US Lawmakers Urge Crackdown on Foreign-Made Blue Wafers Imports

China to Impose 2% Consumption Tax on Batteries and Solar Cells

Delhi Regulator Simplifies Net Metering Rules for Rooftop Solar Projects

Coal India Announces Winner of 750 MWh Energy Storage Consultancy Auction

Rajasthan Tenders 172 MW/688 MWh Battery Energy Storage Projects

SECI Seeks Bulk Power Buyers for Long-Term Renewable Energy Procurement

Ather Energy Approves ₹12 Billion Preferential Fundraise

Malaysia Launches 2.65 GW Solar Tender with 1.25 GW Battery Storage

Primo Chemicals to Procure Solar Power from TPCS’ 50 MW Project

Borosil’s Revenue Up 17% YoY in Q1, Advances 600 TPD Solar Glass Expansion

24M, a manufacturer of proprietary semisolid battery cells, <a href="https://cms.mercomindia.com/energy-storage-company-24m-raises-87-million-series-h-funding/" target="_blank" rel="noopener">closed</a> a $87 million Series H funding round, bringing its total amount raised to over $500 million. This funding will help speed up the commercialization and mass production of the company’s offerings. This Series H preferred stock financing was led by the company’s strategic partner and licensee, Nuovo+. Other strategic investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines, also participated in this round.
6K, a materials producer for energy storage and additive manufacturing powders, <a href="https://cms.mercomindia.com/battery-material-manufacturer-6k-raises-82-million-in-series-e-funding/" target="_blank" rel="noopener">closed</a> $82 million in a Series E funding round. This funding represents the first close of Series E, with the second close expected in late fall 2024. With this funding, the company will scale up its battery cathode active materials (CAM) production and expand its additive manufacturing of metal powders. The round involved existing investors in the company, including Anzu Partners, Energy Impact Partners, Launch Capital, Material Impact, and Volta Energy Technologies.
Original Clean Energy, a solar energy and storage system developer (a subsidiary of Clean Royalties), has <a href="https://cms.mercomindia.com/original-clean-energy-acquires-solar-energy-installer-isun/" target="_blank" rel="noopener">acquired</a> Williston, Vermont-based iSun and its companies SunCommon and Liberty Electric months after declaring bankruptcy. The acquisition and leadership transition is part of the company’s restructuring strategy to ensure financial stability and growth in the solar energy sector throughout New England and New York. iSun will soon rebrand as Legacy Power.
Upgrade Energy Philippines (UGEP), a solar energy and energy efficiency project developer, <a href="https://cms.mercomindia.com/upgrade-energy-secures-10-million-funding-from-clime-capital/" target="_blank" rel="noopener">announced</a> an investment from Clime Capital, a Singapore-based venture capital group focused on green energy transition, through the South East Clean Energy Fund II (SEACEF II). UGEP expects to receive up to $10 million from this fund. The capital injection is intended to support UGEP in expediting the deployment of solar energy infrastructure.
AMS Renewable Energy, a distributed solar and storage EPC (Engineering, Procurement, and Construction) company, has announced the <a href="https://cms.mercomindia.com/ams-renewable-energy-acquires-solar-construction-firm-collective-solar/" target="_blank" rel="noopener">acquisition</a> of Collective Solar, a distributed generation solar construction firm. With the acquisition of Collective and its construction platform, AMS will have in-house resources to scale design, engineering, logistics, procurement, and construction services for its developer and independent power producer clients. It also aims to explore growth opportunities nationwide.
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-ma-roundup-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Energy Storage Company 24M Raises $87 Million

