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Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

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					</table><a href="https://t1energy.com/" target="_blank" rel="noopener">T1 Energy</a>, a solar and battery manufacturing company, has entered into a definitive agreement to acquire <a href="https://korepower.com/" target="_blank" rel="noopener">KORE Power</a>, a battery energy storage systems manufacturer, for approximately $32 million.
The purchase enterprise value consists of equity, cash, and the assumption of debt at the anticipated closing in the second quarter of 2026, subject to customary conditions, including approval by KORE Power shareholders.
The company said the acquisition is expected to provide an entry point into the energy storage and artificial intelligence data center infrastructure markets. T1 expects the transaction to expand its potential customer base for solar and storage solutions.
KORE Power’s NRI division is the strategic centerpiece of the acquisition, which is focused on designing, delivering, installing, and operating utility-scale energy storage solutions. T1 said the NRI team has deployed about 1,100 battery storage projects worldwide and has provided solutions to the U.S. government, national laboratories, utilities, developers, and other industrial customers.
NRI performs all software and controls development in the U.S. T1 plans to rebrand KORE Power as T1 NRI after the expected closing of the transaction.
“The combination with T1 Energy is expected to provide customers with a one-stop solution for generation, storage, system design, and ongoing operations,” said Jay Bellows, President and CEO of KORE Power. “We’re thrilled to be joining T1, which shares our commitment to building a secure, domestic energy supply chain.”
The company expects the transaction to generate positive EBITDA in 2026. The company expects the acquisition to contribute approximately $15 million to $20 million of EBITDA in 2027.
In addition to the $32 million purchase enterprise value, the transaction includes a potential $9.6 million equity-based earn-out for fiscal years 2026 and 2027.
In 2025, T1 announced the <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">acquisition</a> of a minority stake in Talon PV, a solar cell manufacturer. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership.
According to Mercom’s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, Corporate M&amp;A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&amp;A transactions compared to 19 in Q1 2025.

T1 Energy to Acquire KORE Power in $32 Million Battery Storage Deal

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					</table>KORE Power (<a href="https://korepower.com/" target="_blank" rel="noopener">KORE</a>), a battery cell developer, has secured a conditional commitment from the U.S. Department of Energy&#8217;s Loan Programs Office (<a href="https://www.energy.gov/lpo/loan-programs-office" target="_blank" rel="noopener">LPO</a>) for an $850 million loan under the Advanced Technology Vehicles Manufacturing (<a href="https://www.energy.gov/lpo/advanced-technology-vehicles-manufacturing-loan-program" target="_blank" rel="noopener">ATVM</a>) Loan Program.
The loan will fund the company’s advanced battery manufacturing facility with a 6 GWh annual capacity in Buckeye, Arizona, catering to the e-mobility and energy storage sectors.
The new unit, KOREPlex, will house multiple production lines dedicated to manufacturing high-quality batteries domestically and is expected to begin delivering products by the end of 2024 or early 2025.
The facility will utilize two chemistries, nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP), to produce cells for electric vehicles (EVs) and energy storage systems within the U.S.
In partnership with local colleges and universities in Arizona, KORE Power is also actively collaborating to establish training initiatives and programs to develop a skilled workforce for KOREPlex.
Lindsay Gorrill, Founder, and CEO of KORE Power, emphasized the company&#8217;s commitment to supporting the country&#8217;s energy and mobility future and said, &#8220;We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future. Domestic manufacturing will unlock the benefits of clean energy investments for U.S. workers across the supply chain.&#8221;
The company caters to a diverse range of clients, including utilities, commercial and industrial entities, e-mobility companies, EV manufacturers, and fast-charging infrastructure providers.
The company recently announced significant offtake agreements for energy storage projects in Arkansas and Illinois, highlighting its expansion in the energy storage and e-mobility sectors.
In May last year, the DOE <a href="https://www.mercomindia.com/us-funding-boost-domestic-battery-manufacturing" target="_blank" rel="noopener">announced</a> $3.16 billion in funding from President Biden’s ‘Bipartisan Infrastructure Law’ to expand domestic battery manufacturing, bolster domestic supply chains, and spur job creation.
According to a recent U.S. Energy Information Administration report, power developers and project owners would <a href="https://www.mercomindia.com/us-battery-utility-scale-storage-capacity-to-gw-by-2025" target="_blank" rel="noopener">add</a> utility-scale battery storage capacity of up to 30 GW in the United States over the next three years.

