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

Green Hydrogen and Storage Key to Curbing Renewables Curtailment: Interview

Scale Microgrids, a commercial-scale distributed energy developer, <a href="https://cms.mercomindia.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener">closed</a> a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, <a href="https://cms.mercomindia.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener">secured</a> $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, <a href="https://cms.mercomindia.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener">secured</a> $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has <a href="https://cms.mercomindia.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener">raised</a> $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, <a href="https://cms.mercomindia.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener">raised</a> $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, <a href="https://cms.mercomindia.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener">secured</a> a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, <a href="https://cms.mercomindia.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, <a href="https://cms.mercomindia.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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-connectder-secures-35-million-in-series-d-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Scale Microgrids Secures $150 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-scale-microgrids-secures-150-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scale Microgrids, a commercial-scale distributed energy developer, <a href="https://mercomcapital.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener">closed</a> a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, <a href="https://mercomcapital.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener">secured</a> $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, <a href="https://mercomcapital.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener">secured</a> $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has <a href="https://mercomcapital.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener">raised</a> $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, <a href="https://mercomcapital.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener">raised</a> $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, <a href="https://mercomcapital.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener">secured</a> a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, <a href="https://mercomcapital.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, <a href="https://mercomcapital.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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-connectder-secures-35-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://spotmyenergy.com/" target="_blank" rel="noopener">SpotmyEnergy</a>, a provider of energy management solutions, secured €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company&#8217;s €1.55 million (~$1.6 million) pre-seed funding round in 2023.
The company provides energy management solutions for private households, including a smart meter, an energy management system, and a time-of-use tariff. The energy management system enables private households to optimize their use and reduce costs.
Their home energy management system connects solar panels, home batteries, and large power consumers like EV chargers or heat pumps and optimizes energy consumption based on current market prices through their dynamic electricity tariff.
The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
&#8220;Over the past year, we successfully launched our product in the market and have seen significant demand for our solutions. To meet this demand more quickly and unlock the much-needed potential of connected flexibility behind millions of meters, we decided to raise fresh capital,&#8221; said Jochen Schwill, founder and managing director of SpotmyEnergy.
According to Mercom&#8217;s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
Earlier this month, enSights, a cloud-based clean energy optimization and management software provider, <a href="https://cms.mercomindia.com/clean-energy-management-platform-ensights-raises-10-million/" target="_blank" rel="noopener">secured</a> $10 million in a Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation.

Energy Management Startup SpotmyEnergy Raises $11 Million in Seed Funding

spotmyenergy

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