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SAX Power, a manufacturer of energy storage systems, completed its third funding round, <a href="https://cms.mercomindia.com/energy-storage-company-sax-power-raises-11-6-million/" target="_blank" rel="noopener">raising</a> €10 million (~$11.6 million) from a consortium of international and regional investors. The round was led by Yotta Capital Partners, a Paris-based private equity firm, with participation from Alb-Donau-Ulm Kapital, the investment company of Sparkasse Ulm, and other private investors. WIPIT advised SAX Power on the transaction. The new funding will enable SAX Power to strengthen its market position and advance industrial scaling efforts.
Solar module manufacturer Goldi Solar <a href="https://www.mercomindia.com/goldi-solar-secures-%E2%82%B914-billion-in-havells-led-funding-round" target="_blank" rel="noopener">secured</a> ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors. Goldi Solar will utilize the funding to expand its manufacturing capacity, strengthen backward integration into solar cell production, accelerate its innovation initiatives in high-efficiency solar technologies, and broaden the company&#8217;s go-to-market efforts.
Sawa Energy, a provider of solar and energy storage solutions for businesses in East Africa, <a href="https://cms.mercomindia.com/sawa-energy-raises-2-8-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> €2.5 million (~$2.8 million) in equity funding from ElectriFI, an EU-funded Electrification Financing Initiative managed by EDFI Management Company. The investment, channeled through the Uganda Country Window of ElectriFI, will be used to accelerate the company&#8217;s rollout of solar and battery energy storage solutions for commercial and industrial clients across Uganda.
Beyond Renewables &amp; Recycling, a solar module recycling startup, <a href="https://www.mercomindia.com/solar-module-recycling-firm-beyond-renewables-secures-50-million" target="_blank" rel="noopener">raised</a> ₹50 million (~$563,281) in pre-seed funding led by Momentum Capital to accelerate the development of its proprietary recycling technology, strengthen its waste supply chain, and scale operations. The company stated that it employs a combination of advanced thermal and chemical treatments to extract aluminum, glass, silicon, copper, and precious metals, including silver, with high purity.
Electric vehicle powertrain design and manufacturing company Tsuyo <a href="https://www.mercomindia.com/ev-powertrain-company-raises-%E2%82%B9400-million-from-avaana-capital" target="_blank" rel="noopener">raised</a> ₹400 million (~$4.82 million) in a Pre-Series A funding round led by Avaana Capital. The funding will be used to establish Tsuyo&#8217;s third greenfield manufacturing facility for high-wattage electric motors and transmission assemblies, as well as a second advanced research and development center dedicated to power electronics, embedded systems, and prototype development.
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-ma-roundup-redwood-materials-raises-350-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: SAX Power Raises $11.6 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-sax-power-raises-11-6-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
SAX Power, a manufacturer of energy storage systems, completed its third funding round, <a href="https://mercomcapital.com/energy-storage-company-sax-power-raises-11-6-million/" target="_blank" rel="noopener">raising</a> €10 million (~$11.6 million) from a consortium of international and regional investors. The round was led by Yotta Capital Partners, a Paris-based private equity firm, with participation from Alb-Donau-Ulm Kapital, the investment company of Sparkasse Ulm, and other private investors. WIPIT advised SAX Power on the transaction. The new funding will enable SAX Power to strengthen its market position and advance industrial scaling efforts.
Solar module manufacturer Goldi Solar <a href="https://www.mercomindia.com/goldi-solar-secures-%E2%82%B914-billion-in-havells-led-funding-round" target="_blank" rel="noopener">secured</a> ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors. Goldi Solar will utilize the funding to expand its manufacturing capacity, strengthen backward integration into solar cell production, accelerate its innovation initiatives in high-efficiency solar technologies, and broaden the company&#8217;s go-to-market efforts.
