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SPAN, a smart electrical panel maker, has <a href="https://cms.mercomindia.com/home-electrification-company-span-raises-96-million/" target="_blank" rel="noopener">raised</a> $96 million in a Series B2 funding round led by Wellington Management. The round also included participation from Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, and others. This brings the total funding raised by SPAN to $231 million since its inception in 2018.
ReNew Energy has <a href="https://www.mercomindia.com/renew-energy-400-million-via-green-bonds" target="_blank" rel="noopener">raised</a> $400 million through its fully owned subsidiary Diamond II from senior secured green bonds. The green bonds issued by ReNew’s subsidiary attracted significant investor interest from the United States, Europe, and Asia. This marked the first high-yield issuance out of India in over a year. The funds raised from the issuance will be used to refinance existing dollar-denominated debt and finance ReNew’s growth initiatives.
IndiGrid, the first power sector Infrastructure Investment Trust to be listed on the stock exchange in India, has <a href="https://www.mercomindia.com/indigrid-%e2%82%b911-4-billion-ifc-through-debenture-issue" target="_blank" rel="noopener">announced</a> that the International Finance Corporation has invested ₹11.4 billion (~$138.74 million) in its listed non-convertible debentures (NCD), with a total duration of 18 years. IndiGrid intends to use this debt to fund its refinancing needs for the fiscal year 2024.
Power Finance Corporation (PFC) has <a href="https://www.mercomindia.com/pfc-loans-%e2%82%b96-33-billion-gensol-expand-ev-deployment" target="_blank" rel="noopener">approved</a> a loan of ₹6.33 billion (~$77 million) to Gensol Engineering for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs to expand its green mobility footprint. The company confirmed that the first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads in Delhi.
E-magy, a Netherlands-based cleantech startup that develops a novel silicon material for lithium-ion batteries, <a href="https://cms.mercomindia.com/battery-material-startup-e-magy-raises-16-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> €15 million (~$16 million) in a Series A funding round. Hydro, an industrial company in a broad range of market segments, including aluminum, energy, metal recycling, renewables, and batteries, led the funding round. The new funding will enable E-magy to scale its production capacity and meet the growing demand from battery manufacturers and automotive OEMs for high-energy batteries.
Novalith Technologies, a lithium extraction and refining company, has <a href="https://cms.mercomindia.com/novalith-technologies-raises-15-7-million/" target="_blank" rel="noopener">secured</a> AU$23 million (~$15.7 million) in Series A funding. Lower Carbon Capital led the round with participation from Clean Energy Finance Corporation, the Grantham Environmental Trusts’ Neglected Climate Opportunities Fund, TDK Ventures, and Investible. The company plans to use the Series A funding to scale up and commercialize its LiCAL Technology.
Ascent Solar Technologies, a provider of innovative, high-performance, flexible thin-film solar panels, <a href="https://cms.mercomindia.com/thin-film-solar-panel-manufacturer-ascent-solar-raises-9-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has entered into a $9 million equity financing agreement with Singapore-based Lucro Investments. The proceeds of the investment will be used for general business operations and working capital for future initiatives.
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-energyx-receives-50-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Home Electrification Company SPAN Raises $96 Million

