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Funding and M&A Roundup: Nexamp Secures $520 Million


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-volvo-group-acquires-battery-business/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>The Volvo Group announced the </strong><a href="https://mercomcapital.com/volvo-group-acquires-proterras-battery-business/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of the battery business from electric vehicle (EV) company Proterra and Proterra Operating Company. The deal was valued at $210 million</strong> before adjustment for inventory level at closing. The acquisition includes a development center for battery modules and packs in California and an assembly factory in Greer, South Carolina.</p>
<p><strong>Haven Energy, a provider of home battery solutions, </strong><a href="https://mercomcapital.com/home-battery-company-haven-energy-raises-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a total of $7 million in Series A funding. </strong>The round includes returning investors Lerer Hippeau, Giant Ventures, and Raven One Ventures, as well as new participation from Comcast Ventures, LifeX, TO VC, and Habitat Partners. The company guides homeowners through the selection, quoting, and financing of a home battery system, pairing them with vetted, qualified electricians to perform the installation.</p>
<p><strong>Commercial EV leasing and asset management company Electrifi Mobility </strong><a href="https://www.mercomindia.com/ev-leasing-firm-electrifi-secures-funding" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹250 million (~$3.02 million) in seed-stage funding</strong> led by Asian Development Bank  Ventures, AdvantEdge Founders, and others. The funding will help Electrifi scale up asset deployment, expand asset refurbishment service infrastructure, and fuel its plans to cover new cities.</p>
<p><strong>Electric Vehicle ride-hailing platform Snap-E has </strong><a href="https://www.mercomindia.com/ev-ride-hailing-platform-snap-e-secures-2-5-million-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $2.5 million in a pre-series A funding round led by Inflection Point Ventures.</strong> The company is expected to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities. With a 100% electric fleet that is committed to offering sustainable, efficient, and affordable mobility solutions, the company will also leverage the funds to expand to other geographical locations.</p>
<p><strong>AZUL Energy, a developer of catalytic electrodes for fuel cells and metal-air batteries, <a href="https://mercomcapital.com/azul-energy-raises-3-2-million-series-a-funding/" target="_blank" rel="noopener">raised</a> ¥475 million (~$3.2 Million) in Series A Funding</strong> led by Spiral Capital, with participation from TOHOKU University Venture Partners, JMTC Capital, Mitsubishi UFJ Capital, Governance Partners, and existing investor Spurcle, totaling six companies in a third-party allotment of new shares.  Founded in 2019, the company is developing catalytic electrodes used for the oxygen reduction reaction in fuel cells and metal-air batteries.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-monta-secures-87-million" target="_blank" rel="noopener">roundup</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Funding and M&A Roundup: Volvo Group Acquires Battery Business for $210 Million


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<div>Here are some noteworthy cleantech announcements of the day from around the world:</div>
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<div><strong>Saatvik Green Energy </strong><a href="https://saatvikgroup.com/saatvik-secures-4-mw-high-efficiency-solar-modules-supply-order-in-uttar-pradesh/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a 4 MW solar module supply order after the reverse auction conducted by Bharat Heavy Electricals Limited (BHEL).</strong> The projects will be installed at two thermal power plants in Uttar Pradesh. The company will supply highly efficient monocrystalline passivated emitter and rear contact (PERC) half-cut modules by the year-end. BHEL will engineer and execute the project. Of the total capacity, 2.5 MW will be installed at the Orba thermal power plant in the Sonbhadra district, and 1.6 MW capacity will be installed at the Jawaharpur thermal plant in the Etah district of Uttar Pradesh.</div>
