MahaGenco REL Invites EoIs for Green Hydrogen and Ammonia Offtake

MNRE Allows DISCOMs to Use Surya Ghar Funds for Energy Storage Projects

UERC Rejects Plea to Restore Benchmark Charge for Battery Storage Projects

MNRE Flags Complaints Over Incorrect Rooftop Solar Billing by DISCOMs

ACME Solar Secures ₹34 Billion Financing for 250 MW FDRE Project

MNRE Advises DISCOMs to Allow 10% DC Capacity Tolerance for Rooftop Solar

Domestic Solar Component Manufacturing is Ramping Up Fast: Interview

ADB Approves $850 Million Loan to Speed Up PM Surya Ghar Rollout

India’s Renewable Energy Sector Attracts $3 Billion in FDI in FY 2026

Maharashtra Invites EOIs for 200 MW Floating Solar, Battery Storage Project

Quino Energy, a company developing water-based organic flow batteries, <a href="https://cms.mercomindia.com/quino-energy-raises-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage. The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million. The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Solfium, a company that provides integrated solar energy solutions, has <a href="https://cms.mercomindia.com/solar-tech-company-solfium-raises-7-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> the initial $7 million equity investment in its $10 million Series A funding round. The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures. Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises. With this new funding, the company plans to reach businesses, including underserved owner-managed operations which will benefit from financial inclusion initiatives powered by its technological stack and partnerships.
Flux XII, a company developing advanced materials for aqueous flow batteries, has <a href="https://cms.mercomindia.com/flow-battery-startup-flux-xii-secures-4-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.95 million in seed funding. The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor. With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes.
Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has <a href="https://www.mercomindia.com/waaree-to-acquire-100-stake-in-sunbreeze-ninth-cloud" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud. The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties. According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra. Waaree has been acquiring multiple companies in the power sector.
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-sax-power-raises-11-6-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Quino Energy Raises $10 Million

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/11/amazon_polly_86686.mp3?version=1762924756">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-quino-energy-raises-10-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Quino Energy, a company developing water-based organic flow batteries, <a href="https://mercomcapital.com/quino-energy-raises-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage. The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million. The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Solfium, a company that provides integrated solar energy solutions, has <a href="https://mercomcapital.com/solar-tech-company-solfium-raises-7-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> the initial $7 million equity investment in its $10 million Series A funding round. The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures. Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises. With this new funding, the company plans to reach businesses, including underserved owner-managed operations which will benefit from financial inclusion initiatives powered by its technological stack and partnerships.
Flux XII, a company developing advanced materials for aqueous flow batteries, has <a href="https://mercomcapital.com/flow-battery-startup-flux-xii-secures-4-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.95 million in seed funding. The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor. With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes.
Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has <a href="https://www.mercomindia.com/waaree-to-acquire-100-stake-in-sunbreeze-ninth-cloud" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud. The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties. According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra. Waaree has been acquiring multiple companies in the power sector.
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-sax-power-raises-11-6-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.flux12.com/" target="_blank" rel="noopener">Flux XII,</a> a company developing advanced materials for aqueous flow batteries, has raised $3.95 million in seed funding.
The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor.
With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes. In 2026, the company plans to validate its minimal viable product module under controlled testing and design a fully-integrated, containerized battery energy storage system.
The company is also forming a consortium of utilities, developers, universities, and research partners to support system pilot testing in 2027.
“Grid power developers need more capacity, and it needs to be cheaper, safer, and cleaner than gas or lithium-ion batteries. Flux is developing a comprehensive product that builds off decades of industry advancements and addresses these key points without the tradeoffs of competing energy storage solutions”, said Dr. Patrick Sullivan, Co-founder and CEO of Flux XII.
The company aims to reduce the CapEx of flow battery systems by 50% at 100 megawatt scales to support load growth from data centers, EVs, onshoring manufacturing, and electrification.
According to Mercom’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. Materials and Components providers received the most VC funding in 9M 2025.
In October, XL Batteries, an Organic Flow Battery solution provider, <a href="https://cms.mercomindia.com/organic-flow-battery-startup-xl-batteries-raises-7-5-million/" target="_blank" rel="noopener">raised</a> $7.5 million from Merrin Investors, the family office of entrepreneur and philanthropist Seth Merrin. With this funding, the company plans to scale its operations, enhance grid resilience, and support energy independence by reducing reliance on foreign supply chains.

Flow Battery Startup Flux XII Secures $4 Million in Seed Funding

flux-xii

Get the most relevant India solar and clean energy news.

RECENT POSTS