CERC Rescinds Revocation of Renewable Projects’ Grid Connectivity

Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

Solar Module Capacity Under ALMM Grows to 215.5 GW

PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

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

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/11/amazon_polly_86366.mp3?version=1762323506">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</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://sax-power.net/" target="_blank" rel="noopener">SAX Power</a>, a manufacturer of energy storage systems, has completed its third funding round, raising €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. The company is expanding its production capacities at its Erbach site near Ulm and broadening its product portfolio, which includes commercial and industrial storage solutions as well as large-scale &#8220;megastorage&#8221; systems designed to stabilize electricity grids and support renewable energy sources such as wind and solar.
SAX Power develops and manufactures energy storage systems based on its patented direct ACtechnology. The company&#8217;s portfolio features home battery energy systems with capacities of 5.8 kWh and 7.7 kWh, as well as modular industrial systems.
Currently, the systems utilize lithium-iron-phosphate (LFP) battery cells, while the company is actively developing sodium-ion-based alternatives. SAX Power&#8217;s solutions are already deployed across the European market, with plans underway for a broader international expansion.
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>, VC funding in the sector totaled $2.8 billion in 56 deals, a 4% increase YoY compared to $2.7 billion in 61 deals in 9M 2024. Materials and Components providers received the most VC funding in 9M 2025. Other top-funded categories included energy storage downstream companies, energy storage systems providers, lithium-based and sodium-based battery companies.
Texas-based Base Power has <a href="https://cms.mercomindia.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener">raised</a> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions. Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round.
&nbsp;

Energy Storage Company SAX Power Raises $11.6 Million

sax-power

Get the most relevant India solar and clean energy news.

RECENT POSTS