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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-giga-green-secures-35-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
GIGA.GREEN, a commercial solar energy solutions provider, has <a href="https://mercomcapital.com/giga-green-secures-35-million-revolving-capex-facility/" target="_blank" rel="noopener">closed</a> a €30 million (~$35 million) revolving capital expenditure facility. The funding was provided by Kommunalkredit Austria, a European specialist bank based in Vienna, which focuses on financing infrastructure projects in the energy, environmental, social, transport, and communications sectors. According to the company, this funding will be used to expand its nationwide project portfolio, focusing on industrial rooftop solar systems in Germany.
Ionic Mineral Technologies, an advanced battery materials producer, has announced the <a href="https://mercomcapital.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">closing</a> of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company’s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually.
Sunsave, a U.K.-based solar subscription service provider, has <a href="https://mercomcapital.com/solar-subscription-service-firm-sunsave-secures-151-million/" target="_blank" rel="noopener">secured</a> £113 million (~$151 million) in an oversubscribed funding round. The funding includes a £100 million (~$134 million) debt facility from Crédit Agricole CIB as well as £13 million (~$17 million) in Series A equity from a co-led round by Norrsken VC and IPGL. The funding will help the company to expand its solar subscription program across England and Wales.
Switzerland-headquartered solar solutions provider Candi Solar has <a href="https://www.mercomindia.com/candi-solar-raises-24-million-from-norfund-stoa-and-eegf" target="_blank" rel="noopener">raised</a> $24 million (~₹2.06 billion) from Norfund, STOA, and the Energy Entrepreneurs Growth Fund (EEGF) to fund new solar power projects in India and South Africa. This fundraising includes a $20 million (~₹1.7 billion) convertible loan from Norfund and STOA, as well as a $4 million (~₹344.59 million) top-up to its existing mezzanine facility with the EEGF. After this round, the company’s total capital raised has grown to over $140 million (~₹12.06 billion).
Surat-based private equity and venture investment firm Parishi Capital has <a href="https://www.mercomindia.com/parishi-invests-%E2%82%B94-7-million-in-navitas-for-2-5-gw-solar-module-plant" target="_blank" rel="noopener">invested</a> $4.7 million (~₹404.8 million) in Navitas Solar to expand its solar module manufacturing plant in Ahmedabad, Gujarat, India, to a 2.5 GW capacity. The transaction was completed in two tranches, with the first tranche of funding raised in 2023. Navitas, which had a manufacturing capacity of 1.7 GW earlier, plans to raise funds from Parishi via a third round to establish a 3 GW solar cell manufacturing plant by 2026.
The International Finance Corporation (IFC) has <a href="https://www.mercomindia.com/ifc-to-invest-20-million-in-ev-platform-transvolt-mobility" target="_blank" rel="noopener">announced</a> a $20 million equity investment in India-based electric vehicle (EV) platform Transvolt Mobility as part of a $50 million financing round. IFC said the investment will help enhance access to quality urban transport, scale up EV production, and strengthen India’s electric mobility ecosystem. This equity investment is IFC’s first in an EV platform.
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-ess-tech-raises-31-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: GIGA.GREEN Secures $35 Million

GIGA.GREEN, a commercial solar energy solutions provider, has <a href="https://cms.mercomindia.com/giga-green-secures-35-million-revolving-capex-facility/" target="_blank" rel="noopener">closed</a> a €30 million (~$35 million) revolving capital expenditure facility. The funding was provided by Kommunalkredit Austria, a European specialist bank based in Vienna, which focuses on financing infrastructure projects in the energy, environmental, social, transport, and communications sectors. According to the company, this funding will be used to expand its nationwide project portfolio, focusing on industrial rooftop solar systems in Germany.
Ionic Mineral Technologies, an advanced battery materials producer, has announced the <a href="https://cms.mercomindia.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">closing</a> of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company’s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually.
Sunsave, a U.K.-based solar subscription service provider, has <a href="https://cms.mercomindia.com/solar-subscription-service-firm-sunsave-secures-151-million/" target="_blank" rel="noopener">secured</a> £113 million (~$151 million) in an oversubscribed funding round. The funding includes a £100 million (~$134 million) debt facility from Crédit Agricole CIB as well as £13 million (~$17 million) in Series A equity from a co-led round by Norrsken VC and IPGL. The funding will help the company to expand its solar subscription program across England and Wales.
