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					</table><p>Solar energy solutions provider <a href="https://www.utlsolarfujiyama.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a> (UTL Solar) has announced the commissioning of a 1 GW solar cell manufacturing facility in Dadri, Uttar Pradesh.</p>
<p>The facility, which will manufacture Mono PERC Domestic Content Requirement (DCR) solar cells, has been developed with a total investment of ₹3 billion (~$32.7 million).</p>
<p>The Mono PERC DCR solar cells manufactured at the new facility are intended to address the demand driven by government subsidy-linked rooftop solar programs that require domestic content.</p>
<p>The newly commissioned solar cell capacity will be used entirely for captive consumption to support its panel manufacturing operations. By bringing solar cell production in-house, Fujiyama aims to reduce dependence on imported cells, improve supply reliability, and gain tighter control over costs.</p>
<p>Fujiyama said the investment in the facility has been funded through a mix of internal accruals and debt.</p>
<p>Chairman and Managing Director Pawan Kumar Garg said, “As our business is primarily focused on the domestic market with negligible export exposure, this integrated facility also insulates us from global trade uncertainties and tariff-related disruptions.”</p>
<p>Fujiyama Power Systems offers more than 500 stock-keeping units across solar panels, inverters, lithium and tubular batteries, chargers, and power-electronics systems. The company currently operates a total solar module manufacturing capacity of 1.6 GW, of which 1.2 GW is located at Dadri.</p>
<p>The company operates three manufacturing facilities. In the Greater Noida facility in Uttar Pradesh, the company produces solar modules (368 MW), inverters and electronics (1,084 MW), E-rickshaw charger (334 MW), and lithium-ion batteries (545 MWh).</p>
<p>It also operates four manufacturing facilities across Himachal Pradesh, Uttar Pradesh, and Haryana, and is expanding an integrated solar power generating system at Ratlam in Madhya Pradesh.</p>
<p>In November 2025, Fujiyama Power Systems <a href="https://www.mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener">debuted</a> on the BSE and the National Stock Exchange after its initial public offering of ₹8.28 billion (~$93.5 million) was oversubscribed 2.14 times.</p>
<p>The company <a href="https://www.mercomindia.com/fujiyama-raise-funds-ipo" target="_blank" rel="noopener">filed</a> its draft red herring prospectus for its IPO in December 2024.</p>


Fujiyama Commissions 1 GW Solar Cell Facility in Uttar Pradesh


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-neovolta-to-secure-13-million-in-private-placement-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://mercomcapital.com/neovolta-to-secure-private-placement-financing/" target="_blank" rel="noopener">entered</a> into agreements for $13 million in private placement financing led by Infinite Grid Capital (IGC).</strong> The funding is structured to offer both immediate and future capital support for the company’s planned domestic manufacturing initiative and will be used to accelerate growth. A significant portion of the funding is allocated to advance this initiative, under a memorandum of understanding with third parties, to establish and operate a battery energy storage manufacturing plant in Georgia.</p>
<p><strong>Moment Energy, an electric vehicle battery repurpose company, has </strong><a href="https://mercomcapital.com/moment-energy-secures-5-million-in-debt-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $5 million in growth financing from TD Innovation Partners, the innovation banking division of The Toronto-Dominion Bank.</strong> The company will use the funds to accelerate the repurposing of lithium-ion batteries into safe, high-performance, and compliant energy storage systems for commercial, industrial, and utility applications. To meet the growing domestic demand for its Luna BESS, the company plans to boost production.</p>
<p><strong>EQORE, a distributed battery storage company, has </strong><a href="https://mercomcapital.com/eqore-raises-million-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1.7 million in an oversubscribed seed funding round.</strong> The round saw participation from Massachusetts Clean Energy Center, Henry Ford III of Ford Motor Company, and Jonathan Kraft of The Kraft Group. It also included investors such as industry operators Andrew Slifka, Mitch Coddington, and the Betti family, led by Nicholas Betti. Veteran entrepreneur Luke Merrow and tech executives Kent Helfrich and Kristin Welch, via Pointe Angels. The funding is intended to help the company expand its team and accelerate deployments at its manufacturing facilities.</p>
<p><strong>Rooftop solar solutions and products company Fujiyama Power Systems </strong><a href="https://www.mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener"><strong>debuted</strong></a><strong> on the Indian stock exchanges after its initial public offering (IPO) of ₹8.28 billion (~$93.5 million)</strong> was oversubscribed 2.14 times. The price band was set at ₹216(~$2.4) to ₹228(~$2.6) per equity share, with a face value of ₹1(~$0.11). The IPO saw bids for 56 million shares, exceeding the 26 million shares on offer. Qualified institutional buyers led the demand, with a subscription rate of 5.15 times, followed by the employee-reserved portion at 1.47 times, and retail individual investors at 100%.</p>
<p><strong>AMPYR Distributed Energy (ADE), an investor in renewable energy solutions and part of the AGP Group, has </strong><a href="https://mercomcapital.com/ampyr-distributed-energy-acquires-shawton-energy/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Shawton Energy</strong>, a company that provides fully-funded solar energy solutions to U.K. businesses. The acquisition is expected to strengthen ADE’s position in the U.K. distributed energy market, further expanding its customer base and operational capabilities through Shawton’s experience and commercial relationships.</p>
<p>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>.</p>
<p>Read last week’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-sedgeley-solar-group-raises-60-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: NeoVolta to Secure $13 Million


