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Allume Energy, a provider of residential solar solutions, has <a href="https://cms.mercomindia.com/solar-solutions-provider-allume-energy-secures-4-6m-funding/" target="_blank" rel="noopener">secured</a> £4 million (~$4.6 million) in funding from E.ON UK, an energy company. The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
Electric motorcycle manufacturer Oben Electric has <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-extended-series-a-funding" target="_blank" rel="noopener">raised</a> an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round. The extended round saw participation from new and existing investors, including Helios Holdings, the Sharda family office, and the Kay family. This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).
Electric vehicle charging software platform Kazam has <a href="https://www.mercomindia.com/ev-kazam-raises-6-2-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $6.2 million in a Series B funding round from the International Finance Corporation (IFC) and existing investors Vertex Ventures SEA and India, and Avaana Capital Advisors. The newly raised funds will be used to support the company’s expansion across markets with its energy transition tools.
ARRAY Technologies, a company that provides solar tracking technology products, software, and services for utility-scale solar energy projects, has entered into a definitive agreement to <a href="https://cms.mercomindia.com/array-technologies-to-acquire-apa-solar/" target="_blank" rel="noopener">acquire</a> APA Solar, a provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. The transaction values APA at approximately $179 million and is expected to close in the third quarter of 2025.
Ares Management Corporation, an alternative investment manager, announced that it has entered into a definitive agreement to <a href="https://cms.mercomindia.com/ares-management-acquires-20-stake-in-plenitude/" target="_blank" rel="noopener">acquire</a> a 20% stake in Plenitude, an energy transition company controlled by Eni, for approximately €2 billion (~$2.3 billion) through Ares Alternative Credit funds. The acquisition values Plenitude at over €12 billion (~$14 billion), and the deal is subject to regulatory approvals.
Solar solutions and electric vehicle charger manufacturer Servotech Renewable Power System has entered a definitive agreement to <a href="https://www.mercomindia.com/servotech-acquires-27-stake-in-module-manufacturer-rhine-solar" target="_blank" rel="noopener">acquire</a> a 27% stake in post-money valuation in solar module manufacturing company Rhine Solar. The cost of the acquisition was not disclosed. This acquisition is part of Servotech’s plan to expand its renewable energy portfolio and enhance its position as a comprehensive solar solutions provider.
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-voltfang-secures-17-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Allume Energy Secures $4.6 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-allume-energy-secures-4-6-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Allume Energy, a provider of residential solar solutions, has <a href="https://mercomcapital.com/solar-solutions-provider-allume-energy-secures-4-6m-funding/" target="_blank" rel="noopener">secured</a> £4 million (~$4.6 million) in funding from E.ON UK, an energy company. The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
Electric motorcycle manufacturer Oben Electric has <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-extended-series-a-funding" target="_blank" rel="noopener">raised</a> an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round. The extended round saw participation from new and existing investors, including Helios Holdings, the Sharda family office, and the Kay family. This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).
Electric vehicle charging software platform Kazam has <a href="https://www.mercomindia.com/ev-kazam-raises-6-2-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $6.2 million in a Series B funding round from the International Finance Corporation and existing investors Vertex Ventures SEA and India, and Avaana Capital Advisors. The newly raised funds will be used to support the company’s expansion across markets with its energy transition tools.
ARRAY Technologies, a company that provides solar tracking technology products, software, and services for utility-scale solar energy projects, has entered into a definitive agreement to <a href="https://mercomcapital.com/array-technologies-to-acquire-apa-solar/" target="_blank" rel="noopener">acquire</a> APA Solar, a provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. The transaction values APA at approximately $179 million and is expected to close in the third quarter of 2025.
Ares Management Corporation, an alternative investment manager, has entered into a definitive agreement to <a href="https://mercomcapital.com/ares-management-acquires-20-stake-in-plenitude/" target="_blank" rel="noopener">acquire</a> a 20% stake in Plenitude, an energy transition company controlled by Eni, for approximately €2 billion (~$2.3 billion) through Ares Alternative Credit funds. The acquisition values Plenitude at over €12 billion (~$14 billion), and the deal is subject to regulatory approvals.
Solar solutions and electric vehicle charger manufacturer Servotech Renewable Power System has entered a definitive agreement to <a href="https://www.mercomindia.com/servotech-acquires-27-stake-in-module-manufacturer-rhine-solar" target="_blank" rel="noopener">acquire</a> a 27% stake in post-money valuation in solar module manufacturing company Rhine Solar. The cost of the acquisition was not disclosed. This acquisition is part of Servotech’s plan to expand its renewable energy portfolio and enhance its position as a comprehensive solar solutions provider.
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-voltfang-secures-17-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://allumeenergy.com/" target="_blank" rel="noopener">Allume Energy</a>, a provider of residential solar solutions, has secured £4 million (~$4.6 million) in funding from E.ON UK, an energy company.
The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
This process is referred to as ‘behind the meter,’ where energy is generated and consumed at the same location. This allows residents to maintain their choice of energy provider, with no external changes required by suppliers or network providers.
The funding from E.ON UK is anticipated to assist Allume in expanding its presence in the U.K. while contributing to E.ON’s goal of advancing the transition to clean energy.
“People living in flats experience the highest fuel poverty rates in the U.K. yet have historically been locked out of rooftop solar due to technical and ownership considerations. SolShare enables them to access free, clean energy from the sun. Working with E.ON UK offers a transformational opportunity for Allume to scale our existing offerings and create new models across Europe, where 300 million people live in low and medium-rise apartment buildings,” said Cameron Knox, CEO of Allume.
