SECI Seeks Trading Partner to Sell Renewable Energy

PM Surya Ghar Powers 5 Million Homes, Total Capacity Hits 15 GW

Nextpower Raises Guidance for FY 2027 on Strong Q1 Performance

Avantus Closes $1 Billion Credit Facility to Expand Project Portfolio

Tandem PV Acquires nexTC to Bring Thin-Film Coating Technology In-House

Base Power Raises $1 Billion in Series D Funding Round

TotalEnergies Acquires Shell’s 4 GW European Renewables Portfolio

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

Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, has <a href="https://cms.mercomindia.com/recurrent-energy-secures-415-million-corporate-debt-financing/" target="_blank" rel="noopener">secured</a> a multi-currency credit facility valued at up to $415 million. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor. This funding is expected to assist the company in expanding its independent power producer portfolio across diverse geographies and markets.
Aypa Power, a Blackstone portfolio company and energy storage-focused independent power producer, <a href="https://cms.mercomindia.com/aypa-power-upsized-existing-credit-facility-by-400-million/" target="_blank" rel="noopener">announced</a> the upsizing of its corporate credit facility by $400 million, which the company originally closed in July 2024. The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.
Forge Nano, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, <a href="https://cms.mercomindia.com/forge-nano-raises-40-million-to-scale-up-battery-manufacturing/" target="_blank" rel="noopener">closed</a> $40 million in funding to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million. The funding was co-led by RockCreek, along with Ascent Funds.
Independent power producer ReNew Energy Global has <a href="https://www.mercomindia.com/renew-secures-%E2%82%B98-7-billion-from-british-international-investment" target="_blank" rel="noopener">secured</a> an investment of ₹8.7 billion (~$100 million) from British International Investment, a UK-based development finance institution and impact investor. The funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact (TOPCon) cell facility in Gujarat, India.
Macquarie Asset Management, a global asset manager, via its managed funds, has <a href="https://cms.mercomindia.com/macquarie-asset-management-acquires-island-green-power/" target="_blank" rel="noopener">acquired</a> the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power. Founded in 2013, Island Green Power specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects to ready to build. Island Green Power is stated to have more than 15 GW of utility-scale solar and BESS projects in its pipeline in the U.K.
Jindal Poly Films, a part of BC Jindal Group, has announced that it <a href="https://www.mercomindia.com/jindal-poly-films-acquires-solar-encapsulation-film-manufacturer-enerlite" target="_blank" rel="noopener">acquired</a> Enerlite Solar Films, a manufacturer of solar encapsulation films in India. Enerlite’s shares will be acquired for a mutually agreed lump sum consideration, which has not been disclosed. Jindal Poly Films holds a 33.05% stake in Enerlite, which will become a wholly owned subsidiary after the transaction.
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-exowatt-closes-70-million-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Recurrent Energy Secures $415 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-recurrent-energy-secures-415-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, has <a href="https://mercomcapital.com/recurrent-energy-secures-415-million-corporate-debt-financing/" target="_blank" rel="noopener">secured</a> a multi-currency credit facility valued at up to $415 million. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor. This funding is expected to assist the company in expanding its independent power producer portfolio across diverse geographies and markets.
Aypa Power, a Blackstone portfolio company and energy storage-focused independent power producer, <a href="https://mercomcapital.com/aypa-power-upsized-existing-credit-facility-by-400-million/" target="_blank" rel="noopener">announced</a> the upsizing of its corporate credit facility by $400 million, which the company originally closed in July 2024. The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.