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					</table><p>Noida-based rooftop solar solutions and products company <a href="https://www.fujiyamautlsolar.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a> debuted on the BSE and National Stock Exchange after its initial public offering (IPO) of ₹8.28 billion (~$93.5 million)was oversubscribed 2.14 times.</p>
<p>The price band was set at ₹216(~$2.4) to ₹228(~$2.6) per equity share, with a face value of ₹1(~$0.11).</p>
<p>The IPO saw bids for 56 million shares, exceeding the 26 million shares on offer.</p>
<p>Qualified institutional buyers led the demand, with a subscription rate of 5.15 times, followed by the employee-reserved portion at 1.47 times, and retail individual investors at 100%.</p>
<p>The portion allocated to the non-institutional investors was subscribed 0.88 times.</p>
<p>The company <a href="https://www.mercomindia.com/fujiyama-raise-funds-ipo" target="_blank" rel="noopener">filed</a> its draft red herring prospectus for its IPO in December 2024.</p>
<p>The IPO comprised a fresh issue of shares worth up to ₹7 billion (~$81.77 million) and an offer-for-sale of up to 20 million shares.</p>
<p>Fujiyama plans to use the proceeds from the fresh issue amounting to ₹2.5 billion (~$29.20 million) to establish a module manufacturing facility in Ratlam, Madhya Pradesh, ₹3 billion (~$35.05 million) to repay outstanding borrowings, and the rest for general corporate purposes.</p>
<p>The company operates three manufacturing facilities. In the Greater Noida facility in Uttar Pradesh, the company produces solar modules (439 MW), inverters and electronics (1,143 MW), e-rickshaw chargers and lithium-ion (Li-ion) batteries (45 MWh).</p>
<p>Its Parwanoo facility in Himachal Pradesh produces solar power conditioning units and uninterruptible power supplies, and its Bawal facility in Haryana produces tubular batteries (1,318 MWh).</p>
<p>In its DRHP filing, the company disclosed plans to expand its production capacity with a 600 MW solar module manufacturing facility in Dadri, Uttar Pradesh. It also plans to add 600 MW of solar module manufacturing capacity, 600 MW of solar inverter manufacturing capacity, and 500 MWh of Li-ion battery manufacturing capacity at its Greater Noida facility.</p>
<p>The company’s offerings include rooftop solar solutions and the manufacture of solar modules, inverters, and Li-ion batteries. In the electric vehicles segment, the company provides chargers for electric rickshaws and lithium-ion batteries.</p>
<p>It also manufactures solar management units, home power conditioning units, and solar charge controllers.</p>
<p>In September, another Maharashtra-based renewable energy company, GK Energy, <a href="https://www.mercomindia.com/gk-energys-ipo-closes-with-89-62-times-oversubscription" target="_blank" rel="noopener">listed</a> on stock exchanges with its IPO oversubscribed 89.62 times at the end of the bidding window on September 23, 2025.</p>


Fujiyama Power Systems Debuts on Bourses After Strong Response to IPO

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