Rajasthan Floats Consultancy Tender for 45 MW Renewable Energy Projects

Maharashtra Invites EOIs for 115 MW Floating Solar Project with Battery Storage

Odisha Amends Renewable Energy Policy to Support Wind, Storage

Inox Clean Raises ₹15 billion from Motilal Oswal Group

APTEL Upholds Capacity-Based Wheeling Charges for Captive Wind Project

Bihar Offers Rooftop Solar Subsidy Top-up of ₹10,000/kW Under PM Surya Ghar

Strong Solar Module Demand Drives Insolation Energy’s Q1 Revenue up 105%

India Adds Record 27 GW of Solar Capacity in First Half of 2026

Daily News Wrap-Up: DCR Push Triggers a Solar Module Supply Crunch

Gujarat Tenders 1 GW/4 GWh Standalone Battery Storage Projects

Quino Energy, a company developing water-based organic flow batteries, <a href="https://cms.mercomindia.com/quino-energy-raises-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage. The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million. The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Solfium, a company that provides integrated solar energy solutions, has <a href="https://cms.mercomindia.com/solar-tech-company-solfium-raises-7-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> the initial $7 million equity investment in its $10 million Series A funding round. The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures. Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises. With this new funding, the company plans to reach businesses, including underserved owner-managed operations which will benefit from financial inclusion initiatives powered by its technological stack and partnerships.
Flux XII, a company developing advanced materials for aqueous flow batteries, has <a href="https://cms.mercomindia.com/flow-battery-startup-flux-xii-secures-4-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.95 million in seed funding. The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor. With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes.
Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has <a href="https://www.mercomindia.com/waaree-to-acquire-100-stake-in-sunbreeze-ninth-cloud" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud. The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties. According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra. Waaree has been acquiring multiple companies in the power sector.
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-sax-power-raises-11-6-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Quino Energy Raises $10 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_86686.mp3?version=1762924756">
			</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-ma-roundup-quino-energy-raises-10-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Quino Energy, a company developing water-based organic flow batteries, <a href="https://mercomcapital.com/quino-energy-raises-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage. The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million. The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Solfium, a company that provides integrated solar energy solutions, has <a href="https://mercomcapital.com/solar-tech-company-solfium-raises-7-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> the initial $7 million equity investment in its $10 million Series A funding round. The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures. Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises. With this new funding, the company plans to reach businesses, including underserved owner-managed operations which will benefit from financial inclusion initiatives powered by its technological stack and partnerships.
Flux XII, a company developing advanced materials for aqueous flow batteries, has <a href="https://mercomcapital.com/flow-battery-startup-flux-xii-secures-4-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.95 million in seed funding. The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor. With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes.
Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has <a href="https://www.mercomindia.com/waaree-to-acquire-100-stake-in-sunbreeze-ninth-cloud" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud. The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties. According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra. Waaree has been acquiring multiple companies in the power sector.
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-sax-power-raises-11-6-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://solfium.com/en/" target="_blank" rel="noopener">Solfium</a>, a company that provides integrated solar energy solutions, has raised the initial $7 million equity investment in its $10 million Series A funding round.
The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures.
Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises.
Solfium has developed a technology platform that integrates solar energy and complementary technologies such as energy management systems, battery storage, electric vehicle chargers, and predictive maintenance solutions, and connects suppliers, distributors, employees, and corporate facilities within an ecosystem.
With this new funding, the company plans to reach businesses, including underserved owner-managed operations, which will benefit from financial inclusion initiatives powered by its technological stack and partnerships with financing partners.
This initial investment marks the first stage of multi-stage financing. Back in 2023, the company <a href="https://mercomcapital.com/solar-tech-company-solfium-raises-3-million-seed-funding/" target="_blank" rel="noopener">raised</a> $3 million in seed funding at the Bolsa Institucional de Valores (BIVA), Mexico&#8217;s second-largest stock exchange, focused on technology and supported by Nasdaq.
John Fischer, Chief Investment Officer at Accion, said: &#8220;By connecting small business owners to the necessary financing for clean solar power, Solfium is filling a critical gap in Mexico&#8217;s energy market. With Solfium, entrepreneurs can weather power outages, stay open longer, and continue to generate income, all while reducing emissions and supporting Mexico&#8217;s transition to a more sustainable energy source.”
According to Mercom’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.
In March, Terabase Energy, a digital solutions provider for solar power plants, <a href="https://mercomcapital.com/terabase-secures-130-million-in-series-c-funding/" target="_blank" rel="noopener">received</a> $130 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from both existing and new strategic investors. This round brings the company&#8217;s total funding to over $200 million.