Independent power producer ReNew Energy Global has <a href="https://www.mercomindia.com/renew-secures-%E2%82%B98-7-billion-from-british-international-investment" target="_blank" rel="noopener">secured</a> an investment of ₹8.7 billion (~$100 million) from British International Investment (BII), a UK-based development finance institution and impact investor. The funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact (TOPCon) cell facility in Gujarat.
Forge Nano, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, <a href="https://mercomcapital.com/forge-nano-raises-40-million-to-scale-up-battery-manufacturing/" target="_blank" rel="noopener">closed</a> $40 million in funding to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million. The funding was co-led by RockCreek, along with Ascent Funds.
Macquarie Asset Management, a global asset manager, via its managed funds, has <a href="https://mercomcapital.com/macquarie-asset-management-acquires-island-green-power/" target="_blank" rel="noopener">acquired</a> the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power. Founded in 2013, Island Green Power specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects to ready to build. Island Green Power is stated to have more than 15 GW of utility-scale solar and BESS projects in its pipeline in the U.K.
Jindal Poly Films, a part of BC Jindal Group, has announced that it <a href="https://www.mercomindia.com/jindal-poly-films-acquires-solar-encapsulation-film-manufacturer-enerlite" target="_blank" rel="noopener">acquired</a> Enerlite Solar Films, a manufacturer of solar encapsulation films in India. Enerlite’s shares will be acquired for a mutually agreed lump sum consideration, which has not been disclosed. Jindal Poly Films holds a 33.05% stake in Enerlite, which will become a wholly owned subsidiary after the transaction.
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-exowatt-closes-70-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.forgenano.com/" target="_blank" rel="noopener">Forge Nano</a>, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, closed $40 million in funding to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million.
The funding was co-led by RockCreek, a global investment firm primarily focused on energy innovation, critical supply chains, and advanced manufacturing, along with Ascent Funds, a U.S.-based global energy technology fund. Additional participants include Top Material, Orion Infrastructure Capital, and Forge Nano’s existing investors.
Through its subsidiary Forge Battery, the company designs and manufactures lithium-ion cells with high energy density that incorporate critical minerals coated using Forge Nano’s Atomic Armor technology, a nanoscale coating for cathode and anode materials.
Early this year, Forge Battery was awarded $100 million by the U.S. Department of Energy to expand domestic cell manufacturing at its North Carolina facility. In 2023, the company also <a href="https://cms.mercomindia.com/forge-nano-raises-50-million-to-build-out-battery-production-line/" target="_blank" rel="noopener">secured</a> $50 million in funding led by key investments from Hanwha Corporate Venture Capital with participation from OIC, Catalus Capital, Ascent Funds, and existing investors.
Forge Nano said that it has installed a new state-of-the-art battery manufacturing line and a cleanroom production facility for semiconductor ALD (Atomic Layer Deposition) tool production at its Colorado headquarters.
“Forge’s Atomic Armor significantly improves most battery chemistries with higher energy density, longer cycle life, faster charge speed, and lower risk of thermal runway. For semiconductors, Forge’s ALD removes a bottleneck to 3D chip stacking, allowing up to a 50% reduction in energy usage by chips. More efficient batteries are critical to national security.  More efficient semiconductors will amplify the American lead in AI,” said Mark Gordon, Managing Partner of Ascent Funds.
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% year over year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
In July, Addionics, an Israel-based chemistry-agnostic battery technology company, <a href="https://cms.mercomindia.com/battery-manufacturer-addionics-closes-39-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors.