<p><strong>ReNew Power </strong><a href="https://renewpower.in/wp-content/uploads/2022/11/ReNew_Power_Press_Release_Egypt_Green_Hydrogen_Framework_Agreement.pdf" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement with the government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of $8 billion and a targeted annual production of 220,000 tons of green hydrogen.</strong> The project is scheduled to be implemented in phases. The first phase is a pilot phase to produce 20,000 tons of green hydrogen, along with derivatives, annually. In the next phase, the production of 200,000 tons per year of green hydrogen, along with derivatives, will be achieved, thereby bringing the project&#8217;s total green hydrogen production capacity to 220,000 tons per year. The pilot phase project is expected to be commissioned in 2026.</p>
<p><strong><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a> signed a memorandum of understanding with the Union Bank of India to help the micro, small, and medium enterprises sector switch to solar solutions.</strong> The collaboration will encourage industries to transition to green energy while making sustainable power accessible to rural, small-scale industries, realizing the vision of Aatmanirbhar Bharat.</p>
<p><strong>Sungrow, a global inverter and energy storage solution supplier and the Provincial Electricity Authority of Thailand, </strong><a href="https://en.sungrowpower.com/NewsDetail/3136" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a memorandum of understanding for the energy storage and green hydrogen business.</strong> The cooperation signals the increasing demand for renewable energy, such as energy storage and green hydrogen, in the southeast Asia region. Sungrow will use its capacity to innovate and incubate more industry-university joint research projects in the near future. Sungrow places Thailand as a significant market and has installed a total of over 1 GW capacity of PV inverters and over 140MWh energy storage systems there.</p>
<p><strong>Pilot Company and Volvo Group have </strong><a href="https://pilotflyingj.com/press-release/20462" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement to develop a high-performance charging network for all battery-electric Class 8 truck brands to support fleet customers in their electrification and decarbonization journey.</strong> The partnership will provide fleets with a reliable electromobility solution that further enables the widespread adoption of medium- and heavy-duty electric trucks. Chargers will be located at select Pilot and Flying J travel centers across U.S. and Canada, ideally positioned along transportation corridors and well-equipped to serve professional drivers. Chargers will be installed at mutually identified travel center locations based on customer needs, current and anticipated battery-electric truck density, and the availability of public funding to support infrastructure costs.</p>
<p><strong>Global investment firm Carlyle </strong><a href="http://www.carlyle.co.in/media-room/news-release-archive/carlyle-launches-renewable-energy-development-platform-telis-energy-in-europe" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the launch of Telis Energy, a newly created renewable platform to develop renewable energy projects with a focus on solar in the United Kingdom, France, Spain, and Germany, with a view to expand in other markets in Europe.</strong> Telis will develop high-quality renewable energy projects and play a vital role in the European energy transition, with a project pipeline of more than 10 GW by 2030. Since December 2018, Carlyle has deployed approximately $1.2 billion globally into renewable assets as of September 2022.</p>
<p><strong>NEoT Offgrid Africa, an investment platform designed to support the energy transition in Africa, GDS International, and ARESS have </strong><a href="https://www.neotcapital.com/en/neot-offgrid-africa-gds-international-and-aress-join-forces-to-develop-and-operate-a-selection-of-mini-grids-in-benin/" target="_blank" rel="noopener"><strong>joined</strong></a><strong> hands to enter the rural electrification sector in Benin by creating a joint company, Les Soleils du Bénin.</strong> The partnership starts with a first flagship project aiming to electrify 12 localities in Benin within a year. The project represents an investment of €8.5 million (~$8.81 million), co-financed by NEoT Offgrid Africa, as a financial partner of the project, and MCA Benin II. The goal is to install 1.7 MW of solar capacity and 3 MWh of battery capacity in all 12 localities, supplying more than 5,000 homes and businesses with electricity.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Daily News Wrap-Up: Saatvik Green Energy Bags 4 MW Module Supply Order from BHEL

