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EQT, a private equity firm, announced that EQT Transition Infrastructure has <a href="https://cms.mercomindia.com/eqt-to-acquire-distributed-energy-company-scale-microgrids/" target="_blank" rel="noopener">agreed</a> to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals. Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquire</a> 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns a solar and wind projects portfolio totalling 640 MWac (760 MWdc), including operational and projects under development in the country.
Electric tractor technology company Moonrider has <a href="https://www.mercomindia.com/e-tractor-company-moonrider-secures-2-2-million-in-seed-funding" target="_blank" rel="noopener">raised</a> $2.2 million (~₹182.6 million) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund. A group of angel investors also participated in the funding round. The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, <a href="https://cms.mercomindia.com/ls-power-acquires-algonquin-powers-renewable-energy-business/" target="_blank" rel="noopener">announced</a> the acquisition of Algonquin Power &amp; Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
Gridware, a power grid monitoring solution provider, <a href="https://www.gridware.io/post/release-gridware-powers-forward-with-26-4-million-series-a-round-led-by-sequoia-capital" target="_blank" rel="noopener">raised</a> $26.4 million in Series A funding. Sequoia Capital led the investment, alongside existing backers such as Fifty Years, Lowercarbon, True Ventures, and Convective Capital. This funding is expected to accelerate Gridware’s grid monitoring solutions. The company completed an initial pilot with PG&amp;E last year, the utility is stated to have since expanded to a large-scale deployment covering more than 1,000 miles of power lines and 10,000 poles.
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-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EQT to Acquire Scale Microgrids

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-eqt-to-acquire-scale-microgrids/" target="_blank" rel="noopener">Mercom Capital Group</a>
EQT, a private equity firm, announced that EQT Transition Infrastructure has <a href="https://mercomcapital.com/eqt-to-acquire-distributed-energy-company-scale-microgrids/" target="_blank" rel="noopener">agreed</a> to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals. Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquire</a> 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.
Electric tractor technology company Moonrider has <a href="https://www.mercomindia.com/e-tractor-company-moonrider-secures-2-2-million-in-seed-funding" target="_blank" rel="noopener">raised</a> $2.2 million (~₹182.6 million) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund. A group of angel investors also participated in the funding round. The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, <a href="https://mercomcapital.com/ls-power-acquires-algonquin-powers-renewable-energy-business/" target="_blank" rel="noopener">announced</a> the acquisition of Algonquin Power &amp; Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
Gridware, a power grid monitoring solution provider, <a href="https://www.gridware.io/post/release-gridware-powers-forward-with-26-4-million-series-a-round-led-by-sequoia-capital" target="_blank" rel="noopener">raised</a> $26.4 million in Series A funding. Sequoia Capital led the investment, alongside existing backers such as Fifty Years, Lowercarbon, True Ventures, and Convective Capital. This funding is expected to accelerate Gridware’s grid monitoring solutions. The company completed an initial pilot with PG&amp;E last year, the utility is stated to have since expanded to a large-scale deployment covering more than 1,000 miles of power lines and 10,000 poles.
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/">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-greg-skinner-acquires-ethical-power-group" target="_blank" rel="noopener">roundup</a>.

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					</table>Bengaluru-based electric tractor technology company <a href="https://www.moonrider.ai/" target="_blank" rel="noopener">Moonrider</a> has raised $2.2 million (~₹182.6 million) in a seed funding round co-led by <a href="https://www.advantedge.vc/companies" target="_blank" rel="noopener">AdvantEdge Founders</a> and <a href="https://micelio.com/" target="_blank" rel="noopener">Micelio Technology Fund</a>. A group of angel investors also participated in the funding round.
The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
Moonrider said it has achieved price parity with diesel tractors to ensure accessibility for farmers and fleet operators.
The company aims to support farming operations by providing cost-effective and eco-friendly solutions.
Co-founder and CEO of Moonrider Anoop Srikantaswamy said electric tractors are designed to address diverse farming needs, improve farmer income, and promote sustainable farming practices. Moonrider has also formed partnerships with leading agricultural players and fleet operators in India and abroad to enhance productivity and develop scalable solutions.
In September last year, the Union Cabinet <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,’ to support electric mobility initiatives.
The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying electric vehicles (EV), and developing charging infrastructure to support wider EV adoption. 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.
Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, an over 27% growth year-over-year against the 1.53 million units sold in 2023. The EV market consistently surpassed the 100,000-unit mark every month, with October registering the highest sales at 219,527 units.

E-Tractor Company Moonrider Secures $2.2 Million in Seed Funding

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