Sawa Energy, a provider of solar and energy storage solutions for businesses in East Africa, <a href="https://mercomcapital.com/sawa-energy-raises-2-8-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> €2.5 million (~$2.8 million) in equity funding from ElectriFI, an EU-funded Electrification Financing Initiative managed by EDFI Management Company. The investment, channeled through the Uganda Country Window of ElectriFI, will be used to accelerate the company&#8217;s rollout of solar and battery energy storage solutions for commercial and industrial clients across Uganda.
Beyond Renewables &amp; Recycling, a solar module recycling startup, <a href="https://www.mercomindia.com/solar-module-recycling-firm-beyond-renewables-secures-50-million" target="_blank" rel="noopener">raised</a> ₹50 million (~$563,281) in pre-seed funding led by Momentum Capital to accelerate the development of its proprietary recycling technology, strengthen its waste supply chain, and scale operations. The company stated that it employs a combination of advanced thermal and chemical treatments to extract aluminum, glass, silicon, copper, and precious metals, including silver, with high purity.
Electric vehicle powertrain design and manufacturing company Tsuyo <a href="https://www.mercomindia.com/ev-powertrain-company-raises-%E2%82%B9400-million-from-avaana-capital" target="_blank" rel="noopener">raised</a> ₹400 million (~$4.82 million) in a Pre-Series A funding round led by Avaana Capital. The funding will be used to establish Tsuyo&#8217;s third greenfield manufacturing facility for high-wattage electric motors and transmission assemblies, as well as a second advanced research and development center dedicated to power electronics, embedded systems, and prototype development.
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-redwood-materials-raises-350-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.sawaenergy.com/" target="_blank" rel="noopener">Sawa Energy</a>, a provider of solar and energy storage solutions for businesses in East Africa, has raised €2.5 million (~$2.8 million) in equity funding from ElectriFI, an EU-funded Electrification Financing Initiative managed by EDFI Management Company. The investment, channeled through the Uganda Country Window of ElectriFI, will be used to accelerate the company&#8217;s rollout of solar PV and Battery Energy Storage Solutions for commercial and industrial (C&amp;I) clients across Uganda.
&#8220;By supporting Sawa Energy&#8217;s expansion in Uganda and Rwanda, we are helping to accelerate the transition from polluting diesel generators to reliable, affordable solar power for businesses, creating lasting economic and environmental benefits across the region,&#8221; Said Rodrigo Madrazo, CEO of EDFI Management Company.
Sawa Energy finances, builds, and operates solar and battery projects to meet the consumption needs of businesses. By offering long-term contracts (10-25 years) at discounted rates compared to traditional grid tariffs. This funding will support the company&#8217;s efforts to expand its project portfolio.
Samuel Kaufman, CEO and Co-founder, Sawa Energy, added, &#8220;At Sawa Energy, our mission is to make clean, affordable energy accessible for businesses across East Africa. This partnership with ElectriFI enables us to scale our impact, helping more companies reduce emissions, lower energy costs, and improve productivity. We believe in building a sustainable model that benefits our clients, our team, our investors, and the entrepreneurs we serve.&#8221;
The ElectriFI Uganda Country Window is a dedicated €5 million (~$5.8 million) initiative funded by the European Union to invest in early-stage renewable energy companies in Uganda, aiming to bridge the financing gap for private sector players and expand access to clean, reliable electricity, especially in rural areas where electrification rates remain below 20%-through close collaboration with the Ugandan government and the EU Delegation.
According to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, in 9M 2025, VC funding activity decreased 17% YoY, with $2.9 billion raised in 55 deals compared to the $3.5 billion raised in 39 deals in 9M 2024. Solar downstream companies led financing activity with 40 deals worth $2.5 billion in 9M 2025.
Aukera, a renewable energy developer and independent power producer, <a href="https://mercomcapital.com/aukera-raises-124-million-in-oversubscribed-second-equity-round/" target="_blank" rel="noopener">announced</a> the closing of an oversubscribed €105 million (~$124 million) equity round. The round saw participation from existing investors, including Aukera&#8217;s majority shareholders, AtlasInvest and Reggeborgh.

Sawa Energy Raises $2.8 Million in Equity Funding

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