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Fluence, a provider of energy storage products and services, <a href="https://cms.mercomindia.com/energy-storage-company-fluence-secures-debt-financing/" target="_blank" rel="noopener">announced</a> that it has entered into a four-year $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the existing $200 million Revolving Credit Facility (RCF), which was terminated. The transition from the RCF to the larger ABL facility will improve Fluence’s ability to manage working capital.
Stardust Power, a manufacturer of battery-grade lithium products,<a href="https://cms.mercomindia.com/lithium-company-stardust-power-public-spac-deal/" target="_blank" rel="noopener"> entered</a> into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company, that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’. The Pro forma implied an enterprise value of around $490 million for the combined company.
OVO Energy, an independent energy supplier that provides gas and electricity services to residential and business customers, <a href="https://cms.mercomindia.com/ovo-energy-acquires-ev-charging-app-provider-bonnet/" target="_blank" rel="noopener">announced</a> the acquisition of the UK Public Electric Vehicle (EV) Charging Aggregator Startup Bonnet. Bonnet provides a platform that combines nationwide public EV charge point operators on one app, helping drivers locate, use, and pay without switching between different cards or logins.
India-based electric vehicle company Baaz Bikes has <a href="https://www.mercomindia.com/electric-mobility-bikes-raises-8-million" target="_blank" rel="noopener">announced</a> the completion of its Series A funding round, raising $8 million. The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha. Baaz Bikes develops electric scooters and battery-swapping solutions for gig workers.
Solfium, a solar-tech company, <a href="https://cms.mercomindia.com/solar-tech-company-solfium-raises-3-million-seed-funding/" target="_blank" rel="noopener">raised</a> $3 million in seed funding to expand its operational capacity, invest in technology and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others. The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.
Longroad Energy Holdings, a renewable energy developer, owner, and operator, <a href="https://www.longroadenergy.com/longroad-energy-secures-600-million-in-debt-financing-to-power-expansion-of-its-renewable-energy-portfolio/" target="_blank" rel="noopener">announced</a> the close of a $600 million debt financing to further accelerate the growth of its wind, solar, and battery portfolio. The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility. The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
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>.

Funding and M&A Roundup: Energy Storage Company Fluence Raises $400 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-energy-storage-company-fluence-raises/" target="_blank" rel="noopener">Mercom Capital Group</a>
Fluence, a provider of energy storage products and services, <a href="https://mercomcapital.com/energy-storage-company-fluence-secures-debt-financing/" target="_blank" rel="noopener">announced</a> that it has entered into a four-year $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the existing $200 million Revolving Credit Facility (RCF), which was terminated.
Stardust Power, a manufacturer of battery-grade lithium products,<a href="https://mercomcapital.com/lithium-company-stardust-power-public-spac-deal/" target="_blank" rel="noopener"> entered</a> into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company, that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’. The Pro forma implied an enterprise value of around $490 million for the combined company.
OVO Energy, an independent energy supplier that provides gas and electricity services to residential and business customers, <a href="https://mercomcapital.com/ovo-energy-acquires-ev-charging-app-provider-bonnet/" target="_blank" rel="noopener">announced</a> the acquisition of the UK Public Electric Vehicle (EV) Charging Aggregator Startup Bonnet. Bonnet provides a platform that combines nationwide public EV charge point operators on one app, helping drivers locate, use, and pay without switching between different cards or logins.
India-based electric vehicle company Baaz Bikes has <a href="https://www.mercomindia.com/electric-mobility-bikes-raises-8-million" target="_blank" rel="noopener">announced</a> the completion of its Series A funding round, raising $8 million. The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha. Baaz Bikes develops electric scooters and battery-swapping solutions for gig workers.
Solfium, a solar-tech company, <a href="https://mercomcapital.com/solar-tech-company-solfium-raises-3-million-seed-funding/" target="_blank" rel="noopener">raised</a> $3 million in seed funding to expand its operational capacity, invest in technology and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others. The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.
Longroad Energy Holdings, a renewable energy developer, owner, and operator, <a href="https://www.longroadenergy.com/longroad-energy-secures-600-million-in-debt-financing-to-power-expansion-of-its-renewable-energy-portfolio/" target="_blank" rel="noopener">announced</a> the close of a $600 million debt financing to further accelerate the growth of its wind, solar, and battery portfolio. The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility. The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
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-element-energy-secures-111-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://company.ovo.com/" target="_blank" rel="noopener">OVO Energy</a>, an independent energy supplier that provides gas and electricity services to residential and business customers, announced the acquisition of the UK Public Electric Vehicle (EV) Charging Aggregator Startup <a href="https://www.joinbonnet.com/" target="_blank" rel="noopener">Bonnet</a>.
Bonnet provides a platform that combines nationwide public EV charge point operators on one app, helping drivers locate, use, and pay without switching between different cards or logins.
According to the company, it currently manages over 80% of the UK’s EV charging points on its app, with over 27,000 charges across 7,000 locations.
“Using innovative technology, they’re (Bonnet) connecting EV drivers to the best charging networks available and turning every charge point into an accessible and simple charger that any driver can use. By combining Bonnet’s cutting-edge app and OVO’s experience and scale, we will encourage more people to adopt electric vehicles and transition to a greener lifestyle,” said Mat Moakes, Chief Commercial Officer, OVO.
“By being part of OVO, as one of the UK’s leading energy companies, we can now fully double-down on our ambitions for growth and seize new opportunities to help EV drivers, building into the entire driver journey – whether at home or away,” said Patrick Reich, CEO and Co-Founder of Bonnet.
Bonnet had recently <a href="https://www.joinbonnet.com/post/bonnet-closes-funding-round-with-5-5-million-investment" target="_blank" rel="noopener">closed</a> a $5.5 million backing from investors including Lightspeed, GV and 20VC. Ex-Tesla president Jon McNeill, co-founder of TIER Lawrence Leuschner, founder of Deliveroo Will Shu, and Zapp founders Joe Falter and Navid Hadzaad have also invested in the company.
According to Mercom’s recently <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">released</a> 9M And Q3 2023 Funding and M&amp;A Report for Storage &amp; Smart Grid, in 9M 2023, there were eight Smart Grid M&amp;A transactions compared to 18 in 9M 2022.
Earlier this year, Siemens, a German-based multinational conglomerate that is also involved in the transmission and generation of power, <a href="https://www.mercomindia.com/siemens-acquire-mass-techs-electric-vehicle-division" target="_blank" rel="noopener">signed</a> an agreement to acquire the electric vehicle (EV) division of Mumbai-based Mass-Tech Controls at an estimated cost of ₹380 million (~$5 million).

OVO Energy Acquires EV Charging App Provider Bonnet

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