Unique, Ingsol, Stockwell Win SECI’s 2.8 MW Rooftop Solar Auction

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Enfros, Solar Optimised, Arka, Kalpana Construction Win SECI’s 3.8 MW Solar Auction

Waaree’s N-Type Solar Module Plant in Gujarat Expands to 3 GW

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CTUIL Issues Draft Rules for Changing Renewable Energy Source for ISTS Projects

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Rooftop Solar Delivers Real Returns for Ahmedabad Housing Complex

Daily News Wrap-Up: China’s Silver Inventory Hits Record Low


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					</table><p>From: <a href="https://mercomcapital.com/funding-ma-roundup-residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>SunPower, a solar technology, services, and installation company, </strong><a href="https://mercomcapital.com/residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of Ambia Solar, a solar panel installation company based in Lindon, Utah</strong>. Both companies previously signed a non-binding letter of intent on November 11 for $37.5 million in equity, and the transaction was closed subject to customary closing conditions.</p>
<p><strong>Eos Energy, a U.S.-based energy storage company that designs and manufactures long-duration zinc-based battery systems for grid and industrial applications, has </strong><a href="https://mercomcapital.com/eos-energy-closes-600-million-convertible-senior-notes/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a previously announced</strong> $600 million convertible senior notes offering. According to the transaction, the offering of 1.75% convertible senior notes due 2031 generated approximately $580.5 million in net proceeds. With the initial purchasers fully exercising their option to buy additional notes, the company now has $600 million in total convertible notes issued and outstanding.</p>
<p><strong>Ecobat, a battery recycling company, has </strong><a href="https://mercomcapital.com/ecobat-sells-uk-operations-to-funds-advised-by-splitstone-capital/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the sale of its UK battery recycling and specialty lead operations to funds advised by Splitstone Capital</strong>, a UK-based private equity firm. The transaction includes Ecobat’s facility in Matlock and the company’s lead sheet mill in Welwyn Garden City.</p>
<p><strong>Brookfield Asset Management, an asset manager specializing in renewable energy, infrastructure, real estate, and private equity, </strong><a href="https://mercomcapital.com/brookfield-asset-management-acquires-alba-renewables/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the acquisition of Alba Renewables</strong>, a renewable energy project developer. This acquisition marks Brookfield’s entry into the Philippines, Thailand and Vietnam.</p>
<p><strong>Ecoplexus, a utility-scale solar and storage project developer, </strong><a href="https://mercomcapital.com/ecoplexus-secures-300-million-credit-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $300 million credit facility from capital accounts advised by KKR</strong>, an investment firm. The facility comprises development capital and a letter of credit facility provided by Sumitomo Mitsui Banking Corporation. The funding will be used to support the expansion of the company’s portfolio of over 13 GW of solar and storage projects across the U.S., and to advance several large-scale projects that will begin construction in the near term.</p>
<p><strong>Switzerland-headquartered solar solutions provider Candi Solar has </strong><a href="https://www.mercomindia.com/candi-solar-raises-58-5-million-in-ifc-led-funding-round" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $58.5 million in a funding round</strong> led by the global development institution, International Finance Corporation, to deliver clean, affordable solar solutions in India and South Africa.</p>
<p><strong>India-based electric vehicle solutions company Neuron Energy has </strong><a href="https://www.mercomindia.com/ev-solutions-firm-neuron-energy-raises-%E2%82%B9310-million-in-pre-series-b-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹310 million (~$3.47 million) in a pre-series B round to expand its battery manufacturing capacity</strong>. The funding was led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office, Chona Family Office, along with participation from some reputed family offices and high-net-worth individual investors.</p>
<p><strong>India-based battery-as-a-service company BatteryPool has </strong><a href="https://www.mercomindia.com/ev-charging-platform-batterypool-raises-%E2%82%B980-million-in-pre-series-a-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹80 million (~$895,957) in a pre-series A round led by Inflection Point Ventures</strong>. Indian Angel Network, Chennai Angels, and Keiretsu Forum also participated in this round, along with high-net-worth individuals. BatteryPool said it will utilize the funding to scale its battery fleet by 10 times over the next 18 months to strengthen its nationwide footprint.</p>
<p>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>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-neovolta-to-secure-13-million-in-private-placement-financing/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Residential Solar Company SunPower Acquires Ambia Solar


