motors’ operational requirements and expansion plans.
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-solar-module-manufacturer-heliup-raises-19-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: MGA Thermal Secures $12 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-mga-thermal-secures-12-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, has<a href="https://mercomcapital.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener"> secured</a> A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million). The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout.
Amarenco, an independent power producer, <a href="https://mercomcapital.com/amarenco-secures-150-million-preferred-equity-tranche/" target="_blank" rel="noopener">secured</a> a €130 million (~$150 million) preferred equity tranche from its long-standing shareholder Arjun Infrastructure Partners. The facility will be used to accelerate its growth in European markets. The investment is expected to reinforce the company’s integrated independent power producer platform and support its trajectory towards structural autonomy
Doral Renewables, a utility-scale renewable energy project developer, has <a href="https://mercomcapital.com/doral-renewables-secures-525-million-in-letter-of-credit-financing/" target="_blank" rel="noopener">secured</a> approximately $525 million in letter of credit facilities. The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee facility, and the second arrangement is an approximately $140 million all-purpose guarantee facility.
AmpliSi, a U.K.-based advanced materials company that develops silicon anodes for lithium-ion batteries, has <a href="https://mercomcapital.com/amplisi-secures-2-7-million-in-pre-seed-funding-round/" target="_blank" rel="noopener">secured</a> £2 million (~$2.7 million) in a pre-seed funding led by Northern Gritstone and Clean Growth Fund. The latest funding round will support AmpliSi’s transition from laboratory development toward industrial scale-up and early customer engagement.
A consortium of three investors led by LeapFrog Investments, Emerging Market Climate Action Fund, and Carlyle AlpInvest has <a href="https://www.mercomindia.com/renew-offloads-11-stake-in-ci-arm-for-95-million" target="_blank" rel="noopener">picked</a> up a combined stake of approximately 11.3% in ReNew Green Energy Solutions, the commercial and industrial platform of ReNew Energy Global. LeapFrog led the investment round, committing $50 million.
Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, has <a href="https://mercomcapital.com/swift-solar-acquires-meyer-burgers-manufacturing-assets-and-ip/" target="_blank" rel="noopener">acquired</a> the core manufacturing assets and intellectual property of Meyer Burger, a manufacturer of solar cells and modules. With this acquisition, Swift Solar plans to build a GW-scale HJT cell and module manufacturing facility in the U.S. The company also plans to add perovskite tandems to the same factory.
Alternative credit platform BlackSoil has <a href="https://www.mercomindia.com/blacksoil-invests-%E2%82%B9750-million-in-euler-motors-to-support-ev-growth" target="_blank" rel="noopener">invested</a> ₹750 million (~$8.1 million) in electric vehicle manufacturer Euler Motors as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors. The capital will primarily support Euler Motors’ operational requirements and expansion plans.
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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-heliup-raises-19-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.mgathermal.com/" target="_blank" rel="noopener">MGA Thermal</a>, a provider of thermal energy-based long-duration energy storage systems, has secured A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million).
The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence. Shane Meaney of IP Group Australia will join MGA Thermal’s Board as part of the investment, expected to bring extensive experience in scaling climate‑tech ventures across global markets.
Last year, the company <a href="https://www.mgathermal.com/news/mga-thermal-achieves-world-first-247-renewable-industrial-steam" target="_blank" rel="noopener">commissioned</a> its steam-integrated latent heat Electro-Thermal Energy Storage system demonstration plant, designed to dispatch industrial-grade steam from renewable energy. Located in Tomago in New South Wales, Australia, the unit stores 5 MWh of energy and can deliver continuous superheated steam for up to 24 hours.
The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout, enabling it to expand its workforce, fast‑track customer projects, and scale manufacturing capacity over the next two years.
CEO of MGA Thermal, Mark Croudace, says the new funding is a powerful endorsement of his team and technology. “We are entering a period of rapid scale‑up &#8211; expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed. Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need.”
In 2024, the company <a href="https://cms.mercomindia.com/mga-thermal-raises-additional-funding/" target="_blank" rel="noopener">raised</a> an additional $5.7 million in funding, with participation from existing investors Main Sequence and Melt Ventures, along with JEKARA.
According to Mercom’s Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage <a href="https://cms.mercomindia.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, VC funding in the Energy Storage sector in 2025 increased 30% YoY, to $4.8 billion across 75 deals, up from $3.7 billion across 84 deals in 2024.
In August 2025, Exowatt, a provider of thermal energy storage solutions, <a href="https://cms.mercomindia.com/thermal-energy-storage-exowatt-raises-funding/" target="_blank" rel="noopener">secured</a> an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.