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					</table>SPAN, a smart electrical panel maker, has <a href="https://mercomcapital.com/home-electrification-company-span-raises-96-million/" target="_blank" rel="noopener">raised</a> $96 million in a Series B2 funding round led by Wellington Management. The round also included participation from Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, and others. This brings the total funding raised by SPAN to $231 million since its inception in 2018.
ReNew Energy has <a href="https://www.mercomindia.com/renew-energy-400-million-via-green-bonds" target="_blank" rel="noopener">raised</a> $400 million through its fully owned subsidiary Diamond II from senior secured green bonds. The green bonds issued by ReNew’s subsidiary attracted significant investor interest from the United States, Europe, and Asia. This marked the first high-yield issuance out of India in over a year. The funds raised from the issuance will be used to refinance existing dollar-denominated debt and finance ReNew’s growth initiatives.
IndiGrid, the first power sector Infrastructure Investment Trust to be listed on the stock exchange in India, has <a href="https://www.mercomindia.com/indigrid-%e2%82%b911-4-billion-ifc-through-debenture-issue" target="_blank" rel="noopener">announced</a> that the International Finance Corporation has invested ₹11.4 billion (~$138.74 million) in its listed non-convertible debentures (NCD), with a total duration of 18 years. IndiGrid intends to use this debt to fund its refinancing needs for the fiscal year 2024.
Power Finance Corporation (PFC) has <a href="https://www.mercomindia.com/pfc-loans-%e2%82%b96-33-billion-gensol-expand-ev-deployment" target="_blank" rel="noopener">approved</a> a loan of ₹6.33 billion (~$77 million) to Gensol Engineering for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs to expand its green mobility footprint. The company confirmed that the first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads in Delhi.
E-magy, a Netherlands-based cleantech startup that develops a novel silicon material for lithium-ion batteries, <a href="https://mercomcapital.com/battery-material-startup-e-magy-raises-16-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> €15 million (~$16 million) in a Series A funding round. Hydro, an industrial company in a broad range of market segments, including aluminum, energy, metal recycling, renewables, and batteries, led the funding round. The new funding will enable E-magy to scale its production capacity and meet the growing demand from battery manufacturers and automotive OEMs for high-energy batteries.
Novalith Technologies, a lithium extraction and refining company, has <a href="https://mercomcapital.com/novalith-technologies-raises-15-7-million/" target="_blank" rel="noopener">secured</a> AU$23 million (~$15.7 million) in Series A funding. Lower Carbon Capital led the round with participation from Clean Energy Finance Corporation, the Grantham Environmental Trusts’ Neglected Climate Opportunities Fund, TDK Ventures, and Investible. The company plans to use the Series A funding to scale up and commercialize its LiCAL Technology.
Ascent Solar Technologies, a provider of innovative, high-performance, flexible thin-film solar panels, <a href="https://mercomcapital.com/thin-film-solar-panel-manufacturer-ascent-solar-raises-9-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has entered into a $9 million equity financing agreement with Singapore-based Lucro Investments. The proceeds of the investment will be used for general business operations and working capital for future initiatives.
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-energyx-receives-50-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.span.io/" target="_blank" rel="noopener">SPAN</a>, a manufacturer of smart electrical panels for integrated home electrification that provides circuit-level management, real-time monitoring, and actionable energy insights for customers, has raised $96 million in a Series B2 funding round led by Wellington Management. The funding round also saw participation from Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, and others.
The company plans to use the new capital to accelerate its research and development capabilities and expand its partnership reach to unique categories.
SPAN’s smart electrical panel is designed to replace the traditional electrical panel in homes and provide circuit-level control and monitoring of energy usage and production. The panel can also integrate with solar and battery storage systems, major home appliances, and smart home devices to optimize energy efficiency and resilience.
Arch Rao, Founder and CEO of SPAN said &#8220;We are grateful to our investors who support our vision to decarbonize the residential sector. At SPAN, we are focused on empowering homeowners to become part of the climate solution by offering technology and customer experience that significantly simplifies the adoption of a cleaner, all-electric lifestyle. By developing a fully integrated, open ecosystem that puts the consumer in control of every aspect of their home, SPAN is positioned to be the conduit between electrified homes and the grid that we need in order to achieve our electrification goals and ensure a clean, reliable grid&#8221;.
&#8220;Consumers are rapidly electrifying their homes with electric vehicles, heat pumps, and induction stoves and increasing their resilience to grid outages by adopting solar and batteries. These technologies can strain a home’s existing electrical supply. SPAN’s innovative products dynamically manage circuits in real-time and can avoid expensive utility service upgrades for millions of homes&#8221;, said Greg Wasserman, Head of Private Climate Investing at Wellington Management.
According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, there was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. In a YoY comparison, funding in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.

Home Electrification Company SPAN Raises $96 Million

<a href="https://www.span.io/" target="_blank" rel="noopener">SPAN</a>, a developer of a smart connected electrical panel, raised $90 million in a Series B funding round, bringing the company’s total funding to date to $134 million.
Fifth Wall Climate Tech and Wellington Management led the funding round with other investors include Angeleno Group, Robert Downey Jr.&#8217;s FootPrint Coalition, Van Jones’ Obsidian Investment Partners, A/O PropTech, and existing board investors.
The company plans to use the fresh funding to develop its SPAN Home suite of energy products and solutions to drive commercial growth and accelerate the electrification of homes.
“We’re excited to deploy this new capital to expand our product offerings that simplify homes&#8217; decarbonization and continue developing the unparalleled approach to home energy management that SPAN is uniquely positioned to deliver,” says Arch Rao, CEO, and founder of SPAN.
SPAN is also adding to its senior leadership team with the recent additions of Ryan Harris joining as Chief Revenue Officer and Laks Venkatesan joining as SVP of Finance.
The company is developing electrification products and solutions that address the growing needs of homeowners, recently announcing SPAN Drive, the company’s new Level 2 electric vehicle charger. “EVs are the first step toward electrification for many homeowners, so an EV charging solution was a logical next step for SPAN,” added Rao.
According to <a href="https://cms.mercomindia.com/research/" target="_blank" rel="noopener">Mercom Research</a>, in May 2020, SPAN raised $10.2 million in Series A funding led by ArcTern Ventures with participation from Capricorn Investment Group, Incite Ventures, and existing investors.
According to Mercom Capital Group’s Q4 and Annual 2021 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/2021-q4-annual-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">report</a> for Storage, Grid &amp; Efficiency, smart grid companies raised $1.2 billion in VC funding in 35 deals in 2021, a 55% increase compared to $748 million raised in 38 deals in 2020.

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