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NRG Energy has entered into a definitive agreement to <a href="https://cms.mercomindia.com/nrg-energy-acquires-smart-grid-solutions-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">acquire</a> Vivint Smart Home in an all-cash transaction at $12 per share totaling $2.8 billion. The acquisition is expected to help accelerate NRG&#8217;s new growth strategy and diversify the company&#8217;s financial profile. The transaction is expected to close in the first quarter of 2023.
Europe-based independent power producer Encavis AG&#8217;s fund Encavis Asset Management has <a href="https://mercomindia.com/power-producer-encavis-ags-fund-phase-with-e1-13-billion/" target="_blank" rel="noopener">completed</a> the investment phase of the Encavis Infrastructure Fund II (EIF II) with a total value of €1.13 billion (~$1.19 billion). EIF II is a pan-European renewable portfolio created in 2017. It is one of Germany&#8217;s largest clean energy funds, with investments in ~680 MW of capacity.
Tigo Energy, a provider of intelligent solar and energy storage solutions, has <a href="https://cms.mercomindia.com/tigo-energy-to-go-public-via-600-million-spac-deal/" target="_blank" rel="noopener">signed</a> a definitive business combination agreement with Roth CH Acquisition IV (ROCG). As per the agreement, ROCG will acquire Tigo for a pre-money equity value of $600 million, which will result in Tigo becoming a public company. The transaction is expected to close in the second quarter of 2023.
Customcells, a developer of battery cells, <a href="https://cms.mercomindia.com/battery-cell-developer-customcells-secures-63-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> the completion of a €60 million (~$63 million) Series A funding round, proceeds of which would be used to promote electric flights and expand the company&#8217;s global footprint. The European climate tech VC World Fund led the funding round with participation from Abacon Capital, Vsquared Ventures, and Porsche. The funding will help to expand activities in the electrification of air traffic and create a competitive advantage through a First2Market approach.
ZincFive, a nickel-zinc battery-based solutions company, has <a href="https://cms.mercomindia.com/battery-storage-company-zincfive-raises-54-million/" target="_blank" rel="noopener">raised</a> $54 million in Series D funding, bringing the company&#8217;s total investment to $139 million. Helios Climate Ventures led the funding round with additional participation from existing investors Senator Investment Group and Standard Investments. New investors participating in the round include OGCI Climate Investments and Japan Energy Fund.
Hover Energy, a provider of on-site power solutions, announced the <a href="https://cms.mercomindia.com/hover-energy-acquires-shine-development-partners/" target="_blank" rel="noopener">acquisition</a> of Shine Development Partners, a solar energy solutions company, to expand its reach to commercial and industrial customers and bring its solar capabilities in-house. Shine focuses on developing, financing, and asset management of medium to large-scale commercial solar, energy storage, distributed wind, and clean technology projects.
Australia&#8217;s Squadron Energy, a part of the Tattarang group of companies, said it had <a href="https://mercomindia.com/australias-squadron-energy-acquires-cwp-renewables/" target="_blank" rel="noopener">acquired</a> renewable energy developer CWP Renewables for an undisclosed sum. The acquisition will boost Squadron’s operating portfolio to 2.4 GW with an Australian development pipeline of 20 GW. Squadron said it would integrate CWP Renewables into its existing business, which includes majority ownership of Windlab, an asset management company specializing in managing clean energy assets.
Ostrom, a provider of energy management solutions, has <a href="https://www.ostrom.de/post/ostrom-raises-9-3eur-million-series-a" target="_blank" rel="noopener">raised</a> a further €9.3 million (~$9.7 million) in a Series A round bringing the total funding of Ostrom close to €14 million (~$14.7 million). Adjacent and Union Square Venture provided the financing, which will be used to broaden the company&#8217;s offering, including smart meter support, real-time dynamic pricing tariffs, electric vehicle (EV) charging, heat pump optimization, and more.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-bboxx-edf-secure-11-million-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: NRG Energy Buys Smart Grid Company Vivint for $2.8 Billion

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
NRG Energy has entered into a definitive agreement to <a href="https://mercomcapital.com/nrg-energy-acquires-smart-grid-solutions-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">acquire</a> Vivint Smart Home in an all-cash transaction at $12 per share totaling $2.8 billion. The acquisition is expected to help accelerate NRG’s new growth strategy and diversify the company’s financial profile. The transaction is expected to close in the first quarter of 2023.
