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Aspen Power, a distributed energy generation platform, <a href="https://cms.mercomindia.com/aspen-power-secures-200-million-from-deutsche-bank/" target="_blank" rel="noopener">announced</a> the closing of a $200 million capital raise provided by Deutsche Bank. Aspen is said to partner with businesses, communities, and other industry participants to develop, construct, own, and operate renewable energy assets. According to the company, this financial commitment enhances its ability to execute its pipeline, attract greater vendor engagement, and accelerate project delivery.
Inox Clean Energy, the renewable arm of the INOXGFL Group, along with its subsidiary, Inox Solar, <a href="https://www.mercomindia.com/inox-clean-secures-%E2%82%B931-billion-equity-to-scale-ipp-and-solar-manufacturing" target="_blank" rel="noopener">raised</a> equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) on a pre-money basis. The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System, a U.S. pension fund; SUN Group Global; Authum Investment; Akash Bhansali; other family investors; and high-net-worth individuals.
KOREALFP, a manufacturer of lithium iron phosphate battery cells and modules for e-mobility, energy storage, and industrial power applications, <a href="https://cms.mercomindia.com/korealfp-secures-3-million-in-funding/" target="_blank" rel="noopener">raised</a> 4.35 billion KRW (~$3 million) in funding from Korinvest Group, a U.S. investment firm focused on backing Korean startups and venture companies. This follows an investment of approximately $200,000 that the company received in October last year. KOREALFP secured this investment in connection with CES 2026, where it showcased its battery safety technologies.
Electric vehicle charging infrastructure company ROADGRID <a href="https://www.mercomindia.com/ev-charging-firm-roadgrid-raises-%E2%82%B9120-million-in-pre-series-a-round" target="_blank" rel="noopener">raised</a> ₹120 million (~$1.44 million) in a Pre-Series A funding round led by Venture Catalysts. The round also saw participation from a mix of strategic and angel investors, including the Skyline Group of Companies, IPV, FAAD Network, Let’s Venture, Pace Group, Arthanomics, and Alpha Value. ROADGRID has raised a total of $1.33 million in funding, including the latest Pre-Series A round.
Otovo, a home energy service provider, entered into a definitive agreement to <a href="https://cms.mercomindia.com/otovo-acquires-solar-service-professionals/" target="_blank" rel="noopener">acquire</a> Solar Service Professionals (SSP), a California-based solar service provider. SSP provides solar service business with an installed customer base of 38,000 customers since 2017. The acquisition of SSP marks Otovo’s strategic entry into California’s residential solar plus storage market. The company plans to convert the existing California base of SSP customers to its subscription service, expecting this initiative to be accretive to net income in 2026.
Pattern Energy, a company that develops and operates clean energy and transmission infrastructure, entered into a definitive agreement to <a href="https://cms.mercomindia.com/pattern-energy-to-acquire-clean-energy-company-cordelio-power/" target="_blank" rel="noopener">acquire</a> Cordelio Power, an independent power producer in Canada and the U.S. According to Pattern Energy, the acquisition will help it grow its energy portfolio in the U.S. and Canada. Cordelio Power is wholly owned by CPP Investments, the majority shareholder of Pattern Energy.
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-okovate-acquires-assets-of-fundusol/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Aspen Power Secures $200 Million to Enhance Pipeline