Forge Nano Raises $40 Million to Scale-Up Battery Manufacturing

Talga Group, a battery materials company, <a href="https://cms.mercomindia.com/battery-materials-company-talga-group-from-eib/" target="_blank" rel="noopener">announced</a> that it has received approval from the European Investment Bank for €150 million (~$164 million) in senior debt funding to support its Vittangi Anode Project in Sweden. The Vittangi Anode Project will produce high-quality anode materials for lithium-ion batteries using 100% renewable electricity from a mine and anode refinery in northern Sweden.
TagEnergy, a global renewable developer and investor, has <a href="https://www.mercomindia.com/tagenergy-dual-currency-green-bond" target="_blank" rel="noopener">closed</a> a dual currency (Australian Dollar and Euro) green bond raising €570 million (~$623 million). The bond issuance, with investors Copenhagen Infrastructure Partners and GIC, is expected to provide crucial support for expanding TagEnergy’s renewable energy portfolio across the UK, Europe, and Australia. The initial tranche of €270 million (~$295 million) will contribute to funding the first stage of the 1.3 GW Golden Plains Wind Farm. This wind farm will be complemented by an additional tranche of up to €300 million (~$328 million), supporting the company’s other global renewable assets.
CubicPV, a solar technology company, has <a href="https://cms.mercomindia.com/solar-technology-provider-cubic-pv-raises-million/" target="_blank" rel="noopener">secured</a> an equity commitment of over $100 million to support its U.S. factory plans and tandem product roadmap. The investment will be split into two tranches, with the first $33 million released initially. The second tranche of investment is tied to specific project milestones. CubicPV plans to use the funds to scale up its wafer production capacity and accelerate its tandem module development.
Sicona Battery Technologies, a company that develops advanced battery materials for lithium-ion batteries, <a href="https://cms.mercomindia.com/australian-battery-manufacturer-sicona-series-a-funding/" target="_blank" rel="noopener">secured</a> A$22 million (~$15 million) in Series A funding to expand its operations in Australia and the U.S. The funding round was led by India’s Himadri Speciality Chemical, Artesian, and Electrification &amp; Decarbonization AIE, a fund managed by Waratah Capital. Riverstone Ventures, Chaos Ventures, Investible Climate Tech Fund LP, and Club Investible also participated in the funding round. The Series A funding will enable Sicona to accelerate its U.S. plant&#8217;s engineering studies, site selection, and customer qualification.
Hydrovolt, a joint venture between Hydro and Northvolt focused on battery recycling, <a href="https://cms.mercomindia.com/battery-recycling-company-hydrovolt-secures-enova/" target="_blank" rel="noopener">secured</a> 15.3 million NOK (~$1.43 million) from Enova, a Norwegian public enterprise that promotes low-carbon energy solutions, to develop new technology for discharging and dismantling electric vehicle (EV) batteries. With Enova’s support, Hydrovolt will develop and test a new technology that automates and optimizes batteries&#8217; discharge and dismantling process.
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-forge-nano-raises-50-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Company Talga Secures $164 Million Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-company-talga-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Talga Group, a battery materials company, <a href="https://mercomcapital.com/battery-materials-company-talga-group-from-eib/" target="_blank" rel="noopener">announced</a> that it has received approval from the European Investment Bank for €150 million (~$164 million) in senior debt funding to support its Vittangi Anode Project in Sweden. The Vittangi Anode Project will produce high-quality anode materials for lithium-ion batteries using 100% renewable electricity from a mine and anode refinery in northern Sweden.
TagEnergy, a global renewable developer and investor, has <a href="https://www.mercomindia.com/tagenergy-dual-currency-green-bond" target="_blank" rel="noopener">closed</a> a dual currency (Australian Dollar and Euro) green bond raising €570 million (~$623 million). The bond issuance, with investors Copenhagen Infrastructure Partners and GIC, is expected to provide crucial support for expanding TagEnergy’s renewable energy portfolio across the UK, Europe, and Australia. The initial tranche of €270 million (~$295 million) will contribute to funding the first stage of the 1.3 GW Golden Plains Wind Farm. This wind farm will be complemented by an additional tranche of up to €300 million (~$328 million), supporting the company’s other global renewable assets.
CubicPV, a solar technology company, has <a href="https://mercomcapital.com/solar-technology-provider-cubic-pv-raises-million/" target="_blank" rel="noopener">secured</a> an equity commitment of over $100 million to support its U.S. factory plans and tandem product roadmap. The investment will be split into two tranches, with the first $33 million released initially. The second tranche of investment is tied to specific project milestones. CubicPV plans to use the funds to scale up its wafer production capacity and accelerate its tandem module development.
Sicona Battery Technologies, a company that develops advanced battery materials for lithium-ion batteries, <a href="https://mercomcapital.com/australian-battery-manufacturer-sicona-series-a-funding/" target="_blank" rel="noopener">secured</a> A$22 million (~$15 million) in Series A funding to expand its operations in Australia and the U.S. The funding round was led by India’s Himadri Speciality Chemical, Artesian, and Electrification &amp; Decarbonization AIE, a fund managed by Waratah Capital. Riverstone Ventures, Chaos Ventures, Investible Climate Tech Fund LP, and Club Investible also participated in the funding round. The Series A funding will enable Sicona to accelerate its U.S. plant’s engineering studies, site selection, and customer qualification.
Hydrovolt, a joint venture between Hydro and Northvolt focused on battery recycling, <a href="https://mercomcapital.com/battery-recycling-company-hydrovolt-secures-enova/" target="_blank" rel="noopener">secured</a> 15.3 million NOK (~$1.43 million) from Enova, a Norwegian public enterprise that promotes low-carbon energy solutions, to develop new technology for discharging and dismantling electric vehicle (EV) batteries. With Enova’s support, Hydrovolt will develop and test a new technology that automates and optimizes batteries’ discharge and dismantling process.
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’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-forge-nano-raises-50-million/" target="_blank" rel="noopener">roundup</a>.

