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GlassPoint, a company that provides solar thermal-based energy solutions, has <a href="https://cms.mercomindia.com/solar-thermal-company-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">closed</a> $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital. The investment will help advance its existing megaprojects and expand power generation worldwide, with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
ICG, the global alternative asset manager, <a href="https://cms.mercomindia.com/icg-acquires-majority-stake-in-energy-storage-developer-ray8-energy/" target="_blank" rel="noopener">announced</a> that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects. Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements.
Berlin-based climate fintech company Cloover has <a href="https://www.mercomindia.com/climate-fintech-company-cloover-raises-1-2-billion-in-debt-equity" target="_blank" rel="noopener">secured</a> over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions. The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility. Additionally, Cloover also received a €300 million guarantee from the European Investment Fund.
Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has <a href="https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl" target="_blank" rel="noopener">announced</a> the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million). The acquisition is expected to be completed by April 30, 2026. APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).
Power transmission and renewable energy company IndiGrid has <a href="https://www.mercomindia.com/indigrid-raises-%E2%82%B915-billion-in-funding-through-institutional-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$163.15 million) in funding through an institutional placement, bringing the total funds raised in the financial year 2026 to ₹19.38 billion (~$210.8 million). IndiGrid Investment Managers, the investment management arm of IndiGrid, approved this fundraise last year. Existing and new long-only domestic and global institutional investors, including 10 insurance companies and six mutual funds, participated in the institutional placement process.
Eversource Capital’s green mobility arm, GreenCell Mobility, has <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment (BII), IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. BII has committed $33 million to the funding round. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses.
Solar energy financing firm, Aerem Solutions, has <a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-15-million-in-pre-series-b-round" target="_blank" rel="noopener">raised</a> $15 million (~₹1.36 billion) in a pre-series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation. The funding round also saw participation from existing institutional investors, British International Investment, The University of Tokyo Edge Capital Partners, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures, the venture arm of Schneider Electric.
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-terralayr-secures-223-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: GlassPoint Secures $20 Million in Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
GlassPoint, a company that provides solar thermal-based energy solutions, has <a href="https://mercomcapital.com/solar-thermal-company-glasspoint-secures-20-million-in-funding/" target="_blank" rel="noopener">closed</a> $20 million in a funding round led by N.I.S. New Investment Solutions, a Liechtenstein- based asset management firm, with participation from returning investor MIG Capital. The investment will help advance its existing megaprojects and expand power generation worldwide, with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East, and South America.
ICG, the global alternative asset manager, <a href="https://mercomcapital.com/icg-acquires-majority-stake-in-energy-storage-developer-ray8-energy/" target="_blank" rel="noopener">announced</a> that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects. Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements.
Berlin-based climate fintech company Cloover has <a href="https://www.mercomindia.com/climate-fintech-company-cloover-raises-1-2-billion-in-debt-equity" target="_blank" rel="noopener">secured</a> over $1.2 billion in funding commitments, comprising equity and debt facilities from investors, to build an AI operating system to support residential and decentralized renewable energy solutions. The funding package comprised $22 million in Series A equity financing and a $1.2 billion debt facility. Additionally, Cloover also received a €300 million guarantee from the European Investment Fund.
Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has <a href="https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl" target="_blank" rel="noopener">announced</a> the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million). The acquisition is expected to be completed by April 30, 2026. APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).
Power transmission and renewable energy company IndiGrid has <a href="https://www.mercomindia.com/indigrid-raises-%E2%82%B915-billion-in-funding-through-institutional-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$163.15 million) in funding through an institutional placement, bringing the total funds raised in the financial year 2026 to ₹19.38 billion (~$210.8 million). IndiGrid Investment Managers, the investment management arm of IndiGrid, approved this fundraise last year. Existing and new long-only domestic and global institutional investors, including 10 insurance companies and six mutual funds, participated in the institutional placement process.
Eversource Capital’s green mobility arm, GreenCell Mobility, has <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment (BII), IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. BII has committed $33 million to the funding round. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses.
Solar energy financing firm, Aerem Solutions, has <a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-15-million-in-pre-series-b-round" target="_blank" rel="noopener">raised</a> $15 million (~₹1.36 billion) in a pre-series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation. The funding round also saw participation from existing institutional investors, British International Investment, The University of Tokyo Edge Capital Partners, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures, the venture arm of Schneider Electric.
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-terralayr-secures-223-million-2" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.icgam.com/" target="_blank" rel="noopener">ICG</a>, the global alternative asset manager, announced that its Asia-Pacific Infrastructure team has acquired a majority stake in <a href="https://ray8.com/#mv" target="_blank" rel="noopener">Ray8 Energy</a>, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects.
Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements. The company also leads equity and debt capital raising for project special purpose vehicles (SPCs), and oversees ongoing asset monitoring and performance management in collaboration with third-party BESS operators.
The transaction marks ICG APAC Infra&#8217;s entry into Japan&#8217;s BESS market. Ray8 Energy plans to deploy approximately JPY 50 billion (~0.30 billion) in equity capital to support the development and ownership of grid-scale BESS projects in Japan, targeting more than 1,000 MW of installed BESS capacity over the next five years.
This investment represents ICG APAC Infra&#8217;s fourth renewables platform partnership in the region since 2023, following prior investments in Voltaiyo, Revent Energy, and Ampin Energy Transition.
&#8220;We are delighted to be partnering with Ray8&#8217;s founder and management team to support the Company in becoming a leading battery storage development and investment platform in Japan. With a highly experienced management team and strong demand for BESS, Ray8 is poised to secure attractive growth opportunities. We look forward to working collaboratively to execute on the Company&#8217;s existing pipeline and ambitious growth plan,&#8221; said Tomohide Den, Founder and CEO of Ray8 Energy.
According to Mercom&#8217;s 9M and Q3 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, a total of 20 Energy Storage M&amp;A transactions were announced in 9M 2025, up from 18 M&amp;A transactions in 9M 2024.
In January, Fortescue, a green energy and metal mining company, announced the <a href="https://cms.mercomindia.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">acquisition</a> of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions.

ICG Acquires Majority Stake in Energy Storage Developer Ray8 Energy

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