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<a href="https://redaptive.com" target="_blank" rel="noopener">Redaptive</a>, an energy efficiency solutions company, has received an investment of $200 million from <a href="https://www.cppinvestments.com/" target="_blank" rel="noopener">Canada Pension Plan Investment Board</a>, to help the company accelerate growth and expand customer reach.
Existing investors, Linse Capital and CBRE will also be a part of the investment with an expected second closure in early 2023.
Redaptive finances and installs energy generation and efficiency equipment to help companies reduce energy waste and lower carbon emissions. The company provides enterprise customers with data-driven energy generation and efficiency programs including HVAC (Heating, Ventilation, and Air-Conditioning), LED lighting, solar, electric vehicle, and other utility upgrades that can be deployed at large sites.
The company pays for the upfront costs and allows consumers to overcome the financial and logistical barriers in implementing energy efficiency measures and achieving their sustainability goals.
Sharing his views on the investment, Redaptive CEO Arvin Vohra, said, “In CPP Investments, we have found a partner who understands our mission and shares our passion for making carbon reduction an attainable goal for organizations around the world. This funding gives Redaptive the capability to accelerate our growth and help more customers reach and exceed their energy efficiency and sustainability goals.”
CPP Investments’ Sustainable Energies group has net assets of about C$30 billion (~$22.01 billion) as of September 30, 2022, including investments across the global energy system including renewables, utilities, and power generation.
“We are excited about funding Redaptive’s growing business which helps organizations to rapidly reduce energy consumption, save internal capital, and meet GHG emission reduction targets across their entire real estate portfolios,” said Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments.
Last month, Runwise, a provider of building heat management solutions, <a href="https://cms.mercomindia.com/runwise-raises-19-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $19 million in a Series A funding round led by Fifth Wall, to help expand its operations and technology to buildings throughout the country, increasing building efficiency, lowering costs, and ultimately reducing fossil fuel emissions.
According to Mercom’s 9M And Q3 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. VC funding for Energy Efficiency companies in 9M 2022 was up by $269 million compared to the $5 million raised in 9M 2021.
Earlier this year, GridPoint, a building energy management, and optimization technology provider, <a href="https://cms.mercomindia.com/gridpoint-closes-investment-goldman-sachs/" target="_blank" rel="noopener">closed</a> a $75 million strategic capital raise led by the Sustainable Investing Group within Goldman Sachs Asset Management (Goldman Sachs).

Energy Efficiency Solutions Provider Redaptive Raises $200 Million

Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://cms.mercomindia.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://cms.mercomindia.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://cms.mercomindia.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://cms.mercomindia.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://cms.mercomindia.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://cms.mercomindia.com/energy-efficiency-solutions-provider-redaptive-raises-200-million/" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Arcadia Raises $125 Million for Electric Grid Decarbonization

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-arcadia-raises-125-million-for-electric-grid-decarbonization/" target="_blank" rel="noopener">Mercom Capital Group</a>
Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://mercomcapital.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://mercomcapital.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://mercomcapital.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://mercomcapital.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://mercomcapital.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://redaptive.com/news/cpp-investments-invests-us200-million-in-redaptive" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

