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Through a fund managed by its Diversified Infrastructure business, BlackRock Alternatives has agreed to <a href="https://cms.mercomindia.com/blackrock-acquires-energy-storage-developer-jupiter-power/" target="_blank" rel="noopener">acquire</a> Jupiter Power, an operator, and developer of stand-alone utility-scale battery energy storage systems, for an undisclosed amount. EnCap Energy Transition Fund I and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter, and the transaction is expected to close in late 2022.
WeaveGrid, an electrification software developer for the scalable deployment of EVs on the electric grid, has <a href="https://cms.mercomindia.com/weavegrid-raises-35-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $35 million in Series B funding. Salesforce Ventures led the round. The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance the driving experience.
Upstart Power, a developer, and manufacturer of solid oxide fuel cells, announced the <a href="https://cms.mercomindia.com/upstart-power-raises-17-million-in-series-c-funding/" target="_blank" rel="noopener">closing</a> of a $17 million Series C financing. ITOCHU Corporation led the round with participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. The funds will help accelerate the commercialization of Upstart&#8217;s Upgen platform of backup and grid-augmenting solid oxide fuel cell generators.
Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, construction, and operations &amp; maintenance company, <a href="https://cms.mercomindia.com/strata-clean-energy-acquires-crossover-energy-partners/" target="_blank" rel="noopener">acquired</a> Crossover Energy Partners, a clean energy solutions company. The financial terms of the deals were not disclosed. Strata is purchasing 100% of Crossover&#8217;s assets and is interested in its development platform.
Clean Electric <a href="https://mercomindia.com/battery-manufacturing-startup-clean-electric-raises-2-2-million-in-seed-fund/" target="_blank" rel="noopener">raised</a> $2.2 million in a seed round led by a Bengaluru-based early-stage venture capital firm Kalaari Capital, to produce 5,000 electric vehicles (EV) battery packs monthly from a proposed manufacturing facility in Pune. Clean Electric said it would direct the funds raised to study safety and performance issues like EV fires, long charging times, and frequent battery replacement. A part of the funds will be used to develop improved products related to fast charging, renewable energy storage, battery swapping technology, and research and development. The other participants in the round involved Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation.
Virtual Power Plant (VPP) developer Swell Energy <a href="https://cms.mercomindia.com/swell-energy-raises-120-million-for-vpp-deployment/" target="_blank" rel="noopener">announced</a> a $120 million equity investment round, led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund with participation from Ares Management Infrastructure Opportunities Fund, to boost the development and growth of its VPP-building tools. Including the latest round, Swell Energy has raised a total of $152 million in funding to date, including previous investments by Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others.
ABB E-mobility, a provider of electric vehicle charging solutions, <a href="https://www.businesswire.com/news/home/20221120005072/en/ABB-E-mobility-Raises-Approx.-CHF200-Million-in-a-Pre-IPO-Private-Placement-to-Support-Its-Growth-Journey" target="_blank" rel="noopener">announced</a> that it had signed a pre-IPO private placement of approximately CHF200 million (~$209 million) for newly issued shares led by new minority investors. ABB will use the proceeds to execute its growth strategy, driven by organic and M&amp;A investments in hardware and software. The transaction will close during the fourth quarter of 2022.
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-isun-raises-25-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Blackrock Acquires Energy Storage Developer Jupiter Power

