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Trina Solar (Luxembourg) Holdings, a subsidiary of solar module manufacturer and smart energy solutions provider Trina Solar, <a href="https://cms.mercomindia.com/trina-solar-secures-165-million-to-support-ipp-transition/" target="_blank" rel="noopener">secured</a> a €150 million (~$165 million) revolving credit facility provided by Banco Santander. The funding will support the company’s downstream division, Trina Solar International System Business Unit (‘ISBU’), which develops utility-scale solar power and battery storage projects. The financing will also support ISBU’s transition to an Independent Power Producer.
Resco Global Wind Services, the engineering, procurement, and construction arm of Inox Wind, has <a href="https://www.mercomindia.com/inox-epc-equity-sale" target="_blank" rel="noopener">raised</a> ₹3.5 billion (~$41.68 million) through an equity investment from prominent investors. In exchange for the funds, Resco issued securities to the participating investors, which included Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments &amp; Infrastructure, and Capri Global Holdings.
Allegro Energy, a developer of aqueous-based redox flow battery energy storage solutions, has <a href="https://cms.mercomindia.com/flow-battery-developer-allegro-energy-secures-11-6-million/" target="_blank" rel="noopener">closed</a> A$17.5 million (~$11.6 million) in Series A funding. This funding round was led by global investment firm The Grantham Foundation and joined by Chicago-based early-stage tech investment firm Lightbank. Other investors participating in the round included Australia-based Origin Energy, Melt Ventures, and Impact Ventures.
Elum Energy, a provider of advanced energy management solutions for renewable energy systems, <a href="https://cms.mercomindia.com/elum-energy-raises-13-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $13 Million in Series B funding. This round was led by Energize Capital and existing investors Alter Equity and Cota Capital. This funding will support the company’s plan to expand to the global market, including a U.S. launch. Elum Energy specializes in industrializing the monitoring and control of standard and hybrid solar PV projects.
Exergy3, a thermal energy-based energy storage system provider, <a href="https://cms.mercomindia.com/thermal-energy-storage-startup-exergy3-raises-1-3-million/" target="_blank" rel="noopener">secured</a> £1 million (~$1.3 million) in a pre-seed funding round. Zero Carbon Capital led this funding with participation from existing investors Old College Capital and Scottish Enterprise. According to the company, this funding will expand its team, strengthen its support in the thermal storage sector, and conduct market research. Exergy3 develops modular thermal energy storage systems that convert green electricity into heat and store it at temperatures up to 1300°C.
Automotive component manufacturer Samvardhana Motherson International, through its wholly-owned subsidiary MSSL Consolidated, is <a href="https://www.mercomindia.com/samvardhana-motherson-acquires-stake-in-israels-ree-automotive" target="_blank" rel="noopener">acquiring</a> up to 3.64 million Class A shares in Israel-based e-mobility company REE Automotive for $4.122 per share, resulting in a total investment of $15 million. The company has announced the purchase of an 11% stake on a fully diluted basis and up to 19% on a non-diluted basis in REE Automotive. The transaction is expected to be completed within 30 days.
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-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Trina Solar Secures $165 Million to Support IPP Transition