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/09/amazon_polly_70071.mp3?version=1726030598">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-energy-storage-company-24m-raises-87-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
24M, a manufacturer of proprietary semisolid battery cells, <a href="https://mercomcapital.com/energy-storage-company-24m-raises-87-million-series-h-funding/" target="_blank" rel="noopener">closed</a> a $87 million Series H funding round, bringing its total amount raised to over $500 million. This funding will help speed up the commercialization and mass production of the company’s offerings. This Series H preferred stock financing was led by the company’s strategic partner and licensee, Nuovo+. Other strategic investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines, also participated in this round.
6K, a materials producer for energy storage and additive manufacturing powders, <a href="https://mercomcapital.com/battery-material-manufacturer-6k-raises-82-million-in-series-e-funding/" target="_blank" rel="noopener">closed</a> $82 million in a Series E funding round. This funding represents the first close of Series E, with the second close expected in late fall 2024. With this funding, the company will scale up its battery cathode active materials (CAM) production and expand its additive manufacturing of metal powders. The round involved existing investors in the company, including Anzu Partners, Energy Impact Partners, Launch Capital, Material Impact, and Volta Energy Technologies.
Original Clean Energy, a solar energy and storage system developer (a subsidiary of Clean Royalties), has <a href="https://mercomcapital.com/original-clean-energy-acquires-solar-energy-installer-isun/" target="_blank" rel="noopener">acquired</a> Williston, Vermont-based iSun and its companies SunCommon and Liberty Electric months after declaring bankruptcy. The acquisition and leadership transition is part of the company’s restructuring strategy to ensure financial stability and growth in the solar energy sector throughout New England and New York. iSun will soon rebrand as Legacy Power.
Upgrade Energy Philippines (UGEP), a solar energy and energy efficiency project developer, <a href="https://mercomcapital.com/upgrade-energy-secures-10-million-funding-from-clime-capital/" target="_blank" rel="noopener">announced</a> an investment from Clime Capital, a Singapore-based venture capital group focused on green energy transition, through the South East Clean Energy Fund II (SEACEF II). UGEP expects to receive up to $10 million from this fund. The capital injection is intended to support UGEP in expediting the deployment of solar energy infrastructure.
AMS Renewable Energy, a distributed solar and storage EPC (Engineering, Procurement, and Construction) company, has <a href="https://mercomcapital.com/ams-renewable-energy-acquires-solar-construction-firm-collective-solar/" target="_blank" rel="noopener">announced</a> the acquisition of Collective Solar, a distributed generation solar construction firm. With the acquisition of Collective and its construction platform, AMS will have in-house resources to scale design, engineering, logistics, procurement, and construction services for its developer and independent power producer clients. It also aims to explore growth opportunities nationwide.
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-battery-startup-wattalps-secures-12-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.6kinc.com/" target="_blank" rel="noopener">6K</a>, a materials producer for energy storage and additive manufacturing powders, closed $82 million in a Series E funding round. This funding represents the first close of Series E, with the second close expected in late fall 2024.
The company produces UniMelt®, its microwave plasma technology for the localized production of critical materials. 6K states that UniMelt technology can be applied across a range of markets, from additive manufacturing (6K Additive) to essential battery materials (6K Energy) to future growth sectors (6K Next).
The round involved existing investors in the company, including Anzu Partners, Energy Impact Partners, Launch Capital, Material Impact, and Volta Energy Technologies. Additionally, CEO responsibilities have been transferred from Dr. Aaron Bent to COO Dr. Saurabh Ullal, who will immediately assume the CEO role.
With this funding, the company will scale up its battery cathode active materials (CAM) production and expand its additive manufacturing of metal powders.
“This scaling to full production is enabled by our Battery Center of Excellence, which has the capacity today to produce up to 1 ton per month of CAM to support multiple customer qualifications.” said Saurabh Ullal, CEO of 6K.
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, Sila, a battery materials company, <a href="https://cms.mercomindia.com/battery-materials-company-sila-raises-375-million/" target="_blank" rel="noopener">secured</a> $375 million in a Series G funding round led by Sutter Hill Ventures, an existing investor, and funds and accounts advised by T. Rowe Price Associates. The round saw participation from new and existing investors, including Bessemer Venture Partners, Coatue, Perry Creek Capital, and others. Ardea Partners LP served as the exclusive financial advisor to Sila for its Series G round.

Battery Material Manufacturer 6K Raises $82 Million in Series E Funding

Advanced microwave-based plasma technology provider <a href="https://www.6kinc.com/" target="_blank" rel="noopener">6K</a> closed a $51 million Series C financing round led by <a href="https://volta.vc/" target="_blank" rel="noopener">Volta Energy Technologies</a>.
The funding is expected to enable tripling of production capacity for additive manufacturing metal powders, increase the portfolio of powder product offerings, and expand its commercial sales activities globally.
The new round of funding saw participation from existing investors <a href="https://anzupartners.com/" target="_blank" rel="noopener">Anzu Partners</a>, <a href="https://www.launchcapital.com/" target="_blank" rel="noopener">Launch Capital</a>, <a href="https://materialimpact.com/" target="_blank" rel="noopener">Material Impact</a>, and <a href="http://www.rksventures.com/" target="_blank" rel="noopener">RKS Ventures</a>. The new investors were <a href="https://www.cataluscapital.com/" target="_blank" rel="noopener">Catalus Capital</a> and <a href="https://www.prithvivc.com/" target="_blank" rel="noopener">Prithvi Ventures</a>.
&#8220;This round of capital is a validation of 6K&#8217;s model to replace wasteful legacy production technologies with the UniMelt® platform, enter scaled production, meet customer needs, move toward profitability, and transform industries,&#8221; said Aaron Bent, CEO, 6K.
&#8220;We are joined by world-class investors who are aligned with our vision to transform the way performance materials are produced. And in doing so, we are teaming to solve critical needs of the US and the planet, addressing climate change, supply chain security, and reducing the demand on our fragile and limited resources,&#8221; he said.
6K intends to use the financing proceeds to expand product development and commercial activities across multiple divisions. At 6K Additive, plans are laid for production to set up sales and distribution in Europe and Asia and expand production by 600 tons per annum.
It intends to invest $25 million over twenty months in 6K Energy&#8217;s Battery Development Center of Excellence, enabling rapid product development and deployment partnerships. The center will be capable of pilot production with a UniMelt capacity equivalent of 400 MWh. 6K is currently sampling customers and developing products across NMC cathode, LFP, silicon-dominant anode, lithium, solid-state electrolyte, and recycled cathode materials.
In response to demand from companies across the performance materials spectrum, 6K intends to identify and develop performance and electronic materials that can be produced cost-effectively and sustainably with its UniMelt plasma production system. 6K has established an advanced R&amp;D team to develop performance materials for various applications, ranging from semiconductors to electronic packaging to bio-ceramics.
Recently, a United States-based battery energy storage company Nanotech Energy had <a href="https://mercomindia.com/nanotech-energy-raises-funding/" target="_blank" rel="noopener">raised</a> $64 million in Series D funding led by Fubon Financial Holdings.
Earlier, Bengaluru-headquartered advanced battery and fuel cell technology company Log 9 Materials <a href="https://mercomindia.com/log-9-materials-raises-funding/" target="_blank" rel="noopener">raised</a> $8.5 million in Series A+ funding led by Amara Raja Batteries.

6k

Get the most relevant India solar and clean energy news.

RECENT POSTS