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Lilac Solutions, a lithium extraction technology provider, <a href="https://cms.mercomindia.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.
HDFC Bank has <a href="https://www.mercomindia.com/hdfc-300-million-bond-issue" target="_blank" rel="noopener">raised</a> $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.
Amperesand, a grid infrastructure solutions provider, <a href="https://cms.mercomindia.com/grid-infrastructure-company-amperesand-secures-12-million/" target="_blank" rel="noopener">announced</a> its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers.
Solar engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/solar-epc-firm-equity-to-strengthen-its-finances" target="_blank" rel="noopener">raised</a> ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.
Swell Energy, an energy management and grid solutions provider, <a href="https://cms.mercomindia.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.
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-manufacturer-northvolt-secures-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Lithium Extraction Firm Lilac Solutions Secures $145 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-lithium-extraction-firm-lilac-solutions-secures/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lilac Solutions, a lithium extraction technology provider, <a href="https://mercomcapital.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.
HDFC Bank has <a href="https://www.mercomindia.com/hdfc-300-million-bond-issue" target="_blank" rel="noopener">raised</a> $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.
Amperesand, a grid infrastructure solutions provider, <a href="https://mercomcapital.com/grid-infrastructure-company-amperesand-secures-12-million/" target="_blank" rel="noopener">announced</a> its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers. 
Solar engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/solar-epc-firm-equity-to-strengthen-its-finances" target="_blank" rel="noopener">raised</a> ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.
Swell Energy, an energy management and grid solutions provider, <a href="https://mercomcapital.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.
<span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">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><span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.
<span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-volvo-group-acquires-battery-business" target="_blank" rel="noopener">roundup</a><span lang="EN-US" style="color: #2d2d42; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.

<a href="https://amperesand.io/" target="_blank" rel="noopener">Amperesand</a>, a grid infrastructure solutions provider, announced its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures.
The company specializes in solid-state transformers (SST) for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers. The Seed funding will enable Amperesand to industrialize and manufacture its technology at scale while building its executive team. The company aims to deliver its commercial systems to a global customer base, with the first delivery of systems in the U.S. and Singapore planned for 2025.
“We see the modernization of the electrical infrastructure as a key mission-critical societal event. For that to happen, novel power electronics like the SST developed by the team at Amperesand are needed to enable the future of highly efficient smart grids, while providing significant advantages to existing infrastructure as well,” said Christian Theriault, Partner at Material Impact.
“Over 7 years ago, Anshuman and leaders from Singapore’s research ecosystem had the foresight to project the evolution of silicon carbide technology, and the rapidly evolving requirements of power grids, leading to the creation of a highly ambitious solid state transformer research program at NTU. The time for commercialization of SSTs is now right from both a technology and market readiness perspective, and we are excited to partner with the founding team we consider to be in pole position,” said Phil Inagaki, Managing Director at Xora Innovation.
According to Mercom’s Annual and Q4 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid. VC funding in the Smart Grid sector decreased 55% YoY, with $1.5 billion in 47 deals in 2023 compared to $3.3 billion in 46 deals in 2022.

Grid Infrastructure Company Amperesand Secures $12 Million

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