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Ambient Photonics, a low-light solar photovoltaic cells company, <a href="https://cms.mercomindia.com/ambient-photonics-secures-30-million-series-a2-funding/" target="_blank" rel="noopener">secured</a> $30 million in a series A2 funding round. The round was led by Fine Structure Ventures, affiliated with the parent company of Fidelity Investments, and included new investors Helios Climate Ventures, Regeneration.VC, and Sustainable Future Ventures. Existing investors I Squared Capital, Ecosystem Integrity Fund, and Cthulhu Ventures also joined the round.
REC Limited, a public infrastructure finance company, <a href="https://www.mercomindia.com/rec-1-25-billion-finance-power-infrastructure-logistics" target="_blank" rel="noopener">raised</a> $1.25 billion in August and September 2023 from a consortium of six banks and through a Foreign Currency Term Loan Agreement. The company raised $1.15 billion in two tranches from a consortium of six banks. The financing proceeds are expected to go towards funding power, infrastructure, and logistics sector projects as permitted under the External Commercial Borrowings guidelines of the Reserve Bank of India.
Zenobē, a global fleet electrification and battery storage solutions company, has <a href="https://www.mercomindia.com/zenobe-secures-fleet-and-battery-storage-expansion" target="_blank" rel="noopener">secured</a> approximately £600 million (~$643.9 million) in funding from KKR, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by Infracapital, an existing shareholder. Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.
Ascend Elements, a lithium-ion battery recycling and engineered materials company has <a href="https://www.mercomindia.com/ascend-elements-battery-materials-production-in-us" target="_blank" rel="noopener">raised</a> $542 million in new equity investments. The funding includes $460 million from its Series D investments and an additional $82 million from earlier this year. The Series D round was led by entities such as Decarbonization Partners, Temasek, and the Qatar Investment Authority. The newly acquired funds are expected to drive the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky.
florrent, a company developing high-energy density ultracapacitor technology, <a href="https://cms.mercomindia.com/ultracapacitor-startup-florrent-raises/" target="_blank" rel="noopener">secured</a> $2.1 million in a pre-seed round led by MassVentures, with participation from MassMutual Catalyst Fund, AIN Ventures, Tale Venture Partners, NextFab Ventures, Boston Impact Initiative, and others. The company plans to use this investment to validate performance improvement in commercial form factor cylindrical cells and scale material production capacity.
Ostrom, an energy management solution provider, <a href="https://cms.mercomindia.com/energy-management-startup-ostrom-gets-funding/" target="_blank" rel="noopener">raised</a> $8 million in funding in an investment round led by SE Ventures along with existing investors Union Square Ventures, Adjacent, J12, and Übermorgen. The funding round extends the company’s Series A funding to $18 million, bringing the company’s total funding to over $23 million. The additional funding will be used to further expand the company’s product offerings, most notably in home storage and solar solutions.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-solar-urbanvolt-raises-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Ambient Photonics Secures $30 Million Series A2 Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ambient-photonics-secures-30-million-2/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ambient Photonics, a low-light solar photovoltaic cells company, <a href="https://mercomcapital.com/ambient-photonics-secures-30-million-series-a2-funding/" target="_blank" rel="noopener">secured</a> $30 million in a series A2 funding round. The round was led by Fine Structure Ventures, affiliated with the parent company of Fidelity Investments, and included new investors Helios Climate Ventures, Regeneration.VC, and Sustainable Future Ventures. Existing investors I Squared Capital, Ecosystem Integrity Fund, and Cthulhu Ventures also joined the round.
REC Limited, a public infrastructure finance company, <a href="https://www.mercomindia.com/rec-1-25-billion-finance-power-infrastructure-logistics" target="_blank" rel="noopener">raised</a> $1.25 billion in August and September 2023 from a consortium of six banks and through a Foreign Currency Term Loan Agreement. The company raised $1.15 billion in two tranches from a consortium of six banks. The financing proceeds are expected to go towards funding power, infrastructure, and logistics sector projects as permitted under the External Commercial Borrowings guidelines of the Reserve Bank of India.
