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Torus, a Utah-based energy storage solutions provider, has <a href="https://cms.mercomindia.com/torus-closes-67-million-to-advance-energy-storage/" target="_blank" rel="noopener">secured</a> $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
JSW Energy, a private sector power producer, has <a href="https://www.mercomindia.com/jsw-energy-%e2%82%b950-billion-qualified-institutional-placement" target="_blank" rel="noopener">completed</a> a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors. The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.
Boston-area startup Alsym Energy has <a href="https://www.mercomindia.com/tata-invests-alsym" target="_blank" rel="noopener">raised</a> $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology. The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.
Polar Night Energy, a Finnish thermal energy storage startup, has <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 the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.
SolarEdge Technologies, a provider of smart energy technology solutions, <a href="https://cms.mercomindia.com/solaredge-acquires-ev-charging-wevo-energy/" target="_blank" rel="noopener">announced</a> that it completed the acquisition of the entire share capital of Wevo Energy. Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.
Copenhagen Infrastructure Partners (CIP) has <a href="https://www.elgin.com/news/copenhagen-infrastructure-partners-acquires-majority-stake-in-elgin" target="_blank" rel="noopener">secured</a> a controlling stake in Elgin Energy, a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP&#8217;s expertise in procurement and construction alongside Elgin&#8217;s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.
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-invenergy-secures-900-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Torus Raises $67 Million to Advance Energy Storage Solutions

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-torus-raises-advance-energy-storage-solutions/" target="_blank" rel="noopener">Mercom Capital Group</a>
Torus, a Utah-based energy storage solutions provider, has <a href="https://mercomcapital.com/torus-closes-67-million-to-advance-energy-storage/" target="_blank" rel="noopener">secured</a> $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
JSW Energy, a private sector power producer, has <a href="https://www.mercomindia.com/jsw-energy-%e2%82%b950-billion-qualified-institutional-placement" target="_blank" rel="noopener">completed</a> a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors. The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.
Boston-area startup Alsym Energy has <a href="https://www.mercomindia.com/tata-invests-alsym" target="_blank" rel="noopener">raised</a> $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology. The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.
Polar Night Energy, a Finnish thermal energy storage startup, has <a href="https://mercomcapital.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 the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.
SolarEdge Technologies, a provider of smart energy technology solutions, <a href="https://mercomcapital.com/solaredge-acquires-ev-charging-wevo-energy/" target="_blank" rel="noopener">announced</a> that it completed the acquisition of the entire share capital of Wevo Energy. Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.
Copenhagen Infrastructure Partners (CIP) has <a href="https://www.elgin.com/news/copenhagen-infrastructure-partners-acquires-majority-stake-in-elgin" target="_blank" rel="noopener">secured</a> a controlling stake in Elgin Energy, a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP&#8217;s expertise in procurement and construction alongside Elgin&#8217;s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.
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-invenergy-secures-900-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://polarnightenergy.fi/" target="_blank" rel="noopener">Polar Night Energy</a>, a Finnish thermal energy storage startup, has successfully secured €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.
With the new fund secured, the company plans to use it for several purposes, including expanding the R&amp;D team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.
“I believe protecting our environment and climate is central to our survival as human beings and society. The environment we live in is under threat, and we need to find sustainable ways to thrive while preserving our planet. Polar Night Energy has the potential to be a part of the solution”, says Jonathan Oppenheimer.
The company uses sand as a storage medium in its thermal energy storage system, as sand is a cheap and abundant material that can be heated up to 1000°C and higher. Inside, there is a heat transfer system, which enables energy transportation to and from the storage. Insulation is provided between the storage and environment, ensuring a long storage period with minimal heat losses.
Recently, Polar Night Energy also announced a new industrial-scale Sand Battery project with Loviisan Lämpö, a Finnish district heating company, in addition to a partnership with Ilmatar, a Nordic energy company and independent power producer, aimed at storing surplus wind and solar energy in large-scale Sand Batteries.
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.
Recently, Antora Energy, a developer of thermal batteries, <a href="https://cms.mercomindia.com/thermal-battery-maker-antora-energy-raises-150-million/" target="_blank" rel="noopener">secured</a> $150 million in Series B funding to help ramp up production. Decarbonization Partners, a partnership between BlackRock and Temasek, led the round.

Polar Night Energy Raises $8.1 Million in Seed Funding

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