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<a href="https://ampup.io/" target="_blank" rel="noopener">AmpUp</a>, an electric vehicle charging platform company, has secured $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.
Octopus Energy Generation, a British renewable energy group, has <a href="https://cms.mercomindia.com/octopus-energy-fully-acquires-renewables-developer-exagen/" target="_blank" rel="noopener">acquired</a> renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.
Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has <a href="https://cms.mercomindia.com/energy-storage-industries-raises-40-million-funding-iron-flow-batteries/" target="_blank" rel="noopener">received</a> a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Electronics manufacturer  Kaynes Technology has <a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">acquired</a> 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.
Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.
Macquarie Asset Management (MAM), a global asset manager, has <a href="https://cms.mercomindia.com/macquarie-acquire-stake-developer-de-shaw-renewable-investments/" target="_blank" rel="noopener">agreed</a> to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://cms.mercomindia.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
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-return-acquires-stake-in-jp-batterie-projekte/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Platform AmpUp Raises $15 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
AmpUp, an electric vehicle charging platform company, has <a href="https://mercomcapital.com/ev-charging-platform-ampup-raises-15-million-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.
Octopus Energy Generation, a British renewable energy group, has <a href="https://mercomcapital.com/octopus-energy-fully-acquires-renewables-developer-exagen/">acquired</a> renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.
Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has <a href="https://mercomcapital.com/energy-storage-industries-raises-40-million-funding-iron-flow-batteries/" target="_blank" rel="noopener">received</a> a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Electronics manufacturer  Kaynes Technology has <a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">acquired</a> 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.
Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.
Macquarie Asset Management (MAM), a global asset manager, has <a href="https://mercomcapital.com/macquarie-acquire-stake-developer-de-shaw-renewable-investments/" target="_blank" rel="noopener">agreed</a> to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://mercomcapital.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
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-return-acquires-jp-batterie-projekte" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.solutions30.com/" target="_blank" rel="noopener">Solutions30</a>, a provider of support services related to new digital technologies, has announced the acquisition of <a href="https://www.xperal.com/" target="_blank" rel="noopener">Xperal</a>, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million).
The acquisition will expand Solutions30’s services into the Benelux region and increase its market share. The acquisition will also help the company offer a broader range of services and strengthen its position.
&#8220;This integration enables us to expand our geographical reach, giving us access to new markets and opportunities. With Solutions30&#8217;s extensive resources and network, we are able to accelerate our growth and secure larger deals,&#8221; comments Jaimie Louwers, Co-founder of Xperal.
Solutions30 offers installation and maintenance of smart meters, EV charging stations, PV projects for professional and residential markets, and smart appliances like thermostats, light bulbs, plugs, and sensors. The company provides services in France, Italy, Germany, the Netherlands, Belgium, Luxembourg, the Iberian Peninsula, the United Kingdom, and Poland.
Xperal acquisition includes Louwers Beheer B.V. and its subsidiaries: XPERAL B.V, Astra Solar B.V., Louwers Installatie B.V., Solar Benelux B.V., and Louwers Onroerend Goed B.V.
Recently, AMS Renewable Energy, a distributed solar and storage EPC (Engineering, Procurement, and Construction) company, announced the <a href="https://cms.mercomindia.com/ams-renewable-energy-acquires-solar-construction-firm-collective-solar/" target="_blank" rel="noopener">acquisition</a> of Collective Solar, a distributed generation solar construction firm. Collective Solar provides solar construction and civil and electrical services for commercial developers, funds, and independent power producers.
According to Mercom&#8217;s recently released 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, 40 solar M&amp;A transactions occurred in the first half of 2024, compared to 48 in the first half of 2023. Brookfield Asset Management, an asset management firm, made the largest deal with institutional partners, including Brookfield Renewable and Singapore&#8217;s Temasek Holdings.
This month, Original Clean Energy, a solar energy and storage system developer (a subsidiary of Clean Royalties), <a href="https://cms.mercomindia.com/original-clean-energy-acquires-solar-energy-installer-isun/" target="_blank" rel="noopener">acquired</a> Williston, Vermont-based iSun and its companies SunCommon and Liberty Electric months after declaring bankruptcy.