From: <a href="https://mercomcapital.com/funding-and-ma-roundup-array-technologies-ipo/" target="_blank" rel="noopener">Mercom Capital Group</a>
Array Technologies, a manufacturer of ground-mounting systems used in solar PV projects, has <a href="https://tinyurl.com/mercomaryt" target="_blank" rel="noopener noreferrer">filed</a> to raise $675 million in an IPO of its common stock, according to an S-1 <a href="https://www.sec.gov/Archives/edgar/data/1820721/000119312520265268/d82970ds1a.htm" target="_blank" rel="noopener noreferrer">registration statement</a>. The company intends to raise $675 million in gross proceeds from an IPO of its common stock, with the company selling 7 million shares and the major shareholder selling 26.75 million shares at a proposed midpoint price of $20 per share.
Emerson announced that it <a href="https://tinyurl.com/mercomecao" target="_blank" rel="noopener noreferrer">completed</a> the acquisition of Open Systems International (OSI), an operations technology software provider, for $1.6 billion in an all-cash transaction. Emerson&#8217;s expertise in power generation combined with OSI&#8217;s complementary software and reach within the power transmission and distribution sectors enable end-to-end ability to monitor, control, and optimize operations in real-time.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, <a href="https://tinyurl.com/mercomeelr" target="_blank" rel="noopener noreferrer">announced</a> that it had closed $156.5 million in funding led by CarVal Investors. Existing investors CBRE, Engie New Ventures, Evergy Ventures, and Linse Capital also invested in the company alongside CarVal. Redaptive will leverage this operating capital to expand its energy efficiency offerings to meet growing demand from existing and new customers.
Soltec, a manufacturer of equipment for solar projects, is planning a stock market listing, aiming to <a href="https://tinyurl.com/mercomsltp" target="_blank" rel="noopener noreferrer">raise</a> €150 million (~$177 million) to fund its expansion in the solar energy market, it said in a statement but did not say how much of the company would go public. Building and selling tracking equipment that helps solar panels follow the sun&#8217;s movement and developing its own generation plants in Europe and Latin America earned Soltec €359 million (~$422.18 million) in revenue last year.
Fourth Wave Energy, a San Jose-based climate solutions company, announces <a href="https://tinyurl.com/mercomfrde" target="_blank" rel="noopener noreferrer">plans</a> to acquire solar tile company DeSol Power Tiles. The company plans to manufacture, market, and distribute throughout North America solar tile roofs designed by DeSol Power Tiles.
Swiss diversified group COFRA <a href="https://tinyurl.com/mercomsngy" target="_blank" rel="noopener noreferrer">announce</a>d the acquisition of Sunrock Investments, developer and owner of solar energy assets in the Netherlands, for an undisclosed sum.
Sigora Solar, a solar company that provides cutting edge solar and energy efficiency technology, <a href="https://tinyurl.com/meromsgdr" target="_blank" rel="noopener noreferrer">announced</a> the acquisition of California-based Aztec Solar, a strategic growth move that will fuel Sigora&#8217;s expansion plans.
Honeywell has <a href="https://tinyurl.com/mercomharr" target="_blank" rel="noopener noreferrer">acquired</a> privately-held Rocky Research, a provider of thermal, energy, and power management solutions. This acquisition expands Honeywell&#8217;s existing, broad portfolio, including power generation systems, energy storage, and power and thermal management systems. It also combines Rocky Research&#8217;s proven research and development capabilities with Honeywell&#8217;s worldwide reach and engineering integration, test, and production expertise.
Romeo Systems, an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles, and RMG Acquisition Corporation, a special purpose acquisition company, <a href="https://tinyurl.com/mercomrptl" target="_blank" rel="noopener noreferrer">announced</a> a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing the transaction, the combined company will be named Romeo Power and is expected to remain listed on the NYSE and trade under the new ticker symbol &#8220;RMO.&#8221;
Generac Holdings, a manufacturer of automatic, stationary standby, and portable generators <a href="https://tinyurl.com/mercomgaet" target="_blank" rel="noopener noreferrer">announced</a> an agreement to acquire Enbala Power Networks, a distributed energy resources technology company. The deal solidifies Generac&#8217;s position as a market leader in Smart Grid 2.0 technologies and opens its opportunities as a grid services provider. The transaction is expected to close within thirty days. The terms of the deal were not disclosed.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener noreferrer">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-lithium-ion/" target="_blank" rel="noopener noreferrer">roundup</a>.

