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Stardust Power, a U.S.-based developer of battery-grade lithium carbonate, has <a href="https://cms.mercomindia.com/stardust-power-secures-15-million-debt-financing/" target="_blank" rel="noopener">signed</a> a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing. The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock. According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.
Renewco Power, a developer of utility-scale solar, wind, and battery projects, has <a href="https://cms.mercomindia.com/renewable-energy-developer-renewco-power-secures-39-million/" target="_blank" rel="noopener">secured</a> £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round. Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects.
Solar energy solutions GRE Renew Enertech has <a href="https://www.mercomindia.com/gre-renew-enertech-gets-bse-principle-nod-for-ipo" target="_blank" rel="noopener">received</a> an in-principle approval from BSE for its proposed initial public offering (IPO). The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO. GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model. The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.
Naxatra Labs, a manufacturer of motors and controllers for electric vehicles (EVs), has <a href="https://www.mercomindia.com/ev-motors-firm-naxatra-labs-raises-3-million-in-pre-series-a-funding" target="_blank" rel="noopener">raised</a> $3 million in a Pre-Series A funding round led by Rainmatter by Zerodha. The company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.
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-alphabet-acquire-intersect-4-7-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Stardust Power Secures $15 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-stardust-power-secures-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Stardust Power, a U.S.-based developer of battery-grade lithium carbonate, has <a href="https://mercomcapital.com/stardust-power-secures-15-million-debt-financing/" target="_blank" rel="noopener">signed</a> a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing. The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock. According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.
Renewco Power, a developer of utility-scale solar, wind, and battery projects, has <a href="https://mercomcapital.com/renewable-energy-developer-renewco-power-secures-39-million/" target="_blank" rel="noopener">secured</a> £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round. Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects.
Solar energy solutions GRE Renew Enertech has <a href="https://www.mercomindia.com/gre-renew-enertech-gets-bse-principle-nod-for-ipo" target="_blank" rel="noopener">received</a> an in-principle approval from BSE for its proposed initial public offering (IPO). The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO. GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model. The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.
Naxatra Labs, a manufacturer of motors and controllers for electric vehicles (EVs), has <a href="https://www.mercomindia.com/ev-motors-firm-naxatra-labs-raises-3-million-in-pre-series-a-funding" target="_blank" rel="noopener">raised</a> $3 million in a Pre-Series A funding round led by Rainmatter by Zerodha. The company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.
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-alphabet-to-acquire-intersect-2" target="_blank" rel="noopener">roundup</a>.

<a href="https://stardust-power.com/" target="_blank" rel="noopener">Stardust Power</a>, a U.S.-based developer of battery-grade lithium carbonate, has signed a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing.
The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock.
According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.
The debt financing includes an initial $4 million drawdown and offers the company flexible capital to support detailed engineering, infrastructure, and procurement activities as it moves toward construction.
The company plans to fund the project through a combination of asset-level equity and debt financing, designed to minimize public equity dilution and maximize shareholder value, with early-stage investor engagement reflecting interest in the project&#8217;s shovel-ready status.
“This facility marks an important step as we prepare for construction and provides optionality and meaningful flexibility as we execute the next phase of the Muskogee project,” said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power. “We are building a robust capital stack with flexibility and shareholder value in mind and are focused on keeping our capital structure aligned with upcoming project milestones.”
In 2023, the company <a href="https://cms.mercomindia.com/lithium-company-stardust-power-public-spac-deal/" target="_blank" rel="noopener">entered</a> into a definitive agreement to merge with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company (SPAC), resulting in Stardust Power becoming a publicly listed company on the Nasdaq under the ticker symbol &#8220;SDST.&#8221;
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>, announced debt and public market financing for Energy Storage technology companies decreased 44% YoY, with $8.4 billion in 29 deals in 9M 2025, compared to $15 billion raised in 22 deals in 9M 2024.
Recently, Electra Battery Materials, a provider of battery-grade materials for the electric vehicle and energy storage industries, <a href="https://cms.mercomindia.com/electra-battery-materials-completes-financing-and-debt-restructuring/" target="_blank" rel="noopener">announced</a> the completion of its $34.5 million financing and $40 million debt equitization for its cobalt sulfate refinery in Temiskaming Shores, Ontario, Canada.

Stardust Power Secures $15 Million Debt Financing

<a href="https://stardust-power.com/" target="_blank" rel="noopener">Stardust Power</a>, a manufacturer of battery-grade lithium products, entered into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company (SPAC), that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’.
The Pro forma implied an enterprise value of around $490 million for the combined company.
The transaction is expected to be completed during the first half of 2024. Stardust Power’s existing owners and management will roll 100% of their interests in Stardust Power into the combined company.
Stardust Power aims to establish domestic production of battery-grade lithium in the U.S. The company plans to construct the lithium refinery located in Greater Tulsa, Oklahoma, centrally located from a supply and offtake perspective designed to produce up to 50,000 metric tons of battery-grade lithium annually.
“Refined lithium is the key component in the lithium-ion batteries which make the proliferation of EVs, and decarbonization of transportation, possible. Domestic production of battery-grade lithium is also a crucial factor to American national security and leadership in the energy transition, which Stardust Power is working to address,” said Roshan Pujari, CEO of Stardust Power.
Cohen &amp; Company Capital Markets, a division of J.V.B. Financial Group, served as an exclusive financial advisor and lead capital markets advisor to Stardust Power. Norton Rose Fulbright and Kirkland &amp; Ellis LLP served as legal counsel to Stardust Power and GPAC II.
According to Mercom’s 9M and Q3 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, 11 energy storage companies were acquired in 9M 2023, compared to 23 in 9M 2022.
Recently, Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, <a href="https://cms.mercomindia.com/electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">announced</a> the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company.

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