MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

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

EVOS, an electric vehicle (EV) charging solutions provider, <a href="https://cms.mercomindia.com/ev-charging-solutions-provider-evos-secures-5-million/" target="_blank" rel="noopener">secured</a> $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others. The company initially raised $1.7 million to help it expand its team and commercialize its technology.
U.S.-based solar modules manufacturer First Solar has <a href="https://cms.mercomindia.com/first-solar-secures-1-billion-revolving-credit-and-guarantee-facility/" target="_blank" rel="noopener">secured</a> a five-year revolving credit and guarantee facility worth $1 billion. The facility includes up to $250 million for issuing letters of credit. The revolving credit facility is expected to provide the company with the necessary financial leeway and flexibility while balancing its ability to grow in response to the demand for its technology.
Spain-based independent power producer Iberdrola has <a href="https://www.mercomindia.com/spain-based-utility-931-million-through-green-bonds" target="_blank" rel="noopener">issued</a> ten-year green bonds raising about €850 million (~$930.64 million). The proceeds from the bond issuance will be allocated to green-eligible assets, as defined in Iberdrola’s Green Financing Framework. The bond issuance witnessed demand exceeding €2 billion (~$ 2.1 billion).
Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has <a href="https://www.mercomindia.com/battery-smart-pre-series-funding" target="_blank" rel="noopener">raised</a> $33 million by closing a pre-series B funding round. The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally.
Indian electric-two-wheeler manufacturing startup Vegh has <a href="https://www.mercomindia.com/ev-vegh-raises-5-million-expand-manufacturing" target="_blank" rel="noopener">secured</a> $5 million in a strategic pre-series investment round from an undisclosed investor. The funds will be used to support Vegh’s working capital needs, including creating a robust sales and distribution network and expanding its manufacturing capabilities for EV parts.
NEU Battery Materials, a lithium-ion battery recycling startup, <a href="https://cms.mercomindia.com/neu-battery-materials-raises-3-7-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.7 million in an oversubscribed Seed Funding Round led by SGInnovate, a Singapore government-backed Deep Tech investor and ecosystem builder. ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors joined the round.
Go Eve, an EV Charging solutions provider, <a href="https://cms.mercomindia.com/go-eve-raises-ev-charging-technology/" target="_blank" rel="noopener">secured</a> £3 million (~$3.9 million) in its first funding round, valuing the business at £12.6 million (~$16.2 million). The first funding round was led by The Pearl Family Office, a multi-family office that invests in sustainable and innovative businesses along with other investors.  Go Eve plans to use the funds to secure its supply chains, ramp up production, and install its DockChain system on sites across Europe and the US over the summer. The company aims to ensure volume availability in both markets before the end of the year and expand its presence in other regions.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-microgrid-solutions-provider-nuru-raises-40-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Solutions Provider EVOS Raises $5 Million

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/07/amazon_polly_56219.mp3?version=1689137581">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charging-solutions-provider-evos-raises-5-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
EVOS, an electric vehicle (EV) charging solutions provider, <a href="https://mercomcapital.com/ev-charging-solutions-provider-evos-secures-5-million/" target="_blank" rel="noopener">secured</a> $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others. The company initially raised $1.7 million to help it expand its team and commercialize its technology.
U.S.-based solar modules manufacturer First Solar has <a href="https://mercomcapital.com/first-solar-secures-1-billion-revolving-credit-and-guarantee-facility/" target="_blank" rel="noopener">secured</a> a five-year revolving credit and guarantee facility worth $1 billion. The facility includes up to $250 million for issuing letters of credit. The revolving credit facility is expected to provide the company with the necessary financial leeway and flexibility while balancing its ability to grow in response to the demand for its technology.
Spain-based independent power producer Iberdrola has <a href="https://www.mercomindia.com/spain-based-utility-931-million-through-green-bonds" target="_blank" rel="noopener">issued</a> ten-year green bonds raising about €850 million (~$930.64 million). The proceeds from the bond issuance will be allocated to green-eligible assets, as defined in Iberdrola’s Green Financing Framework. The bond issuance witnessed demand exceeding €2 billion (~$ 2.1 billion).
Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has <a href="https://www.mercomindia.com/battery-smart-pre-series-funding" target="_blank" rel="noopener">raised</a> $33 million by closing a pre-series B funding round. The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally.
Indian electric-two-wheeler manufacturing startup Vegh has <a href="https://www.mercomindia.com/ev-vegh-raises-5-million-expand-manufacturing" target="_blank" rel="noopener">secured</a> $5 million in a strategic pre-series investment round from an undisclosed investor. The funds will be used to support Vegh’s working capital needs, including creating a robust sales and distribution network and expanding its manufacturing capabilities for EV parts.
NEU Battery Materials, a lithium-ion battery recycling startup, <a href="https://mercomcapital.com/neu-battery-materials-raises-3-7-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.7 million in an oversubscribed Seed Funding Round led by SGInnovate, a Singapore government-backed Deep Tech investor and ecosystem builder. ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors joined the round.
Go Eve, an EV Charging solutions provider, <a href="https://mercomcapital.com/go-eve-raises-ev-charging-technology/" target="_blank" rel="noopener">secured</a> £3 million (~$3.9 million) in its first funding round, valuing the business at £12.6 million (~$16.2 million). The first funding round was led by The Pearl Family Office, a multi-family office that invests in sustainable and innovative businesses along with other investors.  Go Eve plans to use the funds to secure its supply chains, ramp up production, and install its DockChain system on sites across Europe and the US over the summer. The company aims to ensure volume availability in both markets before the end of the year and expand its presence in other regions.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-microgrid-solutions-provider-nuru-raises-40-million/" target="_blank" rel="noopener">roundup</a>.

