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NineDot Energy, a developer of community-scale battery energy storage systems (BESS), has <a href="https://cms.mercomindia.com/energy-storage-project-developer-ninedot-raises/" target="_blank" rel="noopener">secured</a> a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle. The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.
Independent renewable power producer ReNew has <a href="https://www.mercomindia.com/renew-refinances-non-convertible-debentures" target="_blank" rel="noopener">refinanced</a> Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.
Cactos, a developer of energy storage systems, has <a href="https://cms.mercomindia.com/energy-storage-company-cactos-raises-equity-funding/" target="_blank" rel="noopener">secured</a> over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland. The financing round enables the large-scale deployment of smart energy storage systems.
India-based electric vehicle logistics startup EVIFY has <a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener">raised</a> $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation. The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.
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-brightnight-secures-to-expand-re-portfolio/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: BESS Developer NineDot Raises $225 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-bess-developer-ninedot-raises-225-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
NineDot Energy, a developer of community-scale battery energy storage systems (BESS), has <a href="https://mercomcapital.com/energy-storage-project-developer-ninedot-raises/" target="_blank" rel="noopener">secured</a> a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle. The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.
Independent renewable power producer ReNew has <a href="https://www.mercomindia.com/renew-refinances-non-convertible-debentures" target="_blank" rel="noopener">refinanced</a> Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.
Cactos, a developer of energy storage systems, has <a href="https://mercomcapital.com/energy-storage-company-cactos-raises-equity-funding/" target="_blank" rel="noopener">secured</a> over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland. The financing round enables the large-scale deployment of smart energy storage systems.
India-based electric vehicle logistics startup EVIFY has <a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener">raised</a> $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation. The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.
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-brightnight-secures-375-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.cactos.fi/en/home" target="_blank" rel="noopener">Cactos</a>, a developer of energy storage systems, has secured over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company&#8217;s portfolio of battery energy storage systems across Finland.
&#8220;Large housing, real estate, and logistics companies need solutions to tackle, for example, large energy consumption peaks caused by simultaneous charging of multiple electric vehicles and to protect themselves from electricity market volatility. An energy storage unit, together with our cloud computing service, Cactos Spine, automatically optimizes these functions,&#8221; said Cactos founder and CEO Oskari Jaakkola.
The financing round enables the large-scale deployment of smart energy storage systems. In December 2023, the company owned approximately 50 Cactos One battery energy storage units, and with the help of the funding, that number is expected to grow to more than one thousand units in the coming years.
&#8220;The growth in weather-dependent electricity generation has also increased the volatility of the electricity markets and the need for energy storage. We are happy to be able to work together with Cactos to offer solutions that benefit the customers and simultaneously improve the stability of the entire electricity grid,&#8221; says Tuomo Urrila from OP Finland Infrastructure.
According to Mercom&#8217;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. Corporate funding in the energy storage sector was down 31% in 9M 2023, with $15.2 billion raised in 94 deals compared to $22 billion in 93 deals in 9M 2022. Corporate funding in Energy Storage increased 67% in Q3 2023 with $8.2 billion in 35 deals compared to $4.9 billion in 32 deals in Q2 2023.

Energy Storage Company Cactos Raises $28 Million

<a href="https://en.cactos.fi/" target="_blank" rel="noopener">Cactos</a>, a Finland-based producer of smart energy storage systems, raised a total of €2.5 million (~$2.6 million) in equity and debt funding.
The round was led by Superhero Capital, with participation from Cactos&#8217;s founders.
The company intends to use the funds to increase energy storage unit production, expand production facilities, and participate in international projects.
Cactos operates a fleet of distributed energy storage systems based on smart energy storage units and cloud computing services.
Their energy storage unit− Cactos One, is made from re-used Tesla EV batteries. The EV battery modules are disassembled, inspected, tested, and converted into 100 kWh energy storage units at the Cactos factory in Finland.
The systems are optimized using the company&#8217;s algorithmic-based cloud computing service, which also provides grid-optimizing services by automatically discharging energy into the grid. If there is excess production, the units absorb energy.
&#8220;There is an acute need for smart energy storage systems to support the global transition to a greener world. With the novel business model and technology Cactos has introduced, businesses can profitably contribute to this transition,&#8221; said Jussi Pyörre, Partner at Superhero Capital.
Cactos has started partnerships with large organizations in Finland, such as power utility Oomi and Helsinki City Housing Company.
&#8220;On the ground, companies are concerned about electricity supply and market volatility. The coming winter will clearly be a very difficult one, but the longer-term outlook with energy transition and temporal imbalance in supply and demand means there is a huge need for demand response and different ways to store energy,&#8221; commented Oskari Jaakkola, CEO and founder of Cactos.
Last week, UgoWork, a Canada-based provider of lithium-ion batteries and energy monitoring solutions, <a href="https://cms.mercomindia.com/ugowork-raises-c22-8-million-in-funding/" target="_blank" rel="noopener">announced</a> the closing of its all-equity C$22.8 million (~$17.08 million) Series B funding round led by Fonds de solidarité FTQ.
According to Mercom&#8217;s 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, venture capital funding for energy storage companies in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.

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