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FuturaSun, solar, roof-grid panels, and solar lighting machines manufacturer, <a href="https://cms.mercomindia.com/futurasun-acquires-perovskite-solar-cells-solertix/" target="_blank" rel="noopener">acquired</a> Solertix, a perovskite solar cell start-up in Italy. Solertix began at the University of Rome in its Organic Solar Center, which focuses on third-generation PV cell research. FuturaSun said that it plans to double the workforce at the startup with a view to developing a stable, commercially viable perovskite product. The price of the purchase has not been revealed.
Solar wafer manufacturer NexWafe GmbH has <a href="https://cms.mercomindia.com/germanys-nexwafe-secures-green-solar-wafer-production/" target="_blank" rel="noopener">secured</a> €30 million (~$32 million) from a group of investors, including Reliance New Energy, to accelerate the construction of its first commercial-scale green solar wafers production facility in Germany’s Bitterfeld. In parallel, NexWafe will work with one of its other investors Aramco Ventures, on a green solar wafer production facility that will be built in Saudi Arabia with participation from the latter’s $1.5 billion Sustainability Fund.
TeraWatt Technology, a manufacturer of lithium-ion batteries, <a href="https://cms.mercomindia.com/terawatt-technology-completes-pre-c-funding-lithium-ion-batteries/" target="_blank" rel="noopener">announced</a> the completion of another financing round prior to Series C. The company has raised an undisclosed amount from a group of investors, including the Development Bank of Japan, INPEX Corporation, JIC Venture Growth Investments, Rakuten Capital, Mori Trust, GLIN Impact Capital, and several other individual investors. The existing investors from Series B, such as Temasek, Khosla Ventures, and JAFCO also participated in this round.
India-based specialty chemical company Himadri has <a href="https://cms.mercomindia.com/chemical-firm-himadri-invests-battery-startup-sicona/" target="_blank" rel="noopener">announced</a> an investment of AU$10.32 million (~$7 million) in Australian startup Sicona Battery Technologies to produce high-quality anode materials. The investment aims to accelerate product and technology development for Sicona while expediting the commercial deployment of the lithium-ion battery.
Canadian Solar, a solar module manufacturer headquartered in Canada, has <a href="https://cms.mercomindia.com/canadian-solar-subsidiary-announces-ipo-pricing-shanghai-bourse/" target="_blank" rel="noopener">revealed</a> the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering (IPO) on the Shanghai Stock Exchange. The proposed price for the IPO stands at RMB11.10 (~$1.56) per share, with estimated total gross proceeds of approximately RMB6 billion (~$844.13 million). Currently, Canadian Solar holds around 80% of the outstanding shares of CSI Solar.
Mumbai-based renewable energy company CleanMax Enviro Energy Solutions (CleanMax) has <a href="https://www.mercomindia.com/cleanmax-360-million-funding-expand-ci-portfolio" target="_blank" rel="noopener">successfully</a> concluded an equity fund raise of approximately $360 million from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund. The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-shell-completes-acquisition-of-sprng-energy/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: FuturaSun Acquires Perovskite Solar Cells Startup Solertix

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-futurasun-acquires-solertix/" target="_blank" rel="noopener">Mercom Capital Group</a>
FuturaSun, solar, roof-grid panels, and solar lighting machines manufacturer, <a href="https://mercomcapital.com/futurasun-acquires-perovskite-solar-cells-solertix/" target="_blank" rel="noopener">acquired</a> Solertix, a perovskite solar cell start-up in Italy. Solertix began at the University of Rome in its Organic Solar Center, which focuses on third-generation PV cell research. FuturaSun said that it plans to double the workforce at the startup with a view to developing a stable, commercially viable perovskite product. The price of the purchase has not been revealed.
Solar wafer manufacturer NexWafe GmbH has <a href="https://mercomcapital.com/germanys-nexwafe-secures-green-solar-wafer-production/" target="_blank" rel="noopener">secured</a> €30 million (~$32 million) from a group of investors, including Reliance New Energy, to accelerate the construction of its first commercial-scale green solar wafers production facility in Germany’s Bitterfeld. In parallel, NexWafe will work with one of its other investors Aramco Ventures, on a green solar wafer production facility that will be built in Saudi Arabia with participation from the latter’s $1.5 billion Sustainability Fund.
