CERC Rescinds Revocation of Renewable Projects’ Grid Connectivity

Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

Solar Module Capacity Under ALMM Grows to 215.5 GW

PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

France-based solar module manufacturer HoloSolis has <a href="https://cms.mercomindia.com/holosolis-secures-e220-million-for-5-gw-solar-module-plant-in-france/" target="_blank" rel="noopener">secured</a> €220 million (~$255 million) in financing for its solar panel plant in Hambach in the Moselle prefecture. The company, which claims to be building the largest solar module plant in Europe with a capacity of 5 GW, has also secured two new private partners, Calès Technologie and Forming, who have together committed an investment of €13 million (~$15 million) in the facility.
Sedgeley Solar Group, a renewable energy platform that offers capex-free solar solutions for commercial and industrial clients, <a href="https://cms.mercomindia.com/sedgeley-solar-group-raises-equity-funding/" target="_blank" rel="noopener">raised</a> $60 million in equity funding. The funding was primarily provided by Inspired Evolution’s next-generation energy transition fund, Evolution III, which invested $30 million.
Nanoramic, an energy storage and advanced materials company, <a href="https://cms.mercomindia.com/battery-materials-company-nanoramic-secures-54-million/" target="_blank" rel="noopener">secured</a> a total of $54 million for its Series 1 equity funding. This funding round included a recent investment from new partner PEP Capital, as well as continued participation from existing investors. It is intended to help the company further accelerate the global commercialization of its proprietary Neocarbonix technology.
Exowatt, a provider of thermal energy storage solutions, <a href="https://cms.mercomindia.com/thermal-energy-storage-exowatt-raises-funding/" target="_blank" rel="noopener">secured</a> an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
Clarios, a provider of low-voltage energy storage solutions, <a href="https://cms.mercomindia.com/clarios-acquires-maxwell-technologies/" target="_blank" rel="noopener">announced</a> the acquisition of Maxwell Technologies, a manufacturer of supercapacitor cells and modules used in mobility, grid, and on-site power applications, including data centers. Clarios will operate Maxwell Technologies as an independent U.S.-based business unit. Terms of the deal remained undisclosed.
Swish Solar, a cleantech startup that provides self-cleaning solar panel technology, <a href="https://cms.mercomindia.com/swish-solar-raises-1-5-million-in-pre-seed-funding/" target="_blank" rel="noopener">raised</a> $1.5 million in an oversubscribed pre-seed funding round. The round was led by Friday Ventures, with participation from Velocity Fund, Front Row Ventures, Alif Fund, and Suno Growth. The funding is expected to support product manufacturing, AI model development, and team growth across engineering and business development as the company moves toward full commercialization.
Waaree Energy Storage Systems, the battery energy storage arm of Waaree Energies, <a href="https://www.mercomindia.com/waaree-energy-storage-raises-3-25-billion-funding-round-niveshaay" target="_blank" rel="noopener">raised</a> ₹3.25 billion (~$36.65 million) as part of a ₹10 billion (~$112.78 million) funding round led by investment firm Niveshaay. Niveshaay invested ₹1.28 billion (~$14.44 million) in the round through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched dedicated collective investment vehicles Niveshaay WESS Fund.
Dispatch Energy, a provider of distributed energy solutions, fully <a href="https://cms.mercomindia.com/dispatch-energy-acquires-green-lantern-solar/" target="_blank" rel="noopener">acquired</a> Green Lantern Solar (GLS), an integrated provider, developer, owner, and operator of solar photovoltaic assets. The deal enabled the company to add over 64 solar and battery storage projects from GLS, totaling 208.9 MW, at various stages of development and operation, increasing its total portfolio to 489.5 MW.
Electric vehicle (EV) charging platform, ACS Energy, <a href="https://cms.mercomindia.com/ev-charging-firm-acs-energy-secures-%E2%82%B911-million-funding-in-pre-seed-round/" target="_blank" rel="noopener">raised</a> ₹11 million (~$124,149) in a pre-seed round from Inflection Point Ventures. The funding will be utilized to deploy over 5,000 UPI-enabled EV charging stations across Maharashtra and Gujarat using its smart AC chargers and ACS pay platforms. It will also be used to develop advanced energy management systems for high-rise buildings. The ACS Energy system utilizes AI to manage loads and ensure payments are fast and transparent.
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-quino-energy-raises-10-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Sedgeley Solar Group Raises $60 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-sedgeley-solar-group-raises-60-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sedgeley Solar Group, a renewable energy platform that offers capex-free solar solutions for commercial and industrial clients, <a href="https://mercomcapital.com/sedgeley-solar-group-raises-equity-funding/" target="_blank" rel="noopener">raised</a> $60 million in equity funding. The funding was primarily provided by Inspired Evolution’s next-generation energy transition fund, Evolution III, which invested $30 million.
Nanoramic, an energy storage and advanced materials company, <a href="https://mercomcapital.com/battery-materials-company-nanoramic-secures-54-million/" target="_blank" rel="noopener">secured</a> a total of $54 million for its Series 1 equity funding. This funding round included a recent investment from new partner PEP Capital, as well as continued participation from existing investors. It is intended to help the company further accelerate the global commercialization of its proprietary Neocarbonix technology.