US to Loan $850 Million for KORE Power’s Battery Manufacturing Unit

Power Factors, a provider of renewable asset management software, <a href="https://cms.mercomindia.com/power-factors-acquires-inaccess/" target="_blank" rel="noopener">acquired</a> Inaccess, a provider of integrated mission-critical software and hardware solutions for renewable energy projects, battery energy storage systems, hybrid plants, and virtual power plants. The financial terms of the acquisition were not disclosed. Power Factors plans to combine its asset performance management solutions with Inaccess’ SCADA, power plant and battery control, and market trading offerings to support the transition of the global renewable energy market. Through the acquisition, Power Factors expands its customer asset management portfolio to nearly 200 GW.
U.S.-based KORE Power, a manufacturer of lithium-ion battery cells, <a href="https://cms.mercomindia.com/kore-power-acquires-stake-zevx/" target="_blank" rel="noopener">acquired</a> a 4.22% stake in ZEVx, an EV start-up and a provider of EV conversion kits focusing on fleet electrification. The investment expands KORE Power’s presence in the e-mobility space. ZEVx manufactures electric powertrain solutions that allow fleet customers to convert existing light-medium duty fleet vehicles to EVs. Formerly known as Zero Electric Vehicles, the company is partnering with KORE Power to develop new vehicle battery efficiency and safety advances.
Syrcuit  Energy Solutions, a developer and installer of renewable energy systems, <a href="https://syrcuit.com/229-2/" target="_blank" rel="noopener">raised</a> $6 million via private placement following the Securities &amp; Exchange Commission Reg-D offering. The company plans to use the funding to develop strategic partnerships and secure land for future development projects and working capital purposes.
Nano One Materials, a clean technology developer in battery materials, and Rio Tinto, a mining group, have <a href="https://cms.mercomindia.com/nano-one-raises-10-million/" target="_blank" rel="noopener">agreed</a> to enter a strategic partnership providing iron and lithium products. Under the deal, Rio Tinto also made a strategic equity investment into Nano One for gross proceeds of $10 million. Upon closing, Nano One will issue a total of 4,643,148 common shares, approximately 4.9% of the current issued and outstanding Shares of Nano One, at C$2.7 (~$2.07) per in a non-brokered private placement. This investment will be used to expand the company’s technology and supply chain development, commercialization, Nano One’s acquisition of the Candiac facility in Quebec, its conversion to One-Pot lithium iron phosphate, and industrial-scale piloting of other Nano One CAM technologies and working capital purposes.
Connected Energy, a provider of second-life battery energy storage systems, has <a href="https://cms.mercomindia.com/connected-energy-raises-16-million-in-funding/" target="_blank" rel="noopener">raised</a> £15 million (~$15.7 million) in funding from Caterpillar Venture Capital, the Hinduja Group, Mercuria, OurCrowd, and Volvo Energy. Other existing investors, Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund, also participated in the round. The funds help the company scale its operations and move into utility-scale project development. This next funding phase enables Connected Energy to expand its technologies and operations globally and increase its availability of second-life batteries on the international markets.
Mirova, an affiliate of Natixis Investment Manager and asset management company offering investment solutions, <a href="https://www.mirova.com/sites/default/files/2022-06/Press%20Release_Mirova%20SunFunder.pdf" target="_blank" rel="noopener">acquired</a> SunFunder, a private debt management company that finances renewable energy projects in Africa and Asia. Mirova is expanding its investment platform in international markets through the acquisition. SunFunder offers financing solutions for Africa&#8217;s decentralized solar energy sector to achieve direct impact at the intersection of climate change and inequality. Upon completion, Mirova will own 100% of SunFunder, whose teams and expertise will strengthen its local investment and execution capabilities for its private asset strategies.
India-based solar cold storage solutions provider Ecozen <a href="https://mercomindia.com/ecozen-secures-%e2%82%b9540-million-funding/" target="_blank" rel="noopener">announced</a> that it had raised ₹540 million (~$6.93 million) as part of a planned ₹2 billion (~$25.67 million) Series C funding round. The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Early investors in Ecozen include Sathguru Catalyser’s Innovation in Food and Agriculture Fund (IFA fund) and Omnivore.