TeraWatt Technology, a manufacturer of lithium-ion batteries, <a href="https://mercomcapital.com/terawatt-technology-completes-pre-c-funding-lithium-ion-batteries/" target="_blank" rel="noopener">announced</a> the completion of another financing round prior to Series C. The company has raised an undisclosed amount from a group of investors, including the Development Bank of Japan, INPEX Corporation, JIC Venture Growth Investments, Rakuten Capital, Mori Trust, GLIN Impact Capital, and several other individual investors. The existing investors from Series B, such as Temasek, Khosla Ventures, and JAFCO also participated in this round.
India-based specialty chemical company Himadri has <a href="https://mercomcapital.com/chemical-firm-himadri-invests-battery-startup-sicona/" target="_blank" rel="noopener">announced</a> an investment of AU$10.32 million (~$7 million) in Australian startup Sicona Battery Technologies to produce high-quality anode materials. The investment aims to accelerate product and technology development for Sicona while expediting the commercial deployment of the lithium-ion battery.
Canadian Solar, a solar module manufacturer headquartered in Canada, has <a href="https://mercomcapital.com/canadian-solar-subsidiary-announces-ipo-pricing-shanghai-bourse/" target="_blank" rel="noopener">revealed</a> the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering (IPO) on the Shanghai Stock Exchange. The proposed price for the IPO stands at RMB11.10 (~$1.56) per share, with estimated total gross proceeds of approximately RMB6 billion (~$844.13 million). Currently, Canadian Solar holds around 80% of the outstanding shares of CSI Solar.
Mumbai-based renewable energy company CleanMax Enviro Energy Solutions (CleanMax) has <a href="https://www.mercomindia.com/cleanmax-360-million-funding-expand-ci-portfolio" target="_blank" rel="noopener">successfully</a> concluded an equity fund raise of approximately $360 million from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund. The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-shell-completes-acquisition-of-sprng-energy/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.terawatt-technology.com/" target="_blank" rel="noopener">TeraWatt Technology</a>, a manufacturer of lithium-ion batteries, announced the completion of another financing round before Series C. The company has raised an undisclosed amount from investors, including the Development Bank of Japan, INPEX Corporation, JIC Venture Growth Investments, Rakuten Capital, Mori Trust, GLIN Impact Capital, and several other individual investors. The existing investors from Series B, such as Temasek, Khosla Ventures, and JAFCO, also participated in this round.
TeraWatt has been producing 5 to 8Ah commercial-grade cells through its existing pilot manufacturing facility in Japan, which have successfully passed safety testing requirements at third-party labs such as UN38.3 and IEC62133-2. The company also has a subsidiary in Japan with the support of the Organization for Small &amp; Medium Enterprises and Regional Innovation.
The new funding is expected to strengthen the pilot-product line-ups for larger applications such as electric vehicles and energy storage systems. The company also plans to launch a large-scale pilot production facility to validate logistics, productivity, and quality control toward mass production. The company aims to achieve commercial viability and scalability of its batteries soon.
&#8220;We are thrilled to announce the completion of the Pre-C funding round to bring our development to the next step with quality and quantity,&#8221; said TeraWatt Technology founder CEO Ken Ogata, Ph.D., &#8220;In addition to our existing international investors, we are delighted to have the participation of many outstanding Japanese investors.&#8221;
According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, Total corporate funding—including venture capital (VC) funding, debt financing, and public market financing—in Energy Storage came to $2.2 billion in 27 deals compared to $4.3 billion in 31 deals in Q4 2022. Funding significantly decreased year-over-year (YoY) compared to $12.9 billion in 27 deals in Q1 2022.
Recently, Altris, a company that develops sodium-ion batteries, <a href="https://cms.mercomindia.com/sodium-ion-battery-company-altris-raises-5-2-million-in-funding/" target="_blank" rel="noopener">secured</a> €4.8 million (~$5.2 million) in bridge financing from its current investors and employees. The funding will help the company scale its production and commercialize its technology.