Forge Nano, a provider of nanocoating technology for lithium-ion batteries, <a href="https://cms.mercomindia.com/forge-nano-raises-50-million-to-build-out-battery-production-line/" target="_blank" rel="noopener">closed</a> on $50 million in funding led by key investments from Hanwha Corporate Venture Capital. The funding brings the company’s total amount of capital raised to date to more than $95 million. The financing will enable Forge Nano to pursue its nanotechnology opportunities for battery material and develop a battery production line to meet the demand for full-scale, premium battery contracts.
Renewable energy company Brookfield Renewable is set to <a href="https://cms.mercomindia.com/brookfield-to-acquire-dukes-utility-scale-renewables-business-for-2-8-billion/" target="_blank" rel="noopener">acquire</a> Duke Energy’s unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion. The amount includes the assumption of debt and non-controlling tax equity interests. Duke Energy expects to receive around $1.1 billion in net proceeds from the transaction, which will be utilized to bolster its balance sheet and prevent the need for additional debt issuances by the holding company.
SK On, a battery technology company and a subsidiary of SK Innovation, has <a href="https://cms.mercomindia.com/battery-tech-firm-sk-on-secures-944-million-investment-for-global-expansion/" target="_blank" rel="noopener">secured</a> a significant long-term financial investment of up to $944 million to support the continuous growth of its battery business in the global market. The agreement involves SK Innovation, SK On, and the MBK Consortium, which comprises financial investors from the United States, the Middle East, and other regions.
Eolian, a U.S.-based investor in renewable energy projects and a portfolio company of Global Infrastructure Partners, has <a href="https://www.mercomindia.com/renewable-energy-investor-eolian-515-million-green-loan" target="_blank" rel="noopener">announced</a> the closing of a $515 million renewable energy green loan. The company said the financing was secured by its diverse group of eligible green projects developed over the past two decades. The financing saw participation from Banco Santander, Mitsubishi UFJ Financial Group, National Australia Bank, Natixis Corporate and Investment Banking, and Sumitomo Mitsui Banking Corporation.
Amp Energy India, an integrated renewable energy power producer, has <a href="https://www.mercomindia.com/amp-energy-india-expand-renewable-portfolio">secured</a> up to $250 million in funding. The financing round was led by the Sumitomo Mitsui Banking Corporation of Japan, the Intermediate Capital Group, and the Asian Infrastructure Investment Bank. The funding secured by Amp Energy India will enable the company to expand its operations further, accelerate its growth strategy, and leverage the increasing demand for renewable energy solutions across India.
Gujarat-based power company Torrent Power has <a href="https://www.mercomindia.com/torrent-power-6-billion-non-convertible-debentures" target="_blank" rel="noopener">raised</a> ₹6 billion (~$72.7 million) through the issuance of non-convertible debentures on a private placement basis. The company has issued and allotted 60,000 Series 11 (series 11A- 11F) Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, and Non-Convertible Debentures of ₹100,000 each (~$1,212).
About: Energy, a London-based battery technology company, <a href="https://cms.mercomindia.com/battery-technology-company-about-energy-seed-funding/" target="_blank" rel="noopener">raised</a> £1.5 million (~$1.8 million) in seed funding to accelerate the development and commercialization of its software platform, ‘The Voltt.’ The platform enables battery designers to create virtual prototypes of their products, reducing the cost and time required for testing and validation.
ACCIONA Energía, a renewable energy company, in a joint venture with ACCIONA, <a href="https://cms.mercomindia.com/acciona-acquires-solar-solutions-solideo/" target="_blank" rel="noopener">announced</a> the acquisition of a majority stake in Solideo, a provider of self-consumption and energy efficiency solutions for residential customers and small and medium-sized enterprises (SMEs) in Spain. Solideo also offers batteries for electric storage, charging points for electric vehicles, and aerothermal air conditioning systems. The integration of Solideo will allow ACCIONA Energía to access its business network, which has a high potential for growth in Spain.
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-futurasun-acquires-solertix/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Forge Nano Raises $50 Million for Battery Production Line

