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Torus, a Utah-based energy storage solutions provider, has <a href="https://cms.mercomindia.com/torus-secures-200m-from-magnetar-to-scale-hybrid-energy-storage/" target="_blank" rel="noopener">secured</a> a $200 million investment from Magnetar, an alternative asset manager, to accelerate the deployment of its modular hybrid power plant solutions. The new funding will also fuel the expansion of GigaOne, Torus’ 540,000-square-foot manufacturing campus in Salt Lake City, which is designed to reach a production capacity of over 1 GW per quarter within three years.
Aukera, a renewable energy developer and independent power producer, <a href="https://cms.mercomindia.com/aukera-raises-124-million-in-oversubscribed-second-equity-round/" target="_blank" rel="noopener">announced</a> the closing of an oversubscribed €105 million (~$124 million) equity round. With the amount raised, the company plans to accelerate its pipeline of more than 15 GW of solar PV, onshore wind, and battery storage projects in its core markets: the U.K., Italy, Germany, Belgium, and Romania.
Climate-focused investment firm Wollemi Energy Group, part of Wollemi Capital, has <a href="https://cms.mercomindia.com/wollemi-capital-acquires-renewable-energy-developer-mpower-for-12-5-million/" target="_blank" rel="noopener">completed</a> the acquisition of substantially all of the business of MPower, an Australian developer of renewable energy and battery storage systems, for A$19 million (~$12.5 million). As part of the agreement, the ASX-listed MPower Group is divesting its renewable energy and battery storage operations. Wollemi has also committed to investing more than $100 million to advance MPower’s project pipeline.
Mufin Green Finance, a listed non-banking financial company, has <a href="https://www.mercomindia.com/mufin-green-raises-%E2%82%B9500-million-via-private-placement-of-ncds" target="_blank" rel="noopener">completed</a> the allotment of 5,000 non-convertible debentures (NCDs) worth ₹500 million (~$5.67 million) through a private placement. As per an intimation filed with the stock exchanges, each debenture was allotted a coupon rate of 11% per annum, payable monthly. The NCDs were allotted on September 11, 2025, with a tenure of 15 months.
Independent power producer Serentica Renewables has <a href="https://www.mercomindia.com/serentica-acquire-statkrafts-indian-solar-business" target="_blank" rel="noopener">signed</a> binding agreements to acquire Statkraft’s 445 MW operational solar project at Bikaner, along with 1 GW of solar projects under development across Rajasthan. Projects in the portfolio have been supplying power on a merchant basis and will be transitioned to serve Serentica’s commercial and industrial customers on a round-the-clock basis. The acquisition will grow Serentica’s operating portfolio to 1.5 GW.
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-act-ion-battery-technologies-raises-4m/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Torus Secures $200 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-torus-secures-200-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Torus, a Utah-based energy storage solutions provider, has <a href="https://mercomcapital.com/torus-secures-200m-from-magnetar-to-scale-hybrid-energy-storage/" target="_blank" rel="noopener">secured</a> a $200 million investment from Magnetar, an alternative asset manager, to accelerate the deployment of its modular hybrid power plant solutions. The new funding will also fuel the expansion of GigaOne, Torus’ 540,000-square-foot manufacturing campus in Salt Lake City, which is designed to reach a production capacity of over 1 GW per quarter within three years.
Aukera, a renewable energy developer and independent power producer, <a href="https://mercomcapital.com/aukera-raises-124-million-in-oversubscribed-second-equity-round/" target="_blank" rel="noopener">announced</a> the closing of an oversubscribed €105 million (~$124 million) equity round. With the amount raised, the company plans to accelerate its pipeline of more than 15 GW of solar PV, onshore wind, and battery storage projects in its core markets: the U.K., Italy, Germany, Belgium, and Romania.
Climate-focused investment firm Wollemi Energy Group, part of Wollemi Capital, has <a href="https://mercomcapital.com/wollemi-capital-acquires-renewable-energy-developer-mpower-for-12-5-million/" target="_blank" rel="noopener">completed</a> the acquisition of substantially all of the business of MPower, an Australian developer of renewable energy and battery storage systems, for A$19 million (~$12.5 million). As part of the agreement, the ASX-listed MPower Group is divesting its renewable energy and battery storage operations. Wollemi has also committed to investing more than $100 million to advance MPower’s project pipeline.
Mufin Green Finance, a listed non-banking financial company, has <a href="https://www.mercomindia.com/mufin-green-raises-%E2%82%B9500-million-via-private-placement-of-ncds" target="_blank" rel="noopener">completed</a> the allotment of 5,000 non-convertible debentures (NCDs) worth ₹500 million (~$5.67 million) through a private placement. As per an intimation filed with the stock exchanges, each debenture was allotted a coupon rate of 11% per annum, payable monthly. The NCDs were allotted on September 11, 2025, with a tenure of 15 months.
Independent power producer Serentica Renewables has <a href="https://www.mercomindia.com/serentica-acquire-statkrafts-indian-solar-business" target="_blank" rel="noopener">signed</a> binding agreements to acquire Statkraft’s 445 MW operational solar project at Bikaner, along with 1 GW of solar projects under development across Rajasthan. Projects in the portfolio have been supplying power on a merchant basis and will be transitioned to serve Serentica’s commercial and industrial customers on a round-the-clock basis. The acquisition will grow Serentica’s operating portfolio to 1.5 GW.
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://mercomindia.com/funding-and-ma-roundup-act-ion-battery-technologies-raises-4m" target="_blank" rel="noopener">roundup</a>.