TeraWatt Technology Completes Pre-C Funding Round for Lithium-ion Batteries

Connected Kerb, a London-based electric vehicle charging infrastructure specialist, announced that it had <a href="https://cms.mercomindia.com/connected-kerb-secures-110-million/">secured</a> an investment of up to £110 million (~$110 million) from Aviva Investors, the global asset management business of Aviva. The investment will support the company&#8217;s plans to deliver 190,000 on-street EV chargers by 2030.
Ojjo,  a developer and manufacturer of next-generation solar foundations, <a href="https://cms.mercomindia.com/ojjo-raises-series-c-funding-round/" target="_blank" rel="noopener">secured</a> $40 million in a Series C funding round led by NGP ETP, the energy transition investing platform of NGP, with Ajax Strategies. As part of the investment, James Wallis, Partner at NGP, has joined Ojjo&#8217;s Board of Directors. The new funding will accelerate Ojjo&#8217;s growth and execution of its 9 GW active project pipeline.
GDI, a manufacturer of next-gen Li-ion batteries, <a href="https://cms.mercomindia.com/gdi-raises-13-3-million-in-series-a-funding/" target="_blank" rel="noopener">completed</a> a Series A funding round of $13.3 million with EIT InnoEnergy and Helios Climate Ventures. GDI plans to use the fresh capital to scale production to over 100MWh by Q1 2024. GDI has started its pilot production in Eindhoven, the Netherlands, and intends to reach 300kWh by the end of 2022.
Global energy storage platform provider Powin announced the <a href="https://cms.mercomindia.com/powin-acquires-eks/" target="_blank" rel="noopener">acquisition</a> of EKS Energy, a provider of advanced power electronics and energy management solutions for energy storage and renewables. The acquisition will expand Powin&#8217;s offering to include the EKS Power Conversion System and Power Plant Controller, enabling the company to deliver a complete AC energy storage platform capable of advanced control functionality to support microgrid applications while interfacing with multiple generation assets.
Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, has <a href="https://mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million/" target="_blank" rel="noopener">acquired</a> a 20% stake for $12 million in California-headquartered Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency. The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.
Esmito, an IIT Madras incubated electric vehicle (EV) startup, has <a href="https://mercomindia.com/esmito-raises-100-million-expand-battery-swapping-solutions/" target="_blank" rel="noopener">raised</a> ₹100 million (~$1.25 million) in a seed round led by Mumbai-based early-stage investor Unicorn India Ventures. The funds raised will be used to expand swapping solutions and strengthen the technology team with a focus on creating world-class products. It will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider.
Solar Ethyl Vinyl Acetate (EVA) manufacturer Navitas Alpha Renewables (NARPL) has <a href="https://mercomindia.com/navitas-alpha-raises-%e2%82%b970-million-seed-round/" target="_blank" rel="noopener">raised</a> ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others. The funding will be used to add capacity and strengthen the company&#8217;s R&amp;D initiatives. The company plans to work on new products like Polyolefin Elastomer (POE) encapsulants to gain an edge in the industry. A part of the capital will also be used to ramp up testing capabilities and improve the product&#8217;s value proposition.
Shanghai-based WeView has <a href="https://www.energy-storage.news/china-zinc-iron-flow-battery-company-weview-raises-us57-million-vizn/" target="_blank" rel="noopener">raised</a> $56.5 million in several financing rounds to commercialize the zinc-iron flow battery energy storage systems technology originally developed by ViZn Energy Systems. WeView announced that it had completed the fundraising rounds in the last six months, exceeding RMB400 million (US$56.5 million). Investors include Gaorong Capital, Songhe Capital, Ultrasound Juneng, Dashu Evergreen, ZhenFund, and other venture capital firms. The money will go towards developing its zinc-iron liquid flow batteries and the construction of gigafactories to exceed a gigawatt of production capacity by the end of 2023.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Company Connected Kerb Secures $110 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charging-company-connected-kerb-secures-110-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Connected Kerb, a London-based electric vehicle charging infrastructure specialist, announced that it had <a href="https://mercomcapital.com/connected-kerb-secures-110-million/" target="_blank" rel="noopener">secured</a> an investment of up to £110 million (~$110 million) from Aviva Investors, the global asset management business of Aviva. The investment will support the company’s plans to deliver 190,000 on-street EV chargers by 2030.