Solar Tech Company Solfium Raises $7 Million in Series A Funding

Fluence, a provider of energy storage products and services, <a href="https://cms.mercomindia.com/energy-storage-company-fluence-secures-debt-financing/" target="_blank" rel="noopener">announced</a> that it has entered into a four-year $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the existing $200 million Revolving Credit Facility (RCF), which was terminated. The transition from the RCF to the larger ABL facility will improve Fluence’s ability to manage working capital.
Stardust Power, a manufacturer of battery-grade lithium products,<a href="https://cms.mercomindia.com/lithium-company-stardust-power-public-spac-deal/" target="_blank" rel="noopener"> entered</a> into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company, that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’. The Pro forma implied an enterprise value of around $490 million for the combined company.
OVO Energy, an independent energy supplier that provides gas and electricity services to residential and business customers, <a href="https://cms.mercomindia.com/ovo-energy-acquires-ev-charging-app-provider-bonnet/" target="_blank" rel="noopener">announced</a> the acquisition of the UK Public Electric Vehicle (EV) Charging Aggregator Startup Bonnet. Bonnet provides a platform that combines nationwide public EV charge point operators on one app, helping drivers locate, use, and pay without switching between different cards or logins.
India-based electric vehicle company Baaz Bikes has <a href="https://www.mercomindia.com/electric-mobility-bikes-raises-8-million" target="_blank" rel="noopener">announced</a> the completion of its Series A funding round, raising $8 million. The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha. Baaz Bikes develops electric scooters and battery-swapping solutions for gig workers.
Solfium, a solar-tech company, <a href="https://cms.mercomindia.com/solar-tech-company-solfium-raises-3-million-seed-funding/" target="_blank" rel="noopener">raised</a> $3 million in seed funding to expand its operational capacity, invest in technology and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others. The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.
Longroad Energy Holdings, a renewable energy developer, owner, and operator, <a href="https://www.longroadenergy.com/longroad-energy-secures-600-million-in-debt-financing-to-power-expansion-of-its-renewable-energy-portfolio/" target="_blank" rel="noopener">announced</a> the close of a $600 million debt financing to further accelerate the growth of its wind, solar, and battery portfolio. The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility. The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
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>.

Funding and M&A Roundup: Energy Storage Company Fluence Raises $400 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/2023/11/amazon_polly_60782.mp3?version=1701234073">
			</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-ma-roundup-energy-storage-company-fluence-raises/" target="_blank" rel="noopener">Mercom Capital Group</a>
Fluence, a provider of energy storage products and services, <a href="https://mercomcapital.com/energy-storage-company-fluence-secures-debt-financing/" target="_blank" rel="noopener">announced</a> that it has entered into a four-year $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the existing $200 million Revolving Credit Facility (RCF), which was terminated.
Stardust Power, a manufacturer of battery-grade lithium products,<a href="https://mercomcapital.com/lithium-company-stardust-power-public-spac-deal/" target="_blank" rel="noopener"> entered</a> into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company, that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’. The Pro forma implied an enterprise value of around $490 million for the combined company.
OVO Energy, an independent energy supplier that provides gas and electricity services to residential and business customers, <a href="https://mercomcapital.com/ovo-energy-acquires-ev-charging-app-provider-bonnet/" target="_blank" rel="noopener">announced</a> the acquisition of the UK Public Electric Vehicle (EV) Charging Aggregator Startup Bonnet. Bonnet provides a platform that combines nationwide public EV charge point operators on one app, helping drivers locate, use, and pay without switching between different cards or logins.
India-based electric vehicle company Baaz Bikes has <a href="https://www.mercomindia.com/electric-mobility-bikes-raises-8-million" target="_blank" rel="noopener">announced</a> the completion of its Series A funding round, raising $8 million. The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha. Baaz Bikes develops electric scooters and battery-swapping solutions for gig workers.
Solfium, a solar-tech company, <a href="https://mercomcapital.com/solar-tech-company-solfium-raises-3-million-seed-funding/" target="_blank" rel="noopener">raised</a> $3 million in seed funding to expand its operational capacity, invest in technology and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others. The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.
Longroad Energy Holdings, a renewable energy developer, owner, and operator, <a href="https://www.longroadenergy.com/longroad-energy-secures-600-million-in-debt-financing-to-power-expansion-of-its-renewable-energy-portfolio/" target="_blank" rel="noopener">announced</a> the close of a $600 million debt financing to further accelerate the growth of its wind, solar, and battery portfolio. The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility. The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
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-element-energy-secures-111-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.solfium.com/" target="_blank" rel="noopener">Solfium</a>, a solar-tech company, raised $3 million in seed funding at the Bolsa Institutional de Valores (BIVA), Mexico&#8217;s second-largest stock exchange, focused on technology and supported by Nasdaq. The funding will be used to expand its operational capacity, invest in technology, and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others.
&#8220;We are delighted by the breadth and depth of support the Solfium project has received from this group of highly regarded investors. Each brings specific skill sets and profiles to support Solfium on its ambitious journey to dramatically accelerate the adoption of distributed solar energy,&#8221; said Andres Friedman, Solfium&#8217;s co-founder and CEO.
The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.
Hayden Simmons, general partner with RaliCap, added &#8220;From our home in Silicon Valley, RaliCap looks forward to leverage its extensive experience in emerging market fintech to support Solfium&#8217;s brilliantly conceived ecosystem to further remove friction for consumers by implementing and integrating best-in-class payment processing and financing technologies, models, and practices.&#8221;
Last Month, Omnidian, a provider of monitoring systems for residential and commercial solar assets, <a href="https://cms.mercomindia.com/solar-asset-management-company-omnidian/" target="_blank" rel="noopener">raised</a> $25 million in an equity funding round, which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development, Inc., Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management.
According to Mercom&#8217;s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 9M 2023, Venture Capital funding activity rose 4% YoY, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.
Recently, Cosmos Innovation, a solar AI tech solutions firm,  <a href="https://cms.mercomindia.com/solar-ai-startup-cosmos-innovation-raises-19-7-million/" target="_blank" rel="noopener">raised</a> $19.7 million in Series A funding led by Xora Innovation, an early-stage, deep-tech investment platform of Temasek, a global investment company headquartered in Singapore.

solfium

Get the most relevant India solar and clean energy news.

RECENT POSTS