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Funding and M&A Roundup: Sila Raises $300 Million in Funding

SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has <a href="https://cms.mercomindia.com/solv-energy-secures-589-million-through-initial-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
Solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.
Solar module manufacturer GREW Solar has <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.
NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-solutions-provider-neovolta-closes-23-million/" target="_blank" rel="noopener">raised</a> around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering
Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).
Battery cell manufacturer, e-TRNL Energy, has <a href="https://www.mercomindia.com/e-trnl-energy-secures-%E2%82%B9274-million-to-scale-next-generation-battery-cell-innovation" target="_blank" rel="noopener">secured</a> ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
 
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-jupiter-secures-500-million-credit-facility/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: SOLV Energy Raises $589 Million Through IPO

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solv-energy-raises-589-million-through-ipo/" target="_blank" rel="noopener">Mercom Capital Group</a>
SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has <a href="https://mercomcapital.com/solv-energy-secures-589-million-through-initial-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
Solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.
Solar module manufacturer GREW Solar has <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.
NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-solutions-provider-neovolta-closes-23-million/" target="_blank" rel="noopener">raised</a> around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering
Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).
Battery cell manufacturer, e-TRNL Energy, has <a href="https://www.mercomindia.com/e-trnl-energy-secures-%E2%82%B9274-million-to-scale-next-generation-battery-cell-innovation" target="_blank" rel="noopener">secured</a> ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
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-lunar-energy-secures-232-million" target="_blank" rel="noopener">roundup</a>.

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					</table>Bengaluru-based battery cell manufacturer, <a href="https://e-trnl.energy/" target="_blank" rel="noopener">e-TRNL Energy,</a> has secured ₹274 million (~$3.02 million) in seed funding, led by <a href="https://iangroup.vc/" target="_blank" rel="noopener">IAN Group</a>’s IAN Alpha Fund with participation from <a href="https://www.navamcapital.com/team" target="_blank" rel="noopener">Navam Capital</a>, <a href="https://www.specialeinvest.com/" target="_blank" rel="noopener">Speciale Invest</a>, and other investors.
This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
With this funding, e-TRNL Energy plans to establish a 250 MWh pilot manufacturing facility by 2027, with a roadmap to expand to 2 GWh capacity in future phases.
The company has spent the past few years developing a fundamentally different battery cell architecture and manufacturing process that aims for safer operation (less heat), faster charging, longer life, and higher energy density compared with conventional designs.
e-TRNL Energy operates a 20,000-square-foot R&amp;D and early manufacturing facility in Bengaluru, and is preparing to move toward scalable commercialization. It has been granted two patents for its battery cell design and has filed additional patent applications.
According to Apoorv Shaligram, Co-founder and Chief Executive Officer at e-TRNL Energy, the company will move towards demonstration, testing, and scaling its innovation for commercialization with the funding.
Its first commercial product will be based on Lithium Iron Phosphate (LFP) chemistry, with plans to develop additional formats such as LMFP and sodium-ion batteries over time.
The company aims to supply cells to battery pack manufacturers serving the rapidly growing electric mobility and battery storage markets.
Battery storage is fast becoming an integral part of India’s clean energy drive. As of June 2025, the cumulative installed battery storage capacity stood at 490 MWh, with solar-plus-storage projects accounting for the majority of deployments. Nearly 74.8 GWh of storage-linked capacity is under various stages of the tendering process, according to the ‘Levelized Cost of Storage (LCOS) and Bidding Trends in Indian Energy Storage Projects’ report released by <a href="https://www.mercomindia.com/research" target="_blank" rel="noopener">Mercom India Research</a>.

e-TRNL Energy Secures ₹274 Million to Scale Next Generation Battery Cell Innovation

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