Ojjo,  a developer and manufacturer of next-generation solar foundations, <a href="https://mercomcapital.com/ojjo-raises-series-c-funding-round/" target="_blank" rel="noopener">secured</a> $40 million in a Series C funding round led by NGP ETP, the energy transition investing platform of NGP, with Ajax Strategies. As part of the investment, James Wallis, Partner at NGP, has joined Ojjo’s Board of Directors. The new funding will accelerate Ojjo’s growth and execution of its 9 GW active project pipeline.
GDI, a manufacturer of next-gen Li-ion batteries, <a href="https://mercomcapital.com/gdi-raises-13-3-million-in-series-a-funding/" target="_blank" rel="noopener">completed</a> a Series A funding round of $13.3 million with EIT InnoEnergy and Helios Climate Ventures. GDI plans to use the fresh capital to scale production to over 100MWh by Q1 2024. GDI has started its pilot production in Eindhoven, the Netherlands, and intends to reach 300kWh by the end of 2022.
Global energy storage platform provider Powin announced the <a href="https://mercomcapital.com/powin-acquires-eks/" target="_blank" rel="noopener">acquisition</a> of EKS Energy, a provider of advanced power electronics and energy management solutions for energy storage and renewables. The acquisition will expand Powin’s offering to include the EKS Power Conversion System and Power Plant Controller, enabling the company to deliver a complete AC energy storage platform capable of advanced control functionality to support microgrid applications while interfacing with multiple generation assets.
Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, has <a href="https://mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million/" target="_blank" rel="noopener">acquired</a> a 20% stake for $12 million in California-headquartered Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency. The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.
Esmito, an IIT Madras incubated electric vehicle (EV) startup, has <a href="https://mercomindia.com/esmito-raises-100-million-expand-battery-swapping-solutions/" target="_blank" rel="noopener">raised</a> ₹100 million (~$1.25 million) in a seed round led by Mumbai-based early-stage investor Unicorn India Ventures. The funds raised will be used to expand swapping solutions and strengthen the technology team with a focus on creating world-class products. It will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider.
Solar Ethyl Vinyl Acetate (EVA) manufacturer Navitas Alpha Renewables (NARPL) has <a href="https://mercomindia.com/navitas-alpha-raises-%e2%82%b970-million-seed-round/" target="_blank" rel="noopener">raised</a> ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others. The funding will be used to add capacity and strengthen the company’s R&amp;D initiatives. The company plans to work on new products like Polyolefin Elastomer (POE) encapsulants to gain an edge in the industry. A part of the capital will also be used to ramp up testing capabilities and improve the product’s value proposition.
Shanghai-based WeView has <a href="https://www.energy-storage.news/china-zinc-iron-flow-battery-company-weview-raises-us57-million-vizn/" target="_blank" rel="noopener">raised</a> $56.5 million in several financing rounds to commercialize the zinc-iron flow battery energy storage systems technology originally developed by ViZn Energy Systems. WeView announced that it had completed the fundraising rounds in the last six months, exceeding RMB400 million (US$56.5 million). Investors include Gaorong Capital, Songhe Capital, Ultrasound Juneng, Dashu Evergreen, ZhenFund, and other venture capital firms. The money will go towards developing its zinc-iron liquid flow batteries and the construction of gigafactories to exceed a gigawatt of production capacity by the end of 2023.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">roundup</a>.

Fundamental Renewables, the clean energy investment arm of Fundamental Advisors, has <a href="https://cms.mercomindia.com/fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">secured</a> a $400 million credit facility to support its growing investment strategy in solar energy assets. The financing was provided by Delaware Life Insurance Company, a Group 1001 company, which also acted as the arranger of the facility. Other lenders include CDPQ American Fixed Income V Inc., a wholly owned subsidiary of CDPQ, and East West Bank.