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/" target="_blank" rel="noopener">Mercom Capital Group</a>
Aspen Power, a distributed energy generation platform, <a href="https://mercomcapital.com/aspen-power-secures-200-million-from-deutsche-bank/" target="_blank" rel="noopener">announced</a> the closing of a $200 million capital raise provided by Deutsche Bank. Aspen is said to partner with businesses, communities, and other industry participants to develop, construct, own, and operate renewable energy assets. According to the company, this financial commitment enhances its ability to execute its pipeline, attract greater vendor engagement, and accelerate project delivery.
Inox Clean Energy, the renewable arm of the INOXGFL Group, along with its subsidiary, Inox Solar, <a href="https://www.mercomindia.com/inox-clean-secures-%E2%82%B931-billion-equity-to-scale-ipp-and-solar-manufacturing" target="_blank" rel="noopener">raised</a> equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) on a pre-money basis. The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System, a U.S. pension fund; SUN Group Global; Authum Investment; Akash Bhansali; other family investors; and high-net-worth individuals.
KOREALFP, a manufacturer of lithium iron phosphate battery cells and modules for e-mobility, energy storage, and industrial power applications, <a href="https://mercomcapital.com/korealfp-secures-3-million-in-funding/" target="_blank" rel="noopener">raised</a> 4.35 billion KRW (~$3 million) in funding from Korinvest Group, a U.S. investment firm focused on backing Korean startups and venture companies. This follows an investment of approximately $200,000 that the company received in October last year. KOREALFP secured this investment in connection with CES 2026, where it showcased its battery safety technologies.
Electric vehicle charging infrastructure company ROADGRID <a href="https://www.mercomindia.com/ev-charging-firm-roadgrid-raises-%E2%82%B9120-million-in-pre-series-a-round" target="_blank" rel="noopener">raised</a> ₹120 million (~$1.44 million) in a Pre-Series A funding round led by Venture Catalysts. The round also saw participation from a mix of strategic and angel investors, including the Skyline Group of Companies, IPV, FAAD Network, Let’s Venture, Pace Group, Arthanomics, and Alpha Value. ROADGRID has raised a total of $1.33 million in funding, including the latest Pre-Series A round.
Otovo, a home energy service provider, entered into a definitive agreement to <a href="https://mercomcapital.com/otovo-acquires-solar-service-professionals/" target="_blank" rel="noopener">acquire</a> Solar Service Professionals (SSP), a California-based solar service provider. SSP provides solar service business with an installed customer base of 38,000 customers since 2017. The acquisition of SSP marks Otovo’s strategic entry into California’s residential solar plus storage market. The company plans to convert the existing California base of SSP customers to its subscription service, expecting this initiative to be accretive to net income in 2026.
Pattern Energy, a company that develops and operates clean energy and transmission infrastructure, entered into a definitive agreement to <a href="https://mercomcapital.com/pattern-energy-to-acquire-clean-energy-company-cordelio-power/" target="_blank" rel="noopener">acquire</a> Cordelio Power, an independent power producer in Canada and the U.S. According to Pattern Energy, the acquisition will help it grow its energy portfolio in the U.S. and Canada. Cordelio Power is wholly owned by CPP Investments, the majority shareholder of Pattern Energy.
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://mercomcapital.com/funding-and-ma-roundup-okovate-acquires-assets-of-fundusol/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Aspen Power Secures $200 Million

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					</table>Indore-based electric vehicle (EV) charging infrastructure company <a href="https://roadgridindia.com/home" target="_blank" rel="noopener">ROADGRID</a> has raised ₹120 million (~$1.44 million) in a Pre-Series A funding round led by <a href="https://venturecatalysts.in/" target="_blank" rel="noopener">Venture Catalysts</a>.
The round also saw participation from a mix of strategic and angel investors, including the Skyline Group of Companies, IPV, FAAD Network, Let’s Venture, Pace Group, Arthanomics, and Alpha Value.
The funding will be used to scale the deployment of universal EV chargers across different vehicle segments, expand public and commercial charging networks, and strengthen its technology platform.
The company’s technology stack includes user-centric mobile applications and backend systems to manage charging operations efficiently and improve the user experience. Its infrastructure solutions are designed to integrate smart charging capabilities, enabling data-driven monitoring, usage management, and scalability.
EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-16-yearly-growth-in-2025-reach-2-3-million-units" target="_blank" rel="noopener">reached</a> a record 2.27 million units in 2025, an over 16% year-over-year increase from 1.95 million units sold in 2025. Electric two-wheelers accounted for nearly 56% (1.28 million) of total EVs sold. Electric three-wheelers constituted 35% (796,658) of all EVs sold during the year. Electric four-wheelers accounted for 7.5% of total sales, or 170,266 units. The year also saw the sale of 4,395 electric buses.
Maharashtra had the highest number of EVs sold, with 266,524 vehicles, followed by Karnataka with 203,288 and Madhya Pradesh with 139,537. India now has over 8.1 million registered EVs. The EV market consistently surpassed the 100,000-unit mark each month, with October recording the highest sales at 236,629 units.
In October last year, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/government-notifies-guidelines-for-charging-stations-under-pm-e-drive" target="_blank" rel="noopener">notified</a> operational guidelines for deploying EV public charging stations under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) program.
Last July, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/government-amends-pm-e-drive-program-to-focus-on-indigenization" target="_blank" rel="noopener">amended</a> the Phased Manufacturing Program for the EV public charging stations component of the PM E-DRIVE program.

EV Charging Firm ROADGRID Raises ₹120 Million in Pre-Series A Round

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