RECPDCL Announces Winner of 4.5 GW Transmission Project

SAS, URECO Form US Joint Venture to Build 1 GW Solar Module Plant

PFC Consulting Tenders Two 765 kV Intrastate Transmission Projects in Rajasthan

Brookfield to Acquire Battery Storage Platform Aypa Power for $7 Billion

MNRE Issues Model Agreement for Electrolyzer as a Service

Sofab Inks Raises $6 Million to Scale Perovskite Solar Cell Materials

China’s Solar Capacity Tops 1.27 TW but Capacity Additions Drop 66% in 1H 2026

SECI Announces Winners of 4.4 MW Rooftop Solar Project Auction

Open Access Will Drive Large-Scale C&I Renewable Adoption: Interview

Tesla Q2 2026 Revenue Rises 26% on Record Deliveries, Misses Earning Estimates

Allume Energy, a provider of residential solar solutions, has <a href="https://cms.mercomindia.com/solar-solutions-provider-allume-energy-secures-4-6m-funding/" target="_blank" rel="noopener">secured</a> £4 million (~$4.6 million) in funding from E.ON UK, an energy company. The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
Electric motorcycle manufacturer Oben Electric has <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-extended-series-a-funding" target="_blank" rel="noopener">raised</a> an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round. The extended round saw participation from new and existing investors, including Helios Holdings, the Sharda family office, and the Kay family. This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).
Electric vehicle charging software platform Kazam has <a href="https://www.mercomindia.com/ev-kazam-raises-6-2-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $6.2 million in a Series B funding round from the International Finance Corporation (IFC) and existing investors Vertex Ventures SEA and India, and Avaana Capital Advisors. The newly raised funds will be used to support the company’s expansion across markets with its energy transition tools.
ARRAY Technologies, a company that provides solar tracking technology products, software, and services for utility-scale solar energy projects, has entered into a definitive agreement to <a href="https://cms.mercomindia.com/array-technologies-to-acquire-apa-solar/" target="_blank" rel="noopener">acquire</a> APA Solar, a provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. The transaction values APA at approximately $179 million and is expected to close in the third quarter of 2025.
Ares Management Corporation, an alternative investment manager, announced that it has entered into a definitive agreement to <a href="https://cms.mercomindia.com/ares-management-acquires-20-stake-in-plenitude/" target="_blank" rel="noopener">acquire</a> a 20% stake in Plenitude, an energy transition company controlled by Eni, for approximately €2 billion (~$2.3 billion) through Ares Alternative Credit funds. The acquisition values Plenitude at over €12 billion (~$14 billion), and the deal is subject to regulatory approvals.
Solar solutions and electric vehicle charger manufacturer Servotech Renewable Power System has entered a definitive agreement to <a href="https://www.mercomindia.com/servotech-acquires-27-stake-in-module-manufacturer-rhine-solar" target="_blank" rel="noopener">acquire</a> a 27% stake in post-money valuation in solar module manufacturing company Rhine Solar. The cost of the acquisition was not disclosed. This acquisition is part of Servotech’s plan to expand its renewable energy portfolio and enhance its position as a comprehensive solar solutions provider.
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-voltfang-secures-17-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Allume Energy Secures $4.6 Million