Singapore-based start-up <a href="https://www.neumaterials.com/" target="_blank" rel="noopener">NEU Battery Materials</a>, a lithium recycling company, raised S$800,000 (~$0.54 million) in a seed funding round.
Momentum Venture Capital and Se-cure Waste Management led the seed round with two business angels in the energy storage and sustainability sectors and earlier funding from the NUS Graduate Research Innovation Programme (GRIP).
The company plans to use the new proceeds to build a pilot recycling plant in Singapore to recycle lithium from used lithium batteries.
&#8220;The demand for lithium batteries is high due to their everyday use. This demand will continue to increase drastically as EVs become mainstream. However, mining for lithium used in batteries is not an environmentally friendly process. Furthermore, most lithium batteries are dumped into landfills at the end of their lifespan, creating environmental waste. We want to develop further and bring to market a method for producing sustainable lithium, resulting in clean and sustainable lithium batteries,&#8221; said Bryan Oh, CEO and Co-founder of NEU Battery Materials.
The company aims to bring a patented electrochemical redox flow recycling process to market that was initially invented by Associate Professor Wang Qing, Deputy Head, Department of Materials Science and Engineering, NUS College of Design and Engineering. Associate Professor Wang is also a Co-Founder and Advisor to NEU Battery Materials.
&#8220;I&#8217;ve been conducting research in the area of electrochemistry and flow batteries for the past 20 years and believe that electrochemical battery recycling is the future, set to replace hydrometallurgy and pyrometallurgy. This recycling process is the first time it has been demonstrated to be possible to recycle lithium from the cheapest battery type – the lithium iron phosphate battery. I am delighted that NEU Battery Materials will be commercializing this technology and demonstrating its use in battery recycling,&#8221; said Assoc Prof Wang.
In order to recycle used lithium batteries, the batteries are first discharged and dismantled. A series of crushing procedures reduces and sorts through the battery&#8217;s key components. The remains of the battery are called &#8216;black mass,’ which enters the electrochemical redox flow recycling process.
The company has partnered with one of its investors, Se-cure Waste Management, a company that handles the recycling of metal waste and scrap materials.
NEU Battery Materials will build and operate a 150-square-meter pilot plant at Se-Cure Waste Management&#8217;s facility. This pilot plant will be able to process approximately 150 tons of lithium batteries a year.
&#8220;Our partnership with NEU Battery Materials and the setting up of the pilot plant allows Se-Cure Waste Management (SWM) to now handle the recycling of all types of lithium batteries, including lithium iron phosphate batteries, which has never been done before. We have already started sourcing for used lithium iron phosphate batteries, letting our industry contacts know that such recycling is possible. As lithium is a valuable material, we foresee battery manufacturers&#8217; interest in this development. With NEU Battery Materials&#8217; recycling process available, recycling lithium batteries is now cleaner and greener,&#8221; said Vince Goh, Managing Director at SWM.
Last month, Princeton NuEnergy, a clean-tech start-up company spun out from Princeton University and focused on directly recycling lithium-ion batteries from electric vehicles and consumer electronics, <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-lithium-ion-battery-recycling/" target="_blank" rel="noopener">raised</a> $7 million in a seed funding round. Wistron Corporation, an electronics manufacturer based in Taiwan, led the funding round with Shell Ventures, Greenland Technologies, CleanTech Open, AIBasis Fund, WorldQuant Ventures, and the angel investors.

NEU Battery Materials Secures $0.5 Million in Seed Funding

neu

Get the most relevant India solar and clean energy news.

RECENT POSTS