Exowatt, a provider of thermal energy storage solutions, <a href="https://mercomcapital.com/thermal-energy-storage-exowatt-raises-funding/" target="_blank" rel="noopener">secured</a> an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
Clarios, a provider of low-voltage energy storage solutions, <a href="https://mercomcapital.com/clarios-acquires-maxwell-technologies/" target="_blank" rel="noopener">announced</a> the acquisition of Maxwell Technologies, a manufacturer of supercapacitor cells and modules used in mobility, grid, and on-site power applications, including data centers. Clarios will operate Maxwell Technologies as an independent U.S.-based business unit. Terms of the deal remained undisclosed.
Swish Solar, a cleantech startup that provides self-cleaning solar panel technology, <a href="https://mercomcapital.com/swish-solar-raises-1-5-million-in-pre-seed-funding/" target="_blank" rel="noopener">raised</a> $1.5 million in an oversubscribed pre-seed funding round. The round was led by Friday Ventures, with participation from Velocity Fund, Front Row Ventures, Alif Fund, and Suno Growth. The funding is expected to support product manufacturing, AI model development, and team growth across engineering and business development as the company moves toward full commercialization.
France-based solar module manufacturer HoloSolis has <a href="https://www.mercomindia.com/holosolis-secures-e220-million-for-5-gw-solar-module-plant-in-france" target="_blank" rel="noopener">secured</a> €220 million (~$255 million) in financing for its solar panel plant in Hambach in the Moselle prefecture. The company, which claims to be building the largest solar module plant in Europe with a capacity of 5 GW, has also secured two new private partners, Calès Technologie and Forming, who have together committed an investment of €13 million (~$15 million) in the facility.
Waaree Energy Storage Systems, the battery energy storage arm of Waaree Energies, <a href="https://www.mercomindia.com/waaree-energy-storage-raises-3-25-billion-funding-round-niveshaay" target="_blank" rel="noopener">raised</a> ₹3.25 billion (~$36.65 million) as part of a ₹10 billion (~$112.78 million) funding round led by investment firm Niveshaay. Niveshaay invested ₹1.28 billion (~$14.44 million) in the round through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched dedicated collective investment vehicles Niveshaay WESS Fund.
Dispatch Energy, a provider of distributed energy solutions, fully <a href="https://mercomcapital.com/dispatch-energy-acquires-green-lantern-solar/" target="_blank" rel="noopener">acquired</a> Green Lantern Solar (GLS), an integrated provider, developer, owner, and operator of solar photovoltaic assets. The deal enabled the company to add over 64 solar and battery storage projects from GLS, totaling 208.9 MW, at various stages of development and operation, increasing its total portfolio to 489.5 MW.
Electric vehicle (EV) charging platform, ACS Energy, <a href="https://cms.mercomindia.com/ev-charging-firm-acs-energy-secures-%E2%82%B911-million-funding-in-pre-seed-round/" target="_blank" rel="noopener">raised</a> ₹11 million (~$124,149) in a pre-seed round from Inflection Point Ventures. The funding will be utilized to deploy over 5,000 UPI-enabled EV charging stations across Maharashtra and Gujarat using its smart AC chargers and ACS pay platforms. It will also be used to develop advanced energy management systems for high-rise buildings. The ACS Energy system utilizes AI to manage loads and ensure payments are fast and transparent.
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-quino-energy-raises-10-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.exowatt.com/" target="_blank" rel="noopener">Exowatt</a>, a provider of thermal energy storage solutions, has secured an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
Exowatt’s initial seed round of $20 million included angel investors Sam Altman, CEO of OpenAI, and actor and environmentalist Leonardo DiCaprio.
The additional funding raised was an extension of its $70 million Series A round, which was <a href="https://cms.mercomindia.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">raised</a> in April. The company develops energy solutions for power-intensive applications such as data centers, a sector where electricity <a href="https://www.goldmansachs.com/insights/articles/ai-to-drive-165-increase-in-data-center-power-demand-by-2030" target="_blank" rel="noopener">demand</a> is expected to surge by as much as 165% by 2030, according to Goldman Sachs.
Exowatt&#8217;s technology, the Exowatt P3, provides a modular, dispatchable thermal energy storage solution that stores solar energy as heat and converts it into electricity on demand. The company states that it offers rapid-siting and scale-out, and can be co-located at or near the load.
With the funding raised, the company plans to accelerate the rollout of its technology to provide dispatchable solar for data centers across the U.S.
&#8220;With the support of our investors and partners, our commercial pipeline has a current demand backlog exceeding 90 GWh, spanning U.S. data centers, energy developers, and everything in between,&#8221; said Hannan Happi, CEO of Exowatt. &#8220;This new capital investment will support our scaling efforts for P3 as we continue to announce customers and partners in the months ahead.&#8221;
According to Mercom&#8217;s 9M and Q3 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, VC funding in the sector totaled $2.8 billion in 56 deals, a 4% increase YoY compared to $2.7 billion in 61 deals in 9M 2024.
In February, Epyr, a thermal energy storage company, <a href="https://cms.mercomindia.com/thermal-energy-storage-startup-epyr-million/" target="_blank" rel="noopener">raised</a> €3 million (~$3.1 million) in an oversubscribed pre-seed funding round. This funding round was co-led by AENU and Daphni. OVNI Capital, WEPA Ventures, and several other European angel investors joined in the round.