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/06/amazon_polly_81134.mp3?version=1750827910">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-allume-energy-secures-4-6-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Allume Energy, a provider of residential solar solutions, has <a href="https://mercomcapital.com/solar-solutions-provider-allume-energy-secures-4-6m-funding/" target="_blank" rel="noopener">secured</a> £4 million (~$4.6 million) in funding from E.ON UK, an energy company. The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
Electric motorcycle manufacturer Oben Electric has <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-extended-series-a-funding" target="_blank" rel="noopener">raised</a> an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round. The extended round saw participation from new and existing investors, including Helios Holdings, the Sharda family office, and the Kay family. This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).
Electric vehicle charging software platform Kazam has <a href="https://www.mercomindia.com/ev-kazam-raises-6-2-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $6.2 million in a Series B funding round from the International Finance Corporation and existing investors Vertex Ventures SEA and India, and Avaana Capital Advisors. The newly raised funds will be used to support the company’s expansion across markets with its energy transition tools.
ARRAY Technologies, a company that provides solar tracking technology products, software, and services for utility-scale solar energy projects, has entered into a definitive agreement to <a href="https://mercomcapital.com/array-technologies-to-acquire-apa-solar/" target="_blank" rel="noopener">acquire</a> APA Solar, a provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. The transaction values APA at approximately $179 million and is expected to close in the third quarter of 2025.
Ares Management Corporation, an alternative investment manager, has entered into a definitive agreement to <a href="https://mercomcapital.com/ares-management-acquires-20-stake-in-plenitude/" target="_blank" rel="noopener">acquire</a> a 20% stake in Plenitude, an energy transition company controlled by Eni, for approximately €2 billion (~$2.3 billion) through Ares Alternative Credit funds. The acquisition values Plenitude at over €12 billion (~$14 billion), and the deal is subject to regulatory approvals.
Solar solutions and electric vehicle charger manufacturer Servotech Renewable Power System has entered a definitive agreement to <a href="https://www.mercomindia.com/servotech-acquires-27-stake-in-module-manufacturer-rhine-solar" target="_blank" rel="noopener">acquire</a> a 27% stake in post-money valuation in solar module manufacturing company Rhine Solar. The cost of the acquisition was not disclosed. This acquisition is part of Servotech’s plan to expand its renewable energy portfolio and enhance its position as a comprehensive solar solutions provider.
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-voltfang-secures-17-million" target="_blank" rel="noopener">roundup</a>.

Voltfang, an energy storage solutions provider, <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-17m-series-b-funding/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series B funding round led by Dutch investor FORWARD.One. With this new funding, Voltfang aims to scale its production capacities and deliver an additional 250 MWh of sustainable battery storage across Europe by the end of 2026. The company will also continue developing its AI-integrated energy management system, Venma.
NTPC has raised an <a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener">unsecured</a> $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs.
Indian Renewable Energy Development Agency, has <a href="https://www.mercomindia.com/ireda-20-billion-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares. The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price. Among the participants, the Life Insurance Corporation of India emerged as the largest investor in the QIP.
KKR, a global investment firm, has signed definitive agreements to <a href="https://cms.mercomindia.com/kkr-to-acquire-independent-power-producer-zenith-energy/" target="_blank" rel="noopener">acquire</a> Zenith Energy, an independent power producer, from a consortium that includes Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group. According to the agreements, Zenith’s founder and management will retain a minority stake in the company. The transaction is expected to close in late 2025, subject to customary regulatory approvals.
Exagon Impact Capital, a private equity firm, announced that it has <a href="https://cms.mercomindia.com/exagon-impact-capital-acquires-controlling-stake-in-sunroof/" target="_blank" rel="noopener">acquired</a> a controlling stake in SunRoof, a Latin American renewable energy platform, through its inaugural fund, Exagon Latin America Fund I (XLA I). SunRoof is a clean energy provider serving commercial and industrial clients through solar and battery storage solutions. With this acquisition, the XLA I portfolio is expected to strengthen its presence in Latin America’s middle-market renewable energy sector.
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-hybrid-energy-storage-solutions-raises-14m/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Voltfang Secures $17 Million

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/06/amazon_polly_80877.mp3?version=1750223166">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-voltfang-secures-17-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Voltfang, an energy storage solutions provider, <a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-17m-series-b-funding/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series B funding round led by Dutch investor FORWARD.One. With this new funding, Voltfang aims to scale its production capacities and deliver an additional 250 MWh of sustainable battery storage across Europe by the end of 2026. The company will also continue developing its AI-integrated energy management system, Venma.
NTPC has raised an <a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener">unsecured</a> $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs.
Indian Renewable Energy Development Agency, has <a href="https://www.mercomindia.com/ireda-20-billion-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares. The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price. Among the participants, the Life Insurance Corporation of India emerged as the largest investor in the QIP.
KKR, a global investment firm, has signed definitive agreements to <a href="https://mercomcapital.com/kkr-to-acquire-independent-power-producer-zenith-energy/" target="_blank" rel="noopener">acquire</a> Zenith Energy, an independent power producer, from a consortium that includes Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group. According to the agreements, Zenith’s founder and management will retain a minority stake in the company. The transaction is expected to close in late 2025, subject to customary regulatory approvals.
Exagon Impact Capital, a private equity firm, announced that it has <a href="https://mercomcapital.com/exagon-impact-capital-acquires-controlling-stake-in-sunroof/" target="_blank" rel="noopener">acquired</a> a controlling stake in SunRoof, a Latin American renewable energy platform, through its inaugural fund, Exagon Latin America Fund I (XLA I). SunRoof is a clean energy provider serving commercial and industrial clients through solar and battery storage solutions. With this acquisition, the XLA I portfolio is expected to strengthen its presence in Latin America’s middle-market renewable energy sector.
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-hybrid-energy-storage-solutions-raises-funding" target="_blank" rel="noopener">roundup</a>.