Dow Jones <a href="https://www.globenewswire.com/en/news-release/2022/06/14/2461797/6837/en/OPIS-a-Dow-Jones-Company-to-Acquire-Pricing-Data-Assets-of-Singapore-Solar-Exchange-Pte-Ltd.html" target="_blank" rel="noopener">announced</a> that OPIS, a Dow Jones company, has signed an asset purchase agreement to acquire solar panel pricing, market reporting, and associated data assets from the Singapore Solar Exchange (SSX). The deal is expected to close in early July 2022. OPIS provides news, analytics, and price benchmarking for energy, carbon, commodities, chemicals, and other raw materials. With this acquisition, OPIS will expand its offering to the solar panel sector to provide current and forward-looking (PV) pricing data and market analysis.
1414 Degrees (14D), a manufacturer of energy storage systems, <a href="https://1414degrees.com.au/wp-content/uploads/2022/06/14D-15June.pdf" target="_blank" rel="noopener">announced</a> that it has entered into a Share Sale Agreement (SSA) for the sale of 50% of the shares in SiliconAurora to a wholly-owned subsidiary of Vast Solar. In addition, 14D and Vast Solar have executed a Shareholders Agreement (SA) that will govern the ongoing operation of Silicon Aurora and the development of the Aurora Energy Project (Aurora). Under the terms of the SSA, the purchase price for the 50% shares in Silicon Aurora is $2.5 million in cash payable by Vast Solar in two installments. An initial $1 million is payable at completion, and a further $1.5 million following the receipt by Silicon Aurora of a written offer to connect to the transmission system from the relevant Network Service Provider under the rules of the National Electricity Market.
 Cox Energy America, a solar company, developing and operating solar PV projects in Central America and Caribbean countries, has <a href="https://miranda-partners.com/newswire/cox-energy-america-obtains-funding-to-continue-its-expansion-and-growth-plan/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=cox-energy-america-obtains-funding-to-continue-its-expansion-and-growth-plan" target="_blank" rel="noopener">signed</a> a credit facility for €30 million (~$31.2 million) with Barclays Bank Ireland. Likewise, Cox Energy Solar and Cox Energy América entered an intercompany transaction in which Cox Energy Solar will provide a loan for the corresponding amount to Cox Energy América, which will be used to continue with its 2022 expansion and growth plans. This transaction was previously authorized by the Corporate Practices Committee, the Audit Committee, and the Annual Shareholders’ Meeting.
FTC Solar, a provider of solar tracker systems, software, and engineering services, <a href="https://www.globenewswire.com/news-release/2022/06/14/2462603/0/en/FTC-Solar-Closes-Acquisition-of-HX-Tracker.html" target="_blank" rel="noopener">announced</a> that it closed the acquisition of HX Tracker, a China-based supplier of 1P tracker systems. “This complementary acquisition accelerates our international expansion with a strengthened platform to accelerate growth in China, the Middle East, Africa, and other markets,” said Sean Hunkler, FTC Solar’s President and Chief Executive Officer.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-repsol-renewables-stake/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Power Factors Acquires Renewable Software Provider Inaccess

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-power-factors-acquires-inaccess/" target="_blank" rel="noopener">Mercom Capital Group</a>
Power Factors, a provider of renewable asset management software, <a href="https://mercomcapital.com/power-factors-acquires-inaccess/" target="_blank" rel="noopener">acquired</a> Inaccess, a provider of integrated mission-critical software and hardware solutions for renewable energy projects, battery energy storage systems, hybrid plants, and virtual power plants. The financial terms of the acquisition were not disclosed. Power Factors plans to combine its asset performance management solutions with Inaccess’ SCADA, power plant and battery control, and market trading offerings to support the transition of the global renewable energy market. Through the acquisition, Power Factors expands its customer asset management portfolio to nearly 200 GW.
U.S.-based KORE Power, a manufacturer of lithium-ion battery cells, <a href="https://mercomcapital.com/kore-power-acquires-stake-zevx/" target="_blank" rel="noopener">acquired</a> a 4.22% stake in ZEVx, an EV start-up and a provider of EV conversion kits focusing on fleet electrification. The investment expands KORE Power’s presence in the e-mobility space. ZEVx manufactures electric powertrain solutions that allow fleet customers to convert existing light-medium duty fleet vehicles to EVs. Formerly known as Zero Electric Vehicles, the company is partnering with KORE Power to develop new vehicle battery efficiency and safety advances.