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-forge-nano-raises-50-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Forge Nano, a provider of nanocoating technology for lithium-ion batteries, <a href="https://mercomcapital.com/forge-nano-raises-50-million-to-build-out-battery-production-line/" target="_blank" rel="noopener">closed</a> on $50 million in funding led by key investments from Hanwha Corporate Venture Capital. The funding brings the company’s total amount of capital raised to date to more than $95 million. The financing will enable Forge Nano to pursue its nanotechnology opportunities for battery material and develop a battery production line to meet the demand for full-scale, premium battery contracts.
Renewable energy company Brookfield Renewable is set to <a href="https://mercomcapital.com/brookfield-to-acquire-dukes-utility-scale-renewables-business-for-2-8-billion/" target="_blank" rel="noopener">acquire</a> Duke Energy’s unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion. The amount includes the assumption of debt and non-controlling tax equity interests. Duke Energy expects to receive around $1.1 billion in net proceeds from the transaction, which will be utilized to bolster its balance sheet and prevent the need for additional debt issuances by the holding company.
SK On, a battery technology company and a subsidiary of SK Innovation, has <a href="https://mercomcapital.com/battery-tech-firm-sk-on-secures-944-million-investment-for-global-expansion/" target="_blank" rel="noopener">secured</a> a significant long-term financial investment of up to $944 million to support the continuous growth of its battery business in the global market. The agreement involves SK Innovation, SK On, and the MBK Consortium, which comprises financial investors from the United States, the Middle East, and other regions.
Eolian, a U.S.-based investor in renewable energy projects and a portfolio company of Global Infrastructure Partners, has <a href="https://www.mercomindia.com/renewable-energy-investor-eolian-515-million-green-loan" target="_blank" rel="noopener">announced</a> the closing of a $515 million renewable energy green loan. The company said the financing was secured by its diverse group of eligible green projects developed over the past two decades. The financing saw participation from Banco Santander, Mitsubishi UFJ Financial Group, National Australia Bank, Natixis Corporate and Investment Banking, and Sumitomo Mitsui Banking Corporation.
Amp Energy India, an integrated renewable energy power producer, has <a href="https://www.mercomindia.com/amp-energy-india-expand-renewable-portfolio">secured</a> up to $250 million in funding. The financing round was led by the Sumitomo Mitsui Banking Corporation of Japan, the Intermediate Capital Group, and the Asian Infrastructure Investment Bank. The funding secured by Amp Energy India will enable the company to expand its operations further, accelerate its growth strategy, and leverage the increasing demand for renewable energy solutions across India.
Gujarat-based power company Torrent Power has <a href="https://www.mercomindia.com/torrent-power-6-billion-non-convertible-debentures" target="_blank" rel="noopener">raised</a> ₹6 billion (~$72.7 million) through the issuance of non-convertible debentures on a private placement basis. The company has issued and allotted 60,000 Series 11 (series 11A- 11F) Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, and Non-Convertible Debentures of ₹100,000 each (~$1,212).
About: Energy, a London-based battery technology company, <a href="https://mercomcapital.com/battery-technology-company-about-energy-seed-funding/" target="_blank" rel="noopener">raised</a> £1.5 million (~$1.8 million) in seed funding to accelerate the development and commercialization of its software platform, ‘The Voltt.’ The platform enables battery designers to create virtual prototypes of their products, reducing the cost and time required for testing and validation.
