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<a href="https://www.lfpk.co.kr/?param=index" target="_blank" rel="noopener">KOREALFP</a>, a manufacturer of lithium iron phosphate battery cells and modules for e-mobility, energy storage, and industrial power applications, has raised 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 around $200,000 that the company received in October last year.
The company secured this investment in connection with CES 2026, where it showcased its battery safety technologies. Previously, the company received the Innovation Award at CES for a battery management system that incorporates fire suppression technology.
KoreaLFP manufactures LFP battery packs domestically using its proprietary design and production processes, supplying high-performance battery packs for industrial and consumer applications.
The funding is intended to support the expansion of local production systems and supply chains in the U.S.
In December, the company signed an MOU with the U.S.-based energy solutions firm Synergy to promote the supply of 30 kW ESS systems, advance a U.S.-focused business strategy, and deploy safer storage solutions that address thermal runaway risks.
According to Mercom’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 across 56 deals, a 4% YoY increase from $2.7 billion across 61 deals in 9M 2024. Materials and Components providers received the most VC funding ($1.1 billion) in 9M 2025.
In July, Lyten, a lithium-sulfur battery manufacturer, <a href="https://cms.mercomindia.com/lyten-raises-over-200-million-in-equity-funding/" target="_blank" rel="noopener">secured</a> over $200 million in additional equity investment, bringing the total investment in Lyten to date to more than $625 million. The company’s existing investors primarily provided the additional funding. The funding will be used to support the company’s ongoing acquisition strategy and expansion plans in both the U.S. and Europe.

KoreaLFP Secures $3 Million in Funding

<a href="https://allumeenergy.com/" target="_blank" rel="noopener">Allume Energy</a>, a provider of residential solar solutions, has secured £4 million (~$4.6 million) in funding from E.ON UK, an energy company.
The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
This process is referred to as ‘behind the meter,’ where energy is generated and consumed at the same location. This allows residents to maintain their choice of energy provider, with no external changes required by suppliers or network providers.
The funding from E.ON UK is anticipated to assist Allume in expanding its presence in the U.K. while contributing to E.ON’s goal of advancing the transition to clean energy.
“People living in flats experience the highest fuel poverty rates in the U.K. yet have historically been locked out of rooftop solar due to technical and ownership considerations. SolShare enables them to access free, clean energy from the sun. Working with E.ON UK offers a transformational opportunity for Allume to scale our existing offerings and create new models across Europe, where 300 million people live in low and medium-rise apartment buildings,” said Cameron Knox, CEO of Allume.
According to Mercom’s recently released Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, global VC funding for the solar sector in Q1 2025 totaled $1.4 billion across 14 deals, representing a 237% year-over-year (YoY) increase from $406 million raised in 13 deals in Q1 2024. Funding increased 40% QoQ compared to the $1 billion raised in 21 deals in Q4 2024.
In January, Palmetto, a provider of residential solar solutions, <a href="https://cms.mercomindia.com/palmetto-secures-financing-residential-solar-systems/" target="_blank" rel="noopener">raised</a> over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans in the U.S. Morgan Stanley, Truist Bank, and other prominent financial institutions are among the group of investors who fund the residential energy leases nationwide.

Solar Solutions Provider Allume Energy Secures $4.6 Million in Funding

<a href="https://voltfang.de/" target="_blank" rel="noopener">Voltfang</a>, an energy storage solutions provider, raised €15 million (~$17 million) in a Series B funding round led by Dutch investor FORWARD.One.
Additional investors include existing investors such as Interzero, PT1, Helen Ventures, Daphni, and Aurum Impact (the Goldbeck family office), as well as new partners like Fiege Ventures and Newberry Investments, who participated in this round.
The company uses both high-performance new batteries and reconditioned batteries sourced from the European automotive industry to develop its battery energy storage systems.
With this new funding, Voltfang aims to scale its production capacities and deliver an additional 250 MWh of sustainable battery storage across Europe by the end of 2026. The company will also continue developing its AI-integrated energy management system, Venma.
“Voltfang perfectly embodies our investment strategy: strong hardware paired with intelligent software. With their powerful and truly European storage technology, the team is tackling one of the most pressing challenges of our time—enabling the energy transition. We firmly believe that local energy infrastructure will be a key pillar of Europe’s future economic growth,” said Paul Pruijmboom, Partner at FORWARD.One.
Last year, the company <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than $8.7 million in an oversubscribed Series A financing round to help deliver its mission of providing sustainable and scalable battery storage solutions for Europe’s energy transition.
According to Mercom’s recently released Q1 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, VC funding in the sector fell 8% year over year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
In November, Ampd Energy, a provider of battery energy storage solutions for heavy industries, <a href="https://cms.mercomindia.com/ampd-energy-secures-27-3-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $27.3 million in an oversubscribed Series B funding round. Kibo Invest and Openspace co-led the funding round, with participation from existing investors MTR Lab, Taronga Ventures, and 2150.