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					</table><p>Mumbai-based electric vehicle (EV) solutions company <a href="https://www.neuronenergy.in/" target="_blank" rel="noopener">Neuron Energy</a> has raised ₹310 million (~$3.47 million) in a pre-series B round to expand its battery manufacturing capacity.</p>
<p>The funding was led by <a href="https://www.equanimityinvestments.com/" target="_blank" rel="noopener">Equanimity Ventures</a>, Rajiv Dadlani Group, Thackersay Family Office, Chona Family Office, along with participation from some reputed family offices and high-net-worth individual investors.</p>
<p>The funding will be utilized to expand Neuron Energy’s battery manufacturing capacity to 3 GWh. It will also be used to establish a fully automated facility for electric four-wheelers and buses at Chakan, Pune,</p>
<p>The funding will help strengthen the company’s research and development capabilities and accelerate its domestic growth.</p>
<p>The company also intends to expand its footprint in international markets and enter the heavy vehicle segment.</p>
<p>Neuron Energy said it is confident of achieving sales of over ₹9 billion (~$100.7 million) and robust profitability over the next few years.</p>
<p>With the completion of this round, the company has raised a cumulative funding of ₹800 million (~$8.95 million).</p>
<p>The company offers a wide range of mobility solutions powered by advanced lithium-ion technologies and is actively expanding into next-generation sodium-ion solutions.</p>
<p>It manufactures lithium-ion batteries for two-wheelers, three-wheelers and electric tractors, golf carts, drones, cleaning machines, forklifts, and cycles.</p>
<p>According to data <a href="https://mercomindia.com/electric-vehicle-sales-clock-12-5-yoy-growth-in-q3-2025" target="_blank" rel="noopener">released</a> by the Ministry of Road Transport and Highways through its Vahan Dashboard, EV sales in India reached 560,637 units in the third quarter (Q3) of 2025, an over 12.5% year-over-year increase from 497,974 units. EVs accounted for 8% of overall automobile sales, totaling 5,796,216 units in Q3. India now has over 7.02 million registered EVs.</p>
<p>Boosting EV sales in the state, the Maharashtra state government announced a range of incentives across categories for the purchase of EVs under the Maharashtra Electric Vehicle Policy for 2025. The policy aims to have one in three registered vehicles be an EV by 2030.</p>
<p>In July 2025, the Ministry of Heavy Industries <a href="https://mercomindia.com/mhi-announces-demand-incentives-for-electric-trucks-under-pm-e-drive" target="_blank" rel="noopener">issued</a> a notification for the PM Electric Drive Revolution in the Innovative Vehicle Enhancement program, offering demand incentives for electric trucks. The incentives range from ₹270,000 (~$3,147.59) to ₹9,60,000 (~$10,841.69).</p>