Solutions30 Acquires Solar Construction Firm Xperal

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-origis-energy-funding-from-kkr/" target="_blank" rel="noopener">Mercom Capital Group</a>
Origis Energy, a vertically integrated renewable energy platform and a solar project developer, <a href="https://mercomcapital.com/origis-energy-secures-corporate-credit-facility-from-kkr/" target="_blank" rel="noopener">secured </a>a $300 million corporate credit facility from global investment firm KKR. Proceeds from the facility will support the continued development and construction of Origis’ pipeline of solar and storage projects. This investment is stated to comply with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets.
Cylib, a Germany-based battery recycling startup, <a href="https://mercomcapital.com/battery-recycling-startup-cylib-secures-60-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €55 million (~$59.79 million) in a Series A funding round co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels. The total funding raised to date amounts to about €74 million (~$80.43 million). Cylib will use the funds to commercialize its proprietary technology, which is already used by leading OEMs and battery manufacturers.
Bedrock Materials, a startup that designs and develops sodium-ion cathode materials, <a href="https://mercomcapital.com/battery-material-startup-bedrock-secures-in-seed-funding/" target="_blank" rel="noopener">secured</a> $9 million in seed funding. The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries. Last month, the company began R&amp;D scale production of battery precursor materials at its facility in Near West Chicago. Plans are underway to open a larger, permanent site later this year.
Pune-based mobility and energy solutions provider Matel has <a href="https://www.mercomindia.com/mobility-solutions-firm-with-4m-funding" target="_blank" rel="noopener">secured</a> $4 million in Series A financing, spearheaded by Transition VC. Gruhas and Haresh Abichandani, founder of Millennium Semiconductors, also participated in the round. Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://mercomcapital.com/solutions30-acquires-10-stake-in-french-solar-company-so-tec/" target="_blank" rel="noopener">acquired</a> a 10% stake in So-Tec, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years. Both companies aim to provide the French market with a “Made in France” offering, capable of addressing both the structural and electrical work packages and taking on the overall management of engineering, procurement, and construction) contracts.
Aerem, an Indian solar financing firm, has <a href="https://www.mercomindia.com/aerem-acquires-spinkaft-ventures" target="_blank" rel="noopener">acquired</a> solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain. The company did not disclose details about the cost of the acquisition. Spinkraft deals in the sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Origis Energy Secures $300 Million Funding from KKR

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-catalyze-community-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Catalyze, a solar and energy storage project developer, <a href="https://mercomcapital.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener">secured</a> $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
RWE Clean Energy, a renewable energy project developer, <a href="https://mercomcapital.com/rwe-acquires-solar-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 599 MW solar and energy storage projects from Galehead Development, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, <a href="https://mercomcapital.com/mirova-acquires-solar-and-energy-storage-project-portfolio-in-spain/" target="_blank" rel="noopener">signed</a> an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.
Apex Clean Energy, a renewable energy project developer, <a href="https://mercomcapital.com/apex-clean-energy-secures-funding-energy-storage-projects/" target="_blank" rel="noopener">secured</a> more than $150 million in project financing for two energy storage projects in Texas.  First Citizens Bank Energy Finance business and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.
Photon Energy, a solar project developer, <a href="https://mercomcapital.com/photon-energy-secures-16-million-multi-tranche-project-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.
Enfinity Global, a renewable energy project developer, has <a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener">announced</a> financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects

<a href="https://www.solutions30.com/" target="_blank" rel="noopener">Solutions30</a>, a provider of support services related to new digital technologies, has acquired a 10% stake in <a href="https://www.so-tec.fr/en/" target="_blank" rel="noopener">So-Tec</a>, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec&#8217;s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years.
Both companies aim to provide the French market with a &#8220;Made in France&#8221; offering, capable of addressing both the structural and electrical work packages and taking on the overall management of EPC (Engineering, Procurement, and Construction) contracts, from design through engineering to materials procurement and construction.
Solutions30 says it is targeting to double its revenue from these operations to €40 million (~$43.5 million) by 2024, even though So-Tec&#8217;s financial contributions to the group&#8217;s revenue will commence in 2025. To reach this goal, the group plans to expand its operational reach nationwide and bolster its workforce by hiring 50 new employees by 2024.
On signing the deal, Amaury Boilot, Solutions30 France&#8217;s CEO and Group Secretary General, commented, &#8220;With the photovoltaic market gathering pace, projects are becoming more structured, and clients are increasingly looking for multi-lot experts capable of supporting them from design through to maintenance. By combining our know-how and expertise with a leader in the construction of photovoltaic power plants, we are in a position to respond to all the biggest projects already in the pipeline for the coming months with France&#8217;s major energy companies. This is a major milestone in our development that positions us as a market leader. We&#8217;re delighted to have been able to involve management, who are particularly expert in technologies and the market, in this great adventure.&#8221;
According to Mercom&#8217;s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, a total of 21 solar M&amp;A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&amp;A deals in Q1 2023.
Earlier this year, European Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/mitsubishi-hc-capital-to-acquire-20-stake-in-european-energy/" target="_blank" rel="noopener">signed</a> an investment agreement with Mitsubishi HC Capital. Mitsubishi HC Capital will subscribe to around 72 million ordinary new shares and purchase, in the aggregate, around 3 million ordinary shares from the three major shareholders in European Energy controlled by Knud Erik Andersen, Mikael D. Pedersen, and Jens-Peter Zink.

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