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<a href="https://www.tsun-ess.com/" target="_blank" rel="noopener">TSUN</a>, a provider of solar microinverters, and energy storage solutions, raised over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023.
The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. Additionally, funds will be used to expand domestic and international business channels.
TSUN researches and develops microinverters and energy storage products with distribution channels in markets like Europe, South America, and Asia-Pacific.
The company said it plans to begin constructing its self-owned facility at the end of this year. The new facility, spanning 50,000 sq. meters, is expected to be operational by 2025 and will house multiple automated production and assembly lines. It is expected to result in a 500% increase in production capacity.
The company aims to iterate high-power microinverters by 2024, enhancing their application in industrial and commercial areas.
Cora Su, in charge of TSUN&#8217;s financing, stated that TSUN will adhere to a long-term strategy, leveraging the company&#8217;s leading advantages in technology research and development, integrated innovation, and industry resources. “We will enrich the product line, accelerate product iteration, establish competitive advantages, and upgrade the company&#8217;s intelligent core, empowering the green transformation of low-carbon energy.&#8221;
According to Mercom’s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 9M 2023, Venture Capital funding activity rose 4% YoY, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022. A total of 159 VC investors participated in solar funding in 9M 2023.
Recently, Omnidian, a provider of monitoring systems for residential and commercial solar assets, <a href="https://cms.mercomindia.com/solar-asset-management-company-omnidian/" target="_blank" rel="noopener">raised</a> $25 million in an equity funding round, which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development, Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management.

Solar Microinverter Firm TSUN Secures $21 Million in Series B Funding

CMBlu Energy, an organic solid flow battery technology developer, <a href="https://cms.mercomindia.com/organic-flow-battery-company-cmblu-energy-secures-105-million-financing/" target="_blank" rel="noopener">secured</a> €100 million (~$105 million) equity investment from globally operating technology and construction group STRABAG SE. The funding will be used to scale up the company’s battery technology production. CMBlu Energy, together with collaboration partners, is currently working on multiple pilot projects in the U.S. and Europe to prove its large-scale energy storage solutions.
PMI Electro Mobility Solutions, an electric bus manufacturer based in Delhi National Capital Region, has <a href="https://www.mercomindia.com/electric-bus-manufacturer-investment-from-piramal" target="_blank" rel="noopener">secured</a> a ₹2.5 billion (~$150.29 million) investment from Piramal Alternatives through the Performing Credit Fund in the form of convertible securities to advance green mobility efforts, facilitating innovation, technological integration and business expansion. ICICI Securities was the advisor to PMI Electro Mobility for the fundraising.
Omnidian, a provider of solar asset management solutions, <a href="https://cms.mercomindia.com/solar-asset-management-company-omnidian/" target="_blank" rel="noopener">closed</a> a $25 million funding round which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development,  Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management. Part of the capital funding will be used to further technical innovation to give clients improved transparency into portfolio performance, job site status, and active remediations.
Circu Li-ion, a battery recycling startup, <a href="https://cms.mercomindia.com/battery-recycling-startup-cicu-raises-funding/" target="_blank" rel="noopener">raised</a> €8.5 million (~$9 million) in seed funding. The funding includes €4.5 million (~$4.8 million) in equity, which was led by BonVenture, and additional backing from an undisclosed investor. The investment is complemented by €4 million (~$4.2 million) in grants from the European Innovation Council Accelerator and collaborations with recyclers and OEMs. The funding will be utilized to expand the company’s AI-driven battery upcycling solution and develop a battery recycling data repository.
Inlyte Energy, a developer of batteries for grid-scale energy storage, <a href="https://cms.mercomindia.com/inlyte-energy-secures-8-million-seed-funding/" target="_blank" rel="noopener">secured</a> $8 million in seed funding to develop the first generation of its grid batteries made with iron and table salt. The funding round was by At One Ventures with participation from First Spark Ventures, Valo Ventures, TechEnergy Ventures, Climate Capital, Anglo American, and others. The company claims that its batteries will have the lowest cost once manufacturing is scaled; iron and salt are also locally produced in almost all parts of the world and avoid external supply chains.
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-ev-charging-erapid-raises-32-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Company CMBlu Secures $105 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-company-cmblu-secures-105-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
CMBlu Energy, an organic solid flow battery technology developer, <a href="https://mercomcapital.com/organic-flow-battery-company-cmblu-energy-secures-105-million-financing/" target="_blank" rel="noopener">secured</a> €100 million (~$105 million) equity investment from globally operating technology and construction group STRABAG SE. The funding will be used to scale up the company’s battery technology production. CMBlu Energy, together with collaboration partners, is currently working on multiple pilot projects in the U.S. and Europe to prove its large-scale energy storage solutions.
PMI Electro Mobility Solutions, an electric bus manufacturer based in Delhi National Capital Region, has <a href="https://www.mercomindia.com/electric-bus-manufacturer-investment-from-piramal" target="_blank" rel="noopener">secured</a> a ₹2.5 billion (~$150.29 million) investment from Piramal Alternatives through the Performing Credit Fund in the form of convertible securities to advance green mobility efforts, facilitating innovation, technological integration and business expansion. ICICI Securities was the advisor to PMI Electro Mobility for the fundraising.
Omnidian, a provider of solar asset management solutions, <a href="https://mercomcapital.com/solar-asset-management-company-omnidian/" target="_blank" rel="noopener">closed</a> a $25 million funding round which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development,  Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management. Part of the capital funding will be used to further technical innovation to give clients improved transparency into portfolio performance, job site status, and active remediations.
Circu Li-ion, a battery recycling startup, <a href="https://mercomcapital.com/battery-recycling-startup-cicu-raises-funding/" target="_blank" rel="noopener">raised</a> €8.5 million (~$9 million) in seed funding. The funding includes €4.5 million (~$4.8 million) in equity, which was led by BonVenture, and additional backing from an undisclosed investor. The investment is complemented by €4 million (~$4.2 million) in grants from the European Innovation Council Accelerator and collaborations with recyclers and OEMs. The funding will be utilized to expand the company’s AI-driven battery upcycling solution and develop a battery recycling data repository.
Inlyte Energy, a developer of batteries for grid-scale energy storage, <a href="https://mercomcapital.com/inlyte-energy-secures-8-million-seed-funding/" target="_blank" rel="noopener">secured</a> $8 million in seed funding to develop the first generation of its grid batteries made with iron and table salt. The funding round was by At One Ventures with participation from First Spark Ventures, Valo Ventures, TechEnergy Ventures, Climate Capital, Anglo American, and others. The company claims that its batteries will have the lowest cost once manufacturing is scaled; iron and salt are also locally produced in almost all parts of the world and avoid external supply chains.
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/">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-erapid-raises-32-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.omnidian.com/" target="_blank" rel="noopener">Omnidian</a>, a provider of monitoring systems for residential and commercial solar assets, raised $25 million in an equity funding round which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development, Inc., Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management.
Following the Inflation Reduction Act&#8217;s enactment, companies have announced over $110 billion in new clean energy manufacturing investments. Addressing the rapidly growing sector, Mark Liffmann, CEO, observed, &#8220;The post-purchase experience is often sidelined. At Omnidian, we bridge this chasm in partnership with our clients, nurturing solar assets throughout their life cycle and accelerating clean energy investments.&#8221;
According to the company, part of the capital funding will be used to further technical innovation to give clients improved transparency into portfolio performance, job site status, and active remediations.
Liffmann added, &#8220;Today our clients have individual portfolio managers. Those won&#8217;t be replaced, but we&#8217;re building additional transparency and reporting enhancements across our growing portfolio of clients to improve the client experience and support our portfolio managers.&#8221;
Recently, raicoon, a provider of AI-based solutions for autonomous solar operations, <a href="https://cms.mercomindia.com/autonomous-solar-ai-company-raicoon-raises/" target="_blank" rel="noopener">raised</a> €4 million (~$4.2 million) in a seed funding round. Premier climate, tech, and impact funds PUSH VC, Voltares and a private family office contributed to the strategic funding round.
According to Mercom&#8217;s recently released 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 9M 2023, VC funding activity rose 4% YoY, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.
Earlier this year, UrbanVolt, a solar-as-a-service company, <a href="https://cms.mercomindia.com/solar-solutions-provider-urbanvolt-raises-million/" target="_blank" rel="noopener">raised</a> €26 million (~$28 million) from European investor Verdane, bringing the company&#8217;s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt expand in the Irish, UK, and European markets.

