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Lilac Solutions, a lithium extraction technology provider, <a href="https://cms.mercomindia.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.
HDFC Bank has <a href="https://www.mercomindia.com/hdfc-300-million-bond-issue" target="_blank" rel="noopener">raised</a> $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.
Amperesand, a grid infrastructure solutions provider, <a href="https://cms.mercomindia.com/grid-infrastructure-company-amperesand-secures-12-million/" target="_blank" rel="noopener">announced</a> its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers.
Solar engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/solar-epc-firm-equity-to-strengthen-its-finances" target="_blank" rel="noopener">raised</a> ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.
Swell Energy, an energy management and grid solutions provider, <a href="https://cms.mercomindia.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.
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-ma-roundup-battery-manufacturer-northvolt-secures-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Lithium Extraction Firm Lilac Solutions Secures $145 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-lithium-extraction-firm-lilac-solutions-secures/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lilac Solutions, a lithium extraction technology provider, <a href="https://mercomcapital.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.
HDFC Bank has <a href="https://www.mercomindia.com/hdfc-300-million-bond-issue" target="_blank" rel="noopener">raised</a> $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.
Amperesand, a grid infrastructure solutions provider, <a href="https://mercomcapital.com/grid-infrastructure-company-amperesand-secures-12-million/" target="_blank" rel="noopener">announced</a> its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers. 
Solar engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/solar-epc-firm-equity-to-strengthen-its-finances" target="_blank" rel="noopener">raised</a> ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.
Swell Energy, an energy management and grid solutions provider, <a href="https://mercomcapital.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.
<span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">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><span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.
<span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-volvo-group-acquires-battery-business" target="_blank" rel="noopener">roundup</a><span lang="EN-US" style="color: #2d2d42; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.

<a href="https://www.swellenergy.com/" target="_blank" rel="noopener">Swell Energy</a>, an energy management and grid solutions provider, acquired <a href="https://renuenergysolutions.com/" target="_blank" rel="noopener">Renu Energy Solutions</a>, a company that offers customized residential and commercial solar and energy storage solutions. The combination brings together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of Virtual Power Plants (VPPs) in key energy markets.
Renu Energy Solutions is a solar energy systems installer operating across the Southeast, specializing in turn-key solar solutions for residential and commercial properties. According to the company, it serves North Carolina, South Carolina, and Georgia and has completed over 5,000 solar energy installations in the Southeast.
The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists, which serves both Renu and non-Renu customers, ensuring the performance, longevity, and safety of many distributed energy resources (DERs) across the East Coast.
Renu will act as a regional center for Swell’s partner program, which gives other solar companies access to resources, tools, products, and services that help them get customers, manage supply, use software, finance projects, and grid services offerings. They can also join Swell in developing VPPs.
“With the growing demand for renewable energy in the region, this transaction marks a pivotal milestone for both companies in furthering our shared mission to enable retail customers and utilities to collaboratively benefit from DERs,” said Suleman Khan, CEO of Swell. “With Renu’s market leadership, there is an opportunity for us to work with interested utilities from the outset. Together, we are exploring how virtual power plants can enhance local grid needs and bring cost savings, greater resiliency, and climate benefits to the communities we now collectively serve.”
According to Mercom’s Q4 and Annual Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, M&amp;A activity declined 25% YoY with 96 corporate M&amp;A transactions in 2023 compared to 128 in 2022.

Swell Energy Acquires Solar and Storage Installer Renu Energy Solutions

<a href="https://www.swellenergy.com/" target="_blank" rel="noopener">Swell Energy</a>, a provider of virtual power plant (VPP) programs for homeowners and businesses, raised $120 million to accelerate the deployment of its VPP programs across the United States.
SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I led the investment round with participation from an Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.
Including the latest round, Swell Energy has raised a total of $152 million in funding to date, including previous investments by Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others. Citi was the sole placement agent for this transaction.
Swell Energy provides software solutions and VPP programs that can accelerate the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid.
With the funds, Swell Energy plans to develop 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems located at homes and businesses across the United States.
Swell VPPs provide services across Hawaii, California, and New York. The VPPs help utilities deliver cleaner energy to customers and reduce the grid’s dependence on fossil fuel peaker plants.
Businesses and residential consumers participating in Swell’s VPP program are benefited by paying less for their solar energy generation and storage systems and reducing the risk of a power outage in their area. Homeowners with solar and energy storage systems support the reliability of their local grids while reserving battery power for personal emergency use.
“Utilities and investors have understood the importance of virtual power plants for some time now; this funding further signals that the capital markets see tremendous value in this new asset class,” said Suleman Khan, CEO of Swell Energy.
“Swell’s business model is an innovative application of existing technology directly solving two large issues plaguing the grid and renewable energy adoption: transmission and load shifting,” said Ben Baker, Managing Director and Principal of Greenbacker Development Opportunities Fund.
According to Mercom’s 9M And Q3 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion compared to the $936 million raised in 9M 2021.

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