Switzerland-headquartered solar solutions provider Candi Solar has <a href="https://www.mercomindia.com/candi-solar-raises-24-million-from-norfund-stoa-and-eegf" target="_blank" rel="noopener">raised</a> $24 million (~₹2.06 billion) from Norfund, STOA, and the Energy Entrepreneurs Growth Fund (EEGF) to fund new solar power projects in India and South Africa. This fundraising includes a $20 million (~₹1.7 billion) convertible loan from Norfund and STOA, as well as a $4 million (~₹344.59 million) top-up to its existing mezzanine facility with the EEGF. After this round, the company’s total capital raised has grown to over $140 million (~₹12.06 billion).
Surat-based private equity and venture investment firm Parishi Capital has <a href="https://www.mercomindia.com/parishi-invests-%E2%82%B94-7-million-in-navitas-for-2-5-gw-solar-module-plant" target="_blank" rel="noopener">invested</a> $4.7 million (~₹404.8 million) in Navitas Solar to expand its solar module manufacturing plant in Ahmedabad, Gujarat, India, to a 2.5 GW capacity. The transaction was completed in two tranches, with the first tranche of funding raised in 2023. Navitas, which had a manufacturing capacity of 1.7 GW earlier, plans to raise funds from Parishi via a third round to establish a 3 GW solar cell manufacturing plant by 2026.
The International Finance Corporation (IFC) has <a href="https://www.mercomindia.com/ifc-to-invest-20-million-in-ev-platform-transvolt-mobility" target="_blank" rel="noopener">announced</a> a $20 million equity investment in India-based electric vehicle (EV) platform Transvolt Mobility as part of a $50 million financing round. IFC said the investment will help enhance access to quality urban transport, scale up EV production, and strengthen India’s electric mobility ecosystem. This equity investment is IFC’s first in an EV platform.
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-ess-tech-raises-31-million/" target="_blank" rel="noopener">roundup</a>.
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<a href="https://www.sunsave.energy/" target="_blank" rel="noopener">Sunsave</a>, a U.K.-based solar subscription service provider, has secured £113 million (~$151 million) in an oversubscribed funding round.
The funding includes a £100 million (~$134 million) debt facility from Crédit Agricole CIB as well as £13 million (~$17 million) in Series A equity from a co-led round by Norrsken VC and IPGL.
New equity investors include Clearance Capital and early employees from Wise. Existing investors included ICAP founder Lord Michael Spencer, former Asda chairman Lord Stuart Rose, and FGS Global founder Roland Rudd.
Aiming to be an all-in-one home energy platform, the company offers solar subscription services like Sunsave Plus. This service provides a solar and battery system that is installed at no upfront cost. Instead, users pay a fixed monthly fee and can access the electricity generated for use in their homes. Any excess electricity not consumed is sold back to the grid.
The funding will help the company to expand its solar subscription program across England and Wales.
“This £113 million fundraise is a significant milestone in our journey – it will let us meet rapidly growing demand, launch new products, and give customers peace of mind that we&#8217;ll be here to support them for the long term,” said Alick Dru, CEO, Sunsave.
In 2023, Sunsave <a href="https://cms.mercomindia.com/solar-subscription-service-firm-sunsave-raises/" target="_blank" rel="noopener">raised</a> £5.4 million (~$6.79 million) in a funding round led by Norrsken, a European-based impact venture capital fund that has previously invested in other green businesses such as Northvolt and 1KOMMA5.
According to Mercom’s 1H 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, solar debt financing activity in 1H 2025 reached $7.8 billion across 41 deals, representing a 41% decrease compared to 1H 2024, when $13.2 billion was raised in 51 deals.
Recently, GIGA.GREEN, a commercial solar energy solutions provider, <a href="https://cms.mercomindia.com/giga-green-secures-35-million-revolving-capex-facility/" target="_blank" rel="noopener">closed</a> a €30 million (~$35 million) revolving capital expenditure facility. The funding was provided by Kommunalkredit Austria, a European specialist bank based in Vienna, which focuses on financing infrastructure projects in the energy, environmental, social, transport, and communications sectors.