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-blackrock-acquires-jupiter-power/" target="_blank" rel="noopener">Mercom Capital Group</a>
Through a fund managed by its Diversified Infrastructure business, BlackRock Alternatives has agreed to <a href="https://mercomcapital.com/blackrock-acquires-energy-storage-developer-jupiter-power/" target="_blank" rel="noopener">acquire</a> Jupiter Power, an operator, and developer of stand-alone utility-scale battery energy storage systems, for an undisclosed amount. EnCap Energy Transition Fund I and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter, and the transaction is expected to close in late 2022.
WeaveGrid, an electrification software developer for the scalable deployment of EVs on the electric grid, has <a href="https://mercomcapital.com/weavegrid-raises-35-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $35 million in Series B funding. Salesforce Ventures led the round. The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance the driving experience.
Upstart Power, a developer, and manufacturer of solid oxide fuel cells, announced the <a href="https://mercomcapital.com/upstart-power-raises-17-million-in-series-c-funding/" target="_blank" rel="noopener">closing</a> of a $17 million Series C financing. ITOCHU Corporation led the round with participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. The funds will help accelerate the commercialization of Upstart’s Upgen platform of backup and grid-augmenting solid oxide fuel cell generators.
Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, construction, and operations &amp; maintenance company, <a href="https://mercomcapital.com/strata-clean-energy-acquires-crossover-energy-partners/" target="_blank" rel="noopener">acquired</a> Crossover Energy Partners, a clean energy solutions company. The financial terms of the deals were not disclosed. Strata is purchasing 100% of Crossover’s assets and is interested in its development platform.
Clean Electric <a href="https://mercomindia.com/battery-manufacturing-startup-clean-electric-raises-2-2-million-in-seed-fund/" target="_blank" rel="noopener">raised</a> $2.2 million in a seed round led by a Bengaluru-based early-stage venture capital firm Kalaari Capital, to produce 5,000 electric vehicles (EV) battery packs monthly from a proposed manufacturing facility in Pune. Clean Electric said it would direct the funds raised to study safety and performance issues like EV fires, long charging times, and frequent battery replacement. A part of the funds will be used to develop improved products related to fast charging, renewable energy storage, battery swapping technology, and research and development. The other participants in the round involved Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation.
Virtual Power Plant (VPP) developer Swell Energy <a href="https://mercomcapital.com/swell-energy-raises-120-million-for-vpp-deployment/" target="_blank" rel="noopener">announced</a> a $120 million equity investment round, led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund with participation from Ares Management Infrastructure Opportunities Fund, to boost the development and growth of its VPP-building tools. Including the latest round, Swell Energy has raised a total of $152 million in funding to date, including previous investments by Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others.
ABB E-mobility, a provider of electric vehicle charging solutions, <a href="https://www.businesswire.com/news/home/20221120005072/en/ABB-E-mobility-Raises-Approx.-CHF200-Million-in-a-Pre-IPO-Private-Placement-to-Support-Its-Growth-Journey" target="_blank" rel="noopener">announced</a> that it had signed a pre-IPO private placement of approximately CHF200 million (~$209 million) for newly issued shares led by new minority investors. ABB will use the proceeds to execute its growth strategy, driven by organic and M&amp;A investments in hardware and software. The transaction will close during the fourth quarter of 2022.
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-isun-raises-25-million-in-debt-financing/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: BlackRock Acquires Energy Storage Developer Jupiter Power

<a href="https://www.weavegrid.com/" target="_blank" rel="noopener">WeaveGrid</a>, a developer of electrification software for the scalable deployment of EVs on the electric grid, announced that it had raised $35 million in Series B funding.
Salesforce Ventures led the round, with participation from new investors Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective and existing investors Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group.
The shift to EVs is happening rapidly, with newly passed <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3709627-1&amp;h=1520287166&amp;u=https%3A%2F%2Fwww.electrificationcoalition.org%2Fwork%2Ffederal-ev-policy%2Finflation-reduction-act%2F&amp;a=federal" target="_blank" rel="noopener">federal</a> and <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3709627-1&amp;h=2881526374&amp;u=https%3A%2F%2Fww2.arb.ca.gov%2Fnews%2Fcalifornia-moves-accelerate-100-new-zero-emission-vehicle-sales-2035&amp;a=state+policies" target="_blank" rel="noopener">state</a> policies helping to increase the adoption of EVs.
WeaveGrid leverages machine learning capabilities and driver engagement tools to support EV charging optimization. Their technology enables utilities to build an understanding of EV charging data, actively manage and shift EV charging off-peak, and fully automate charging for real-time, last-mile distribution constraints.
The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance driver experience at a critical time for electric vehicles and the power grid.
&#8220;How we handle tens of millions of new EVs coming onto the power grid is amongst the most important technological challenges in the clean energy transition. With this investment, we will expand our product capabilities, deepen engagement with our partner ecosystems, and make charging simple and convenient for EV drivers,&#8221; said WeaveGrid CEO Apoorv Bhargava.
The company’s clientele includes U.S utilities Pacific Gas and Electric Company (PG&amp;E), Xcel Energy, and Exelon Utilities.
&#8220;With one in six electric vehicles in the United States registered in our service area today, PG&amp;E aims to support three million EVs on the road in our service area by 2030,&#8221; said Aaron August, Vice President of Utility Partnerships and Innovation at PG&amp;E. &#8220;To achieve that goal, PG&amp;E is actively collaborating with innovative technology and software companies like WeaveGrid to integrate this coming wave of EVs onto the electric grid and help realize their full potential in delivering grid reliability, resiliency, and reduced greenhouse gas emissions.&#8221;
According to Mercom’s 9M And Q3 2022 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. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion compared to the $936 million raised in 9M 2021.

WeaveGrid Raises $35 Million in Series B Funding

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