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Global Off-Grid Solar Access Rises 26%, but Financing Remains Stagnant


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-epyr-raises-17million-series-a-round/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>France-based thermal energy storage provider Epyr has </strong><a href="https://mercomcapital.com/epyr-raises-17-million-to-expand-industrial-thermal-energy-storage/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €15 million (~$17 million) in an oversubscribed Series A round</strong> led by SlateVC to expand its industrial thermal energy storage projects. Epyr develops thermal energy storage systems that use electricity during periods of low prices to generate and store heat for industrial applications. Existing investors AENU and Daphni participated alongside WEPA Ventures, OVNI Capital, and Aurum Impact.</p>
<p><strong>CleanChoice Energy, a clean energy company that owns, operates, and develops solar projects, has </strong><a href="https://mercomcapital.com/cleanchoice-energy-secures-85-million-loan-for-solar-expansion/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a term loan facility of up to $85 million</strong> from Aiga Capital Partners to support its expansion into solar power generation in the U.S. The financing will support CleanChoice’s continued expansion into solar generation.<strong> </strong>The facility is expected to help CleanChoice maintain momentum across its development platform while preserving flexibility to pursue project-level capital as individual assets mature.</p>
<p><strong>Japan-based battery storage developer and manufacturer NEXTES has </strong><a href="https://mercomcapital.com/japans-nextes-secures-12-6-million-syndicated-term-loan/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a syndicated term loan of ¥2 billion (~$12.6 million)</strong> to strengthen its stationary battery production capacity and fund research and development related to battery storage products and battery control technology. The loan agreement was signed with Shoko Chukin Bank as the arranger and eight regional financial institutions participating<strong>. </strong>NEXTES develops and manufactures battery storage systems and related solutions.</p>
<p><strong>Clean energy technology and manufacturing company Greenzo Energy India has </strong><a href="https://www.mercomindia.com/greenzo-energy-secures-%E2%82%B92-51-billion-to-expand-electrolyzer-manufacturing" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹2.51 billion (~$26.48 million) </strong>cumulatively across three investment rounds, led by private and institutional investors. The company plans to deploy the fresh capital to expand its electrolyzer manufacturing capacity, strengthen backward integration, advance research and development, support working capital requirements, and accelerate project execution across domestic and international markets.</p>
<p><strong>GreenCell Mobility, an electric mobility-as-a-service company, has </strong><a href="https://www.mercomindia.com/greencell-mobility-raises-35-million-from-impact-fund-denmark" target="_blank" rel="noopener"><strong>secured</strong></a><strong> DKK230 million ($35 million) in funding from Impact Fund Denmark.</strong> The funding was routed through Impact Fund Denmark’s Danish SDG Investment Fund II. GreenCell, Eversource Capital’s green mobility arm, plans to use the fresh capital to expand electric bus operations across India. The Mumbai-based company currently operates 1,200 electric intracity and intercity buses in India. It aims to more than triple its operational fleet to 4,500 electric buses across more than 100 Indian cities.</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&#8217;s funding <a href="https://www.mercomindia.com/funding-ma-roundup-voltus-raises-225-million-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Epyr Raises $17 Million in Series A Round


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					</table><p><a href="https://greencellmobility.com/" target="_blank" rel="noopener">GreenCell Mobility</a>, an electric mobility-as-a-service company, has secured DKK230 million ($35 million) in funding from <a href="https://impactfund.dk/" target="_blank" rel="noopener">Impact Fund Denmark</a>. The funding was routed through Impact Fund Denmark’s Danish SDG Investment Fund II.</p>
<p>GreenCell, Eversource Capital’s green mobility arm, plans to use the fresh capital to expand electric bus operations across India.</p>
<p>The Mumbai-based company currently operates 1,200 electric intracity and intercity buses in India. It aims to more than triple its operational fleet to 4,500 electric buses across more than 100 Indian cities.</p>
<p>The SDG Investment Fund II mobilizes capital from five Danish pension funds: PKA, PFA, PBU, Pensam, and P+. The fund aims to contribute to the realization of the United Nations Sustainable Development Goals through commercial private sector investments in developing countries.</p>
<p>The investment is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework. It is Impact Fund Denmark’s third investment in the e-mobility sector.</p>
<p>The development comes months after GreenCell <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">secured</a> $89 million in a mezzanine financing round led by the British International Investment, IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India.</p>
<p>The company announced plans to use the funding to expand its fleet to 3,700 electric buses, operating across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry under government programs such as the National E-Bus program and the PM Seva E-Mobility program.</p>
<p>Earlier this year, GreenCell, along with EKA Mobility, <a href="https://www.mercomindia.com/greencell-eka-consortium-secures-order-for-915-electric-buses-in-telangana" target="_blank" rel="noopener">received</a> a letter of award to supply and operate 915 electric buses in Hyderabad, Telangana, under the government’s PM E-DRIVE (Electric Drive Revolution in Innovative Vehicle Enhancement) program.</p>
<p>The project involves rolling out 100 nine-meter and 815 12-meter non-AC standard electric buses to strengthen urban public transport.</p>
<p>The Union Cabinet approved the PM E-DRIVE program in 2024, with a total outlay of ₹109 billion (~$1.29 billion).</p>