Solar Subscription Service Firm Sunsave Secures $151 Million

Sunsave, a UK-based solar subscription service provider, has <a href="https://cms.mercomindia.com/solar-subscription-service-firm-sunsave-raises/" target="_blank" rel="noopener">raised</a> £5.4 million (~$6.79 million) in funding to support the launch of Sunsave Plus, a service that will allow homeowners to get a solar and battery system on a subscription without paying a one-off lump sum. The funding round was led by Norrsken, a European-based impact venture capital fund.
Sienna Bidco, wholly owned by funds advised by KKR, has agreed to <a href="https://cms.mercomindia.com/kkrs-sienna-bidco-acquire-smart-metering-systems/" target="_blank" rel="noopener">acquire</a> UK-based Smart Metering Systems (SMS), a smart energy infrastructure and services provider, in a deal that values the company at £1.3 billion (~$1.63 billion). The deal will see KKR take SMS private and delist it from the London Stock Exchange, where it has been trading since 2011. KKR will pay £0.955 (~$1.21) per share in cash, a 40.4% premium to SMS’s closing price on Wednesday.
UP Catalyst, a producer of sustainable carbon nanomaterials and graphite, <a href="https://cms.mercomindia.com/up-catalyst-secures-4-3-million-in-seed-funding/" target="_blank" rel="noopener">closed</a> a €4 million (~$4.31 million) seed investment round led by Berlin-based climate tech VC fund Extantia and supported by Estonia’s state fund SmartCap, along with existing investors Sunly, Little Green Fund, Scottish Baltic Invest, and UniTartu Ventures. The investment will be used to expand the company’s production capabilities.
Graphite India, a graphite electrode manufacturer, has <a href="https://www.mercomindia.com/graphite-india-forays-battery-investment-in-godi" target="_blank" rel="noopener">entered</a> into a definitive transaction to invest ₹500 million (~$6 million) in compulsory convertible preference shares of GODI India, a battery technology company. GODI India, backed by Blue Ashva Capital, specializes in advanced chemistry research and development to support the manufacturing of sustainable batteries for electric vehicles (EVs) and supercapacitor-based energy storage systems.
Uniqus Consultech has <a href="https://www.mercomindia.com/uniqus-acquires-its-esg-practice" target="_blank" rel="noopener">acquired</a> Goodera’s global business that helps corporates manage their sustainability programs by automating the collection, maintenance, and approval of their ESG data. Uniqus, based in the U.S., India, and the Middle East, is a tech-enabled platform offering ESG accounting and reporting consulting. The acquisition, part of Uniqus’ strategy to integrate technology to address client needs, will strengthen its ESG practice and serve the $10 billion ESG market.
ACEN Renewables, a subsidiary of ACEN CORPORATION based in Singapore, <a href="https://www.acenrenewables.com/2023/12/acen-acri-secures-first-100-million-dollars-green-term-loan-facility-mufg/" target="_blank" rel="noopener">signed</a> a $100 million green term loan facility from MUFG Bank, part of global financial institution Mitsubishi UFJ Financial Group (MUFG). This investment will be directed toward the growth and development of ACEN’s renewable energy projects. MUFG acted as the sole arranger and green loan coordinator for this term loan, which operates under a five-year term.
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-energyre-raises-renewable-expansion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Subscriptions Firm Sunsave Raises $6.8 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-solar-subscriptions-firm-sunsave/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sunsave, a UK-based solar subscription service provider, has <a href="https://mercomcapital.com/solar-subscription-service-firm-sunsave-raises/" target="_blank" rel="noopener">raised</a> £5.4 million (~$6.79 million) in funding to support the launch of Sunsave Plus, a service that will allow homeowners to get a solar and battery system on a subscription without paying a one-off lump sum. The funding round was led by Norrsken, a European-based impact venture capital fund.
Sienna Bidco, wholly owned by funds advised by KKR, has agreed to <a href="https://mercomcapital.com/kkrs-sienna-bidco-acquire-smart-metering-systems/" target="_blank" rel="noopener">acquire</a> UK-based Smart Metering Systems (SMS), a smart energy infrastructure and services provider, in a deal that values the company at £1.3 billion (~$1.63 billion). The deal will see KKR take SMS private and delist it from the London Stock Exchange, where it has been trading since 2011. KKR will pay £0.955 (~$1.21) per share in cash, a 40.4% premium to SMS’s closing price on Wednesday.