Funding and M&A Roundup: Array Technologies Plans to Raise $675 Million in IPO

Array Technologies, a manufacturer of ground-mounting systems used in solar PV projects, has <a href="https://tinyurl.com/mercomaryt" target="_blank" rel="noopener noreferrer">filed</a> to raise $675 million in an IPO of its common stock, according to an S-1 <a href="https://www.sec.gov/Archives/edgar/data/1820721/000119312520265268/d82970ds1a.htm" target="_blank" rel="noopener noreferrer">registration statement</a>. The company intends to raise $675 million in gross proceeds from an IPO of its common stock, with the company selling 7 million shares and the major shareholder selling 26.75 million shares at a proposed midpoint price of $20 per share.
Emerson announced that it <a href="https://tinyurl.com/mercomecao" target="_blank" rel="noopener noreferrer">completed</a> the acquisition of Open Systems International (OSI), an operations technology software provider, for $1.6 billion in an all-cash transaction. Emerson’s expertise in power generation combined with OSI’s complementary software and reach within the power transmission and distribution sectors enable end-to-end ability to monitor, control, and optimize operations in real-time.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, <a href="https://tinyurl.com/mercomeelr" target="_blank" rel="noopener noreferrer">announced</a> that it had closed $156.5 million in funding led by CarVal Investors. Existing investors CBRE, Engie New Ventures, Evergy Ventures, and Linse Capital also invested in the company alongside CarVal. Redaptive will leverage this operating capital to expand its energy efficiency offerings to meet growing demand from existing and new customers.
Soltec, a manufacturer of equipment for solar projects, is planning a stock market listing, aiming to <a href="https://tinyurl.com/mercomsltp" target="_blank" rel="noopener noreferrer">raise</a> €150 million (~$177 million) to fund its expansion in the solar energy market, it said in a statement but did not say how much of the company would go public. Building and selling tracking equipment that helps solar panels follow the sun’s movement and developing its own generation plants in Europe and Latin America earned Soltec €359 million (~$422.18 million) in revenue last year.
Fourth Wave Energy, a San Jose-based climate solutions company, announces <a href="https://tinyurl.com/mercomfrde" target="_blank" rel="noopener noreferrer">plans</a> to acquire solar tile company DeSol Power Tiles. The company plans to manufacture, market, and distribute throughout North America solar tile roofs designed by DeSol Power Tiles.
Swiss diversified group COFRA <a href="https://tinyurl.com/mercomsngy" target="_blank" rel="noopener noreferrer">announce</a>d the acquisition of Sunrock Investments, developer and owner of solar energy assets in the Netherlands, for an undisclosed sum.
Sigora Solar, a solar company that provides cutting edge solar and energy efficiency technology, <a href="https://tinyurl.com/meromsgdr" target="_blank" rel="noopener noreferrer">announced</a> the acquisition of California-based Aztec Solar, a strategic growth move that will fuel Sigora’s expansion plans.
Honeywell has <a href="https://tinyurl.com/mercomharr" target="_blank" rel="noopener noreferrer">acquired</a> privately-held Rocky Research, a provider of thermal, energy, and power management solutions. This acquisition expands Honeywell’s existing, broad portfolio, including power generation systems, energy storage, and power and thermal management systems. It also combines Rocky Research’s proven research and development capabilities with Honeywell’s worldwide reach and engineering integration, test, and production expertise.
Romeo Systems, an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles, and RMG Acquisition Corporation, a special purpose acquisition company, <a href="https://tinyurl.com/mercomrptl" target="_blank" rel="noopener noreferrer">announced</a> a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing the transaction, the combined company will be named Romeo Power and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO.”
Generac Holdings, a manufacturer of automatic, stationary standby, and portable generators <a href="https://tinyurl.com/mercomgaet" target="_blank" rel="noopener noreferrer">announced</a> an agreement to acquire Enbala Power Networks, a distributed energy resources technology company. The deal solidifies Generac’s position as a market leader in Smart Grid 2.0 technologies and opens its opportunities as a grid services provider. The transaction is expected to close within thirty days. The terms of the deal were not disclosed.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener noreferrer">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-lithium-ion/" target="_blank" rel="noopener noreferrer">roundup</a>.
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