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Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar <a href="https://cms.mercomindia.com/recurrent-energy-secures-1-4-billion-credit-facility-to-expand-solar-and-storage-projects/" target="_blank" rel="noopener">secured</a> a multi-currency revolving credit facility valued at up to €1.3 billion (~$1.4 billion) with ten banks. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain. The company will use the funding to develop solar and energy storage projects in European countries including Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.
Verkor, a manufacturer of lithium-based battery cells and modules, <a href="https://cms.mercomindia.com/battery-manufacturer-verkor-secures-1-4-billion-green-loan/" target="_blank" rel="noopener">secured</a> over €1.3 billion (~$1.41 billion) in green financing supported by 16 commercial banks and three public banks. These funds will be directly allocated to the construction and financing of Verkor’s first gigafactory located in Dunkirk, France, with an initial production capacity of 16 GWh/year. Following this recent deal, Verkor has so far secured over €3 billion (~$3.2 billion) in funding for its first gigafactory and the Verkor Innovation Centre.
Verse, a clean energy management platform, <a href="https://cms.mercomindia.com/clean-energy-management-platform-verse-secures-20-5-million-series-a-funding/" target="_blank" rel="noopener">raised</a> $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective. With the latest round of funding, Verse is expected to scale commercial operations and develop new product capabilities to help organizations reduce emissions and lower electricity costs. The company’s technology leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost.
Engineering, procurement, and construction firm Soleos Solar Energy has <a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener">raised</a> ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors. Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals. The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans.
Bengaluru-based technology startup NoPo Nanotechnologies <a href="https://www.mercomindia.com/carbon-nanotube-maker-production-and-market-reach" target="_blank" rel="noopener">raised</a> $3 million in a pre-Series A funding round by Axilor’s Micelio Fund and Inflexor Ventures. The funds will be used to scale production, improve engineering capabilities, and implement a global market strategy. NoPo said it has developed innovative technology to produce high-quality single-walled carbon nanotubes, which have been in development for the past decade.
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-origis-energy-funding-from-kkr/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Recurrent Energy Secures $1.4 Billion Credit Facility

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-secures-1-4-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar <a href="https://mercomcapital.com/recurrent-energy-secures-1-4-billion-credit-facility-to-expand-solar-and-storage-projects/" target="_blank" rel="noopener">secured</a> a multi-currency revolving credit facility valued at up to €1.3 billion (~$1.4 billion) with ten banks. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain. The company will use the funding to develop solar and energy storage projects in European countries including Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.
Verkor, a manufacturer of lithium-based battery cells and modules, <a href="https://mercomcapital.com/battery-manufacturer-verkor-secures-1-4-billion-green-loan/" target="_blank" rel="noopener">secured</a> over €1.3 billion (~$1.41 billion) in green financing supported by 16 commercial banks and three public banks. These funds will be directly allocated to the construction and financing of Verkor’s first gigafactory located in Dunkirk, France, with an initial production capacity of 16 GWh/year. Following this recent deal, Verkor has so far secured over €3 billion (~$3.2 billion) in funding for its first gigafactory and the Verkor Innovation Centre.
Verse, a clean energy management platform, <a href="https://mercomcapital.com/clean-energy-management-platform-verse-secures-20-5-million-series-a-funding/" target="_blank" rel="noopener">raised</a> $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective. With the latest round of funding, Verse is expected to scale commercial operations and develop new product capabilities to help organizations reduce emissions and lower electricity costs. The company’s technology leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost.
Engineering, procurement, and construction firm Soleos Solar Energy has <a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener">raised</a> ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors. Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals. The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans.
Bengaluru-based technology startup NoPo Nanotechnologies <a href="https://www.mercomindia.com/carbon-nanotube-maker-production-and-market-reach" target="_blank" rel="noopener">raised</a> $3 million in a pre-Series A funding round by Axilor’s Micelio Fund and Inflexor Ventures. The funds will be used to scale production, improve engineering capabilities, and implement a global market strategy. NoPo said it has developed innovative technology to produce high-quality single-walled carbon nanotubes, which have been in development for the past decade.
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-origis-energy-funding-kkr" target="_blank" rel="noopener">roundup</a>.

