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energyRe, a renewable energy developer, <a href="https://cms.mercomindia.com/energyre-announces-capital-raise/" target="_blank" rel="noopener">raised</a> $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
Global energy conglomerate bp will <a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener">acquire</a> an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.
AM Batteries, a lithium-ion dry-electrode technology firm, <a href="https://cms.mercomindia.com/am-batteries-raises-series-b-funding/" target="_blank" rel="noopener">closed</a> a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.
Monterra, an electric vehicle (EV) charging software company, <a href="https://cms.mercomindia.com/ev-charging-tech-firm-monterra-raises/" target="_blank" rel="noopener">secured</a> $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Modo Energy, a London-based energy storage data and research software platform, has <a href="https://cms.mercomindia.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
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-energy-storage-company-fluence-raises/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: energyRe Raises $1.2 Billion for Renewable Expansion

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-energyre-raises-renewable-expansion/" target="_blank" rel="noopener">Mercom Capital Group</a>
energyRe, a renewable energy developer, <a href="https://mercomcapital.com/energyre-announces-capital-raise/" target="_blank" rel="noopener">raised</a> $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
Global energy conglomerate bp will <a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener">acquire</a> an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.
AM Batteries, a lithium-ion dry-electrode technology firm, <a href="https://mercomcapital.com/am-batteries-raises-series-b-funding/" target="_blank" rel="noopener">closed</a> a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.
Monterra, an electric vehicle (EV) charging software company, <a href="https://mercomcapital.com/ev-charging-tech-firm-monterra-raises/" target="_blank" rel="noopener">secured</a> $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Modo Energy, a London-based energy storage data and research software platform, has <a href="https://mercomcapital.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
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-fluence-raises-400-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://am-batteries.com/" target="_blank" rel="noopener">AM Batteries</a>, a lithium-ion dry-electrode technologies developing company, closed a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei, with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures.
The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures.
The company has stated that it has raised over $60 million to date, and its recent funding round will help the company develop and drive the commercialization of dry powder coating technology and equipment for low-cost lithium-ion battery manufacturing.
According to the company, AM Batteries technology is based on a dry battery electrode process, which is more advantageous than the conventionally used ‘wet-coating’ electrode production. Its dry battery electrode process uses a ‘powder to electrode’ method that reduces the number of steps to make a battery electrode.
“Battery manufacturing improvements are critical for meeting growing EV industry demands. Ultimately, we need solutions to lower production costs to make EVs affordable and accessible,” said Kyle Teamey, managing partner, Planetary Health at RA Capital Management. “At the same time, these critical solutions need to overcome the challenges traditional battery manufacturing processes create for our planet, such as high energy consumption and the use of harmful substances that impact environmental quality”.
“Our approach has the potential to reduce energy usage and CO2 emission by 40% in the battery manufacturing process, creating an overarching net positive for the massive exponential growth of the EV market,” said Lie Shi, CEO of AM Batteries.
According to Mercom’s 9M And Q3 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, the energy storage Market has seen a surge in VC interest with a 115% increase YoY with around $8.6 billion raised in 68 deals in 9M 2023 compared to $4 billion in 74 deals in 9M 2022.

AM Batteries Raises $30 Million Series B Funding

<a href="https://am-batteries.com/" target="_blank" rel="noopener">AM Batteries (AMB)</a>, a manufacturer of li-ion battery electrodes, announced the close of its $25 million Series A financing round. Anzu Partners led the oversubscribed funding round, with participation from TDK Ventures, Foothill Ventures, Toyota Ventures, Zeon Ventures, SAIC Capital, VinFast, Doral Energy-Tech Ventures, and Creative Ventures.
Founded in 2016, AM Batteries is an Acton headquartered company focusing on dry-electrode manufacturing for lithium-ion batteries.
AMB’s dry electrode manufacturing technology allows for the coating of lithium-ion battery electrodes using an electrostatic spray deposition technique by which the cathode and anode active materials are electrostatically charged and deposited onto metal foil current collectors, which are then processed to their final state.
This latest funding round will allow AMB to expand its team and accelerate its commercialization efforts, advance its roll-to-roll manufacturing pilot line, and extend its dry-electrode manufacturing platform to new battery chemistries and technologies like solid-state batteries.
“The demand for lithium-ion batteries has never been higher. One of the fundamental problems for battery manufacturers today in consumer electronics, large-scale energy storage, and EV markets is refining manufacturing techniques to remove the toxic solvents used in the ‘wet-coating’ of electrodes. The progress we have made at AMB is a major step forward in solving this problem,” said Yan Wang, AMB Co-founder and CEO.
According to the company, their technology can enable an order of magnitude reduction in both factory footprint and energy consumption for electrode manufacturing when implemented at scale.
“In the wake of the Biden Administration’s Inflation Reduction Act’s support of localizing battery production with a $35/kWh credit for U.S.-based battery manufacturing, and the state of California’s plan to ban all gasoline vehicles by 2035, advancements in the production of lithium-ion batteries, such as what AMB is achieving, are not only critical but a huge, green step forward,” said Anil Achyuta, Investment Director at TDK Ventures, who serves on the Board of AMB.
According to Mercom’s 9M And Q3 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. VC funding in Energy Storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.
This week, Anthro Energy, an advanced battery technology company, announced the <a href="https://cms.mercomindia.com/anthro-raises-7-2-million-in-seed-funding/" target="_blank" rel="noopener">closing</a> of an oversubscribed $7.2 million seed funding round co-led by Union Square Ventures and Energy Revolution Ventures.

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