ACCIONA Energía, a renewable energy company, in a joint venture with ACCIONA, <a href="https://mercomcapital.com/acciona-acquires-solar-solutions-solideo/" target="_blank" rel="noopener">announced</a> the acquisition of a majority stake in Solideo, a provider of self-consumption and energy efficiency solutions for residential customers and small and medium-sized enterprises (SMEs) in Spain. Solideo also offers batteries for electric storage, charging points for electric vehicles, and aerothermal air conditioning systems. The integration of Solideo will allow ACCIONA Energía to access its business network, which has a high potential for growth in Spain.
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://mercomcapital.com/funding-and-ma-roundup-futurasun-acquires-solertix/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.forgenano.com/" target="_blank" rel="noopener">Forge Nano</a>, a provider of nanocoating technology for lithium-ion batteries, closed on $50 million in funding led by key investments from Hanwha Corporate Venture Capital with participation from OIC, Catalus Capital, Ascent Funds, and existing investors. This funding brings the company’s total amount of capital raised to date to more than $95 million.
The financing will enable Forge Nano to pursue its nanotechnology opportunities for battery material as well as develop a battery production line to meet the demand for full-scale, premium battery contracts. The company plans to launch the construction of the pilot battery production line in Q2 2023, which will support applications across various sectors, including aerospace, consumer electronics, defense, and more.
The funding will also strengthen the company’s capabilities for applying their proprietary nanocoating technology Atomic Armor across industries by increasing the manufacturing footprint and putting more resources towards customer support. Atomic Armor technology is used across battery applications for vehicles, aerospace, consumer electronics, defense, and additional premium Li-ion users.
“This funding milestone allows us to fulfill the customer demand that already exists for our advanced batteries and equipment. As we move to grow our Atomic Armor™ technology in the Lithium-ion market, we are excited to finally be able to internally provide a finished battery solution at scale,” said Paul Lichty, CEO, Forge Nano. “In the past 4 years, we have seen dramatic revenue growth every year. With this new funding, we now aim to significantly accelerate this growth.”
According to the company, they recently partnered with Anovion, a battery material producer, to combine Forge Nano&#8217;s engineering with Anovion&#8217;s synthetic graphite for the production of new-gen lithium-ion batteries. Forge Nano expects to double revenue in 2023 with growing market adoption.
Recently, TeraWatt Technology, a manufacturer of lithium-ion batteries, <a href="https://cms.mercomindia.com/terawatt-technology-completes-pre-c-funding-lithium-ion-batteries/" target="_blank" rel="noopener">announced</a> the completion of another financing round before Series C. The company has raised an undisclosed amount from investors. The new funding is expected to strengthen the pilot-product line-ups for larger applications such as electric vehicles and energy storage systems.
According to Mercom’s Q1 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage and Smart Grid, VC funding raised by Energy Storage companies in Q1 2023 came to $1.1 billion in 19 deals, an 8% decrease year-over-year (YoY) compared to $1.2 billion in 22 deals in Q1 2022.

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