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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-exergy3-raises-13-5m-seed-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
UK-based Exergy3, a thermal energy storage startup, <a href="https://mercomcapital.com/thermal-energy-storage-company-exergy3-raises-13-5-million-seed-funding/" target="_blank" rel="noopener">raised</a> £10 million (~$13.5 million) in a seed funding round, led by Axeleo Capital through its Article 9 Green Tech Industry I fund, with participation from Bayern Kapital and Kibo Invest. Existing investors Scottish Enterprise, Zero Carbon Capital, and Old College Capital, the University of Edinburgh’s in-house venture investment fund, also participated in the funding round.
Nexamp, a developer of solar and battery storage projects, <a href="https://mercomcapital.com/solar-and-storage-project-developer-nexamp-secures-200-million/" target="_blank" rel="noopener">secured</a> a $200 million credit facility from Nuveen Energy Infrastructure Credit, acting as the sole lender. The facility is structured as a delayed-draw term loan, with an initial commitment of $125 million and the option to access an additional $75 million. The proceeds will be used to accelerate the deployment of Nexamp’s solar projects and expand its customer base amid rising electricity demand.
Finland-based TheStorage, a provider of industrial thermal energy storage solutions, <a href="https://www.mercomindia.com/thermal-energy-storage-startup-thestorage-raises-4-2-million" target="_blank" rel="noopener">raised</a> €3.6 million (~$4.2 million) in a seed funding round to scale its technology and accelerate commercial deployment. To date, TheStorage has raised a total of €5.8 million (~$6.8 million) in funding. The latest round was led by Voima Ventures, with participation from existing investors Superhero Capital and 2C Ventures, as well as new investor Momentum Partners.
GreenYellow, an independent power producer, <a href="https://mercomcapital.com/greenyellow-secures-938-million-to-refinance-debt-and-fund-expansion/" target="_blank" rel="noopener">secured</a> over €800 million (~$938 million) to refinance its existing corporate debt and support future growth. The financing is expected to increase the company’s resources by approximately 35%, enabling it to accelerate deployment and pursue targeted acquisitions. The company provides on-site solar generation, energy efficiency upgrades, battery energy storage systems, and smart energy management solutions.
U.S.-based Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-acquires-solar-storage-developer-arena-renewables/" target="_blank" rel="noopener">completed</a> the acquisition of Arena Renewables, a distributed generation solar and battery energy storage system developer. The financial terms of the transaction were not disclosed. The acquisition combines Arena’s project development offerings with Headwater’s financing and operational platform, bringing a development pipeline of nearly 1 GW of solar and storage projects.
EMERAM, an investment manager, <a href="https://mercomcapital.com/emeram-acquires-stake-in-home-energy-management-firm-solar-manager/" target="_blank" rel="noopener">acquired</a> a stake in Switzerland-based Solar Manager AG, a provider of home energy management solutions. The financial details of the transaction were not disclosed. Founded in 2018, Solar Manager develops home energy management systems designed to optimize energy flows in households. Its platform integrates and manages photovoltaics, battery storage, heat pumps, and electric mobility systems.
Rooftop solar solutions and products company, Fujiyama Power Systems, <a href="https://www.mercomindia.com/fujiyama-power-to-acquire-31-stake-in-two-solar-component-firms" target="_blank" rel="noopener">approved</a> the acquisition of an additional 31% equity stake in Zayo Energy and Zayo Cables. Zayo Energy manufactures solar panel components, including ethylene vinyl acetate sheets, junction boxes, and backsheets. Zayo Cables manufactures electrical and electronic wires and cables, including insulated wires made of steel, copper, and aluminum.
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://mercomindia.com/funding-and-ma-roundup-sigenergy-technology-raises-562-million-in-ipo" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Exergy3 Raises $13.5M in Seed Funding

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					</table>UK-based <a href="https://www.exergy3.com/" target="_blank" rel="noopener">Exergy3</a>, a thermal energy storage startup, has raised £10 million (~$13.5 million) in a seed funding round, led by Axeleo Capital through its Article 9 Green Tech Industry I fund, with participation from Bayern Kapital and Kibo Invest.
Existing investors Scottish Enterprise, Zero Carbon Capital, and Old College Capital, the University of Edinburgh’s in-house venture investment fund, also participated in the round.
The company will use the funding to accelerate commercialization, including scaling its modular thermal energy storage systems and expanding its presence across industrial markets in Europe.
According to Exergy3, industrial heat accounts for a significant share of global energy demand and emissions but remains difficult to decarbonize because it relies on high, continuous temperatures across a wide range of processes.
The company aims to address this gap by linking excess renewable generation to industrial energy demand through modular thermal energy storage units that convert renewable electricity into high-temperature heat.
Exergy3 states that its technology is designed to deliver process heat ranging from 50°C to 1,200°C, allowing it to adapt to a wide range of industrial processes, from direct heat applications to steam generation, making it applicable across energy-intensive industries.
Markus Rondé, CEO at Exergy3, said: “These are two sides of the same problem. Industry needs reliable, high-temperature heat, while large amounts of renewable electricity are going to waste. Exergy3 brings them together, turning surplus renewable power into reliable, low-cost heat for industry. That means lower emissions, lower energy costs, and a more resilient energy system. This funding allows us to move rapidly from pilot to commercial deployment.
According to Mercom’s Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, VC funding in the Energy Storage sector in 2025 increased 30% YoY, to $4.8 billion across 75 deals, up from $3.7 billion across 84 deals in 2024.
In March 2026,  MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://mercomcapital.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener">secured</a> A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million).

Thermal Energy Storage Company Exergy3 Raises $13.5 Million Seed Funding

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://www.exergy3.com/" target="_blank" rel="noopener">Exergy3</a>, a thermal energy-based energy storage system provider, secured £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.
Dr Markus Rondé, CEO of Exergy3, said: “This funding will enable us to accelerate the commercialization of our technology, expand our market research, and continue to drive innovation in the clean heat sector. Our mission is to provide a practical and affordable pathway towards decarbonizing heat, and this investment is a significant step forward in achieving that goal.”
Exergy3 develops modular thermal energy storage systems that convert green electricity into heat and store it at temperatures up to 1300°C. Last year, the company <a href="https://www.exergy3.com/projects/annandale-distillery" target="_blank" rel="noopener">secured</a> £3.6 Million (~$4.7 million) in funding from the Department of Energy Security and Net Zero to build a full-scale demonstrator for Annandale Distillery in Scotland.
According to Mercom’s recently released 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 Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Last month, Calectra, a thermal energy-based energy storage system provider, <a href="https://cms.mercomindia.com/thermal-energy-storage-startup-calectra-raises-pre-seed-funding/" target="_blank" rel="noopener">raised</a> $1.6 million in a pre-seed funding round led by Lifeline Ventures with participation from Aera VC, Security Trading (an investment company of Antti Herlin’s family), Orca Climate Fund, Wave Ventures, Prodeko Ventures, and Justin Brodie-Kommit.

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