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Element Energy, a battery management technology company, <a href="https://cms.mercomindia.com/battery-management-company-element-energy-secures/" target="_blank" rel="noopener">closed</a> $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners. The funding will be used to deploy the company&#8217;s technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full-battery energy storage systems using second-life batteries.
Norway-based renewable energy company Statkraft has <a href="https://www.mercomindia.com/statkraft-acquires-enerfin-2-billion" target="_blank" rel="noopener">completed</a> the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity.
DSD Renewables, a business <a href="https://cms.mercomindia.com/dsd-renewables-secures-250-million-cox-enterprises/" target="_blank" rel="noopener">backed</a> by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, secured a $250 million strategic investment from Cox Enterprises to support DSD’s renewable energy deployment. The company has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage.
Northvolt, a Sweden-based manufacturer of lithium-ion batteries, <a href="https://cms.mercomindia.com/battery-manufacturer-northvolt-raises-150-million/" target="_blank" rel="noopener">received</a> around CAD200 million (~$150 million) from CDPQ. The funding is in the form of a convertible debt, which will help facilitate the Northvolt Six project in Québec. The groundwork for constructing the Northvolt Six facility, a fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells, and recycled materials, effectively closing the battery loop on site.
TSUN, a provider of solar kits, microinverters, and energy storage solutions, <a href="https://cms.mercomindia.com/solar-microinverter-firm-tsun-secures-21-million/" target="_blank" rel="noopener">raised</a> over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023. The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. The funds will be used to expand domestic and international business channels.
DIF Capital, an independent infrastructure equity fund manager, has <a href="https://cms.mercomindia.com/dif-capital-acquires-50-stake-in-solar-company-novar-from-ib-vogt/" target="_blank" rel="noopener">acquired </a>50% shares of ground-mounted solar solutions provider Novar from ib vogt for an undisclosed amount. The divestment by ib vogt, a solar development and engineering, procurement, and construction platform, is expected to generate funds for its future investments. Novar currently owns and operates 440 MW of utility-scale solar photovoltaic, rooftop solar, and battery energy storage systems and has developed a multi-GW project pipeline.
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-and-ma-roundup-otovo-raises-41-million/" target="_blank" rel="noopener">roundup</a>.
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Funding and M&A Roundup: Element Energy Secures $111 Million