<p><strong>The Minister of Petroleum and Natural Gas &amp; Steel, Dharmendra Pradhan, along with Minister of Energy, Israel, Yuval Steinitz, </strong><a href="https://pib.gov.in/PressReleseDetail.aspx?PRID=1705598" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the launch of a joint </strong>venture (IOC Phinergy Limited) between the Indian Oil Corporation Limited and Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and aluminum-air and zinc-air battery systems. Based on domestically available aluminum, the joint venture plans to manufacture Aluminum-Air systems in India. The new Indo-Israeli JV also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility.</p>
<p><strong>The Pune-based forging giant Bharat Forge has </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/800ed719-bb59-4402-9a7c-50b815ea5039.pdf" target="_blank" rel="noopener"><strong>formed</strong></a><strong> a new company, Kalyani Powertrain Power Limited (KPPL), to undertake electric vehicle business initiatives.</strong> The newly formed subsidiary will look at organic and inorganic opportunities in the EV space. As an initial step to form a wholly-owned subsidiary, the company decided to acquire the company within the Kalyani Group company. KPPL aims to conduct scientific, technical, and other electric mobility research, including electric powertrain transmission systems and other areas.</p>
<p><strong>EV experience platform, </strong><a href="https://www.blive.co.in/" target="_blank" rel="noopener"><strong>BLive</strong></a><strong>, raised $1 million as part of the follow-on capital Pre-Series A round. </strong>The funding was a combination of debt and equity and was led by LetsVenture, Mumbai Angels, JITO, and Credit Wise Capital. Founded in 2018 by Samarth Kholkar and Sandeep Mukherjee, BLive offers unique, experiential, guided tours on electric bikes to promote India&#8217;s sustainable tourism.</p>
<p><strong>The U.S. Department of Energy </strong><a href="https://www.energy.gov/articles/doe-announces-245-million-manufacturing-innovation-build-clean-resilient-electric-grid" target="_blank" rel="noopener"><strong>announced</strong></a><strong> nearly $24.5 million to support domestic manufacturing improvements to build a resilient electricity infrastructure </strong>and address the climate emergency. The funding opportunities will back research and development (R&amp;D) for the materials and technologies needed to expand the grid with new, clean-energy sources to deliver affordable electricity to disadvantaged communities and help to reach the goal of net-zero emissions by 2050.</p>
<p><strong>Volvo Group Venture Capital AB, the Volvo Group&#8217;s investment arm, has </strong><a href="https://www.prnewswire.com/news-releases/volvo-group-venture-capital-invests-in-ev-charging-software-company-301248469.html" target="_blank" rel="noopener"><strong>invested</strong></a><strong> in Driivz, an EV charging software company</strong>, which has developed a platform for managing large charging networks for electric vehicles (EVs)<strong>. </strong>The Driivz platform functions as an operating system for EV charging networks and is used by the operators of charging points, EV fleets, and other players in the EV space. The platform is scalable, making it highly flexible and allows it to be customized to meet customers&#8217; needs. The company has a growing number of customers in the utility, oil and gas, automotive industries, and charging network operators.</p>
<p><strong>Better Energy, an independent power producer based in Denmark, and Centrica Energy Trading have </strong><a href="https://renewablesnow.com/news/centrica-better-energy-ink-112-gwh-solar-ppa-in-denmark-734763/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to a long-term 10-year PPA for renewable solar power.</strong> The power will be procured from two new solar parks being developed in Denmark by Better Energy as part of the agreement. The two new solar parks are expected to produce 112 GWh per year, and this output will be handled and traded by Centrica in the next decade. Both projects will be implemented without the use of state subsidies.</p>
<p><a href="https://sunlightfinancial.com/" target="_blank" rel="noopener"><strong>Sunlight Financial</strong></a><strong>, a residential solar financing firm, </strong><a href="https://sunlightfinancial.com/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that Tech CU, a Silicon Valley-based credit union, will invest nearly $2.5 billion in residential solar and storage systems </strong>sold and installed by Sunlight partners over the next three years, expanding on a long-term partnership between Sunlight and Tech CU. Sunlight Financial offers a comprehensive suite of 5- to 25-year solar loans for a wide range of residential property types.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Daily News Wrap-Up: Israel’s Phinergy and Indian Oil to Promote Green Mobility in India

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