Syrcuit  Energy Solutions, a developer and installer of renewable energy systems, <a href="https://syrcuit.com/229-2/" target="_blank" rel="noopener">raised</a> $6 million via private placement following the Securities &amp; Exchange Commission Reg-D offering. The company plans to use the funding to develop strategic partnerships and secure land for future development projects and working capital purposes.
Nano One Materials, a clean technology developer in battery materials, and Rio Tinto, a mining group, have <a href="https://mercomcapital.com/nano-one-raises-10-million/" target="_blank" rel="noopener">agreed</a> to enter a strategic partnership providing iron and lithium products. Under the deal, Rio Tinto also made a strategic equity investment into Nano One for gross proceeds of $10 million. Upon closing, Nano One will issue a total of 4,643,148 common shares, approximately 4.9% of the current issued and outstanding Shares of Nano One, at C$2.7 (~$2.07) per in a non-brokered private placement. This investment will be used to expand the company’s technology and supply chain development, commercialization, Nano One’s acquisition of the Candiac facility in Quebec, its conversion to One-Pot lithium iron phosphate, and industrial-scale piloting of other Nano One CAM technologies and working capital purposes.
Connected Energy, a provider of second-life battery energy storage systems, has <a href="https://mercomcapital.com/connected-energy-raises-16-million-in-funding/" target="_blank" rel="noopener">raised</a> £15 million (~$15.7 million) in funding from Caterpillar Venture Capital, the Hinduja Group, Mercuria, OurCrowd, and Volvo Energy. Other existing investors, Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund, also participated in the round. The funds help the company scale its operations and move into utility-scale project development. This next funding phase enables Connected Energy to expand its technologies and operations globally and increase its availability of second-life batteries on the international markets.
Mirova, an affiliate of Natixis Investment Manager and asset management company offering investment solutions, <a href="https://www.mirova.com/sites/default/files/2022-06/Press%20Release_Mirova%20SunFunder.pdf" target="_blank" rel="noopener">acquired</a> SunFunder, a private debt management company that finances renewable energy projects in Africa and Asia. Mirova is expanding its investment platform in international markets through the acquisition. SunFunder offers financing solutions for Africa&#8217;s decentralized solar energy sector to achieve direct impact at the intersection of climate change and inequality. Upon completion, Mirova will own 100% of SunFunder, whose teams and expertise will strengthen its local investment and execution capabilities for its private asset strategies.
India-based solar cold storage solutions provider Ecozen <a href="https://mercomindia.com/ecozen-secures-%e2%82%b9540-million-funding/" target="_blank" rel="noopener">announced</a> that it had raised ₹540 million (~$6.93 million) as part of a planned ₹2 billion (~$25.67 million) Series C funding round. The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Early investors in Ecozen include Sathguru Catalyser’s Innovation in Food and Agriculture Fund (IFA fund) and Omnivore.
Dow Jones <a href="https://www.globenewswire.com/en/news-release/2022/06/14/2461797/6837/en/OPIS-a-Dow-Jones-Company-to-Acquire-Pricing-Data-Assets-of-Singapore-Solar-Exchange-Pte-Ltd.html" target="_blank" rel="noopener">announced</a> that OPIS, a Dow Jones company, has signed an asset purchase agreement to acquire solar panel pricing, market reporting, and associated data assets from the Singapore Solar Exchange (SSX). The deal is expected to close in early July 2022. OPIS provides news, analytics, and price benchmarking for energy, carbon, commodities, chemicals, and other raw materials. With this acquisition, OPIS will expand its offering to the solar panel sector to provide current and forward-looking (PV) pricing data and market analysis.
1414 Degrees (14D), a manufacturer of energy storage systems, <a href="https://1414degrees.com.au/wp-content/uploads/2022/06/14D-15June.pdf" target="_blank" rel="noopener">announced</a> that it has entered into a Share Sale Agreement (SSA) for the sale of 50% of the shares in SiliconAurora to a wholly-owned subsidiary of Vast Solar. In addition, 14D and Vast Solar have executed a Shareholders Agreement (SA) that will govern the ongoing operation of Silicon Aurora and the development of the Aurora Energy Project (Aurora). Under the terms of the SSA, the purchase price for the 50% shares in Silicon Aurora is $2.5 million in cash payable by Vast Solar in two installments. An initial $1 million is payable at completion, and a further $1.5 million following the receipt by Silicon Aurora of a written offer to connect to the transmission system from the relevant Network Service Provider under the rules of the National Electricity Market.