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-trina-solar-secures-165-million-to-support-ipp-transition/" target="_blank" rel="noopener">Mercom Capital Group</a>
Trina Solar (Luxembourg) Holdings, a subsidiary of solar module manufacturer and smart energy solutions provider Trina Solar, <a href="https://mercomcapital.com/trina-solar-secures-165-million-to-support-ipp-transition/" target="_blank" rel="noopener">secured</a> a €150 million (~$165 million) revolving credit facility provided by Banco Santander. The funding will support the company’s downstream division, Trina Solar International System Business Unit (‘ISBU’), which develops utility-scale solar power and battery storage projects. The financing will also support ISBU’s transition to an Independent Power Producer.
Resco Global Wind Services, the engineering, procurement, and construction arm of Inox Wind, has <a href="https://www.mercomindia.com/inox-epc-equity-sale" target="_blank" rel="noopener">raised</a> ₹3.5 billion (~$41.68 million) through an equity investment from prominent investors. In exchange for the funds, Resco issued securities to the participating investors, which included Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments &amp; Infrastructure, and Capri Global Holdings.
Allegro Energy, a developer of aqueous-based redox flow battery energy storage solutions, has <a href="https://mercomcapital.com/flow-battery-developer-allegro-energy-secures-11-6-million/" target="_blank" rel="noopener">closed</a> A$17.5 million (~$11.6 million) in Series A funding. This funding round was led by global investment firm The Grantham Foundation and joined by Chicago-based early-stage tech investment firm Lightbank. Other investors participating in the round included Australia-based Origin Energy, Melt Ventures, and Impact Ventures.
Elum Energy, a provider of advanced energy management solutions for renewable energy systems, secured $13 Million in Series B funding. This <a href="https://mercomcapital.com/elum-energy-raises-13-million-in-series-b-funding/" target="_blank" rel="noopener">round</a> was led by Energize Capital and existing investors Alter Equity and Cota Capital. This funding will support the company’s plan to expand to the global market, including a U.S. launch. Elum Energy specializes in industrializing the monitoring and control of standard and hybrid solar PV projects.
Exergy3, a thermal energy-based energy storage system provider, <a href="https://mercomcapital.com/thermal-energy-storage-startup-exergy3-raises-1-3-million/" target="_blank" rel="noopener">secured</a> £1 million (~$1.3 million) in a pre-seed funding round. Zero Carbon Capital led this funding with participation from existing investors Old College Capital and Scottish Enterprise. According to the company, this funding will expand its team, strengthen its support in the thermal storage sector, and conduct market research. Exergy3 develops modular thermal energy storage systems that convert green electricity into heat and store it at temperatures up to 1300°C.
Automotive component manufacturer Samvardhana Motherson International, through its wholly-owned subsidiary MSSL Consolidated, is <a href="https://www.mercomindia.com/samvardhana-motherson-acquires-stake-in-israels-ree-automotive" target="_blank" rel="noopener">acquiring</a> up to 3.64 million Class A shares in Israel-based e-mobility company REE Automotive for $4.122 per share, resulting in a total investment of $15 million. The company has announced the purchase of an 11% stake on a fully diluted basis and up to 19% on a non-diluted basis in REE Automotive. The transaction is expected to be completed within 30 days.
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-24m-raises-87-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://elum-energy.com/" target="_blank" rel="noopener">Elum Energy</a>, a provider of advanced energy management solutions for renewable energy systems, secured $13 Million in Series B funding. This round was led by Energize Capital and existing investors Alter Equity and Cota Capital.
This funding will support the company’s plan to expand to the global market, including a U.S. launch.
“The challenge of integrating diverse renewable energy sources into existing power grids remains critical amidst global demand for sustainable solutions,” said Cyril Colin, CEO and co-founder of Elum Energy.
Elum Energy specializes in industrializing the monitoring and control of standard and hybrid solar PV projects, ensuring integration across commercial and industrial (C&amp;I) installations, microgrids, and utility-scale projects.
“As the market for solar and other renewable energy assets has increased in scale and complexity in recent years, demand for a modern operating system that can evolve with the energy grid has become apparent,” said Eileen Waris, principal at Energize Capital and a member of Elum’s board of directors.
Last year, the company expanded its presence by opening three new offices in Spain, Nigeria, and Madagascar. The company says that it now has over 2,500 projects in 50 countries and more than 350 clients.
According to Mercom’s 1H and Q2 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, VC funding for Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY compared to $986 million raised in 26 deals in 1H 2023.
Last month, SYSO, a market operations service provider dedicated to renewable and energy storage assets, <a href="https://cms.mercomindia.com/syso-secures-14-5-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $14.5 million in Series B funding led by Kimmeridge, an alternative asset manager specializing in the energy sector, with participation from existing SYSO investor Lacuna Sustainable Investments.

Elum Energy Raises $13 Million in Series B Funding

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