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The Volvo Group announced the <a href="https://cms.mercomindia.com/volvo-group-acquires-proterras-battery-business/" target="_blank" rel="noopener">acquisition</a> of the battery business from electric vehicle (EV) company Proterra and Proterra Operating Company. The deal was valued at $210 million before adjustment for inventory level at closing. The acquisition includes a development center for battery modules and packs in California and an assembly factory in Greer, South Carolina.
Haven Energy, a provider of home battery solutions, <a href="https://cms.mercomindia.com/home-battery-company-haven-energy-raises-series-a-funding/" target="_blank" rel="noopener">secured</a> a total of $7 million in Series A funding. The round includes returning investors Lerer Hippeau, Giant Ventures, and Raven One Ventures, as well as new participation from Comcast Ventures, LifeX, TO VC, and Habitat Partners. The company guides homeowners through the selection, quoting, and financing of a home battery system, pairing them with vetted, qualified electricians to perform the installation.
Commercial EV leasing and asset management company Electrifi Mobility <a href="https://www.mercomindia.com/ev-leasing-firm-electrifi-secures-funding" target="_blank" rel="noopener">secured</a> ₹250 million (~$3.02 million) in seed-stage funding led by Asian Development Bank  Ventures, AdvantEdge Founders, and others. The funding will help Electrifi scale up asset deployment, expand asset refurbishment service infrastructure, and fuel its plans to cover new cities.
Electric Vehicle ride-hailing platform Snap-E has <a href="https://www.mercomindia.com/ev-ride-hailing-platform-snap-e-secures-2-5-million-funding" target="_blank" rel="noopener">raised</a> $2.5 million in a pre-series A funding round led by Inflection Point Ventures. The company is expected to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities. With a 100% electric fleet that is committed to offering sustainable, efficient, and affordable mobility solutions, the company will also leverage the funds to expand to other geographical locations.
AZUL Energy, a developer of catalytic electrodes for fuel cells and metal-air batteries, <a style="font-weight: bold;" href="https://www.businesswire.com/news/home/20240205698415/en/AZUL-Energy-Raised-%C2%A5475-Million-3.2-Million-in-Series-A-Funding" target="_blank" rel="noopener">raised</a> ¥475 million (~$3.2 million) in Series A Funding led by Spiral Capital, with participation from TOHOKU University Venture Partners, JMTC Capital, Mitsubishi UFJ Capital, Governance Partners, and existing investor Spurcle, totaling six companies in a third-party allotment of new shares.  Founded in 2019, the company is developing catalytic electrodes used for the oxygen reduction reaction in fuel cells and metal-air batteries.
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-battery-manufacturer-northvolt-secures-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Volvo Group Acquires Battery Business for $210 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-volvo-group-acquires-battery-business/" target="_blank" rel="noopener">Mercom Capital Group</a>
The Volvo Group announced the <a href="https://mercomcapital.com/volvo-group-acquires-proterras-battery-business/" target="_blank" rel="noopener">acquisition</a> of the battery business from electric vehicle (EV) company Proterra and Proterra Operating Company. The deal was valued at $210 million before adjustment for inventory level at closing. The acquisition includes a development center for battery modules and packs in California and an assembly factory in Greer, South Carolina.
Haven Energy, a provider of home battery solutions, <a href="https://mercomcapital.com/home-battery-company-haven-energy-raises-series-a-funding/" target="_blank" rel="noopener">secured</a> a total of $7 million in Series A funding. The round includes returning investors Lerer Hippeau, Giant Ventures, and Raven One Ventures, as well as new participation from Comcast Ventures, LifeX, TO VC, and Habitat Partners. The company guides homeowners through the selection, quoting, and financing of a home battery system, pairing them with vetted, qualified electricians to perform the installation.
Commercial EV leasing and asset management company Electrifi Mobility <a href="https://www.mercomindia.com/ev-leasing-firm-electrifi-secures-funding" target="_blank" rel="noopener">secured</a> ₹250 million (~$3.02 million) in seed-stage funding led by Asian Development Bank  Ventures, AdvantEdge Founders, and others. The funding will help Electrifi scale up asset deployment, expand asset refurbishment service infrastructure, and fuel its plans to cover new cities.
Electric Vehicle ride-hailing platform Snap-E has <a href="https://www.mercomindia.com/ev-ride-hailing-platform-snap-e-secures-2-5-million-funding" target="_blank" rel="noopener">raised</a> $2.5 million in a pre-series A funding round led by Inflection Point Ventures. The company is expected to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities. With a 100% electric fleet that is committed to offering sustainable, efficient, and affordable mobility solutions, the company will also leverage the funds to expand to other geographical locations.
AZUL Energy, a developer of catalytic electrodes for fuel cells and metal-air batteries, <a href="https://mercomcapital.com/azul-energy-raises-3-2-million-series-a-funding/" target="_blank" rel="noopener">raised</a> ¥475 million (~$3.2 Million) in Series A Funding led by Spiral Capital, with participation from TOHOKU University Venture Partners, JMTC Capital, Mitsubishi UFJ Capital, Governance Partners, and existing investor Spurcle, totaling six companies in a third-party allotment of new shares.  Founded in 2019, the company is developing catalytic electrodes used for the oxygen reduction reaction in fuel cells and metal-air batteries.
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/">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-monta-secures-87-million" target="_blank" rel="noopener">roundup</a>.