According to Mercom’s recently released Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, global VC funding for the solar sector in Q1 2025 totaled $1.4 billion across 14 deals, representing a 237% year-over-year (YoY) increase from $406 million raised in 13 deals in Q1 2024. Funding increased 40% QoQ compared to the $1 billion raised in 21 deals in Q4 2024.
In January, Palmetto, a provider of residential solar solutions, <a href="https://cms.mercomindia.com/palmetto-secures-financing-residential-solar-systems/" target="_blank" rel="noopener">raised</a> over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans in the U.S. Morgan Stanley, Truist Bank, and other prominent financial institutions are among the group of investors who fund the residential energy leases nationwide.

Solar Solutions Provider Allume Energy Secures $4.6 Million in Funding

UrbanVolt, a solar-as-a-service company, <a href="https://cms.mercomindia.com/solar-solutions-provider-urbanvolt-raises-million/">raised</a> €26 million (~$28 million) from European growth investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt with its expansion plans in the Ireland, UK, and European markets. The company has signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.
U.S.-based battery materials producer Redwood Materials has <a href="https://www.mercomindia.com/redwood-1-billion-expand-battery-supply-chain-us">secured</a> over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S. The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.
American Battery Technology Company, an integrated battery materials technology company, has <a href="https://cms.mercomindia.com/american-battery-technology-company-secures-debt-financing/">secured</a> a debt financing of $50 million from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes. The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into a battery-grade lithium hydroxide product.
Allume Energy, a rooftop solar solutions provider, <a href="https://cms.mercomindia.com/rooftop-solar-solutions-provider-allume-energy-raises/">raised</a> $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation. The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
Gotion High-Tech, a Chinese battery conglomerate, has <a href="https://cms.mercomindia.com/gotion-hight-tech-acquires-battery-company-inobat/">acquired</a> a 25% stake in Slovakian battery company InoBat, specializing in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials. The partnership will also enhance and accelerate R&amp;D across the battery value chain.
The Board of Directors of Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights <a href="https://www.mercomindia.com/hero-motocorp-approves-investment-in-ather-energy">issue</a> of Indian electric two-wheeler company Ather Energy. The indicative timeline for the completion of this investment is set for September 30, 2023. The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy. Hero MotoCorp is already an existing shareholder in Ather.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-franklinwh-secures-25-million-series-b-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Solutions Provider UrbanVolt Raises $28 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-urbanvolt-raises-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
UrbanVolt, a solar-as-a-service company, <a href="https://mercomcapital.com/solar-solutions-provider-urbanvolt-raises-million/">raised</a> €26 million (~$28 million) from European growth investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt with its expansion plans in the Ireland, UK, and European markets. The company has signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.
U.S.-based battery materials producer Redwood Materials has <a href="https://www.mercomindia.com/redwood-1-billion-expand-battery-supply-chain-us">secured</a> over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S. The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.
American Battery Technology Company, an integrated battery materials technology company, has <a href="https://mercomcapital.com/american-battery-technology-company-secures-debt-financing/">secured</a> a debt financing of $50 million from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes. The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into a battery-grade lithium hydroxide product.
Allume Energy, a rooftop solar solutions provider, <a href="https://mercomcapital.com/rooftop-solar-solutions-provider-allume-energy-raises/">raised</a> $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation. The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
Gotion High-Tech, a Chinese battery conglomerate, has <a href="https://mercomcapital.com/gotion-hight-tech-acquires-battery-company-inobat/">acquired</a> a 25% stake in Slovakian battery company InoBat, specializing in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials. The partnership will also enhance and accelerate R&amp;D across the battery value chain.
The Board of Directors of Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights <a href="https://www.mercomindia.com/hero-motocorp-approves-investment-in-ather-energy">issue</a> of Indian electric two-wheeler company Ather Energy. The indicative timeline for the completion of this investment is set for September 30, 2023. The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy. Hero MotoCorp is already an existing shareholder in Ather.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-franklinwh-secures-25-million-series-b-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://allumeenergy.com/" target="_blank" rel="noopener">Allume Energy</a>, a rooftop solar solutions provider, raised $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation.
The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
“Until recently, solar technology has primarily been saving money for people who already have it,” says Allume CEO and co-founder Cameron Knox. “We need to ensure we include everyone in the energy transition. This partnership will ensure low-income communities can benefit from clean, affordable energy from the sun.”
SolShare is a behind-the-meter technology that takes solar energy generated by rooftop panels and allocates it to each grid meter. Allume claims that on average SolShare technology can provide up to 40% savings on energy bills, and their first U.S. pilot project in Orlando has indicated an average annual savings of $1,166 per apartment in the first year of operation, including net metering credit savings.
“We originally invested in Allume Energy because they are leaders in bringing affordable solar to affordable housing. We could all use an extra $1,000 a year in our pocketbooks rather than spent on electricity bills,” Elemental Excelerator Founder &amp; CEO Dawn Lippert said. “We are now thrilled to collaborate with others in funding Allume’s expansion in the sunny Southeast. Solar electricity is cheaper and cleaner than fossil fuels, and it is time that we all have access to it.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, Solar debt financing activity in 1H 2023 reached $8 billion in 33 deals, a 60% increase compared to 1H 2022, when $5 billion was raised in 30 deals.
PosiGen, a residential solar and energy efficiency solutions provider, recently <a href="https://cms.mercomindia.com/solar-energy-efficiency-provider-posigen-secures-12-million/" target="_blank" rel="noopener">secured</a> a $12 million loan. ImpactAssets partnered with Connecticut Green Bank and Inclusive Prosperity Capital to provide the loan.
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