Zero Industrial, a thermal energy storage solution provider, raised $10 million in Series A funding led by Evok Innovations with participation from Rusheen Capital Management. The company plans to use the funding to accelerate the development of its thermal energy storage solutions in North America. Zero Industrial develops industrial decarbonization projects that utilize thermal energy storage solutions and offers its customers project development services.

Solar energy financing firm Aerem secured ₹1 billion (~$11.7 million) from Japan-based venture capital firm University of Tokyo Edge Capital Partners in a Series A funding round. Other investors in the funding included British International Investment, SE Ventures, and Riverwalk Holdings. Existing investors, Blume Ventures and Avaana Capital, also participated in this round. The funding will be utilized to drive the company’s distribution growth across India and solidify its presence in existing markets.

Transmission utility Power Grid Corporation of India (POWERGRID) announced it would raise up to ₹60 billion (~$720 million) through a private placement of bonds. The eighty-first issue of POWERGRID bonds (2025-26) includes a greenshoe option of ₹45 billion (~$540 billion) and a base issue size of ₹15 billion (~$180 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable.

Energy utility E.ON UK announced that it has signed an agreement to fully acquire Eco2Solar, a residential and commercial solar installation company. E.ON UK already acquired a 49% stake in Eco2Solar back in December 2020. The acquisition’s financial terms were undisclosed. It is expected to combine the operational strengths of E.ON UK and Eco2Solar to enable further growth in the solar installation market.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.