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UgoWork, a provider of advanced energy storage solutions for material handling equipment, <a href="https://cms.mercomindia.com/battery-developer-ugowork-raises-51-million-in-funding/" target="_blank" rel="noopener">secured</a> $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.
I Squared, an infrastructure investment manager, has <a href="https://cms.mercomindia.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener">agreed</a> to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.
Adani Energy Solutions has <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.
Renewable energy solutions platform Fourth Partner Energy (FPEL) has <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">secured</a> an investment of $275 million from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.
BrightNight, an independent renewable power producer, has <a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener">secured</a> a $440 million strategic investment from Goldman Sachs Alternatives &#8216;Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.
India-based solar irrigation services company Oorja Development Solutions <a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener">closed</a> its Pre-Series A funding round, raising $1.5 million from six investors. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.
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-recurrent-energy-secures-1-4-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Developer UgoWork Raises $51 Million in Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-developer-ugowork-raises-51-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
UgoWork, a provider of advanced energy storage solutions for material handling equipment, <a href="https://mercomcapital.com/battery-developer-ugowork-raises-51-million-in-funding/" target="_blank" rel="noopener">secured</a> $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.
I Squared, an infrastructure investment manager, has <a href="https://mercomcapital.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener">agreed</a> to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.
Renewable energy solutions platform Fourth Partner Energy (FPEL) has <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">secured</a> an investment of $275 million from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.
Adani Energy Solutions has <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.
BrightNight, an independent renewable power producer, has <a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener">secured</a> a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.
India-based solar irrigation services company Oorja Development Solutions <a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener">closed</a> its Pre-Series A funding round, raising $1.5 million from six investors. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.
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-addionics-raises-39-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://ugowork.com/" target="_blank" rel="noopener">UgoWork</a>, a provider of advanced energy storage solutions for material handling equipment, secured $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec (IQ) and Export Development Canada (EDC). The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.
The funding will be used to grow the company’s go-to-market efforts, extend its global distribution footprint, accelerate the development of its software and hardware platforms, and expand its headquarters and main production facility.
Headquartered in Quebec, Canada, UgoWork develops, manufactures, and distributes a fully integrated battery and cloud software ecosystem.
“We are committed to helping our customers make their energy transition by offering our industry’s fastest innovation roadmap. In a $200 billion material handling market where old technologies power most equipment, we stand at the brink of a new era,” said Philippe Beauchamp, President and CEO of UgoWork. “We believe that data is poised to become a pivotal asset in this business, providing transformative opportunities to redefine our industry. Our ability to seamlessly integrate this data sets our solutions apart and greatly enhances the customer experience.”
According to Mercom’s recently released 1H and Q2 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Recently, Addionics, an Israel-based chemistry-agnostic battery technology company, <a href="https://cms.mercomindia.com/battery-manufacturer-addionics-closes-39-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors.

Battery Developer UgoWork Raises $51 Million in Funding

<a href="https://ugowork.com/" target="_blank" rel="noopener">UgoWork</a>, a Canada-based provider of lithium-ion batteries and energy monitoring solutions, announced the closing of its all-equity C$22.8 million (~$17.08 million) Series B funding round led by Fonds de solidarité FTQ.
The other participants in the round include Export Development Canada (EDC), Desjardins Capital, and Investissement Québec.
UgoWork plans to use the new funds to accelerate the development efforts for its software and artificial intelligence platform, enabling the ‘Energy as a Service’ program for its lithium-ion battery lineup and reducing the upfront cost for faster deployments. The funding is also expected to help boost sales and expand the company’s distribution footprint.
Based in Quebec, Canada, UgoWork develops, manufactures, and offers lithium-ion power solutions and energy management programs across North America for industrial trucks operating in the food and beverage, manufacturing, transportation, and distribution sectors.
UgoWork&#8217;s battery technology and connected platform help operators make data-driven decisions to increase output, optimize resources, and take a step towards a zero-carbon footprint.
&#8220;UgoWork&#8217;s innovative solutions perfectly fit into the concept of a circular economy. This is one of the reasons why we are very proud to continue our support for this company,&#8221; says Marie-Hélène Nolet, Chief Operating Officer of Desjardins Capital.
“The demand for UgoWork&#8217;s solution is growing rapidly, and we are confident that the team in place will be able to achieve the growth that will allow them to take a leading position in the market.&#8221;
The recent funding is Investissement Québec&#8217;s second round in all-equity financing with UgoWork.
According to Mercom’s Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, venture capital funding for energy storage companies in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.

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