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Altris, a company that develops sodium-ion batteries, <a href="https://cms.mercomindia.com/sodium-ion-battery-company-altris-raises-5-2-million-in-funding/" target="_blank" rel="noopener">secured</a> €4.8 million (~$5.2 million) in bridge financing from its current investors and employees. The funding will help the company scale its production and commercialize its technology. The bridge financing will enable Altris to complete its industrial-grade battery manufacturing at a new facility in Uppsala.
BluSmart Mobility, an electric vehicle ride-hailing service and charging infrastructure operator, has <a href="https://www.mercomindia.com/ev-startup-blusmart-funding-to-strengthen-operations" target="_blank" rel="noopener">secured</a> $42 million in its most recent funding round held recently. It plans to use the latest funding to scale its operations further and penetrate mega-cities deeper. The funding consisted of an equity round worth $37 million and a venture debt worth $5 million, with 50% of the funding subscribed by the BluSmart founders and leadership team.
Solar Ladder, a supply chain platform for solar installation companies, has <a href="https://cms.mercomindia.com/supply-chain-platform-solar-ladder-raises-1-3-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> ₹110 million (~$1.3 million) in seed funding from a group of investors to distribute software that helps automate processes for solar installers. Solar Ladder said that the software will help installers to expand their business. The company raised funds from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Founder of Mamaearth Varun Alagh, Subin Mitra, and Aditya Bandi of Groyyo, and Deepak Jain, Partner, Bain.
Blue Whale Materials, a provider of lithium-ion battery recycling solutions, announced the <a href="https://cms.mercomindia.com/blue-whale-materials-acquires-eclipse-energy/" target="_blank" rel="noopener">acquisition</a> of Eclipse Energy, a battery testing and evaluation lab based in Greenfield. The acquisition will allow Blue Whale Materials to provide customers with a complete range of battery testing and evaluation services, covering the entire life cycle of batteries from initial testing to end-of-life assessment for remanufacturing or reuse in secondary applications. Blue Whale Materials has formed a new subsidiary, BW Energy and Innovation, which will leverage the expertise and capabilities of Eclipse Energy.
Hyderabad-based deep-tech battery swapping company RACEnergy <a href="https://www.mercomindia.com/racenergy-3-million-pre-series-a-round" target="_blank" rel="noopener">raised</a> $3 million in a combination of debt and equity in a pre-series A round funding. Growx Ventures led the funding round, with participation from Micelio Mobility, Huddle, and several angel investors. RACEnergy has raised $6 million in funding to date. It intends to use the funds to develop its battery-swapping technology and construct new facilities to support its growing operations. The company said its swappable battery technology recently cleared the AIS-156 Phase 2 certification.
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-energy-dome-44-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Developer Altris Raises $5.2 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Altris, a company that develops sodium-ion batteries, <a href="https://mercomcapital.com/sodium-ion-battery-company-altris-raises-5-2-million-in-funding/" target="_blank" rel="noopener">secured</a> €4.8 million (~$5.2 million) in bridge financing from its current investors and employees. The funding will help the company scale its production and commercialize its technology. The bridge financing will enable Altris to complete its industrial-grade battery manufacturing at a new facility in Uppsala.
BluSmart Mobility, an electric vehicle ride-hailing service and charging infrastructure operator, has <a href="https://www.mercomindia.com/ev-startup-blusmart-funding-to-strengthen-operations" target="_blank" rel="noopener">secured</a> $42 million in its most recent funding round held recently. It plans to use the latest funding to scale its operations further and penetrate mega-cities deeper. The funding consisted of an equity round worth $37 million and a venture debt worth $5 million, with 50% of the funding subscribed by the BluSmart founders and leadership team.
Solar Ladder, a supply chain platform for solar installation companies, has <a href="https://mercomcapital.com/supply-chain-platform-solar-ladder-raises-1-3-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> ₹110 million (~$1.3 million) in seed funding from a group of investors to distribute software that helps automate processes for solar installers. Solar Ladder said that the software will help installers to expand their business. The company raised funds from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Founder of Mamaearth Varun Alagh, Subin Mitra, and Aditya Bandi of Groyyo, and Deepak Jain, Partner, Bain.
Blue Whale Materials, a provider of lithium-ion battery recycling solutions, announced the <a href="https://mercomcapital.com/blue-whale-materials-acquires-eclipse-energy/" target="_blank" rel="noopener">acquisition</a> of Eclipse Energy, a battery testing and evaluation lab based in Greenfield. The acquisition will allow Blue Whale Materials to provide customers with a complete range of battery testing and evaluation services, covering the entire life cycle of batteries from initial testing to end-of-life assessment for remanufacturing or reuse in secondary applications. Blue Whale Materials has formed a new subsidiary, BW Energy and Innovation, which will leverage the expertise and capabilities of Eclipse Energy.
Hyderabad-based deep-tech battery swapping company RACEnergy <a href="https://www.mercomindia.com/racenergy-3-million-pre-series-a-round" target="_blank" rel="noopener">raised</a> $3 million in a combination of debt and equity in a pre-series A round funding. Growx Ventures led the funding round, with participation from Micelio Mobility, Huddle, and several angel investors. RACEnergy has raised $6 million in funding to date. It intends to use the funds to develop its battery-swapping technology and construct new facilities to support its growing operations. The company said its swappable battery technology recently cleared the AIS-156 Phase 2 certification.
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://mercomcapital.com/funding-and-ma-roundup-energy-dome-44-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.altris.se/" target="_blank" rel="noopener">Altris</a>, a company that develops sodium-ion batteries, secured €4.8 million (~$5.2 million) in bridge financing from its current investors and employees. The funding will help the company scale its production and commercialize its technology.
Sodium-ion batteries use sodium instead of lithium as the main charge carrier. Sodium is abundant, low-cost, and environmentally friendly, making it an attractive option for energy storage applications. However, sodium-ion batteries face several technical challenges, such as low energy density, poor cycle life, and safety issues.
Altris claims to have overcome these challenges by developing a novel cathode material called Fennac, based on Prussian White, a framework material consisting of sodium, iron, carbon, and nitrogen. Altris also creates electrolytes, battery cells, and production blueprints for sodium-ion batteries.
The bridge financing will enable Altris to complete its industrial-grade battery manufacturing at a new facility in Uppsala.
“The bridge financing enables us to maintain a high pace in our development while preparing to raise our Series B financing,” said Christer Bergquist, appointed CFO of Altris.
Altris has also hired two experienced executives from the battery industry to accelerate its commercialization process. Björn Mårlid joins as CEO after 20+ years at French battery developer SAFT.
“Few battery innovations survive commercialization to become viable products – but Altris does. I look forward to playing a part in our continued development, moving towards large-scale deployment,” said Björn Mårlid, appointed CEO of Altris.
Recently, Energy Dome, a provider of long-duration energy storage solutions, <a href="https://cms.mercomindia.com/energy-dome-gets-44-million-in-funding/" target="_blank" rel="noopener">raised</a> €40 million (~$44 million) in a Series B funding round led by Eni Next and Neva SGR. The investment will help Energy Dome scale up its CO2 Battery technology, which uses carbon dioxide to store renewable energy on the grid.
According to Mercom’s  Q1 2023 Storage and Smart Grid Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, Total corporate funding—including venture capital (VC) funding, debt financing, and public market financing—in Energy Storage came to $2.2 billion in 27 deals compared to $4.3 billion in 31 deals in Q4 2022. Funding significantly decreased year-over-year (YoY) compared to $12.9 billion in 27 deals in Q1 2022.

Sodium–ion Battery Company Altris Raises $5.2 Million in Funding

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