 Cox Energy America, a solar company, developing and operating solar PV projects in Central America and Caribbean countries, has <a href="https://miranda-partners.com/newswire/cox-energy-america-obtains-funding-to-continue-its-expansion-and-growth-plan/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=cox-energy-america-obtains-funding-to-continue-its-expansion-and-growth-plan" target="_blank" rel="noopener">signed</a> a credit facility for €30 million (~$31.2 million) with Barclays Bank Ireland. Likewise, Cox Energy Solar and Cox Energy América entered an intercompany transaction in which Cox Energy Solar will provide a loan for the corresponding amount to Cox Energy América, which will be used to continue with its 2022 expansion and growth plans. This transaction was previously authorized by the Corporate Practices Committee, the Audit Committee, and the Annual Shareholders’ Meeting.
FTC Solar, a provider of solar tracker systems, software, and engineering services, <a href="https://www.globenewswire.com/news-release/2022/06/14/2462603/0/en/FTC-Solar-Closes-Acquisition-of-HX-Tracker.html" target="_blank" rel="noopener">announced</a> that it closed the acquisition of HX Tracker, a China-based supplier of 1P tracker systems. “This complementary acquisition accelerates our international expansion with a strengthened platform to accelerate growth in China, the Middle East, Africa, and other markets,” said Sean Hunkler, FTC Solar’s President and Chief Executive Officer.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomcapital.com/funding-and-ma-roundup-repsol-renewables-stake/" target="_blank" rel="noopener">roundup</a>.

U.S.-based <a href="https://korepower.com/" target="_blank" rel="noopener">KORE Power</a>, a manufacturer of lithium-ion battery cells, acquired a 4.22% stake in <a href="https://zevx.com/" target="_blank" rel="noopener">ZEVx</a>, an EV start-up and a provider of EV conversion kits focusing on fleet electrification.
The investment expands KORE Power’s presence in the e-mobility space.
ZEVx manufactures electric powertrain solutions that allow fleet customers to convert existing light-medium duty fleet vehicles to EVs. Formerly known as Zero Electric Vehicles, the company is partnering with KORE Power to develop new vehicle battery efficiency and safety advances.
Fleet vehicles in the U.S. comprise only 3% of all <a href="https://rmi.org/electrifying-fleets-from-pilot-to-full-scale/" target="_blank" rel="noopener">registered</a> vehicles, but fleets are an essential market segment to lead the successful electrification of the entire transportation sector. Large fleet purchases can drive scale, reducing vehicle technology and infrastructure costs.
With transportation now the most significant contributor to greenhouse gas emissions in the United States, the nation needs to rapidly scale the adoption of electric vehicles to align with 1.5oC global climate goals.
“Our joint product development and investment will help ZEVx realize the promise of these innovations at a time when moving to electric vehicles makes so much sense economically and environmentally,” said Lindsay Gorrill, the CEO, and Co-Founder of KORE Power.
Earlier this year, KORE announced a supply agreement with ZEVx to provide KORE battery modules for ZEVx’s electric powertrain kits through 2030.
“We’re proud to be two American companies putting American IP to work here in Arizona to reduce greenhouse gas emissions, increase energy independence, and eliminate barriers to EV adoption, when fleets are electrified, the benefits – from reduced pollution to lower maintenance and fuel costs- reverberate in communities across the nation,” said Carolyn Maury, the CEO of ZEVx.
In March, the company launched its KORE Solutions division post acquiring Northern Reliability, a Vermont-based energy storage solution provider. Later this year, the company plans to start the KOREPlex, a two-million-square-foot manufacturing facility, which will produce up to 12 GWh of lithium-ion battery cells annually. The KOREPlex allows the company to produce a domestic battery supply for e-mobility manufacturers and energy storage projects starting in 2024.
In May 2022, Johnson Matthey (JM), a sustainable technology company, <a href="https://cms.mercomindia.com/johnson-matthey-divest-battery-materials-business/" target="_blank" rel="noopener">agreed</a> to sell part of its Battery Materials business to EV Metals Group, a battery chemical, and technology provider, for $53 million.
According to Mercom’s Q1 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid, and Efficiency, in Q1 2022, there were five M&amp;A transactions involving Battery Storage companies compared to nine in Q4 2022.

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