Energy Storage Provider Voltfang Secures $17 Million Series B Funding

<a href="https://www.iwell.eu/" target="_blank" rel="noopener">iwell</a>, a provider of smart energy management and battery storage system solutions, closed a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund (GIGF).
Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors.
The company develops modular, software-driven Energy Management Systems and Battery Energy Storage Systems solutions for the commercial and industrial sectors. According to the company, its systems store energy, such as solar power, when it&#8217;s cheap and deploy it when demand and costs peak, lowering energy bills, reducing strain on the grid, and maximizing on-site use of renewables.
The funding will help the company expand into new markets across Europe and globally. In addition to international expansion, a portion of the funds will also be invested in software development, data analytics, and AI capabilities.
“We are proud to support iwell in its ambitious development plan. It is clear to us that iwell has the potential to become a pan-European powerhouse, leveraging their demonstrated expertise in complex projects. Following several investments into pioneering solutions across the smart grid value chain, Meridiam continues to strive to support a sustainable electrification path in Europe and contribute to reaching net-zero and energy independency,” said Eric Rey, Managing Director of GIGF.
According to Mercom’s recently released Q1 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, VC funding in the sector fell 8% YoY, with $1.1 billion raised in 18 deals, down from $1.2 billion in 23 deals during the same quarter last year.
In February, Tyba, a company that provides an optimization platform for energy storage projects, <a href="https://cms.mercomindia.com/energy-storage-solutions-provider-tyba-raises-13-9-million/" target="_blank" rel="noopener">secured </a>$13.9 million in Series A funding, raising its total funding to $18.15 million. Energize Capital led the funding round, with new investments from Pear VC, Mobilize Climate Capital, and Borusan Ventures, and follow-on investments from Powerhouse, Wireframe, Virta, and Lorimer.