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					</table><a href="https://www.mercomindia.com/mnre-pilot-implement-hydrogen-steel" target="_blank" rel="noopener">The government has launched pilot projects aimed at decarbonizing the steel sector using green hydrogen under the National Green Hydrogen Mission</a>, the Ministry of New and Renewable Energy (MNRE) has said. The steel industry accounts for around 7% of greenhouse gas emissions annually and is one of the most polluting industries worldwide. The program aims to support the deployment of green hydrogen and its derivatives as fuel in the iron and steel-making process. It has an outlay of ₹4.55 billion (~$54.8 million) until the financial year 2029-30.
<a href="https://www.mercomindia.com/residential-rooftop-solar-subsidy-increased-60" target="_blank" rel="noopener">Free electricity will be provided for households with a consumption of less than 300 units a month by installing rooftop solar systems on their homes</a>. Central public sector undertakings (CPSUs) will be availing loans for setting up the systems, which will now carry a subsidy of 60% in place of the earlier 40%
<a href="https://www.mercomindia.com/mp-solar-kusum-lowest-tariff-%e2%82%b92-42-kwh" target="_blank" rel="noopener">Madhya Pradesh Urja Vikas Nigam has discovered the lowest tariff of ₹2.42 (~$0.029) /kWh in the auction for 300 MW grid-connected solar power</a> projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan program at various locations in the state.
<a href="https://www.mercomindia.com/seci-invites-offshore-wind-projects-in-tamil-nadu" target="_blank" rel="noopener">The Solar Energy Corporation of India, on behalf of the National Institute of Wind Energy, has invited bids for the allocation of sea-bed lease rights</a> for 4 GW offshore wind power projects on a build-own-operate basis. The last date for submitting bids is May 6, 2024. Bids will be opened the next day.
<a href="https://www.mercomindia.com/assam-tender-25-mw-solar-thermal-power-plant" target="_blank" rel="noopener">The Assam Power Generation Corporation (APGCL) has floated a tender for a 25 MW ground-mounted solar power project on a turnkey basis at Namrup</a> Thermal Power Station in Dibrugarh district. APGCL, along with Oil India, will form a joint venture and develop the solar project on about 107 acres of land at the Namrup power station.
<a href="https://www.mercomindia.com/mnre-designates-cpsu-rooftop-solar-adoption-states" target="_blank" rel="noopener">MNRE has allotted CPSUs state-wise responsibility for accelerating the implementation of rooftop solar programs across the country</a>. The CPSUs designated under the program include POWERGRID, NTPC, THDC, SJVN, Energy Efficiency Services, Damodar Valley Corporation, North Eastern Electric Power Corporation, and NHPC.
<a href="https://www.mercomindia.com/ev-ride-hailing-platform-snap-e-secures-2-5-million-funding" target="_blank" rel="noopener">Electric Vehicle ride-hailing platform Snap-E has raised $2.5 million in a pre-series A funding round led by Inflection Point Ventures. The company is expected</a> to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities. With a 100% electric fleet that is committed to offering sustainable, efficient, and affordable mobility solutions, the company will also leverage the funds to expand to other geographical locations.
<a href="https://www.mercomindia.com/nextracker-q3-revenue-up-higher-deliveries" target="_blank" rel="noopener">Solar tracker firm Nextracker reported a 38% year-over-year jump in its revenue for the third quarter (Q3) of the financial year (FY) 2023-24</a>, helped by higher deliveries in the U.S. and supply chain optimization. The company’s net income, however, fell to $41.3 million in Q3 FY24 from $42.5 million last year when Nextracker was a subsidiary of diversified manufacturing company Flex.
<a href="https://www.mercomindia.com/mes-floats-solar-projects-jaipur-military-station" target="_blank" rel="noopener">Military Engineer Services has invited bids for 1.33 MW solar power projects at various locations at Jaipur Military Station. The last date for submission of bids</a> is March 7, 2024. Bids will be opened on March 9. The planned schedule for the work within the tender scope is formulated using the Critical Path Method.
<a href="https://www.mercomindia.com/novel-liquid-crystals-efficiency-perovskite-solar" target="_blank" rel="noopener">Researchers at Northwestern University have found that large-scale perovskite films, commonly used in solar technology, can be protected by liquid crystals</a> that can respond to temperature change to avoid accumulating precipitation. The new protection method achieved a stabilized efficiency of 21% for solar modules with enhanced damp heat stability, that is, 85% relative humidity at 85 degrees Celsius and a size of 31 sq cm.

Daily News Wrap-Up: MNRE to Implement Green Hydrogen in Steel Industry

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