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energyRe, a renewable energy developer, <a href="https://cms.mercomindia.com/energyre-announces-capital-raise/" target="_blank" rel="noopener">raised</a> $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
Global energy conglomerate bp will <a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener">acquire</a> an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.
AM Batteries, a lithium-ion dry-electrode technology firm, <a href="https://cms.mercomindia.com/am-batteries-raises-series-b-funding/" target="_blank" rel="noopener">closed</a> a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.
Monterra, an electric vehicle (EV) charging software company, <a href="https://cms.mercomindia.com/ev-charging-tech-firm-monterra-raises/" target="_blank" rel="noopener">secured</a> $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Modo Energy, a London-based energy storage data and research software platform, has <a href="https://cms.mercomindia.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid 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-ma-roundup-energy-storage-company-fluence-raises/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: energyRe Raises $1.2 Billion for Renewable Expansion

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-energyre-raises-renewable-expansion/" target="_blank" rel="noopener">Mercom Capital Group</a>
energyRe, a renewable energy developer, <a href="https://mercomcapital.com/energyre-announces-capital-raise/" target="_blank" rel="noopener">raised</a> $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
Global energy conglomerate bp will <a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener">acquire</a> an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.
AM Batteries, a lithium-ion dry-electrode technology firm, <a href="https://mercomcapital.com/am-batteries-raises-series-b-funding/" target="_blank" rel="noopener">closed</a> a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.
Monterra, an electric vehicle (EV) charging software company, <a href="https://mercomcapital.com/ev-charging-tech-firm-monterra-raises/" target="_blank" rel="noopener">secured</a> $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Modo Energy, a London-based energy storage data and research software platform, has <a href="https://mercomcapital.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
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>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-fluence-raises-400-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://modoenergy.com/" target="_blank" rel="noopener">Modo Energy</a>, a London-based energy storage data and research software platform, has secured $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans.
Modo Energy provides an integrated suite of data-backed software tools that provide insights to owners and operators of renewable energy assets, particularly grid-scale battery energy storage systems.
The company recently launched Modo 2.0, which offers users battery energy storage-specific price forecasts, revenue comparisons, price indices, and other features.
Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
The company is expected to fund its entry into the Texas and ERCOT markets, followed by the rest of the U.S., and expand to Europe.
Simon Menashy, at MMC Ventures, said, &#8220;Modo Energy has enabled its users &#8211; organizations who invest in, develop, own, and operate renewable energy assets &#8211; to make a transformational contribution to the energy transition. Modo helps all these market participants to fully understand revenue opportunities, commercialize new projects, and navigate an ever-evolving market with ease. We are very excited to join Modo Energy on its journey as it builds out its product lines and expands into new geographies.&#8221;
According to Mercom&#8217;s 9M And Q3 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, VC funding in Energy Storage in the first nine months (9M) 2023 was up by 115% YoY with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.
Earlier this year, Peaxy, a cloud software company specializing in battery lifecycle analytics, <a href="https://cms.mercomindia.com/peaxy-raises-boost-battery-lifecycle-analytics-platform/" target="_blank" rel="noopener">secured</a> $12 million in a Series B2 funding round to transform battery lifecycle analytics and digital twins.

Battery SaaS Platform Modo Energy Secures $15 Million

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