New York-based electric vehicle charging infrastructure company TeraWatt has <a href="https://mercomindia.com/ev-charging-infrastructure-terawatt-raises-1-billion/" target="_blank" rel="noopener">secured</a> over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations. Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.
Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners <a href="https://cms.mercomindia.com/goldman-sachs-cleanhill-partners-acquire-stake-epc-power/" target="_blank" rel="noopener">acquired</a> a majority stake in smart inverter provider EPC Power. The financial terms of the deal were not disclosed. San Diego, California-headquartered EPC Power produces inverters, a full PCS kit for utility-scale energy storage and solar-plus-storage applications, and data center backup UPS systems.
Global investor Ontario Teachers’ Pension Plan will <a href="https://mercomindia.com/ontario-teachers-pension-fund-acquires-30-stake-mahindra-susten/" target="_blank" rel="noopener">acquire</a> a 30% equity stake in Mahindra Susten, a cleantech arm of Mahindra Group, for an equity value of ₹23.71 billion (~$300 million). The transaction involves the setting up of an Infrastructure Investment Trust (InvIT) in compliance with applicable regulations of the Securities and Exchange Board of India.
Monta, an EV charging management platform, <a href="https://cms.mercomindia.com/monta-secures-30-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> €30 million (~$30 million) at a €155 million (~$155 million) valuation as a part of the Series A+ funding round led by Energize Ventures with participation from returning investors Creandum, Pale Blue Dot, byFounders, and Headline. The company intends to use the investment to expand to North America.
Correlate Infrastructure Partners, a portfolio-scale development and finance platform, has <a href="https://cms.mercomindia.com/correlate-infrastructure-partners-acquires-renewable-energy/" target="_blank" rel="noopener">signed</a> a non-binding letter of intent to acquire Aegis Renewable Energy, a solar project developer. Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company with strategic abilities to capitalize on the burgeoning Northeast renewable energy market.
DNV, a digital solutions provider for managing risk and improving safety and asset performance, has <a href="https://cms.mercomindia.com/dnv-acquires-clean-technology-partners/" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire Clean Technology Partners (CTP), a grid consulting company based in Melbourne, Australia. DNV aims to expand its market footprint in Australia and address the critical area of connecting generation projects to the country’s grid by utilizing CTP’S expertise in delivering over 1,500 advisory projects in the power grid, renewables, and storage technology space.
Yulu, a Bengaluru-based shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider, has <a href="https://mercomindia.com/yulu-82-million-equity-funding-mobility-battery-swapping/" target="_blank" rel="noopener">secured</a> equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by U.S.-based mobility technology company Magna International. Yulu’s strategic partner Bajaj Auto also participated in the funding round. Yulu said the funds would be used to strengthen product and technology innovation. It will also use the funds to increase the fleet of electric vehicles to over 100,000 electric two-wheelers and more than 500 battery charging and swapping stations in a year.
Indian solar monitoring and analytics platform Prescinto Technologies has <a href="https://mercomindia.com/solar-monitoring-company-prescinto-raises-6-5-million/" target="_blank" rel="noopener">raised</a> $6.5 million in financing and forayed into the U.S. market. The company is partnering with a major international energy storage firm for real-time data monitoring. The fundraising will help Prescinto use analytics to assess its globally installed energy storage assets.
Sense, a provider of home energy intelligence systems, <a href="https://www.prnewswire.com/news-releases/sense-adds-to-series-c-totaling-127-6-million-with-volery-capital-investing-301624596.html" target="_blank" rel="noopener">announced</a> the close of $127.6 million in Series C financing with Volery Capital Partners joining Blue Earth Capital, TELUS Ventures, MCJ Collective, Schneider Electric, Energy Impact Partners, Prelude Ventures, iRobot and others. The investment brings Sense&#8217;s funding to date to $179.6 million.
