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

Solar Module Capacity Under ALMM Grows to 215.5 GW

dcbel, a smart home energy company, <a href="https://cms.mercomindia.com/smart-home-energy-company-dcbel-raises-series-b-funding/" target="_blank" rel="noopener">raised</a> over $50 million in a Series B funding round, with participation from existing investors Volvo Cars, Coatue, Kevin Mahaffey, Real Ventures, and new investors Idealist Capital and Investissement Québec. The funding is expected to enable the company to accelerate the delivery of its home energy solutions. Pierre Larochelle, Co-Managing Partner of Idealist Capital, will be appointed to the dcbel Board of Directors.
PosiGen, a residential solar and energy efficiency solutions provider, <a href="https://cms.mercomindia.com/solar-energy-efficiency-provider-posigen-secures-12-million/" target="_blank" rel="noopener">secured</a> a $12 million loan. ImpactAssets partnered with Connecticut Green Bank and Inclusive Prosperity Capital to provide the loan, which is expected to help unlock tax credits for the company under the new federal Investment Tax Credit adders.
Rondo Energy, a thermal energy storage company, <a href="https://cms.mercomindia.com/thermal-energy-storage-provider-rondo-energy-raises-60-million/" target="_blank" rel="noopener">raised</a> $60 million in a new funding round from Breakthrough Energy Ventures, Energy Impact Partners, SCG, TITAN, Microsoft’s Climate Innovation Fund, Rio Tinto, SABIC, Aramco Ventures, and climate investors SDCL Energy Efficiency Income Trust (SEEIT) and John Doerr.
Clearway Energy Group, a developer and operator of clean energy projects in the U.S., has <a href="https://www.mercomindia.com/clearway-energy-821-million-corporate-credit/" target="_blank" rel="noopener">secured</a> corporate credit facilities totaling $821.5 million. The corporate sustainability-linked credit facilities consist of a $300 million revolving credit facility, a $171.5 million green term loan, and a $350 million letter of credit facility. The financing is expected to help Clearway execute renewable energy projects of over 30 GW of capacity across 28 states.
Mitra Future Technologies, a lithium-ion battery materials manufacturer, <a href="https://cms.mercomindia.com/battery-materials-manufacturer-mitra-chem-raises-40-million/" target="_blank" rel="noopener">completed</a> a $40 million first close of a $60 million Series B funding round which is expected to help the company develop and commercialize iron-based cathode materials. The Series B funding round was led by General Motors, along with Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, Boutique Venture Partners, and new investors such as GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, Bonds Investment Group, and others.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-cornish-lithium-secures-67-million-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Smart Home Energy Company dcbel Raises $50 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-smart-home-energy-company-dcbel-raises/" target="_blank" rel="noopener">Mercom Capital Group</a>
dcbel, a smart home energy company, <a href="https://mercomcapital.com/smart-home-energy-company-dcbel-raises-series-b-funding/" target="_blank" rel="noopener">raised</a> over $50 million in a Series B funding round, with participation from existing investors Volvo Cars, Coatue, Kevin Mahaffey, Real Ventures, and new investors Idealist Capital and Investissement Québec. The funding is expected to enable the company to accelerate the delivery of its home energy solutions. Pierre Larochelle, Co-Managing Partner of Idealist Capital, will be appointed to the dcbel Board of Directors.
PosiGen, a residential solar and energy efficiency solutions provider, <a href="https://mercomcapital.com/solar-energy-efficiency-provider-posigen-secures-12-million/" target="_blank" rel="noopener">secured</a> a $12 million loan. ImpactAssets partnered with Connecticut Green Bank and Inclusive Prosperity Capital to provide the loan, which is expected to help unlock tax credits for the company under the new federal Investment Tax Credit adders.
Rondo Energy, a thermal energy storage company, <a href="https://mercomcapital.com/thermal-energy-storage-provider-rondo-energy-raises-60-million/" target="_blank" rel="noopener">raised</a> $60 million in a new funding round from Breakthrough Energy Ventures, Energy Impact Partners, SCG, TITAN, Microsoft’s Climate Innovation Fund, Rio Tinto, SABIC, Aramco Ventures, and climate investors SDCL Energy Efficiency Income Trust (SEEIT) and John Doerr.
Clearway Energy Group, a developer and operator of clean energy projects in the U.S., has <a href="https://www.mercomindia.com/clearway-energy-821-million-corporate-credit/" target="_blank" rel="noopener">secured</a> corporate credit facilities totaling $821.5 million. The corporate sustainability-linked credit facilities consist of a $300 million revolving credit facility, a $171.5 million green term loan, and a $350 million letter of credit facility. The financing is expected to help Clearway execute renewable energy projects of over 30 GW of capacity across 28 states.
Mitra Future Technologies, a lithium-ion battery materials manufacturer, <a href="https://mercomcapital.com/battery-materials-manufacturer-mitra-chem-raises-40-million/" target="_blank" rel="noopener">completed</a> a $40 million first close of a $60 million Series B funding round which is expected to help the company develop and commercialize iron-based cathode materials. The Series B funding round was led by General Motors, along with Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, Boutique Venture Partners, and new investors such as GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, Bonds Investment Group, and others.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-shell-completes-acquisition-of-sprng-energy/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.mitrachem.com/" target="_blank" rel="noopener">Mitra Future Technologies</a> (Mitra Chem), a lithium-ion battery materials manufacturer, completed a $40 million first close of a $60 million Series B funding round which is expected to help the company develop and commercialize iron-based cathode materials.
The Series B funding round was led by General Motors (GM), along with Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, Boutique Venture Partners, and new investors such as GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, Bonds Investment Group, and others.
In December 2021, the company <a href="https://cms.mercomindia.com/lithium-ion-battery-manufacturer-funding-round/" target="_blank" rel="noopener">raised</a> a $20 Million Series A Funding round led by Social Capital along with Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials, and Earthshot Ventures.
According to Mercom&#8217;s Q2 funding and M&amp;A report, VC funding for materials and components providers has seen a <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/">rise</a> in demand, with $524 million raised in Q2 2023 due to the growing demand for battery materials, with more manufacturers investing in raw material extraction and processing to cater to IRA-related requirements.
Along with the investment, GM and Mitra are establishing a partnership where Mitra Chem will develop iron-based cathode active materials (CAM) like lithium manganese iron phosphate (LMFP) to power affordable and accessible EV batteries compatible with GM&#8217;s EV propulsion architecture, the Ultium Platform.
&#8220;This is a strategic investment that will further help reinforce GM&#8217;s efforts in EV batteries, accelerate our work on affordable battery chemistries like LMFP and support our efforts to build a North America-focused battery supply chain,&#8221; said Gil Golan, GM vice president, Technology Acceleration
The company had <a href="https://news.gm.com/newsroom.detail.html/Pages/news/us/en/2023/jun/0602-posco.html" target="_blank" rel="noopener">recently</a> entered into a $1 billion Joint Venture with South Korea&#8217;s POSCO Future M to expand the production capacity at their battery materials facility in North America. GM also <a href="https://cms.mercomindia.com/gm-acquires-battery-software-startup/" target="_blank" rel="noopener">acquired</a> ALGOLiON, a company specializing in battery software for electric vehicles (EVs), for an undisclosed amount.
VC Funding activity for the energy storage sector was up 27%, in 1H 2023, with $3.8 billion in 43 deals compared to $3 billion in 48 deals in 1H 2022, according to Mercom&#8217;s recently released Mercom&#8217;s 1H And Q2 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid.

