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Origis Energy, a vertically integrated renewable energy platform and a solar project developer, <a href="https://cms.mercomindia.com/origis-energy-secures-corporate-credit-facility-from-kkr/" target="_blank" rel="noopener">secured </a>a $300 million corporate credit facility from global investment firm KKR. Proceeds from the facility will support the continued development and construction of Origis’ pipeline of solar and storage projects. This investment is stated to comply with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets.
Cylib, a Germany-based battery recycling startup, <a href="https://cms.mercomindia.com/battery-recycling-startup-cylib-secures-60-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €55 million (~$59.79 million) in a Series A funding round co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels. The total funding raised to date amounts to about €74 million (~$80.43 million). Cylib will use the funds to commercialize its proprietary technology, which is already used by leading OEMs and battery manufacturers.
Bedrock Materials, a startup that designs and develops sodium-ion cathode materials, <a href="https://cms.mercomindia.com/battery-material-startup-bedrock-secures-in-seed-funding/" target="_blank" rel="noopener">secured</a> $9 million in seed funding. The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries. Last month, the company began R&amp;D scale production of battery precursor materials at its facility in Near West Chicago. Plans are underway to open a larger, permanent site later this year.
Pune-based mobility and energy solutions provider Matel has <a href="https://www.mercomindia.com/mobility-solutions-firm-with-4m-funding" target="_blank" rel="noopener">secured</a> $4 million in Series A financing, spearheaded by Transition VC. Gruhas and Haresh Abichandani, founder of Millennium Semiconductors, also participated in the round. Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://cms.mercomindia.com/solutions30-acquires-10-stake-in-french-solar-company-so-tec/" target="_blank" rel="noopener">acquired</a> a 10% stake in So-Tec, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years. Both companies aim to provide the French market with a “Made in France” offering, capable of addressing both the structural and electrical work packages and taking on the overall management of engineering, procurement, and construction) contracts.
Aerem, an Indian solar financing firm, has <a href="https://www.mercomindia.com/aerem-acquires-spinkaft-ventures" target="_blank" rel="noopener">acquired</a> solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain. The company did not disclose details about the cost of the acquisition. Spinkraft deals in the sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.
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-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Origis Energy Secures $300 Million Funding from KKR

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-origis-energy-funding-from-kkr/" target="_blank" rel="noopener">Mercom Capital Group</a>
Origis Energy, a vertically integrated renewable energy platform and a solar project developer, <a href="https://mercomcapital.com/origis-energy-secures-corporate-credit-facility-from-kkr/" target="_blank" rel="noopener">secured </a>a $300 million corporate credit facility from global investment firm KKR. Proceeds from the facility will support the continued development and construction of Origis’ pipeline of solar and storage projects. This investment is stated to comply with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets.
Cylib, a Germany-based battery recycling startup, <a href="https://mercomcapital.com/battery-recycling-startup-cylib-secures-60-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €55 million (~$59.79 million) in a Series A funding round co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels. The total funding raised to date amounts to about €74 million (~$80.43 million). Cylib will use the funds to commercialize its proprietary technology, which is already used by leading OEMs and battery manufacturers.
Bedrock Materials, a startup that designs and develops sodium-ion cathode materials, <a href="https://mercomcapital.com/battery-material-startup-bedrock-secures-in-seed-funding/" target="_blank" rel="noopener">secured</a> $9 million in seed funding. The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries. Last month, the company began R&amp;D scale production of battery precursor materials at its facility in Near West Chicago. Plans are underway to open a larger, permanent site later this year.
Pune-based mobility and energy solutions provider Matel has <a href="https://www.mercomindia.com/mobility-solutions-firm-with-4m-funding" target="_blank" rel="noopener">secured</a> $4 million in Series A financing, spearheaded by Transition VC. Gruhas and Haresh Abichandani, founder of Millennium Semiconductors, also participated in the round. Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://mercomcapital.com/solutions30-acquires-10-stake-in-french-solar-company-so-tec/" target="_blank" rel="noopener">acquired</a> a 10% stake in So-Tec, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years. Both companies aim to provide the French market with a “Made in France” offering, capable of addressing both the structural and electrical work packages and taking on the overall management of engineering, procurement, and construction) contracts.
Aerem, an Indian solar financing firm, has <a href="https://www.mercomindia.com/aerem-acquires-spinkaft-ventures" target="_blank" rel="noopener">acquired</a> solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain. The company did not disclose details about the cost of the acquisition. Spinkraft deals in the sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">roundup</a>.