EV Solutions Firm Neuron Energy Raises ₹310 Million in Pre-Series B Funding


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					</table><p>Electric vehicle (EV) battery manufacturing company <a href="https://www.neuronenergy.in/" target="_blank" rel="noopener">Neuron Energy</a> has raised ₹200 million (~$2.4 million) in a Series A funding from investors, including the Chona Family and Capri Global Family Office.</p>
<p>The funds will be used to bolster Neuron’s research and development (R&amp;D) capabilities. This will include establishing an R&amp;D laboratory in Pune and a manufacturing facility in Delhi.</p>
<p>While its Pune facility will aim to enhance battery life, reduce charging duration, and develop efficient cooling packs, the Delhi facility will produce 100 MWh of batteries annually, specifically for two-wheelers.</p>
<p>The company aims to clock ₹1.5 – 2 billion (~$17.86 – 23.81 million) in revenue in the current fiscal year.</p>
<p>Pratik Kamdar, CEO and Co-Founder of Neuron Energy said, &#8220;We are pleased to secure this Series A funding, which reflects investor confidence in Neuron Energy&#8217;s profitable business model and growth potential. These investments will drive our innovation efforts in EV battery technology and support our goal of achieving a revenue of ₹3 billion (~$35.72 million) by FY 25-26. We remain committed to advancing sustainable energy solutions and contributing to India&#8217;s evolving EV landscape.&#8221;</p>
<p>Neuron Energy provides lithium-ion and lead-acid technology smart batteries for bikes, rickshaws, and golf carts.</p>
<p>The platform works with original equipment manufacturers and supplies batteries to small and medium manufacturers. It claims to work with companies including <a href="https://komaki.in/" target="_blank" rel="noopener">Komaki</a>, E-Vishwa, <a href="https://electric-one.com/product/evtric-rise/" target="_blank" rel="noopener">EVTrick</a>, and <a href="https://3evi.com/" target="_blank" rel="noopener">3ev</a>.</p>
<p>Last year, the company <a href="https://www.mercomindia.com/neuron-energy-raises-%E2%82%B9200-battery-" target="_blank" rel="noopener">raised</a> ₹200 million (~$2.4 million) in the Pre-Series A round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group, among others. The funding was intended to be used for the expansion of Li-ion smart batteries for EV two-wheelers and three-wheelers while aiding the brand’s venture into drone batteries.</p>
<p>In 2022, the company made a major <a href="https://www.mercomindia.com/neuron-energy-to-invest-%E2%82%B9500-million-in-battery-production" target="_blank" rel="noopener">investment</a> of ₹500 million ($6.04 million)  to increase its production capacity of lithium-ion batteries.</p>


EV Battery Manufacturer Neuron Energy Raises ₹200 Million


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-pvcase-raises-100-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>PVcase, a solar project design software provider</strong><strong>, has <a href="https://mercomcapital.com/pvcase-raises-digitize-solar-project-design-software/" target="_blank" rel="noopener">secured</a> an investment of $100 million, bringing the company’s total funding to over $123 million</strong>. Highland Europe, Energize, and existing investor Elephant participated in the round. The funding is expected to help PVcase accelerate its product development, expand its global presence, and integrate its platform with other industry-leading solutions.</p>
<p><strong>Peaxy, a cloud software company specializing in battery lifecycle analytics, has <a href="https://mercomcapital.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. </strong>The new funding will enable Peaxy to accelerate the development and deployment of its flagship product, Peaxy Lifecycle Intelligence (PLI), a cloud-based predictive analytics platform.</p>
<p><strong>ROCSYS, a provider of r</strong><strong>obotic solutions for electric vehicle charging, <a href="https://mercomcapital.com/rocsys-raises-boost-autonomous-charging-for-evs/" target="_blank" rel="noopener">announced</a> that it has raised $36 million in a Series A funding round</strong> led by SEB Greentech Venture Capital; the round also includes participation from Graduate Entrepreneur, the European Investment Bank, and returning investor Forward.One. The funding will enable ROCSYS to expand its product portfolio, grow its team, and scale up its operations in Europe and North America. The company will also use the funds to accelerate the development and deployment of its autonomous charging solutions for passenger cars, trucks, and buses.</p>
<p><strong>Neuron Energy, a Mumbai-based lithium-ion battery manufacturer, has </strong><a href="https://www.mercomindia.com/neuron-energy-raises-%e2%82%b9200-battery-manufacturing" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹200 million (~$2.4 million) in its pre-series A round</strong>. The investment was led by Equanimity Investments and the Rajiv Dadlani Group. It also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures. The funds will be used to secure ICAT certifications, invest in mold development, and strengthen the workforce by expanding the research and development team and hiring CXOs and senior management.</p>
<p><strong>TROES, an energy storage company, </strong><a href="https://www.businesswire.com/news/home/20230731201953/en/TROES-Corp.-Successfully-Closes-Pre-Series-A-Funding-Round-and-Initiates-Series-A-Financing-Demonstrating-Strong-Growth-Potential-in-Energy-Storage-Centered-Microgrid-Solutions" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the successful closing of its Pre-Series A funding. The Silicon Valley-based Mobility Innovation Fund led the round</strong>, managed by leading global automotive enterprises SAIC Motor and Wanxiang Group. In addition to the equity investment, TROES will receive trading support from this group, utilizing a substantial credit facility provided by JP Morgan to meet the fast-growing customer demand better.</p>
<p>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.</p>
<p>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>.</p>
<p>&nbsp;</p>
<p>July 19, 2023 CORRECTION: Inaccurately listed investors under Peaxy deal have been removed.</p>