Thermal Energy Storage Company Exowatt Raises $50 Million in Funding

Exowatt, a provider of thermal energy storage solutions, <a href="https://cms.mercomindia.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">secured</a> $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.
REC, a state-owned infrastructure finance company, has <a href="https://www.mercomindia.com/rec-raises-%E2%82%B950-billion-through-five-and-ten-year-bonds" target="_blank" rel="noopener">raised</a> ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.
Lodestone Energy, a solar project developer, has <a href="https://cms.mercomindia.com/lodestone-energy-raises-30-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
iwell, a provider of smart energy management and battery storage system solutions, <a href="https://cms.mercomindia.com/battery-storage-solutions-provider-iwell-secures-31-million/" target="_blank" rel="noopener">closed</a> a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.
OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, <a href="https://cms.mercomindia.com/oneplanet-raises-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.
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-solar-energy-startup-arnergy-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Exowatt Closes $70 Million Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-exowatt-closes-70-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Exowatt, a provider of thermal energy storage solutions, <a href="https://mercomcapital.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">secured</a> $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.
REC, a state-owned infrastructure finance company, has <a href="https://www.mercomindia.com/rec-raises-%E2%82%B950-billion-through-five-and-ten-year-bonds" target="_blank" rel="noopener">raised</a> ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.
Lodestone Energy, a solar project developer, has <a href="https://mercomcapital.com/lodestone-energy-raises-30-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
iwell, a provider of smart energy management and battery storage system solutions, <a href="https://mercomcapital.com/battery-storage-solutions-provider-iwell-secures-31-million/" target="_blank" rel="noopener">closed</a> a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.
OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, <a href="https://mercomcapital.com/oneplanet-raises-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.
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-arnergy-raises-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.exowatt.com/" target="_blank" rel="noopener">Exowatt</a>, a provider of thermal energy storage solutions, secured $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley.
Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity. Additional investors include Andreessen Horowitz, 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group. Atomic and a16z returned to make additional investments.
Last year, the company <a href="https://cms.mercomindia.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and OpenAI’s Sam Altman. Both rounds bring the company’s total funding to date to $90 million.
The company recently launched the Exowatt P3, a modular, dispatchable solar solution that captures solar energy as heat in a long-duration battery and converts it into electricity on demand. It claims to deliver up to 24 hours of power daily and is targeting the rising energy demand from data centers and other commercial and industrial (C&amp;I) applications.
“With power consumption from AI data centers growing fast, we urgently need an alternative American energy supply chain that’s sustainable and accessible,” said Aydin Senkut, founder and managing partner of Felicis.
With a stated demand backlog of over 90 GWh from data centers, energy developers, and hyperscalers across the U.S., the funding is expected to help meet demand by supporting the domestic production and deployment of the Exowatt P3.
According to Mercom’s recently released Q1 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, VC funding in the sector fell 8% YoY, with $1.1 billion raised in 18 deals, down from $1.2 billion in 23 deals during the same quarter last year.
In February, Epyr, a thermal energy storage company, <a href="https://cms.mercomindia.com/thermal-energy-storage-startup-epyr-million/" target="_blank" rel="noopener">raised</a> €3 million (~$3.1 million) in an oversubscribed pre-seed funding round. AENU and Daphni co-led this round, which also included OVNI Capital, WEPA Ventures, and several other European angel investors.