Jiangsu Horizon New Energy Technology, a Chinese manufacturer of lithium-ion battery separators, has <a href="https://www.dealstreetasia.com/stories/china-horizon-joins-unicorn-club-308365" target="_blank" rel="noopener">raised</a> 1.37 billion yuan ($195.4 million) from 11 investors to boost its valuation to $1 billion. The five-year-old company offered a combined 19.68% of its shares at a price of 3.98 yuan (~$0.57) apiece to the consortium led by investors including China Development Fund, an investment platform backed by the country’s largest policy bank, the China Development Bank, according to a recent stock exchange filing.
SolarZero, a New Zealand-based provider of solar, battery storage, and energy system services, announced that a fund managed by BlackRock Real Assets has agreed to <a href="https://www.solarcity.co.nz/blog/solarzero-announces-acquisition-by-blackrock-real-assets" target="_blank" rel="noopener">acquire</a> the company. BlackRock&#8217;s Climate Infrastructure business, which sits within BlackRock Real Assets, will work with SolarZero&#8217;s management team to build on the company&#8217;s track record and drive its next phase of growth, both in New Zealand and internationally.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-tesseract-raises-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Fundamental Renewables Secures $400 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Fundamental Renewables, the clean energy investment arm of Fundamental Advisors, has <a href="https://mercomcapital.com/fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">secured</a> a $400 million credit facility to support its growing investment strategy in solar energy assets. The financing was provided by Delaware Life Insurance Company, a Group 1001 company, which also acted as the arranger of the facility. Other lenders include CDPQ American Fixed Income V Inc., a wholly owned subsidiary of CDPQ, and East West Bank.
New York-based electric vehicle charging infrastructure company TeraWatt has <a href="https://mercomindia.com/ev-charging-infrastructure-terawatt-raises-1-billion/" target="_blank" rel="noopener">secured</a> over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations. Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.
Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners <a href="https://mercomcapital.com/goldman-sachs-cleanhill-partners-acquire-stake-epc-power/" target="_blank" rel="noopener">acquired</a> a majority stake in smart inverter provider EPC Power. The financial terms of the deal were not disclosed. San Diego, California-headquartered EPC Power produces inverters, a full PCS kit for utility-scale energy storage and solar-plus-storage applications, and data center backup UPS systems.
Global investor Ontario Teachers’ Pension Plan will <a href="https://mercomindia.com/ontario-teachers-pension-fund-acquires-30-stake-mahindra-susten/" target="_blank" rel="noopener">acquire</a> a 30% equity stake in Mahindra Susten, a cleantech arm of Mahindra Group, for an equity value of ₹23.71 billion (~$300 million). The transaction involves the setting up of an Infrastructure Investment Trust (InvIT) in compliance with applicable regulations of the Securities and Exchange Board of India.
Monta, an EV charging management platform, <a href="https://mercomcapital.com/monta-secures-30-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> €30 million (~$30 million) at a €155 million (~$155 million) valuation as a part of the Series A+ funding round led by Energize Ventures with participation from returning investors Creandum, Pale Blue Dot, byFounders, and Headline. The company intends to use the investment to expand to North America.
Correlate Infrastructure Partners, a portfolio-scale development and finance platform, has <a href="https://mercomcapital.com/correlate-infrastructure-partners-acquires-renewable-energy/" target="_blank" rel="noopener">signed</a> a non-binding letter of intent to acquire Aegis Renewable Energy, a solar project developer. Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company with strategic abilities to capitalize on the burgeoning Northeast renewable energy market.
DNV, a digital solutions provider for managing risk and improving safety and asset performance, has <a href="https://mercomcapital.com/dnv-acquires-clean-technology-partners/" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire Clean Technology Partners (CTP), a grid consulting company based in Melbourne, Australia. DNV aims to expand its market footprint in Australia and address the critical area of connecting generation projects to the country’s grid by utilizing CTP’S expertise in delivering over 1,500 advisory projects in the power grid, renewables, and storage technology space.
Yulu, a Bengaluru-based shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider, has <a href="https://mercomindia.com/yulu-82-million-equity-funding-mobility-battery-swapping/" target="_blank" rel="noopener">secured</a> equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by U.S.-based mobility technology company Magna International. Yulu’s strategic partner Bajaj Auto also participated in the funding round. Yulu said the funds would be used to strengthen product and technology innovation. It will also use the funds to increase the fleet of electric vehicles to over 100,000 electric two-wheelers and more than 500 battery charging and swapping stations in a year.