Thermal Energy Storage Company MGA Thermal Secures $12 Million

SWTCH Energy, an electric vehicle (EV) charging and energy management solution provider, has <a href="https://cms.mercomindia.com/swtch-energy-raises-series-c-funding/" target="_blank" rel="noopener">closed</a> $27.2 Million in Series B Funding led by Blue Earth Capital with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp. The funding will help the company accelerate the expansion of EV charging solutions in multi-tenant buildings and energy management solutions for real estate customers.
Ecozen, a startup focused on clean technology solutions for agriculture, has <a href="https://www.mercomindia.com/ecozen-raises-30-million" target="_blank" rel="noopener">raised</a> $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation. The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release.
Solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India to <a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo" target="_blank" rel="noopener">raise</a> over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://cms.mercomindia.com/mga-thermal-raises-additional-funding/" target="_blank" rel="noopener">secured</a> $5.7 million in additional funding. The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA. The round is an extension of the $8.25 million in funding secured by the company last year to expand its commercial division and accelerate operations into 2024, bringing its total funding round to $14 million.
AQUABATTERY, a Netherlands-based startup specializing in long-duration energy storage solutions, <a href="https://cms.mercomindia.com/flow-battery-startup-aquabattery-secures-million/" target="_blank" rel="noopener">secured</a> a €6 million (~$6.4 million) seed investment led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels. The funding will help the company develop its first standardized battery module and boost hiring. The company plans to launch its fourth pilot battery in Delft, Netherlands, later this year.
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-torus-raises-advance-energy-storage-solutions/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Firm SWTCH Raises $27 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-firm-swtch-raises-27-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
SWTCH Energy, an electric vehicle (EV) charging and energy management solution provider, has <a href="https://mercomcapital.com/swtch-energy-raises-series-c-funding/" target="_blank" rel="noopener">closed</a> $27.2 Million in Series B Funding led by Blue Earth Capital with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp. The funding will help the company accelerate the expansion of EV charging solutions in multi-tenant buildings and energy management solutions for real estate customers.
Ecozen, a startup focused on clean technology solutions for agriculture, has <a href="https://www.mercomindia.com/ecozen-raises-30-million" target="_blank" rel="noopener">raised</a> $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation. The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release.
Solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India to <a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo" target="_blank" rel="noopener">raise</a> over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://mercomcapital.com/mga-thermal-raises-additional-funding/" target="_blank" rel="noopener">secured</a> $5.7 million in additional funding. The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA. The round is an extension of the $8.25 million in funding secured by the company last year to expand its commercial division and accelerate operations into 2024, bringing its total funding round to $14 million.
AQUABATTERY, a Netherlands-based startup specializing in long-duration energy storage solutions, <a href="https://mercomcapital.com/flow-battery-startup-aquabattery-secures-million/" target="_blank" rel="noopener">secured</a> a €6 million (~$6.4 million) seed investment led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels. The funding will help the company develop its first standardized battery module and boost hiring. The company plans to launch its fourth pilot battery in Delft, Netherlands, later this year.
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-nexamp-secures-520-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.mgathermal.com/" target="_blank" rel="noopener">MGA Thermal</a>, a provider of thermal energy-based long-duration energy storage systems, <a href="https://cms.mercomindia.com/thermal-energy-storage-provider-raises-8-3-million/" target="_blank" rel="noopener">secured</a> $5.7 million in Additional funding. The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA.
The round is an extension of the $8.25 million in funding <a href="https://cms.mercomindia.com/thermal-energy-storage-provider-raises-8-3-million/" target="_blank" rel="noopener">secured</a> by the company last year to expand its commercial division and accelerate operations into 2024, bringing its total funding round to $14 million.
This latest investment is expected to help the company demonstrate the scalability of its thermal energy storage technology to meet current industrial demand. So far, the company has raised approximately $28.8 million through funds and grants.
Mark Croudace, CEO of MGA Thermal, said: “MGA Thermal remains at the forefront of clean energy innovation and large-scale energy storage. Our mission and intention of revolutionizing the renewable energy landscape have never been stronger, and with the continued support of our investors and partners, we remain on track to reach our next business milestone of commercial-scale operations and energy output.”
MGA technology works by absorbing and storing thermal energy made from surplus renewable-generated electricity in thermal modular blocks, which are stacked into large assemblies within designed TES systems.
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.
In related news, Polar Night Energy, a Finnish thermal energy storage startup, recently <a href="https://cms.mercomindia.com/polar-night-energy-raises-8-1-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> €7.6 million (~$8.1 million) in a seed funding round. Jonathan Oppenheimer, a South African businessman, led this round, which was co-led by Finnish investment companies Stephen Industries, Holdix, and Turret and joined by a Swedish family-owned investment company, PC Rettig &amp; Co. Impact. Existing investors also participated in the funding round.

MGA Thermal Raises $5.7 Million in Additional Funding

<a href="https://www.mgathermal.com/" target="_blank" rel="noopener">MGA Thermal</a>, a provider of thermal energy-based long-duration energy storage systems, secured $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024.
The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures,  New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures.
The new funding injection allows MGA Thermal to expand its commercial division and invest in engineering and implementation to propel MGA Thermal’s position as a market leader in developing TES materials.
“Renewable energy sources come with their limitations, especially when the sun doesn’t shine and the wind doesn’t blow. Plugging this gap is the reason we exist. MGA Technology is perfectly aligned to generate 24/7 clean steam for harder-to-abate industrial sectors, a rapidly growing very large market domestically and globally,” said Mark Croudace, Deputy CEO and CCO at MGA Thermal.
MGA technology works by absorbing and storing thermal energy made from renewably generated electricity, surplus energy from the grid, or behind-the-meter solar farms.
The modular thermal blocks will be stacked into large assemblies within MGA-designed TES systems. These TES systems are able to store millions of kilowatt hours of energy. According to the company, a stack of 3,700 blocks in their Demonstration Unit about the size of a shipping container — stores enough energy to power more than 135 homes for 24 hours.
“With the imminent completion of our production line, we’re on track to produce 1,000 blocks per day which can then be assembled into 24/7 renewable energy storage,” said Erich Kisi, CEO of MGA Thermal.
According to Mercom’s recently <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">released</a> 1H And Q2 2023 Funding and M&amp;A Report for Storage &amp; Smart Grid, Corporate funding in Energy Storage bounced back in Q2 2023 with $4.9 billion raised in 32 deals, a 126% increase quarter-over-quarter (QoQ).
Recently, Energy Dome, a provider of long-duration energy storage solutions, has <a href="https://cms.mercomindia.com/long-duration-energy-storage-solutions-provider-energy-dome-gets-16-7-million/" target="_blank" rel="noopener">closed</a> the second tranche of its Series B funding round with €15 million (~$16.7 million), bringing the total amount raised in the oversubscribed round to €55 million (~$61 million).

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