Thermal Energy Storage Company Exowatt Closes $70 Million

Pine Gate Renewables, a solar project developer, <a href="https://cms.mercomindia.com/pine-gate-renewables-secures-capital-funding/" target="_blank" rel="noopener">secured</a> a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate&#8217;s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.
AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">raise</a> $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.
Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the <a href="https://cms.mercomindia.com/solar-and-storage-developer-agilitas-energy-secures-funding/" target="_blank" rel="noopener">closing</a> of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.
Exowatt, a provider of thermal energy solutions for data centers, <a href="https://cms.mercomindia.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Terra One, a startup specializing in grid-connected battery energy storage solutions, <a href="https://cms.mercomindia.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.
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-ev-charging-firm-swtch-raises-27-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Pine Gate Renewables Secures $650 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-pine-gate-renewables-secures-650-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Pine Gate Renewables, a solar project developer, <a href="https://mercomcapital.com/pine-gate-renewables-secures-capital-funding/" target="_blank" rel="noopener">secured</a> a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate&#8217;s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.
AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">raise</a> $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.
Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the <a href="https://mercomcapital.com/solar-and-storage-developer-agilitas-energy-secures-funding/" target="_blank" rel="noopener">closing</a> of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.
Exowatt, a provider of thermal energy solutions for data centers, <a href="https://mercomcapital.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Terra One, a startup specializing in grid-connected battery energy storage solutions, <a href="https://mercomcapital.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.
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-ev-charging-swtch-raises-27-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.exowatt.com/" target="_blank" rel="noopener">Exowatt</a>, a provider of thermal energy solutions for data centers, secured $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers.
The company plans to cater to this spike in demand using its technology, the Exowatt P3. It consists of a modular, 3-in-1 system, a heat collector, a heat battery, and a heat engine capable of providing dispatchable power and heat throughout the day. Unlike traditional solar panels that convert sunlight into electricity directly, Exowatt stores solar energy in a thermal battery, which is stated to retain this energy for up to 24 hours per day.
With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
“AI models have been doubling in size every three months—a pace that requires significantly more data center power,” said Jack Abraham, CEO of Atomic and Co-Founder of Exowatt. “In order to keep up with AI advancements, we need more sustainable energy solutions, which is why we started Exowatt.”
According to the company, it has a backlog of demand for over 500 MWs for data centers across the U.S. and plans to begin deployments later this year.
According to Mercom’s recently released 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, MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://cms.mercomindia.com/mga-thermal-raises-additional-funding/" target="_blank" rel="noopener">secured</a> $5.7 million in Additional funding. The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA.

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