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Otovo, a Norway-based residential rooftop solar installer, has <a href="https://cms.mercomindia.com/residential-solar-otovo-raises-41-million/" target="_blank" rel="noopener">raised</a> NOK450 million (~$41 million) in a funding round led by existing investors Å Energi, Axel Johnson Group, and Nysnø, the Norwegian Government Climate Investment Fund. The net proceeds from the private placement will be used for growth capital to build up the company&#8217;s positions across Europe and for general corporate purposes to ensure a path toward profitability. The company plans to reach profitability through a combination of sales volume growth, operational cost improvements, and monetization of the Company’s subscription assets.
Ilmatar, an energy company and independent power producer, has <a href="https://cms.mercomindia.com/ilmatar-secures-debt-financing/" target="_blank" rel="noopener">secured</a> a group-level debt financing package of €500 million (~$536 million) in a transaction led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation from Kommunal Landspensjonskasse, P Capital Partners and accounts managed by CIP. The package comprises a day-one committed tranche of €325 million (~$349 million) and an uncommitted increase option of €175 million (~$188 million). The funding will be used to accelerate the company’s growth.
Aigen, a solar-based agricultural robotic technology developer, has <a href="https://cms.mercomindia.com/aigen-secures-12-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $12 million in Series A funding from ReGen Ventures along with NEA, Cleveland Avenue, Incite, and Susquehanna Private Equity Investments. According to the company, the funding will be used to expand Aigen’s manufacturing capacity to meet high pre-order demand. Aigen is developing solar-powered autonomous robots for crop management without chemicals or fossil fuels. The Aigen Element robots combine LTE connectivity with AI, ML, solar, and battery technology.
The Technique Solaire Group, an independent producer, has <a href="https://techniquesolaire.com/en/business-news/technique-solaire-raises-200-million/" target="_blank" rel="noopener">raised</a> €200 million (~$215 million) from its financial shareholders, Bpifrance and Crédit Agricole group1, via its holding company JLT Invest. Its three co-founders (Julien Fleury, Lionel Themine, and Thomas de Moussac) retain a large majority of the capital. This funding round will enable the group to accelerate its growth in energy production activity, intensify its innovation strategy, and strengthen its international presence. The group operates more than 450 MW of solar energy in various types of installations: buildings, rooftops, carports, and ground-mounted solar installations.
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-princeton-nuenergy-raises-16-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Rooftop Solar Installer Otovo Raises $41 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-otovo-raises-41-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Otovo, a Norway-based residential rooftop solar installer, has <a href="https://mercomcapital.com/residential-solar-otovo-raises-41-million/" target="_blank" rel="noopener">raised</a> NOK450 million (~$41 million) in a funding round led by existing investors Å Energi, Axel Johnson Group, and Nysnø, the Norwegian Government Climate Investment Fund. The net proceeds from the private placement will be used for growth capital to build up the company&#8217;s positions across Europe and for general corporate purposes to ensure a path toward profitability. The company plans to reach profitability through a combination of sales volume growth, operational cost improvements, and monetization of the Company’s subscription assets.
Ilmatar, an energy company and independent power producer, has <a href="https://mercomcapital.com/ilmatar-secures-debt-financing/" target="_blank" rel="noopener">secured</a> a group-level debt financing package of €500 million (~$536 million) in a transaction led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation from Kommunal Landspensjonskasse, P Capital Partners and accounts managed by CIP. The package comprises a day-one committed tranche of €325 million (~$349 million) and an uncommitted increase option of €175 million (~$188 million). The funding will be used to accelerate the company’s growth.
Aigen, a solar-based agricultural robotic technology developer, has <a href="https://mercomcapital.com/aigen-secures-12-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $12 million in Series A funding from ReGen Ventures along with NEA, Cleveland Avenue, Incite, and Susquehanna Private Equity Investments. According to the company, the funding will be used to expand Aigen’s manufacturing capacity to meet high pre-order demand. Aigen is developing solar-powered autonomous robots for crop management without chemicals or fossil fuels. The Aigen Element robots combine LTE connectivity with AI, ML, solar, and battery technology.
The Technique Solaire Group, an independent producer, has <a href="https://techniquesolaire.com/en/business-news/technique-solaire-raises-200-million/" target="_blank" rel="noopener">raised</a> €200 million (~$215 million) from its financial shareholders, Bpifrance and Crédit Agricole group1, via its holding company JLT Invest. Its three co-founders (Julien Fleury, Lionel Themine, and Thomas de Moussac) retain a large majority of the capital. This funding round will enable the group to accelerate its growth in energy production activity, intensify its innovation strategy, and strengthen its international presence. The group operates more than 450 MW of solar energy in various types of installations: buildings, rooftops, carports, and ground-mounted solar installations.
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-princeton-nuenergy-raises-16-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.bing.com/ck/a?!&amp;&amp;p=fcecc1ea55fe4297JmltdHM9MTY5OTgzMzYwMCZpZ3VpZD0yMDg4MGI5Zi1mZDk3LTYwMzUtMjUxOC0xOGRmZmMyNTYxMjImaW5zaWQ9NTIxMw&amp;ptn=3&amp;ver=2&amp;hsh=3&amp;fclid=20880b9f-fd97-6035-2518-18dffc256122&amp;psq=Aigen&amp;u=a1aHR0cHM6Ly93d3cuYWlnZW4uaW8v&amp;ntb=1" target="_blank" rel="noopener">Aigen</a>, a developer of solar-based agricultural robotic technology, secured $12 million in Series A funding from ReGen Ventures along with NEA, Cleveland Avenue, Incite, and Susquehanna Private Equity Investments. According to the company, the funding will be used to expand Aigen&#8217;s manufacturing capacity to meet high pre-order demand.
&#8220;Agriculture is the intersection of human health and planetary health and that&#8217;s why we focused on creating technology for farmers that is both profitable and sustainable. Our robotic fleet empowers farmers to escape the conventional system of chemical dependency,&#8221; said Kenny Lee, co-founder and CEO of Aigen.
Aigen is developing solar-powered autonomous robots for crop management without chemicals or fossil fuels. The Aigen Element robots combine LTE connectivity with AI, ML, solar, and battery technology. With a total of $19 million raised, Aigen is building a 7,500 sq ft manufacturing and R&amp;D facility to manufacture their solar-powered robotic fleet.
&#8220;Aigen wouldn&#8217;t have been possible a few years ago because the technology wasn&#8217;t there. Today, we have a great team working on the cutting edge of AI, robotics, electric motors, and solar power,&#8221; said Rich Wurden, co-founder and CTO of Aigen. &#8220;Thanks to technological advances in all those areas and the incredible work of our team, we are automating farming solutions that have worked for thousands of years and helping farmers get chemicals off their farms and out of our food.&#8221;
According to Mercom&#8217;s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 9M 2023, VC funding activity rose 4% YoY, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.
Recently, raicoon, a provider of AI-based solutions for autonomous solar operations, <a href="https://cms.mercomindia.com/autonomous-solar-ai-company-raicoon-raises/" target="_blank" rel="noopener">raised</a> €4 million (~$4.2 million) in a seed funding round. Premier climate, tech, and impact funds PUSH VC, Voltares, and a private family office contributed to the strategic funding round. The company plans to use the funding to tap into new markets and enhance its product offering.
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Aigen Secures $12 Million in Series A Funding

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