<a href="https://voltfang.de/" target="_blank" rel="noopener">Voltfang</a>, an energy storage solutions provider, raised €15 million (~$17 million) in a Series B funding round led by Dutch investor FORWARD.One.
Additional investors include existing investors such as Interzero, PT1, Helen Ventures, Daphni, and Aurum Impact (the Goldbeck family office), as well as new partners like Fiege Ventures and Newberry Investments, who participated in this round.
The company uses both high-performance new batteries and reconditioned batteries sourced from the European automotive industry to develop its battery energy storage systems.
With this new funding, Voltfang aims to scale its production capacities and deliver an additional 250 MWh of sustainable battery storage across Europe by the end of 2026. The company will also continue developing its AI-integrated energy management system, Venma.
“Voltfang perfectly embodies our investment strategy: strong hardware paired with intelligent software. With their powerful and truly European storage technology, the team is tackling one of the most pressing challenges of our time—enabling the energy transition. We firmly believe that local energy infrastructure will be a key pillar of Europe’s future economic growth,” said Paul Pruijmboom, Partner at FORWARD.One.
Last year, the company <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than $8.7 million in an oversubscribed Series A financing round to help deliver its mission of providing sustainable and scalable battery storage solutions for Europe’s energy transition.
According to Mercom’s recently released Q1 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, VC funding in the sector fell 8% year over year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
In November, Ampd Energy, a provider of battery energy storage solutions for heavy industries, <a href="https://cms.mercomindia.com/ampd-energy-secures-27-3-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $27.3 million in an oversubscribed Series B funding round. Kibo Invest and Openspace co-led the funding round, with participation from existing investors MTR Lab, Taronga Ventures, and 2150.

Energy Storage Provider Voltfang Secures $17 Million Series B Funding

Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://cms.mercomindia.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://cms.mercomindia.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
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-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Recurrent Energy Closes $500 Million Investment

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/10/amazon_polly_71090.mp3?version=1728448816">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-closes-500-million-investment/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://mercomcapital.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://mercomcapital.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://voltfang.de/" target="_blank" rel="noopener">Voltfang</a>, an energy storage solutions provider, has secured more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants.
Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round, with significant participation from Interzero. Existing investors, including PT1, AENU, Helen Ventures, Daphni, Aurum Impact (the family office of Goldbeck), and Maximilian Viessmann, also participated in the round.
The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
“We are extremely pleased to have FORWARD.One and Interzero on board—two partners who not only bring financial commitments but also a deep understanding of our vision and mission,” says David Oudsandji, CEO and co-founder of Voltfang. “FORWARD.One’s focus on hardware and climate tech, as well as Interzero’s know-how in the circular economy, align perfectly with our goals. Our new investors’ respective expertise will be invaluable as we continue to innovate and lead in sustainable energy storage.”
The company uses requalified and tested electric vehicle (EV) batteries from European automotive partners as energy storage systems for commercial/industrial and grid-scale applications. According to Voltfang, these discarded or overproduced batteries usually have a residual capacity of at least 80% and are ideal for use in stationary storage systems.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
In April, Torus, an American energy storage solutions provider based in Utah, <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 round also included contributions from institutional investors such as Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.

voltfang

Get the most relevant India solar and clean energy news.

RECENT POSTS