Solar Asset Management Company Omnidian Raises $25 Million

Solar system performance plan provider <a href="https://www.omnidian.com/" target="_blank" rel="noopener">Omnidian</a> has secured $33 million in a Series B capital raise led by Activate Capital. The company expects to use the fund to expand into new market segments such as energy storage, electric vehicle (EV) charging, and heating, ventilation, and air conditioning (HVAC). Omnidian also expects this raise will enable its international expansion.
The new round of funding saw participation from existing investors City Light Capital, IA Capital, Evergy Ventures, Avista Development, Congruent Ventures, Centrica, National Grid Partners, Energy Foundry, and Blue Bear Capital. Liberty Mutual Insurance and WIND Ventures, the strategic venture capital arm of Chilean multinational energy firm Copec, participated in the round.
“This successful raise is a validation of what Omnidian has accomplished over the past four years. Residential and commercial solar is moving into mainstream adoption, and with that comes the demand for a higher level of service and assurance that a customer’s system is operating as expected,” said Mark Liffmann, founder and CEO of Omnidian.
“Our new capital partners share our vision of providing solar energy customers with a lower cost of ownership, less risk, and a transformational customer experience. The capital will also enable expansion into new asset classes including energy storage, EV charging, and HVAC,” he said.
The new round of funding comes on the heels of Omnidian’s rapid growth phase. The firm has launched a service for energy storage, both at the residential and commercial, and industrial levels, in addition to its existing solar performance plans. The company will aim to increase the more than 1.7 GW it currently manages for customers.
Earlier this month, <a href="https://www.arcadia.com/" target="_blank" rel="noopener">Arcadia</a>, a clean energy platform that connects homeowners to clean energy programs in the United States, <a href="https://mercomindia.com/clean-energy-platform-arcadia-raises/" target="_blank" rel="noopener">secured</a> $100 million in funding. The company plans to use the funding to accelerate its technology roadmap and increase product capabilities across new verticals. The company considers electric vehicles and distributed energy resources as new verticals that would spur innovation making renewables more accessible and cheaper.
Solar companies raised $1.6 billion in VC funding in the first half of 2021, according to <a href="https://mercomcapital.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Mercom’s 1H and Q2 2021 Solar Funding and M&amp;A Report</a>. The funding raised was 680% higher compared to the $210 million raised in the first half of 2020.

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