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Quino Energy, a company developing water-based organic flow batteries, <a href="https://cms.mercomindia.com/quino-energy-raises-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage. The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million. The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Solfium, a company that provides integrated solar energy solutions, has <a href="https://cms.mercomindia.com/solar-tech-company-solfium-raises-7-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> the initial $7 million equity investment in its $10 million Series A funding round. The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures. Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises. With this new funding, the company plans to reach businesses, including underserved owner-managed operations which will benefit from financial inclusion initiatives powered by its technological stack and partnerships.
Flux XII, a company developing advanced materials for aqueous flow batteries, has <a href="https://cms.mercomindia.com/flow-battery-startup-flux-xii-secures-4-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.95 million in seed funding. The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor. With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes.
Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has <a href="https://www.mercomindia.com/waaree-to-acquire-100-stake-in-sunbreeze-ninth-cloud" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud. The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties. According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra. Waaree has been acquiring multiple companies in the power sector.
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-and-ma-roundup-sax-power-raises-11-6-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Quino Energy Raises $10 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-quino-energy-raises-10-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Quino Energy, a company developing water-based organic flow batteries, <a href="https://mercomcapital.com/quino-energy-raises-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage. The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million. The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Solfium, a company that provides integrated solar energy solutions, has <a href="https://mercomcapital.com/solar-tech-company-solfium-raises-7-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> the initial $7 million equity investment in its $10 million Series A funding round. The funding was led by Accion and ALIVE Ventures, with participation from Kamay Ventures. Through partnerships with financial institutions, Solfium offers financing options, helping to increase solar adoption for large businesses and micro, small, and medium-sized enterprises. With this new funding, the company plans to reach businesses, including underserved owner-managed operations which will benefit from financial inclusion initiatives powered by its technological stack and partnerships.
Flux XII, a company developing advanced materials for aqueous flow batteries, has <a href="https://mercomcapital.com/flow-battery-startup-flux-xii-secures-4-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $3.95 million in seed funding. The funding round was led by The Grantham Foundation, with participation from the Wisconsin Alumni Research Foundation (WARF), Desai Ventures, and gener8tor. With this funding, the company has already increased electrolyte and membrane production in industrial facilities and started testing multiple kilowatt-scale prototypes.
Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has <a href="https://www.mercomindia.com/waaree-to-acquire-100-stake-in-sunbreeze-ninth-cloud" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud. The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties. According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra. Waaree has been acquiring multiple companies in the power sector.
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-sax-power-raises-11-6-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://quinoenergy.com/" target="_blank" rel="noopener">Quino Energy</a>, a company developing water-based organic flow batteries, raised $10 million in Series A funding from Atri Energy Transition, a company focused on the deployment of Long Duration Energy Storage (LDES).
The funding agreement also allows the company to access an additional $6 million in equity funding if necessary, bringing the total investment to up to $16 million.
The company will use this funding to increase the production of its proprietary organic flow battery electrolyte beyond the U.S. and demonstrate it in real-world field pilot projects by pairing it with commercially available flow battery hardware.
Quino Energy focuses on developing flow batteries that store electrical energy in organic molecules called quinones. The company states that these batteries have low capital costs, long life, fire safety, scalability, and local manufacturability, making them suitable for both commercial and grid applications.
&#8220;The close of our Series A funding round represents a key milestone for Quino Energy on our mission to establish our safe, low-cost flow batteries as the leading solution for mid- to long-duration energy storage, as well as for multi-cycle per day applications,&#8221; said Eugene Beh, Co-Founder and CEO at Quino Energy.
In April, Quino Energy and Long Hill Energy Partners <a href="https://www.globenewswire.com/news-release/2025/04/24/3067420/0/en/Quino-Energy-and-Long-Hill-Energy-Partners-Awarded-10M-in-California-Energy-Commission-Grant-Funding-to-Demonstrate-an-8-MWh-Organic-Flow-Battery-System.html" target="_blank" rel="noopener">received</a> $10 million grant from the California Energy Commission and $5 million in funding <a href="https://www.energy.gov/oe/articles/doe-selects-15m-projects-advancing-energy-storage-and-critical-infrastructure" target="_blank" rel="noopener">from</a> the U.S. DOE&#8217;s Critical Facility Energy Resilience (CiFER) program to support a 5 MWh flow battery deployment in Southern California.
In 2023, the company also <a href="https://cms.mercomindia.com/flow-battery-startup-quino-energy-secures-1-25-million/" target="_blank" rel="noopener">raised</a> $1.25 million in a Seed funding round, which saw participation from Energy Revolution Ventures and Doral Energy Tech Ventures, while TechEnergy Ventures increased the size of their earlier investments.
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>, VC funding in the sector totaled $2.8 billion in 56 deals, a 4% increase YoY compared to $2.7 billion in 61 deals in 9M 2024. Materials and Components providers received the most VC funding in 9M 2025.
In September, XL Batteries, a provider of Organic Flow Battery solutions, <a href="https://cms.mercomindia.com/organic-flow-battery-startup-xl-batteries-raises-7-5-million/" target="_blank" rel="noopener">raised</a> $7.5 million from Merrin Investors, the family office of entrepreneur and philanthropist Seth Merrin. With this funding, the company plans to scale its operations, enhance grid resilience, and support energy independence by reducing reliance on foreign supply chains.

Quino Energy Raises $10 Million in Series A Funding

<a href="https://quinoenergy.com/" target="_blank" rel="noopener">Quino Energy</a>, a developer of organic flow battery technology, closed an additional $1.25 million in a new Seed funding round.
The Seed expansion round brings the company’s total funding (to date) to $4.55 million, including a  previously announced seed funding of $3.3 million.
The funding group includes new investors, Energy Revolution Ventures and Doral Energy Tech Ventures, while TechEnergy Ventures increased the size of their earlier investments. They join ANRI and another confidential strategic investor as major Series Seed investors.
Founded in 2021, Quino Energy focuses on developing water-based flow batteries that utilize organic molecules known as quinones to store electrical energy. These batteries are intended for use in both commercial and grid applications.
With the latest funds, the company plans to scale and commercialize its in situ, zero-waste battery electrolyte production process, which turns dyestuff chemicals made from coal tar into high-performance, long-lifetime battery reactants using the flow battery system itself as the chemical reactor.
&#8220;The shortage of precious minerals and metals has held back the scale-up of new battery technologies and deep adoption of storage technologies to be embedded within renewable energy projects. Quino&#8217;s multi-hour battery can potentially increase the reliance on renewable energy electricity,” said Guy Yavin, Investment Director at Doral Energy Tech Ventures.
Eugene Beh, co-founder and CEO of Quino Energy, said the investment is a strong mandate to make rapid progress on commercializing organic flow battery systems that manufacture their active materials through the company&#8217;s process. He added that the company thinks it can reduce the cost of mid-duration (8-40 hour) battery storage by leveraging existing supply chains of battery hardware.
According to Mercom’s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. VC funding for energy storage companies decreased by 34%, with $5.8 billion in 2022 compared to $8.8 billion in 2021.

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