UP Catalyst, a producer of sustainable carbon nanomaterials and graphite, <a href="https://mercomcapital.com/up-catalyst-secures-4-3-million-in-seed-funding/" target="_blank" rel="noopener">closed</a> a €4 million (~$4.31 million) seed investment round led by Berlin-based climate tech VC fund Extantia and supported by Estonia’s state fund SmartCap, along with existing investors Sunly, Little Green Fund, Scottish Baltic Invest, and UniTartu Ventures. The investment will be used to expand the company’s production capabilities.
Graphite India, a graphite electrode manufacturer, has <a href="https://www.mercomindia.com/graphite-india-forays-battery-investment-in-godi" target="_blank" rel="noopener">entered</a> into a definitive transaction to invest ₹500 million (~$6 million) in compulsory convertible preference shares of GODI India, a battery technology company. GODI India, backed by Blue Ashva Capital, specializes in advanced chemistry research and development to support the manufacturing of sustainable batteries for electric vehicles (EVs) and supercapacitor-based energy storage systems.
Uniqus Consultech has <a href="https://www.mercomindia.com/uniqus-acquires-its-esg-practice" target="_blank" rel="noopener">acquired</a> Goodera’s global business that helps corporates manage their sustainability programs by automating the collection, maintenance, and approval of their ESG data. Uniqus, based in the U.S., India, and the Middle East, is a tech-enabled platform offering ESG accounting and reporting consulting. The acquisition, part of Uniqus’ strategy to integrate technology to address client needs, will strengthen its ESG practice and serve the $10 billion ESG market.
ACEN Renewables, a subsidiary of ACEN CORPORATION based in Singapore, <a href="https://www.acenrenewables.com/2023/12/acen-acri-secures-first-100-million-dollars-green-term-loan-facility-mufg/" target="_blank" rel="noopener">signed</a> a $100 million green term loan facility from MUFG Bank, part of global financial institution Mitsubishi UFJ Financial Group (MUFG). This investment will be directed toward the growth and development of ACEN’s renewable energy projects. MUFG acted as the sole arranger and green loan coordinator for this term loan, which operates under a five-year term.
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-energyre-raises-1-2-billion" target="_blank" rel="noopener">roundup</a>

<a href="https://www.sunsave.energy/" target="_blank" rel="noopener">Sunsave</a>, a UK-based solar subscription service provider, has raised £5.4 million (~$6.79 million) in funding to support the launch of Sunsave Plus, a service that will allow homeowners to get a solar and battery system on a subscription without paying a one-off lump sum.
The company aims to make solar power accessible to UK households through subscription services, considering that most cannot afford the lump sum solar system cost.
An average solar system costs £10,270 (~$12,906), and half of UK households have less than £5,000 (~$6,283) in savings, making solar subscriptions the most viable alternative, the company said.
The funding round was led by Norrsken, a European-based impact venture capital fund that has previously invested in other green businesses such as Northvolt and 1KOMMA5.
The round brings the company&#8217;s total funding to over £9.2 million (~$11.56 million) in 18 months. The investor list includes Norrsken, IPGL, Plug and Play, Stuart Rose, Chairman of Asda, Michael Spencer, founder of Nex Group, Roland Rudd, Founder of Finsbury, and Bill Nussey, the author of ‘Freeing Energy’.
The subscription model involves Sunsave installing solar modules and batteries at customers&#8217; homes for free. The customers will pay a monthly fee for the system&#8217;s installation, maintenance, and warranty. The excess energy generated from the systems will be fed into the grid.
Sunsave has received Financial Conduct Authority (FCA) approval for its subscription service.
Agate Freimane, founding General Partner at Norrsken, said, “Sunsave’s new offering removes the biggest barrier to entry for people in the green transition: cost. This FCA-approved subscription service is a game-changer, enabling thousands more homeowners to unlock the potential of renewable, cost-efficient solar energy every year.”
According to Mercom’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% year-over-year, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.
Recently, 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 at the Bolsa Institutional de Valores (BIVA), Mexico’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.

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