Europe-based independent power producer Encavis AG’s fund Encavis Asset Management has <a href="https://mercomindia.com/power-producer-encavis-ags-fund-phase-with-e1-13-billion/" target="_blank" rel="noopener">completed</a> the investment phase of the Encavis Infrastructure Fund II (EIF II) with a total value of €1.13 billion (~$1.19 billion). EIF II is a pan-European renewable portfolio created in 2017. It is one of Germany’s largest clean energy funds, with investments in ~680 MW of capacity.
Tigo Energy, a provider of intelligent solar and energy storage solutions, has <a href="https://mercomcapital.com/tigo-energy-to-go-public-via-600-million-spac-deal/" target="_blank" rel="noopener">signed</a> a definitive business combination agreement with Roth CH Acquisition IV (ROCG). As per the agreement, ROCG will acquire Tigo for a pre-money equity value of $600 million, which will result in Tigo becoming a public company. The transaction is expected to close in the second quarter of 2023.
Customcells, a developer of battery cells, <a href="https://mercomcapital.com/battery-cell-developer-customcells-secures-63-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> the completion of a €60 million (~$63 million) Series A funding round, proceeds of which would be used to promote electric flights and expand the company’s global footprint. The European climate tech VC World Fund led the funding round with participation from Abacon Capital, Vsquared Ventures, and Porsche. The funding will help to expand activities in the electrification of air traffic and create a competitive advantage through a First2Market approach.
ZincFive, a nickel-zinc battery-based solutions company, has <a href="https://mercomcapital.com/battery-storage-company-zincfive-raises-54-million/" target="_blank" rel="noopener">raised</a> $54 million in Series D funding, bringing the company’s total investment to $139 million. Helios Climate Ventures led the funding round with additional participation from existing investors Senator Investment Group and Standard Investments. New investors participating in the round include OGCI Climate Investments and Japan Energy Fund.
Hover Energy, a provider of on-site power solutions, announced the <a href="https://mercomcapital.com/hover-energy-acquires-shine-development-partners/" target="_blank" rel="noopener">acquisition</a> of Shine Development Partners, a solar energy solutions company, to expand its reach to commercial and industrial customers and bring its solar capabilities in-house. Shine focuses on developing, financing, and asset management of medium to large-scale commercial solar, energy storage, distributed wind, and clean technology projects.
Australia’s Squadron Energy, a part of the Tattarang group of companies, said it had <a href="https://mercomindia.com/australias-squadron-energy-acquires-cwp-renewables/" target="_blank" rel="noopener">acquired</a> renewable energy developer CWP Renewables for an undisclosed sum. The acquisition will boost Squadron’s operating portfolio to 2.4 GW with an Australian development pipeline of 20 GW. Squadron said it would integrate CWP Renewables into its existing business, which includes majority ownership of Windlab, an asset management company specializing in managing clean energy assets.
Ostrom, a provider of energy management solutions, has <a href="https://www.ostrom.de/post/ostrom-raises-9-3eur-million-series-a" target="_blank" rel="noopener">raised</a> a further €9.3 million (~$9.7 million) in a Series A round bringing the total funding of Ostrom close to €14 million (~$14.7 million). Adjacent and Union Square Venture provided the financing, which will be used to broaden the company’s offering, including smart meter support, real-time dynamic pricing tariffs, electric vehicle (EV) charging, heat pump optimization, and more.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-bboxx-edf-secure-11-million-loan-to-expand-clean-energy/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.tigoenergy.com/" target="_blank" rel="noopener">Tigo Energy</a>, a provider of intelligent solar and energy storage solutions, has announced the signing of a definitive business combination agreement with Roth CH Acquisition IV (<a href="https://www.rothch.com/" target="_blank" rel="noopener">ROCG</a>), a publicly traded special purpose acquisition company (SPAC) with $117 million in trust.
As per the agreement, ROCG will acquire Tigo for a pre-money equity value of $600 million, which will result in Tigo becoming a public company. The new combined company will be named “Tigo Energy, Inc.” and will be listed on NASDAQ under the ticker symbol “TYGO.”