Funding and M&A Roundup: PVcase Raises $100 Million to Digitize Solar Project Design


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					</table><p><a href="https://www.neuronenergy.in/" target="_blank" rel="noopener">Neuron Energy</a>, a Mumbai-based lithium-ion battery manufacturer, has raised ₹200 million (~$2.4 million) in its pre-series A round.</p>
<p>The investment was led by <a href="https://www.equanimityinvestments.com/" target="_blank" rel="noopener">Equanimity Investments</a> and the Rajiv Dadlani Group. It also saw participation from Chona Family Office (<a href="https://www.havmor.com/" target="_blank" rel="noopener">Havmor Group</a>) and Kayenne Ventures.</p>
<p>The funds will be used to secure ICAT certifications, invest in mold development, and strengthen the workforce by expanding the research and development team and hiring CXOs and senior management.</p>
<p>The funding will fuel Neuron&#8217;s expansion of Li-ion smart batteries for EV two-wheelers and three-wheelers while aiding the brand&#8217;s venture into drone batteries.</p>
<p>The company offers lithium-ion and lead-acid batteries specifically designed for e-bikes, e-rickshaws, and golf carts.</p>
<p>Commenting on the funds raised, Pratik Kamdar, CEO &amp; Co-Founder of Neuron Energy, said the funds raised will enhance the company’s manufacturing capabilities and bolster the workforce.</p>
<p>Rajesh Sehgal, Managing Partner of Equanimity Investments, commented, “The EV landscape in India is evolving and is expected to gain pace in the coming years, as India moves towards a well-planned holistic trajectory by making significant progress towards an electric future. This also makes battery manufacturing a huge opportunity, as it is at the heart of the energy ecosystem transition.”</p>
<p>Rajiv Dadlani said, &#8220;As long-term growth investors, we recognize the enormous opportunity of the EV industry. Neuron Energy demonstrates the remarkable potential to become the market leader with their exceptional efficiency in delivering top-quality products.”</p>
<p>Dadlani added that the company and its founders are highly committed to delivering rigorously tested and safe-to-use li-Ion smart batteries, a key factor that has sparked significant investor interest.</p>
<p>In addition to the funding, Neuron Energy seeks to establish a strategic partnership with a leading EV two-wheeler manufacturer to establish a dedicated facility.</p>
<p>In December 2022, Neuron Energy <a href="https://www.mercomindia.com/neuron-energy-to-invest-%e2%82%b9500-million-in-battery-production" target="_blank" rel="noopener">announced</a> it would invest ₹500 million ($6.04 million) to increase production capacity. The investment will be split into ₹350 million ($4.2 million) of working capital and ₹150 million ($1.8 million) of equity from the promoters and strategic partners.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">grew</a> by 66% year-over-year to 371,340 units in the second quarter of 2023, compared to 223,293 units sold in the corresponding quarter last year.</p>


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