GreenCell Mobility Raises $35 Million from Impact Fund Denmark


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					</table><p>Mumbai-based electric mobility company <a href="https://greencellmobility.com/" target="_blank" rel="noopener">GreenCell Mobility</a>, in partnership with <a href="https://ekamobility.com/" target="_blank" rel="noopener">EKA Mobility</a>, has received a letter of award to supply and operate 915 electric buses in Hyderabad, Telangana, under the government&#8217;s PM E-DRIVE (Electric Drive Revolution in Innovative Vehicle Enhancement) program.</p>
<p>The project involves a rollout of 100 nine-meter and 815 twelve-meter non-AC standard electric buses to strengthen urban public transport.</p>
<p>GreenCell Mobility operates a manufacturer-agnostic electric bus platform, with over 1,200 e-buses and 270+ charging stations serving both intracity and intercity routes. NueGo, the intercity arm of GreenCell, is India’s largest intercity electric bus service with a fleet of 300+ electric buses connecting 100+ cities pan-India.</p>
<p>In 2024, the Union Cabinet had <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">approved</a> the PM E-DRIVE Program and the PM-eBus Sewa-Payment Security Mechanism Program. The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying electric vehicles, and developing charging infrastructure to support wider EV adoption.</p>
<p>Commenting on the development, Rohit Srivastava, Business Head and Chief Growth Officer at EKA Mobility, said the project will support Hyderabad’s transition to cleaner, smarter mobility and align with the national electric-vehicle push.</p>
<p>Earlier, Pune-based EKA Mobility, under the PM E-Bus Seva program, had secured contracts to deploy electric buses in Rajasthan, Odisha, Andhra Pradesh, Puducherry, and Meghalaya.</p>
<p>In 2024, EKA Mobility <a href="https://www.mercomindia.com/eka-mobility-electric-buses-order-nagpur" target="_blank" rel="noopener">secured</a> an order from Nagpur Municipal Corporation to supply 250 electric buses. The deployment contract was awarded to Hansa Vahan, which has partnered with EKA Mobility.</p>
<p>In January this year, GreenCell Mobility <a href="https://www.mercomindia.com/greencell-mobility-secures-89-million-funding-led-by-bii-ifc-and-tata-capital" target="_blank" rel="noopener">raised</a> $89 million in a mezzanine financing round led by British International Investment, IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India. The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses, operating across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry under government programs such as the National E-Bus Program and PM Seva E-Mobility program.</p>


GreenCell-EKA Consortium Secures Order for 915 Electric Buses in Telangana


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					</table><p><a href="https://eversourcecapital.com/" target="_blank" rel="noopener">Eversource Capital’s</a> green mobility arm, <a href="https://greencellmobility.com/" target="_blank" rel="noopener">GreenCell Mobility</a>, has raised $89 million in a mezzanine financing round led by British International Investment (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>), <a href="https://www.ifc.org/en/home" target="_blank" rel="noopener">IFC</a>, and <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Capital</a> to accelerate the deployment of zero-emission public transport in India.</p>
<p>The Mumbai-based company operates a manufacturer-agnostic electric bus platform, with over 1,200 e-buses and 270+ charging stations serving both intracity and intercity routes.</p>
<p>The funding will support GreenCell’s plan to expand its fleet to 3,700 electric buses, operating across Delhi, Madhya Pradesh, Andhra Pradesh, Bihar, and Puducherry under government programs such as the National E-Bus Program and PM Seva E-Mobility program.</p>
<p>BII has committed $33 million to the funding round.</p>
<p>Mezzanine financing is a hybrid capital source that blends debt and equity, sitting between senior loans and common stock on a company&#8217;s balance sheet, and is ideal for growth, such as acquisitions or expansion, without immediate heavy equity dilution.</p>
<p>The investment aligns with India’s broader push to decarbonize transport, which accounts for about 12% of energy-related emissions, and the government’s target of 30% electric vehicle penetration by 2030.</p>
<p>BII said the investment reflects its climate-focused strategy in India, with electric mobility as a key pillar, and reinforces its broader commitment to supporting green technology, reducing urban air pollution, and accelerating the country’s clean energy transition.</p>
<p>In 2024, the Union Cabinet had <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">approved</a> the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program,’ and the ‘PM-eBus Sewa-Payment Security Mechanism Program.’ The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying electric vehicles, and developing charging infrastructure to support wider EV adoption.</p>
<p>The PM-eBus Sewa-Payment Security Mechanism Program, with an outlay of ₹34.35 billion ($409 million), will support the procurement and operation of over 38,000 electric buses from FY 2024-25 to FY 2028-29.</p>
<p>Earlier, GreenCell Mobility had <a href="https://www.mercomindia.com/greencell-mobility-secures-%E2%82%B93-billion" target="_blank" rel="noopener">secured</a> ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh.</p>


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