Zvi Alon, Tigo CEO and Chairman, will continue to lead the Company along with the current management team, and existing Tigo stockholders will roll 100% of their equity into the Company.
Existing Tigo stockholders will retain approximately 82% of the ownership at the close of the company. They will not receive any cash proceeds as part of this transaction and will roll 100% of their equity into the company.
The transaction is expected to close in the second quarter of 2023 following the approvals from ROCG and Tigo stockholders and other customary closing conditions.
Assuming no ROCG stockholders exercise their redemption rights, gross proceeds of approximately $117 million will be released to the company from the trust account in connection with the transaction.
White &amp; Case LLP is acting as legal advisor to Tigo, and both DLA Piper LLP and Loeb &amp; Loeb LLP are acting as legal advisors to Roth CH IV.
Tigo Energy provides advanced power electronics for the solar sector. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control for the commercial, industrial, and utility solar market segments.
With installations in over a hundred countries across all seven continents, Tigo systems generate more than 1 GWh of solar energy daily.
The company has secured a portfolio of 115 patents and shipped more than 10 million MLPE (Module Level Power Electronics) devices worldwide.
Tigo has recently unveiled its EI Residential platform, an integrated solar-plus-storage solution for the European Market, with a pilot installation in Italy and rollouts in Czechia and Germany. The system provides faster and simpler design, installation, and service while providing EU installers with flexibility and more efficient energy management.
According to Mercom’s 9M and Q3 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>. Total corporate funding for solar (including venture capital funding, public market, and debt financing) in 9M 2022 stood at $18.7 billion, 18% lower than the $22.8 billion raised in 9M 2021.

Tigo Energy to Go Public via $600 Million SPAC Deal

<a href="https://www.tigoenergy.com/" target="_blank" rel="noopener noreferrer">Tigo Energy</a>, a U.S.-based smart solar module technology provider, has secured a $20 million investment in the latest funding round led by <a href="https://egmomentum.com/" target="_blank" rel="noopener noreferrer">Energy Growth Momentum</a>, a U.K.-based investment firm.
The investment will be utilized to enhance its existing products and develop next-generation solutions that maximize returns for photovoltaic consumers, said Tigo Energy in a statement.
Tigo Energy said that it would continue to invest in business and systems process enhancement to support consumers. Tigo systems produce over 1 GWh of solar energy daily, with more than 40,000 installations across more than 100 countries.
Zvi Alon, Chairman and Chief Executive Officer of Tigo Energy, said, “We are excited to have the EG Momentum team’s support, and their working capital will enable us to better serve our current customer base and invest in the future expansion with new customers, new partners, and new projects.”
Tigo provides flexible module-level power electronics with solutions that enhance safety, increase energy production, and decrease the operating costs of solar systems.
According to Tigo Energy, its solutions secured certification with hundreds of inverters from over 15 manufacturers, which provides consumers several options and freedom to select the features they want with inverters of their choice.
John Wilson, Founding Partner at Energy Growth Momentum, said, “We look for talented and experienced management in order to support digital and renewable energy investments that simultaneously increase market value and reduce carbon emissions. The combination of Zvi and Tigo Energy represents such an investment.”
EGM invests $10-15 million of growth capital in proven operational and digital technology that improves the commercial and carbon efficiency of energy assets.
According to <a href="https://mercomcapital.com/research/" target="_blank" rel="noopener noreferrer">Mercom Research</a>, Tigo Energy secured a $20 million investment from a German inverter manufacturer SMA Solar Technology for a 27% stake in 2016. With this deal, SMA also acquired the exclusive rights for worldwide sales of TS4 Retrofit, a product platform for module optimization developed by Tigo Energy, for 30 months.
In 2020, global venture capital and private equity funding in the solar sector stood at $1.2 billion in 41 deals, compared to $1.4 billion in 53 deals in the previous year, according to Mercom’s <a href="https://mercomcapital.com/product/2020-q4-annual-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">2020 Q4 and Annual Solar Funding and M&amp;A Report</a>. There were 102 VC and PE investors that participated in funding deals in 2020, with five involved in multiple rounds.

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