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Funding and M&A Roundup: Sila Raises $300 Million in Funding

SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has <a href="https://cms.mercomindia.com/solv-energy-secures-589-million-through-initial-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
Solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.
Solar module manufacturer GREW Solar has <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.
NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-solutions-provider-neovolta-closes-23-million/" target="_blank" rel="noopener">raised</a> around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering
Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).
Battery cell manufacturer, e-TRNL Energy, has <a href="https://www.mercomindia.com/e-trnl-energy-secures-%E2%82%B9274-million-to-scale-next-generation-battery-cell-innovation" target="_blank" rel="noopener">secured</a> ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
 
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-jupiter-secures-500-million-credit-facility/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: SOLV Energy Raises $589 Million Through IPO

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solv-energy-raises-589-million-through-ipo/" target="_blank" rel="noopener">Mercom Capital Group</a>
SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has <a href="https://mercomcapital.com/solv-energy-secures-589-million-through-initial-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
Solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.
Solar module manufacturer GREW Solar has <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.
NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-solutions-provider-neovolta-closes-23-million/" target="_blank" rel="noopener">raised</a> around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering
Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).
Battery cell manufacturer, e-TRNL Energy, has <a href="https://www.mercomindia.com/e-trnl-energy-secures-%E2%82%B9274-million-to-scale-next-generation-battery-cell-innovation" target="_blank" rel="noopener">secured</a> ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
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-lunar-energy-secures-232-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://neovolta.com/" target="_blank" rel="noopener">NeoVolta</a>, a U.S.-based energy storage solutions provider, announced it has raised around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026.
The first $13 million was <a href="https://cms.mercomindia.com/neovolta-to-secure-private-placement-financing/" target="_blank" rel="noopener">raised</a> by the company through a private placement financing led by Infinite Grid Capital (IGC). This transaction closed in December 2025 and January 2026.
The next $10 million was raised through a registered direct offering, closed in January 2026 with Needham &amp; Company as the exclusive placement agent, generating net proceeds of approximately $9.4 million.
The proceeds are intended to support working capital requirements and fund the company’s capital commitments to NeoVolta Power, a 2 GWh battery energy storage system manufacturing joint venture (JV), in Georgia. NeoVolta holds a 60% controlling interest in the JV, which is targeting mass production in mid-2026.
The company has made an initial $7 million capital contribution to the JV, marking the first of three funding milestones under the joint venture agreements. Additionally, the JV operating agreement allows for up to $15 million in additional contributions through June 30, 2027.
As per NeoVolta, the proceeds de-risk its near-term capital obligations while supporting working capital needs for its residential and commercial energy storage business as it scales operations.
According to Mercom’s Annual and Q4 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, announced debt and public market financing for Energy Storage companies in 2025 decreased 30% YoY, with $11.4 billion in 44 deals compared to $16.2 billion in 32 deals in 2024. Despite the lower capital raised, deal activity increased 38% YoY.
In August 2025, Energy Vault, a utility-scale energy storage project developer, announced that it had <a href="https://cms.mercomindia.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener">entered</a> into an exclusivity agreement for a $300 million preferred equity investment. The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets.

Energy Storage Solutions Provider NeoVolta Closes $23 Million

<a href="https://neovolta.com/" target="_blank" rel="noopener">NeoVolta</a>, a U.S.-based energy storage solutions provider, has entered into agreements for $13 million in private placement financing led by Infinite Grid Capital (IGC).
The funding is structured to offer both immediate and future capital support for the company&#8217;s planned domestic manufacturing initiative and will be used to accelerate growth.
A significant portion of the funding is allocated to advance this initiative, under a memorandum of understanding with third parties, to establish and operate a battery energy storage manufacturing plant in Georgia.
The facility under consideration is designed for an initial annual capacity of approximately 2 GWh, with a focus on utility-level and commercial &amp; industrial (C&amp;I) battery energy storage systems. Operations are expected to ramp up in 2026, subject to definitive agreements and successful execution.
&#8220;We are thrilled to welcome Infinite Grid Capital as a long-term strategic investor with their $10 million investment,&#8221; said Ardes Johnson, Chief Executive Officer of NeoVolta. &#8220;IGC is well-capitalized and highly aligned with our vision as we advance our domestic manufacturing plans and scale our commercial and grid-aligned channels. The investment delivers the capital and support we need while preserving the flexibility essential to our next phase of growth. We are now well-positioned to pursue a manufacturing platform capable of capturing strong downstream demand in the rapidly expanding U.S. battery energy storage market.&#8221;
According to Mercom&#8217;s 9M and Q3 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, announced debt and public market financing for Energy Storage technology companies decreased 44% YoY with $8.4 billion in 29 deals in 9M 2025 compared to $15 billion raised in 22 deals in 9M 2024.
In August, Energy Vault, a developer of utility-scale energy storage projects, <a href="https://cms.mercomindia.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener">announced</a> that it had entered into an exclusivity agreement for a $300 million preferred equity investment. The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets.

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