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Project Finance Brief: Enfinity Global Secures $368 Million


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-act-ion-battery-technologies-raises-4m/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>ACT-ion Battery Technologies, a producer of cathode active materials for lithium-ion batteries, </strong><a href="https://mercomcapital.com/act-ion-battery-technologies-raises-4m-in-pre-series-a-extension-round/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> a $4 million extension to its Pre-Series A funding round. </strong>The extension increases the company’s total funding to $11.5 million, building on the $7.5 million raised earlier this year in the initial phase of the round led by BASF Venture Capital.</p>
<p><strong>Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has </strong><a href="https://www.mercomindia.com/energy-solutions-provider-iljin-electronics-raises-%E2%82%B912-billion" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹12 billion (~$136.32 million) in strategic funding </strong>through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates. ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares.<strong> </strong></p>
<p><strong>Battery innovation company Offgrid Energy Labs has </strong><a href="https://www.mercomindia.com/battery-manufacturer-offgrid-raises-15-million-in-series-a-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $15 million in a Series A funding round led by Archean Chemical Industries. </strong>This round also saw participation from existing investor, Ankur Capital. Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the U.K., enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.</p>
<p><strong>Nextracker, a solar tracker and software solutions provider, </strong><a href="https://mercomcapital.com/nextracker-acquires-pv-frame-manufacturer-origami-solar-in-53m-cash-deal/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> its expansion into the solar panel frame market with the acquisition of Origami Solar, </strong>a provider of roll-formed steel frame technology for solar panels, in an all-cash transaction of approximately $53 million, including future contingent earnout consideration. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive its panel-tracker solutions.</p>
<p><strong>Solar manufacturer GREW Solar, a subsidiary of Chiripal Group, has </strong><a href="https://www.mercomindia.com/module-manufacturer-grew-solar-secures-%E2%82%B93-billion-to-expand-capacity" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹3 billion (~$34.09 million) from a group of investors, </strong>including those from GeeCee Holdings. Grew Solar will utilize the funds to develop new products, strengthen its technological infrastructure, and drive capacity expansion across its facilities. The new funding comes as the company plans to increase the capacity of its module manufacturing facility in Rajasthan, India, to 11 GW.</p>
<p><strong>Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, </strong><a href="https://mercomcapital.com/solaris-completes-acquisition-of-sunnovas-solar-assets-and-operations/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International. </strong>Solaris acquired Sunnova’s residential solar servicing, operations &amp; management platform, as well as its solar generation and storage portfolio. Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.</p>
<p><strong>Renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to </strong><a href="https://www.mercomindia.com/acme-solar-to-acquire-ak-renewable-infra-for-%E2%82%B9792-million" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> 100% equity shares of AK Renewable Infra </strong>for an enterprise value of ₹792.5 million (~$9 million). The acquisition will be subject to the SPA’s closing conditions and adjustments. AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.</p>
<p><strong>Solar module manufacturer Waaree Energies will </strong><a href="https://www.mercomindia.com/waaree-to-buy-64-stake-in-power-transformer-firm-kotsons" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons </strong>for ₹1.92 billion (~$21.79 million). The acquisition is expected to be completed by September 30, 2025. Post acquisition, Kotsons will become Waaree’s subsidiary.</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-and-ma-roundup-palmer-energy-acquires-brill-power" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: ACT-ion Battery Technologies Raises $4M


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					</table><p>Energy solutions provider <a href="https://www.iljin.co.in/" target="_blank" rel="noopener">ILJIN Electronics India</a>, the electronics division of Amber Group, has secured ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates.</p>
<p>ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares. The transaction is subject to regulatory approvals.</p>
<p>This funding is Greater Noida-based ILJIN’s first external institutional capital raise. It is aimed at scaling operations, enhancing manufacturing capacity, and pursuing targeted acquisitions to strengthen its market position.</p>
<p>ILJIN’s energy solutions include battery energy storage systems (BESS), solar inverters, electric vehicle charging solutions, and UPS systems. The company also offers box build solutions for products such as smart watches and routers, and bare printed circuit board and assemblies for consumer durables.</p>
<p>Recently, Amber Group, through ILJIN, <a href="https://www.mercomindia.com/il-jin-electronics-forays-into-bess-buys-majority-stake-in-power-one" target="_blank" rel="noopener">acquired</a> controlling stakes in Power-One Micro Systems to expand into BESS, electric vehicle chargers, UPS, and solar inverter markets, covering on-grid, off-grid, and hybrid systems. This acquisition will enable ILJIN Electronics to unlock avenues of operational synergies and strategic growth opportunities.</p>
<p>Corporate funding for energy storage companies in 1H 2025 <a href="https://www.mercomindia.com/energy-storage-funding-declines-in-1h-2025" target="_blank" rel="noopener">reached</a> $9.1 billion across 55 deals, a 41% decrease year-over-year compared to $15.4 billion in 64 deals in 1H 2024, according to Mercom Capital Group’s 1H and Q2 2025 Funding and M&amp;A Report for Energy Storage. The downturn was attributed to the uncertainty surrounding multiple policy and tariff changes in the U.S., including proposed cuts to the Investment Tax Credit and several provisions of the Inflation Reduction Act.</p>
<p>Battery energy storage is gaining traction in India, driven by the increasing integration of renewable energy into the grid. The government has <a href="https://www.mercomindia.com/government-mandates-two-hour-energy-storage-integration-in-solar-tenders" target="_blank" rel="noopener">mandated</a> renewable energy implementing agencies to incorporate a minimum two-hour co-located energy system, equivalent to 10% of the annual solar installed capacity, in all future tenders. This mandate is expected to resolve intermittency issues and provide critical support during peak demand hours.</p>


Energy Solutions Provider ILJIN Electronics Raises ₹12 Billion

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