Battery Storage Solutions Provider iwell Secures $31 Million

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					</table>Lithium-ion storage solutions provider <a href="https://www.fluxpower.com/" target="_blank" rel="noopener">Flux Power Holdings</a>’ net loss for the fourth quarter (Q4) of the fiscal year (FY) ended June 30, 2023, was $1.5 million as compared with a net loss of $2.7 million in the Q4 of FY22, a year-over-year (YoY) improvement of 44%.
The improvement was principally driven by increased gross profit and slightly offset by increased operating and interest expenses.
In Q4, there was a 7.2% increase in revenue, rising to $16.3 million from $15.2 million in the same quarter of 2022. This growth was attributed to higher unit sales at increased average prices, including a greater proportion of Airport Ground Support Equipment sales.
The gross profit for the quarter reached $4.3 million, compared to $3 million in Q4 2022, an increase of 43%, driven by higher unit sales with improved gross margins and cost reduction efforts.
Adjusted EBITDA for Q4 of 2023 amounted to a loss of $0.6 million, a significant improvement of 72% YoY from the loss of $2.2 million.
Selling and administrative expenses remained constant at $4.1 million, indicating improved operating efficiency to support the ongoing revenue growth.
Research and development expenses decreased slightly to $1.3 million, down from $1.4 million in the same quarter of 2022. This reduction was primarily due to lower expenses associated with the development of new products.
Company CEO Roy Dutt said, “A high priority for us remains reaching cash flow breakeven, and we made good progress during fiscal 2023 by improving the adjusted EBITDA from a loss of $14.1 million in fiscal year 2022 to a loss of $3.7 million in fiscal year 2023, an improvement of $10.4 million. We executed our initiatives to improve gross margins while growing our revenue at an annual rate of 57%.&#8221;
Full Fiscal Year 2023
In FY 2023, there was a net loss of $6.7 million, which marked a notable improvement of 57% compared to FY 2022, when the net loss was $15.6 million. This improvement was primarily attributed to higher gross profit, although increased operating and interest expenses partially offset it.
Revenue in FY 2023 experienced significant growth, increasing by 57% YoY to $66.3 million from $42.3 million. The surge in revenue was fueled by the sale of energy storage solutions at higher average prices and a greater volume of units sold, mainly due to substantial increases in GSE sales.
Adjusted EBITDA showed a loss of $3.7 million for FY 2023, a substantial improvement of 73.7% from FY 2022, when it reported a loss of $14.1 million. Enhanced gross margins primarily drove this improvement.
Operational Highlights During Q4
The company secured a $15 million credit facility from <a href="https://www.gibraltarbc.com/" target="_blank" rel="noopener">Gibraltar Business Capital</a> to support working capital and repay an existing facility with <a href="https://www.svb.com/" target="_blank" rel="noopener">Silicon Valley Bank</a>.
The company integrated artificial intelligence (AI) capabilities into its “SkyBMS Telematics” Platform to enhance decision-making and operational efficiency.
A new Atlanta facility was established to meet the rising demand for lithium-ion battery packs, improving customer support and response times.
The company said efforts to accelerate cash flow breakeven continued through strategic supply chain and profitability improvement initiatives.
The company added three new customers with substantial fleets in the last quarter and secured eight new customers in 2023, reflecting a growing preference for lithium-ion batteries over lead acid packs for long-term fleet needs.
The company’s loss <a href="https://www.mercomindia.com/battery-storage-flux-powers-q3-net-loss-narrows-higher-volume" target="_blank" rel="noopener">narrowed</a> to $1.4 million in the third quarter of FY 2022-23 from $3.7 million YoY.
Flux-Power <a href="https://www.mercomindia.com/flux-powers-q2-loss-1-7-million-increased-sales" target="_blank" rel="noopener">posted</a> a net loss of $1.7 million during the second quarter of 2023 compared to $5.1 million YoY, driven by increased sales volumes and higher selling prices to existing and new customers.

Flux Power Narrows Net Loss in Q4 FY23, Reports 44% YoY Improvement

<a href="http://www.trinasolar.com/en-glb/index" target="_blank" rel="noopener">Trina Solar</a>, a Chinese solar module and cell manufacturer has completed the acquisition of Nclave Renewable S.L., a Spanish solar tracker system manufacturer.
The value of the deal has not been disclosed yet.
This is the first time that a Chinese solar company has acquired a solar tracker producer outside of its home market. The acquisition is expected to accelerate Trina Solar&#8217;s strategic transformation from a leading PV product supplier to a global smart PV solutions provider.
With the acquisition, Trina Solar&#8217;s latest TrinaPro smart PV solutions will directly incorporate Nclave&#8217;s tracker products and engineering designs, while Nclave&#8217;s leading-edge technologies will also be deeply integrated into Trina Solar&#8217;s smart solutions.
Nclave was founded by the Clavijo Family and later merged with the company MFV Solar in 2017 with financial support from Q-Growth Fund. Nclave is involved in the development, design, manufacturing, installation, and maintenance of fixed tilts and solar trackers with more than 2.5 GW projects developed worldwide. The company has over 12 years of experience in the sector. It currently has its headquarters in Madrid, commercial offices in five continents and manufacturing facilities in Navarra, Spain. Its design for core parts and structures has received multiple international patents.
Founded in 1997, Trina Solar is one of the first Chinese solar companies listed on the New York Stock Exchange. As of the end of 2017, Trina Solar&#8217;s total module shipments had exceeded 32GW, ranking first in the world.
In the newly released Mercom’s <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-report/" target="_blank" rel="noopener">India Solar Market Leaderboard 2018</a> report, it was <a href="https://mercomindia.com/2017-india-solar-market-leaders/" target="_blank" rel="noopener">revealed</a> that Trina Solar was the top module supplier to India in 2017. The report covers market share and shipment rankings across the Indian solar supply chain in 2017.
Image credit: By M.O. Stevens [<a href="https://creativecommons.org/licenses/by-sa/3.0" target="_blank" rel="noopener">CC BY-SA 3.0</a>], from Wikimedia Commons

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