<a href="https://verkor.com/" target="_blank" rel="noopener">Verkor</a>, a manufacturer of lithium-based battery cells and modules, secured over €1.3 billion (~$1.41 billion) in green financing supported by 16 commercial banks and three public banks. These funds will be directly allocated to the construction and financing of Verkor’s first gigafactory located in Dunkirk, France, with an initial production capacity of 16 GWh/year.
Following this recent deal, Verkor has so far secured over €3 billion (~$3.2 billion) in funding for its first gigafactory and the Verkor Innovation Centre.
The European Investment Bank invested around €400 million (~$434 million) to Verkor&#8217;s venture which includes €270 million (~$293 million) in direct loans under the European Commission&#8217;s InvestEU program and €130 million (~$141 million) of intermediated loans to the commercial banks funding the deal.
The commercial banks involved in this funding round include ABN AMRO Bank, Australia and New Zealand Banking Group Limited, Banco Santander, La Banque Postale, Caisse d’Epargne et de Prévoyance Hauts de France, Caisse d’Epargne Rhône-Alpes, Coöperatieve Rabobank, ING BANK N.V, KfW IPEX-Bank, Kommunalkredit Austria, Mizuho Bank, MUFG Bank, Natixis, SMBC Bank International, Société Générale and Standard Chartered Bank. These banks are contributing €961 million (~$1.04 billion) in senior loans, €282 million (~$306 million) of which are guaranteed by the French government under its “Garantie des Projets Stratégiques” (GPS), operated by BPI Assurance Export.
Additionally, Banque des Territoires, Caisse des Dépôts group, as part of its commitment to industrial redevelopment and accelerating ecological transformation, has provided a bridging loan of €130 million (~$141 million) followed by a subordinated loan of €150 million (~$163 million).
Located in the Dunkirk area, the gigafactory is expected to be operational in 2025 and create around 1,200 direct and 3,000 indirect jobs over the next two years.
Diadamante, Société Générale, and Macquarie Capital, and Allen &amp; Overy, and Linklaters supported Verkor with financial and legal advisory on this transaction.
Last year, the company <a href="https://cms.mercomindia.com/verkor-raises-develop-battery-gigafactory/" target="_blank" rel="noopener">secured</a> €1.45 billion (~$1.54 billion) with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition.
According to Mercom’s recently released Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage &amp; Smart Grid. In Q1 2024, announced debt and public market financing in the Energy Storage sector totaled $10.5 billion in six deals, increased 855% YoY compared to Q1 2023, when $1.1 billion was raised in eight deals.

Battery Manufacturer Verkor Secures $1.4 Billion Green Loan

Verkor, a manufacturer of lithium-based battery cells and modules, <a href="https://cms.mercomindia.com/verkor-raises-develop-battery-gigafactory/" target="_blank" rel="noopener">secured</a> €1.45 billion (~$1.54 billion) with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition. Other investors who participated in the equity round include Meridiam, Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater, Crédit Agricole Assurances, and Bpifrance.
Serentica Renewables has achieved financial <a href="https://www.mercomindia.com/serentica-secures-from-pfc-for-green-energy-expansion" target="_blank" rel="noopener">closure</a> for its upcoming hybrid renewable energy projects in Karnataka. The entire debt funding of ₹26 billion (~$313.3 million) has been secured from power sector lender Power Finance Corporation. Serentica aims to install 4 GW of renewable energy capacity across India. In Karnataka, it plans to set up 400 MW of wind and solar energy capacities.
Juniper Green Energy, an independent renewable energy power producer and operator of solar, wind, and hybrid power projects, has <a href="https://www.mercomindia.com/juniper-green-energy-from-at-capital-group-vitol" target="_blank" rel="noopener">received</a> an investment of $150 million from AT Capital Group and Vitol to support the expansion of its operational capacity. The two investors had invested $200 million in Juniper nearly two years ago. With an operational portfolio of nearly 800 MW and an under-construction capacity of 435 MW, Juniper Green expects to solidify its position as a key player in the Indian renewable energy sector.
Heliene, a manufacturer of solar PV modules, <a href="https://cms.mercomindia.com/heliene-raises-expand-module-manufacturing-in-the-us/" target="_blank" rel="noopener">closed</a> a $170 Million funding round, including a mix of $20 million in equity and $150 million in debt funding. The funding will be utilized for Heliene’s expansion. The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), an infrastructure investment firm. The $20 million equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing Heliene customers – Valta Energy and Bullrock Renewables – joined the round.
Indian battery technology startup Dreamfly Innovations has <a href="https://cms.mercomindia.com/dreamfly-innovations-raises-300000-for-graphene-battery-development/" target="_blank" rel="noopener">secured</a> $300,000 in funding through a round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s Center for Innovation Incubation and Entrepreneurship. The startup plans to utilize the funds for product commercialization and expanding its team. Dreamfly aims to revolutionize the future of energy by leveraging software-defined battery technology which employs software algorithms to optimize battery performance, efficiency, and safety.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-ambient-photonics-secures-30-million-2/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Verkor Raises $1.5 Billion to Develop Battery Gigafactory