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-catalyze-community-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Catalyze, a solar and energy storage project developer, <a href="https://mercomcapital.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener">secured</a> $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
RWE Clean Energy, a renewable energy project developer, <a href="https://mercomcapital.com/rwe-acquires-solar-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 599 MW solar and energy storage projects from Galehead Development, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, <a href="https://mercomcapital.com/mirova-acquires-solar-and-energy-storage-project-portfolio-in-spain/" target="_blank" rel="noopener">signed</a> an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.
Apex Clean Energy, a renewable energy project developer, <a href="https://mercomcapital.com/apex-clean-energy-secures-funding-energy-storage-projects/" target="_blank" rel="noopener">secured</a> more than $150 million in project financing for two energy storage projects in Texas.  First Citizens Bank Energy Finance business and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.
Photon Energy, a solar project developer, <a href="https://mercomcapital.com/photon-energy-secures-16-million-multi-tranche-project-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.
Enfinity Global, a renewable energy project developer, has <a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener">announced</a> financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects

<a href="https://www.cylib.de/startseite" target="_blank" rel="noopener">Cylib</a>, a Germany-based battery recycling startup, secured €55 million (~$59.79 million) in a Series A funding round co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels. The total funding raised to date amounts to about €74 million (~$80.43 million).
Cylib will use the funds to commercialize its proprietary technology, which is already used by leading OEMs and battery manufacturers. The company will scale its operations at an already-secured brownfield industrial facility in Germany.
The company noted that, with the rapid growth of electric vehicles (EVs), global sales soared by 35% to almost 14 million in 2023 and are expected to reach 17 million in 2024. To ensure the move away from fossil fuels does not entail switching dependence onto other scarce mineral resources, the recycling of minerals used in electric batteries must improve. According to Fraunhofer ISI, the volume of lithium-ion batteries to be recycled in Europe will reach 2.1 million tons by 2040.
&#8220;This company has created a market-leading, highly efficient battery recycling process that offers real climate gains, and which is already delivering for major clients &#8211; a huge feat for a business launched not even two years ago. This is the still missing piece of the emerging battery value chain for the decarbonization of mobility and energy,&#8221; said Danijel Višević, General Partner at World Fund.
Last year, the company <a href="https://cms.mercomindia.com/german-battery-recycling-startup-cylib-raises-8-5-million/" target="_blank" rel="noopener">raised</a> €8 million (~$8.6 million) in a seed extension round which was also led by World Fund.
According to Mercom’s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.
Recently, Princeton NuEnergy (PNE), a lithium-ion battery recycling company, <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> an additional $10.3 million in Series A Funding. Last year, the company also raised $16 million in its Series A funding round, bringing its total funding to over $26 million.

Battery Recycling Startup Cylib Secures $60 Million Series A Funding

<a href="https://www.cylib.de/startseite" target="_blank" rel="noopener">Cylib</a>, a German battery recycling startup, has announced that it has raised €8 million (~$8.6 million) in a seed extension round, bringing the total seed round amount raised to €11.6 million (~$12.6 million)
World Fund, a climate-tech venture capital firm, led the investment round with participation from 10x Founders and existing investors VSquared Ventures, Speedinvest, and business angels Kai Hansen and Karim Jalbout.
The company has developed a process to take end-of-life batteries, recover the resources, and output new raw materials. The goal is to close the loop and ensure the mobility sector can run on electrified, regenerative energy. The company says it has a 90% recycling efficiency. The company’s customers include electric vehicle makers, battery manufacturers, and raw materials processors in acquiring reprocessed raw materials.
In 2024, new EU regulations are expected to come into force, which will tighten the obligation of electric vehicle manufacturers and resellers to recycle batteries at the end of their natural lifespan.
Cylib uses a water-based process for lithium and graphite recovery, reducing the usage of additives and acids and making it a more environmentally friendly method of recycling batteries. &#8220;Our process recovers all raw materials, including valuable elements such as lithium, cobalt, and graphite, which are simply disposed of in other processes,&#8221; said Lilian Schwich, CEO and co-founder of Cylib.
“The upcoming changes of EU regulations on battery recycling will be pivotal if we are truly to seize the decarbonizing potential of switching away from fossil fuel emitting vehicles, transitioning en masse to EVs. Only if all raw materials used in batteries for EVs are able to be safely and sustainably recycled will we establish a true circular economy, powering the mobility of tomorrow,” commented Cylib Co-founder and Chief Operating Officer Dr. Gideon Schwich.
In Q4 2022, three battery recycling companies raised $549 million, compared to $57 million raised in Q3 2022, according to Mercom’s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. Recently, another battery recycling company Cirba Solutions <a href="https://cms.mercomindia.com/cirba-solutions-raises-50-million-for-battery-recycling/">received</a> a $50 million minority investment from Tokyo-based Marubeni Corporation.

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