Indian solar monitoring and analytics platform Prescinto Technologies has <a href="https://mercomindia.com/solar-monitoring-company-prescinto-raises-6-5-million/" target="_blank" rel="noopener">raised</a> $6.5 million in financing and forayed into the U.S. market. The company is partnering with a major international energy storage firm for real-time data monitoring. The fundraising will help Prescinto use analytics to assess its globally installed energy storage assets.
Sense, a provider of home energy intelligence systems, <a href="https://www.prnewswire.com/news-releases/sense-adds-to-series-c-totaling-127-6-million-with-volery-capital-investing-301624596.html" target="_blank" rel="noopener">announced</a> the close of $127.6 million in Series C financing with Volery Capital Partners joining Blue Earth Capital, TELUS Ventures, MCJ Collective, Schneider Electric, Energy Impact Partners, Prelude Ventures, iRobot and others. The investment brings Sense’s funding to date to $179.6 million.
Jiangsu Horizon New Energy Technology, a Chinese manufacturer of lithium-ion battery separators, has <a href="https://www.dealstreetasia.com/stories/china-horizon-joins-unicorn-club-308365" target="_blank" rel="noopener">raised</a> 1.37 billion yuan ($195.4 million) from 11 investors to boost its valuation to $1 billion. The five-year-old company offered a combined 19.68% of its shares at a price of 3.98 yuan (~$0.57) apiece to the consortium led by investors including China Development Fund, an investment platform backed by the country’s largest policy bank, the China Development Bank, according to a recent stock exchange filing.
SolarZero, a New Zealand-based provider of solar, battery storage, and energy system services, announced that a fund managed by BlackRock Real Assets has agreed to <a href="https://www.solarcity.co.nz/blog/solarzero-announces-acquisition-by-blackrock-real-assets" target="_blank" rel="noopener">acquire</a> the company. BlackRock’s Climate Infrastructure business, which sits within BlackRock Real Assets, will work with SolarZero’s management team to build on the company’s track record and drive its next phase of growth, both in New Zealand and internationally.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-tesseract-in-funding/" target="_blank" rel="noopener">roundup</a>.

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					</table>California-based electric vehicle charging infrastructure company <a href="https://terawattinfrastructure.com/" target="_blank" rel="noopener">TeraWatt</a> has secured over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations.
Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.
TeraWatt, launched in 2021, is accelerating the decarbonization of transport with a purpose-built platform that combines an EV charging-focused property portfolio, asset financing capabilities, project development, and charging and energy management expertise.
The company said it would use the capital raised to accelerate its next phase of development and expansion. The expansion plans aim to grow its portfolio of charging centers while skilling up the team to support the development works.
TeraWatt works with fleets across light, medium, and heavy-duty vehicles, leveraging a property portfolio that spans core metro areas, logistics hubs, and key highway corridors.
The company develops and owns charging centers bringing them online with in-house expertise and experience, enabling fleets to avoid capital expenditure and focus on their operations.
Co-founder and CEO of TeraWatt Neha Palmer observed, “Fleets are electrifying faster than ever, and we have been hard at work planning, building charging centers, and scaling up to make this transition easier for fleets. We are thrilled to receive this additional capital commitment from Keyframe Capital and Cyrus Capital, along with new support from Vision Ridge, which is well-recognized for its track record of investing in and growing EV charging platforms.”
Managing Director at Vision Ridge Partners Paul Luce said, “The future of electrified transport is at a critical inflection point, whereby solutions for large-scale EV charging infrastructure must be established to meet the increasing demand for electrification of all fleets. We are thrilled to support TeraWatt, a distinctive platform with transformational permanent solutions for organizations seeking to continue operating their fleets while decreasing their carbon footprint.”
Earlier this year, the U.S. Department of Energy announced <a href="https://mercomindia.com/us-96-million-funding-expand-ev-charging/" target="_blank" rel="noopener">funding</a> of $96 million to expand E.V. charging accessibility and maximize EV efficiency and affordability.

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