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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-module-manufacturer-heliup-raises-19-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
HELIUP, a solar module manufacturer for large rooftops of commercial and industrial buildings, <a href="https://mercomcapital.com/solar-module-manufacturer-heliup-raises-19-million-in-funding/" target="_blank" rel="noopener">closed</a> a €16 million (~$19 million) funding round. Supernova Invest led the funding round. Supernova Invest led the funding round, alongside new investors including MAIF Impact, Lita Gestion, C2AD, as well as existing partners Starquest Capital and BNP Paribas Développement. Avolta Partners supported HELIUP in structuring and implementing the transaction.
Energy Vault, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/energy-vault-closes-150-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of an upsized $150 million financing in convertible senior notes against the initially announced $125 million offering. According to Energy Vault, the transaction will enhance the company’s liquidity and financial flexibility while supporting its strategic expansion into higher-margin infrastructure verticals.
Photoncycle, a hydrogen-based energy storage solutions provider, <a href="https://mercomcapital.com/energy-storage-startup-photoncycle-closes-17-million/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series A funding round, led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm. According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.
Qnetic, a company developing long-duration flywheel energy storage systems (FESS), <a href="https://mercomcapital.com/flywheel-energy-storage-systems-provider-qnetic-raises-5-million/" target="_blank" rel="noopener">raised</a> $5 million in a recent funding round. Combined with a $2.1 million equity crowdfunding campaign completed last year, the company has secured a total of $7.1 million in funding over the past 12 months. According to Qnetic, the newly raised capital will be used to support fitting out its California manufacturing facility for low-volume production of its Q500 FESS.
Torrent Power, a power utility, <a href="https://www.mercomindia.com/torrent-power-issues-non-convertible-debentures-worth-%E2%82%B920-billion" target="_blank" rel="noopener">raised</a> ₹20 billion (~$216.58 million) through private placement of secured, non-convertible debentures (NCDs). The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,083), carrying a coupon rate of 7.97% per annum. These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India.
Infrastructure debt fund IL&amp;FS Mutual Fund <a href="https://www.mercomindia.com/ilfs-mutual-fund-commits-%E2%82%B91-25-billion-investment-in-hero-solar-energy" target="_blank" rel="noopener">committed</a> an investment of ₹1.25 billion (~$13.63 million) in Hero Solar Energy, part of renewable energy developer Hero Future Energies, to refinance its debt and support the expansion of its renewable projects. Hero Solar Energy will issue secured debentures to IL&amp;FS to facilitate the deployment of long-term capital.
Holyvolt, a renewable energy technology company, completed the <a href="https://mercomcapital.com/holyvolt-acquires-wildcat-discovery-technologies/" target="_blank" rel="noopener">acquisition</a> of Wildcat Discovery Technologies, a company developing nickel- and cobalt-free cathode materials for batteries used in energy storage and electric vehicles. The acquisition is expected to combine advanced material development with scalable manufacturing on a single platform.
Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://mercomcapital.com/exus-renewables-north-america-acquires-ozone-renewables/" target="_blank" rel="noopener">acquired</a> Ozone Renewables, a U.S.-based renewable company. With this acquisition, Exus added new projects and expertise to its greenfield development team, as well as a pipeline of early-stage projects. This also marks the company’s first organizational acquisition.
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-solarafrica-energy-secures-39-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Module Manufacturer HELIUP Raises $19 Million

<a href="https://www.photoncycle.com/en/" target="_blank" rel="noopener">Photoncycle</a>, a hydrogen-based energy storage solutions provider, has raised €15 million (~$17 million) in a Series A funding round, led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm.
The funding also saw participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.
The funding comes as the Netherlands prepares to phase out net metering in 2027, a policy change that is expected to alter the economics of rooftop solar.
Currently, the residential storage market is dominated by lithium-ion batteries. Photoncycle offers a different approach; the company&#8217;s patented technology transforms surplus renewable energy into solid-state hydrogen stored underground, releasing it as clean heat and power when needed.
Photoncycle intends to offer its system under a subscription-based model in which the seasonal storage unit is installed at the customer’s property and operated as part of an integrated energy solution.
According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.
Bjørn Brandtzæg, founder and chief executive of Photoncycle, said, “The Netherlands has one of Europe’s most advanced rooftop solar markets. The next step is solving the seasonal mismatch. As net metering is phased out, households will need new ways to retain the value of their summer solar production rather than exporting it to the grid.”
The company has planned 1.4 TWh annual manufacturing capacity at full industrial scale and is expected to begin coming online in 2027.
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 November 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.

Energy Storage Startup Photoncycle Closes $17 Million

photoncycle

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