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POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

Terralayr, a developer, owner, and operator of battery energy storage assets, has <a href="https://cms.mercomindia.com/energy-storage-developer-terralayr-secures-223-million/" target="_blank" rel="noopener">raised</a> €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option. The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund (ETIF), alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
Canadian Solar, a manufacturer of solar photovoltaic modules and silicon ingots, and a provider of solar energy and battery energy storage solutions, <a href="https://cms.mercomindia.com/canadian-solar-closes-230-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031. The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
SunLib, a French solar-as-a-service company, has <a href="https://cms.mercomindia.com/solar-service-provider-sunlib-raises-29-million/" target="_blank" rel="noopener">secured</a> €25 million (~$29 million) from Épopée Gestion, which operates through its Infrastructure and Climate funds. The company provides customers with access to solar panel installations across France through a monthly subscription model. The funds raised will be used to finance equipment for new subscribers starting in 2026 and support the local installer network.
Himadri Speciality Chemical has <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each. The remaining investment of 4.253 million CCNs will be made in agreed tranches.
Independent carbon credit standard and registry, RenewCred, has <a href="https://www.mercomindia.com/carbon-credits-platform-renewcred-secures-%E2%82%B942-5-million-in-seed-funding" target="_blank" rel="noopener">secured</a> equity and grants totalling ₹42.5 million (~$471,000) in a seed funding round. The funding will be used to develop a fully digital, science-led carbon credit standard and registry for the voluntary carbon market. The funding round was led by Campus Angels Network and included participation from Kairos Early Opportunity Fund, build3 Startup Studio, VentureStudio at Ahmedabad University.
GreenTech, an operations and maintenance (O&amp;M) company specializing in wind turbine asset management, has <a href="https://www.mercomindia.com/greentech-raises-%E2%82%B9300-million-to-scale-wind-turbine-asset-management" target="_blank" rel="noopener">raised</a> ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by Transition VC. The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition (SCADA) analytics systems, and accelerate business development across India and key international wind markets.
Fortescue, a global green energy and metal mining company, has <a href="https://cms.mercomindia.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">announced</a> the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions. The acquisition is said to strengthen Elysia’s capabilities by combining its existing cloud-based products with on-site systems for battery energy storage. For customers, this provides a combination of cloud analytics and real-time on-premises controls to maximize trading revenue, extend asset life, and improve safety.
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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-aspen-power-secures-200-million-enhance-pipeline/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Terralayr Secures $223 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-terralayr-secures-223-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Terralayr, a developer, owner, and operator of battery energy storage assets, <a href="https://mercomcapital.com/energy-storage-developer-terralayr-secures-223-million/" target="_blank" rel="noopener">raised</a> €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option. The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund, alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
Canadian Solar, a solar module and silicon ingot manufacturer, and a solar energy and battery energy storage solutions provider, <a href="https://mercomcapital.com/canadian-solar-closes-230-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031. The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
SunLib, a French solar-as-a-service company, <a href="https://mercomcapital.com/solar-service-provider-sunlib-raises-29-million/" target="_blank" rel="noopener">secured</a> €25 million (~$29 million) from Épopée Gestion, which operates through its Infrastructure and Climate funds. The company provides customers with access to solar panel installations across France through a monthly subscription model. The funds raised will be used to finance equipment for new subscribers starting in 2026 and support the local installer network.
Himadri Speciality Chemical <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each. The remaining investment of 4.253 million CCNs will be made in agreed tranches.
Independent carbon credit standard and registry, RenewCred, <a href="https://www.mercomindia.com/carbon-credits-platform-renewcred-secures-%E2%82%B942-5-million-in-seed-funding" target="_blank" rel="noopener">secured</a> equity and grants totalling ₹42.5 million (~$471,000) in a seed funding round. The funding will be used to develop a fully digital, science-led carbon credit standard and registry for the voluntary carbon market. The funding round was led by Campus Angels Network and included participation from Kairos Early Opportunity Fund, build3 Startup Studio, VentureStudio at Ahmedabad University.
GreenTech, an operations and maintenance company specializing in wind turbine asset management, <a href="https://www.mercomindia.com/greentech-raises-%E2%82%B9300-million-to-scale-wind-turbine-asset-management" target="_blank" rel="noopener">raised</a> ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by Transition VC. The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition analytics systems, and accelerate business development across India and key international wind markets.
Fortescue, a global green energy and metal mining company, <a href="https://mercomcapital.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">announced</a> the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions. The acquisition aims to strengthen the capabilities of Elysia, Fortescue’s software-based battery intelligence platform, by combining its existing cloud-based products with on-site systems for battery energy storage.
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://mercomcapital.com/funding-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/">roundup</a>.

Funding and M&A Roundup: Terralayr Secures $223 Million in Equity Round

<a href="https://www.trlyr.com/" target="_blank" rel="noopener">Terralayr,</a> a developer, owner, and operator of battery energy storage assets, has raised €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option.
The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund (ETIF), alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
terralayr develops, owns, and operates grid-scale battery energy storage systems, with the support of its LAYR platform, which virtualizes battery assets, and provides a route-to-market solution for both its own and third-party assets.
The funding is expected to enable the company to further grow its grid-scale battery storage portfolio in Germany while scaling its LAYR platform.
Philipp Man, Co-Founder and CEO of terralayr, commented, “We are very happy to welcome Eurazeo to our shareholder base. Their backing is essential in allowing us to accelerate the build-out of much-needed flexibility infrastructure in Germany. This capital raise will enable us to increase the pace of our asset growth in Germany, which is critical for the scaling of our digital platform. This will make us an even stronger partner to utilities, asset owners, flexibility traders, and other users of flexible power assets.”
In 2024, the company <a href="https://www.trlyr.com/news/investment-in-terralayr-to-drive-battery-storage-revolution-in-germany/" target="_blank" rel="noopener">raised</a> €77 million (~$80 million), comprising €62 million (~$64 million) in equity and €15 million (~$16 million) in debt, with participation from Creandum, Earlybird, Norrsken VC, Picus Capital, and RIVE Private Investment.
According to Mercom’s 9M and Q3 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, VC funding in the sector totaled $2.8 billion across 56 deals, a 4% YoY increase from $2.7 billion across 61 deals in 9M 2024.
In December, FION Energy, a Berlin-based company that installs and operates smart battery systems for industrial companies, <a href="https://cms.mercomindia.com/fion-energy-secures-1-6-million-in-pre-seed-funding/" target="_blank" rel="noopener">closed</a> a €1.4 million (~$1.6 million) pre-seed funding round. The funding round was led by HTGF and Norrsken Evolve, with participation from experienced business angels.

Energy Storage Developer Terralayr Secures $223 Million

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