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					</table>From: <a href="https://cms.mercomindia.com/daily-news-wrap-merc-net-metering-cap-rooftop-solar-5-mw/" target="_blank" rel="noopener">Mercom Capital Group</a>
Element Energy, a battery management technology company, <a href="https://mercomcapital.com/battery-management-company-element-energy-secures/" target="_blank" rel="noopener">closed</a> $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners. The funding will be used to deploy the company&#8217;s technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full-battery energy storage systems using second-life batteries.
Norway-based renewable energy company Statkraft has <a href="https://www.mercomindia.com/statkraft-acquires-enerfin-2-billion" target="_blank" rel="noopener">completed</a> the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity.
DSD Renewables, a business <a href="https://mercomcapital.com/dsd-renewables-secures-250-million-cox-enterprises/" target="_blank" rel="noopener">backed</a> by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, secured a $250 million strategic investment from Cox Enterprises to support DSD’s renewable energy deployment. The company has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage.
Northvolt, a Sweden-based manufacturer of lithium-ion batteries, <a href="https://mercomcapital.com/battery-manufacturer-northvolt-raises-150-million/" target="_blank" rel="noopener">received</a> around CAD200 million (~$150 million) from CDPQ. The funding is in the form of a convertible debt, which will help facilitate the Northvolt Six project in Québec. The groundwork for constructing the Northvolt Six facility, a fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells, and recycled materials, effectively closing the battery loop on site.
TSUN, a provider of solar kits, microinverters, and energy storage solutions, <a href="https://mercomcapital.com/solar-microinverter-firm-tsun-secures-21-million/" target="_blank" rel="noopener">raised</a> over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023. The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. The funds will be used to expand domestic and international business channels.
DIF Capital, an independent infrastructure equity fund manager, has <a href="https://mercomcapital.com/dif-capital-acquires-50-stake-in-solar-company-novar-from-ib-vogt/" target="_blank" rel="noopener">acquired</a> 50% shares of ground-mounted solar solutions provider Novar from ib vogt for an undisclosed amount. The divestment by ib vogt, a solar development and engineering, procurement, and construction platform, is expected to generate funds for its future investments. Novar currently owns and operates 440 MW of utility-scale solar photovoltaic, rooftop solar, and battery energy storage systems and has developed a multi-GW project pipeline.
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-otovo-raises-41-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://elementenergy.com/" target="_blank" rel="noopener">Element Energy</a>, a battery management technology company, closed $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners.
The Series B round saw investments from Cohort Ventures. Mitsubishi Heavy Industries (MHI), Drive Catalyst, FM Capital, and AFW Partners also joined the Series B round along with existing investors LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners. Debt and equity capital was provided by Keyframe.
“Seeing a soaring number of new battery storage installations, our market-leading partners are realizing the value of improving the safety, lifetime, and efficiency of batteries. With the additional capital and global partnerships from our Series B, we will further invest in and deploy our technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full battery energy storage systems using second-life batteries,” said Dr. Tony Stratakos, CEO and Co-Founder, Element Energy.
MHI and Element also signed a memorandum of understanding (MOU) to develop affordable power system solutions for behind-the-meter applications.
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, VC funding for battery recycling companies totaled $1.6 billion in Q3 2023 compared to $1 million raised in two deals in Q2 2023. The report also highlighted that the Energy Storage market received $8.6 billion from 68 VC deals in 9M 2023, which is a 115% rise from the same period in 2022, with $4 billion from 74 deals.

Battery Management Company Element Energy Secures $111 Million

Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://cms.mercomindia.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://cms.mercomindia.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://cms.mercomindia.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://cms.mercomindia.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://cms.mercomindia.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://cms.mercomindia.com/energy-efficiency-solutions-provider-redaptive-raises-200-million/" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Arcadia Raises $125 Million for Electric Grid Decarbonization

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-arcadia-raises-125-million-for-electric-grid-decarbonization/" target="_blank" rel="noopener">Mercom Capital Group</a>
Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://mercomcapital.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://mercomcapital.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://mercomcapital.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://mercomcapital.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://mercomcapital.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://redaptive.com/news/cpp-investments-invests-us200-million-in-redaptive" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

<a href="https://elementenergy.com/" target="_blank" rel="noopener">Element Energy</a>, a provider of advanced battery management systems, has announced the close of a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company.
The financing round also saw participation from existing strategic backers LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners.
The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
“Our technology unlocks significant improvements in battery safety, energy throughput, and system life, enhancing the value proposition of batteries across many systems, including first and second-life grid assets, electric vehicles, and more. We are thrilled to be implementing our technology at scale with GWh, grid-connected deployments planned in 2023 and 2024,” said Tony Stratakos, CEO, and Co-Founder of Element Energy.
Element had recently secured over 2.5 GWh of EV batteries. The company was also <a href="https://elementenergy.com/us-department-of-energy-announces-7-9-million-of-funding-to-element-energy/" target="_blank" rel="noopener">awarded</a> a $7.9 million award by the U.S. Department of Energy to develop a planned 50 MWh battery project, which is expected to be the largest installation of second-life EV batteries on the U.S. power grid to date.
Following the deployment of its multi-gigawatt secured pipeline beginning in 2023. Element plans to work with automotive original equipment manufacturers and gigafactories on additional second-life asset deployments, first-life battery energy storage systems, direct EV integration, and more.
The company also announced that Matt Murphy, President and Chief Executive Officer of Marvell Technology, a provider of data infrastructure semiconductor solutions, has joined the company’s Board of Directors.
“Element Energy has created the battery management hardware and software needed to enable efficient battery reuse at scale and provide affordable, clean electricity for a broad range of energy storage and EV applications,” said Matt Murphy.
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, the 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.

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