Battery Materials Manufacturer Mitra Chem Raises $40 Million

<a href="https://mitrachem.com/" target="_blank" rel="noopener">Mitra Future Technologies (Mitra Chem)</a>, a lithium-ion battery materials manufacturer, raised $20 million in a Series A funding round. Social Capital led the round with the other participants include Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials, and Earthshot Ventures.
The company plans to use the fresh funds to invest in product R&amp;D and expand North American pre-pilot production capacity.
The company is building the first North American lithium-ion battery materials product that shortens the lab-to-production timeline by over 90%. The first core product category is iron-based cathodes for non-Chinese battery applications. Iron-based cathodes shift away from using elements such as nickel and cobalt, which are facing imminent supply crunches and overconcentration of investment in China.
&#8220;The impending threat of climate change requires a significant global ramp-up of electrification across a wide range of carbon-based sectors. The lack of North American-based production and distribution of key battery materials represents a significant gap in our ability to lead climate innovation. Mitra Chem can upend the balance of power within the complicated global battery supply chain, supporting the explosion in electrification and disrupting the marketplace for these vital materials. We deeply appreciate the support from Chamath, Social Capital, and our partners participating in the round, and look forward to continuing to drive innovation in a sector that is on the front lines of the fight against climate change,&#8221; said Mitra Chem CEO and Co-Founder Vivas Kumar.
According to Mercom’s <a href="https://cms.mercomindia.com/product/9m-q3-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">9M and Q3 2021 Funding and M&amp;A Report</a> for Storage, Grid, and Efficiency, lithium-based battery companies were the top-funded category with $4 billion in 9M 2021. VC funding activity in battery storage companies in 9M 2021 was up significantly (363%) with $5.5 billion in 59 deals compared to $1.2 billion in 21 deals in 9M 2020. This is the highest ever amount of funding received by Battery Storage companies in a 9M period.

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