Torus, a Utah-based energy storage solutions provider, has <a href="https://cms.mercomindia.com/torus-closes-67-million-to-advance-energy-storage/" target="_blank" rel="noopener">secured</a> $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
JSW Energy, a private sector power producer, has <a href="https://www.mercomindia.com/jsw-energy-%e2%82%b950-billion-qualified-institutional-placement" target="_blank" rel="noopener">completed</a> a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors. The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.
Boston-area startup Alsym Energy has <a href="https://www.mercomindia.com/tata-invests-alsym" target="_blank" rel="noopener">raised</a> $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology. The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.
Polar Night Energy, a Finnish thermal energy storage startup, has <a href="https://cms.mercomindia.com/polar-night-energy-raises-8-1-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> €7.6 million (~$8.1 million) in a seed funding round. Jonathan Oppenheimer, a South African businessman, led the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.
SolarEdge Technologies, a provider of smart energy technology solutions, <a href="https://cms.mercomindia.com/solaredge-acquires-ev-charging-wevo-energy/" target="_blank" rel="noopener">announced</a> that it completed the acquisition of the entire share capital of Wevo Energy. Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.
Copenhagen Infrastructure Partners (CIP) has <a href="https://www.elgin.com/news/copenhagen-infrastructure-partners-acquires-majority-stake-in-elgin" target="_blank" rel="noopener">secured</a> a controlling stake in Elgin Energy, a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP&#8217;s expertise in procurement and construction alongside Elgin&#8217;s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.
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-invenergy-secures-900-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Torus Raises $67 Million to Advance Energy Storage Solutions

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-torus-raises-advance-energy-storage-solutions/" target="_blank" rel="noopener">Mercom Capital Group</a>
Torus, a Utah-based energy storage solutions provider, has <a href="https://mercomcapital.com/torus-closes-67-million-to-advance-energy-storage/" target="_blank" rel="noopener">secured</a> $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
JSW Energy, a private sector power producer, has <a href="https://www.mercomindia.com/jsw-energy-%e2%82%b950-billion-qualified-institutional-placement" target="_blank" rel="noopener">completed</a> a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors. The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.
Boston-area startup Alsym Energy has <a href="https://www.mercomindia.com/tata-invests-alsym" target="_blank" rel="noopener">raised</a> $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology. The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.
Polar Night Energy, a Finnish thermal energy storage startup, has <a href="https://mercomcapital.com/polar-night-energy-raises-8-1-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> €7.6 million (~$8.1 million) in a seed funding round. Jonathan Oppenheimer, a South African businessman, led the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.
SolarEdge Technologies, a provider of smart energy technology solutions, <a href="https://mercomcapital.com/solaredge-acquires-ev-charging-wevo-energy/" target="_blank" rel="noopener">announced</a> that it completed the acquisition of the entire share capital of Wevo Energy. Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.
Copenhagen Infrastructure Partners (CIP) has <a href="https://www.elgin.com/news/copenhagen-infrastructure-partners-acquires-majority-stake-in-elgin" target="_blank" rel="noopener">secured</a> a controlling stake in Elgin Energy, a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP&#8217;s expertise in procurement and construction alongside Elgin&#8217;s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.
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-invenergy-secures-900-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.torus.co/blog/torus-secures-financing-to-advance-energy-storage" target="_blank" rel="noopener">Torus</a>, a Utah-based energy storage solutions provider, has secured $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round.
Furthermore, the financing round saw contributions from institutional investors such as Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.
Torus is involved in the design, engineering, and manufacturing of energy storage and management products for the residential, commercial, and large-scale utility sectors. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
“We are thrilled to have Origin Ventures leading this equity financing. We continue to make significant technical strides in energy storage and management. Our strategic partnerships with industry giants like the Rocky Mountain Power ‘Wattsmart’’ program and our relationship with Vivint Smart Home, alongside financing allies Sungage and Banterra Bank, are empowering communities to embrace energy storage. This will assist the commercial and utility sectors to physically expand and maintain resilience. ,” said Nate Walkingshaw, CEO and Founder of Torus.
The company added two new board members, including David Bywater, a former CEO of Vivint Smart Home and Vivint Solar, and Brent Hill, Managing Director at Origin Ventures.
According to Mercom’s Annual and Q4 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
In a recent deal, Energy Storage developer Lightshift Energy (formerly Delorean Power) <a href="https://cms.mercomindia.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms.

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