Zenobē, a global fleet electrification and battery storage solutions company, has <a href="https://www.mercomindia.com/zenobe-secures-fleet-and-battery-storage-expansion" target="_blank" rel="noopener">secured</a> approximately £600 million (~$643.9 million) in funding from KKR, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by Infracapital, an existing shareholder. Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.
Ascend Elements, a lithium-ion battery recycling and engineered materials company has <a href="https://www.mercomindia.com/ascend-elements-battery-materials-production-in-us" target="_blank" rel="noopener">raised</a> $542 million in new equity investments. The funding includes $460 million from its Series D investments and an additional $82 million from earlier this year. The Series D round was led by entities such as Decarbonization Partners, Temasek, and the Qatar Investment Authority. The newly acquired funds are expected to drive the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky.
florrent, a company developing high-energy density ultracapacitor technology, <a href="https://mercomcapital.com/ultracapacitor-startup-florrent-raises/" target="_blank" rel="noopener">secured</a> $2.1 million in a pre-seed round led by MassVentures, with participation from MassMutual Catalyst Fund, AIN Ventures, Tale Venture Partners, NextFab Ventures, Boston Impact Initiative, and others. The company plans to use this investment to validate performance improvement in commercial form factor cylindrical cells and scale material production capacity.
Ostrom, an energy management solution provider, <a href="https://mercomcapital.com/energy-management-startup-ostrom-gets-funding/" target="_blank" rel="noopener">raised</a> $8 million in funding in an investment round led by SE Ventures along with existing investors Union Square Ventures, Adjacent, J12, and Übermorgen. The funding round extends the company’s Series A funding to $18 million, bringing the company’s total funding to over $23 million. The additional funding will be used to further expand the company’s product offerings, most notably in home storage and solar solutions.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-urbanvolt-raises-28-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://florrent.com/" target="_blank" rel="noopener">florrent</a>, a company developing high-energy density ultracapacitor technology, secured $2.1 million in a pre-seed round, which was led by MassVentures, with participation from MassMutual Catalyst Fund, AIN Ventures, Tale Venture Partners, NextFab Ventures, Boston Impact Initiative, and others.
The company plans to use this investment to validate performance improvement in commercial form factor cylindrical cells and scale material production capacity.
Contoured Carbon, is florrent&#8217;s pure-carbon-based electrode energy storage technology for improving ultracapacitor energy density. The company claims that unlike other EDL Capacitor materials that come from synthetic resins, coal, or coconut husk, florrent’s material is made from hemp fibers that are grown in the U.S., integrating BIPOC farmers into the supply chain. The renewable biomass source is then transformed into contoured carbon through a special activation process.
“The electrification of industries and the proliferation of renewable power generation is creating a need for a continuum of energy storage technologies to enable the global economy to achieve our ambitious climate goals. Ultracapacitors play an important role in fast-acting stabilization and high-power moments on that continuum,” said Jose LaSalle, Co-founder and CEO of florrent.
“We are thrilled to welcome florrent into the MassVentures portfolio. The company has an exceptional team and their technology is making all the right advances. They hit our investment sweet spot and we are very excited to be a part of their journey,” said Priya Yadav, Vice President, Investments at MassVentures.
The demand for sub-second and low-minute response in energy storage is surging, with applications spanning industrial processes, transportation, and grid stability expected to grow the global supercapacitor market into a $15 billion industry by 2030, according to the Department of Energy. florrent’s high energy density ultracapacitor can help meet this demand by overcoming traditional bottlenecks in the renewable energy sector, according to the company.
VC Funding activity for the energy storage sector was up 27% in 1H 2023, with $3.8 billion in 43 deals compared to $3 billion in 48 deals in 1H 2022, according to Mercom’s 1H And Q2 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid.

UltraCapacitor Startup florrent Raises $2.1 Million

florrent

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