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-verkor-raises-1-5-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Verkor, a manufacturer of lithium-based battery cells and modules, <a href="https://mercomcapital.com/verkor-raises-develop-battery-gigafactory/" target="_blank" rel="noopener">secured</a> €1.45 billion (~$1.54 billion) with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition. Other investors who participated in the equity round include Meridiam, Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater, Crédit Agricole Assurances, and Bpifrance.
Serentica Renewables has achieved financial <a href="https://www.mercomindia.com/serentica-secures-from-pfc-for-green-energy-expansion" target="_blank" rel="noopener">closure</a> for its upcoming hybrid renewable energy projects in Karnataka. The entire debt funding of ₹26 billion (~$313.3 million) has been secured from power sector lender Power Finance Corporation. Serentica aims to install 4 GW of renewable energy capacity across India. In Karnataka, it plans to set up 400 MW of wind and solar energy capacities.
Juniper Green Energy, an independent renewable energy power producer and operator of solar, wind, and hybrid power projects, has <a href="https://www.mercomindia.com/juniper-green-energy-from-at-capital-group-vitol" target="_blank" rel="noopener">received</a> an investment of $150 million from AT Capital Group and Vitol to support the expansion of its operational capacity. The two investors had invested $200 million in Juniper nearly two years ago. With an operational portfolio of nearly 800 MW and an under-construction capacity of 435 MW, Juniper Green expects to solidify its position as a key player in the Indian renewable energy sector.
Heliene, a manufacturer of solar PV modules, <a href="https://mercomcapital.com/heliene-raises-expand-module-manufacturing-in-the-us/" target="_blank" rel="noopener">closed</a> a $170 Million funding round, including a mix of $20 million in equity and $150 million in debt funding. The funding will be utilized for Heliene’s expansion. The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), an infrastructure investment firm. The $20 million equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing Heliene customers – Valta Energy and Bullrock Renewables – joined the round.
Indian battery technology startup Dreamfly Innovations has <a href="https://mercomcapital.com/dreamfly-innovations-raises-300000-for-graphene-battery-development/" target="_blank" rel="noopener">secured</a> $300,000 in funding through a round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s Center for Innovation Incubation and Entrepreneurship. The startup plans to utilize the funds for product commercialization and expanding its team. Dreamfly aims to revolutionize the future of energy by leveraging software-defined battery technology which employs software algorithms to optimize battery performance, efficiency, and safety.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-ambient-photonics-secures-30-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://verkor.com/" target="_blank" rel="noopener">Verkor</a>, a manufacturer of lithium-based battery cells and modules, secured €1.45 billion (~$1.54 billion) with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition. Other investors who participated in the equity round include Meridiam, Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater, Crédit Agricole Assurances, and Bpifrance.
This round also highlights Crédit Agricole Assurances and the Strategic Participation Fund (FSP) operated by ISALT, which are committed to green reindustrialization.
&#8220;The electrification of the European automotive industry by 2035 requires significant investment in supply chains for battery manufacturing,&#8221; said Chris Archer, Co-Head EMEA for Macquarie Asset Management Green Investments
European Investment Bank provided the €600 million (~$640 million) debt funding. The company is also set to receive around €650 million (~$692 million) in subsidies, mainly from the French state as part of the &#8220;France 2030&#8221; plan, which is subjected to final approval by the European Commission.
The financing will accelerate the construction of Verkor&#8217;s first gigafactory in Dunkirk and the manufacture of battery cells. It will also support ongoing technological developments at the Verkor Innovation Centre for new manufacturing technologies alongside strategic investments across the battery value chain.
Chris Archer, Co-Head of EMEA for MAM Green Investments, said: &#8220;Achieving the electrification of Europe&#8217;s car industry by 2035 will require significant investment in battery manufacturing supply chains.
VC Funding activity for the energy storage sector was up 27% in 1H 2023, with $3.8 billion in 43 deals compared to $3 billion in 48 deals in 1H 2022, according to Mercom&#8217;s 1H And Q2 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid.
Mitra Future Technologies (Mitra Chem), a lithium-ion battery materials manufacturer, <a href="https://cms.mercomindia.com/battery-materials-manufacturer-mitra-chem-raises-40-million/" target="_blank" rel="noopener">completed</a> a $40 million first close of a $60 million Series B funding round, which is expected to help the company develop and commercialize iron-based cathode materials.

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