Growth equity firm Singularity AMC is investing ₹5 billion (~$57.2 million) in Madhya Pradesh-based renewable energy company Bhilwara Energy.

Singularity AMC is backed by investor Madhusudan Kela and led by Yash Kela and other Singularity AMC partners.

The two companies have signed definitive agreements to support the creation of an integrated energy transition platform, HEG Greentech.

Singularity AMC, through its Singularity Growth Opportunities Fund II, acquired a 9.6% stake in HEG and Bhilwara Energy for ₹2.5 billion (~$28.64 million). It also has the option to acquire a further 9.6% stake with a similar investment.

HEG holds 49.01% in Bhilwara Energy and will divest 4.71% of its shares through this transaction.

The platform will focus on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene, and advanced battery systems manufacturing for energy storage and electric vehicles.

The company will focus on driving organic growth, establishing new greenfield projects, and pursuing strategic acquisitions and partnerships.

With this transaction, Bhilwara Energy has nearly completed its fundraising of ₹30 billion (~$343.71 million).

In May 2024, HEG approved the demerger of its graphite business with a new company. The existing company became a platform for green energy businesses, specifically, hydro, and wind energy through Bhilwara Energy, energy storage solutions through RePlus, and advanced carbon business through The Advanced Carbons Company.

In 2021, Replus Engitech, a company subsidiary, commissioned a 550 MWh Battery Energy Storage System (BESS) manufacturing plant.

The company has 1,261,52 MW hydropower projects and 14 MW wind power projects under its subsidiary companies.

Bhilwara Energy was one of the winners of Gujarat Urja Vikas Nigam’s Phase IV standalone BESS auction held in December 2024.

According to Mercom Capital Group’s newly released Annual and Q4 2024 Funding and M&A Report for Storage & Grid, corporate funding for energy storage companies, including VC investments, public market funding, and debt financing, increased 5% year-over-year. Corporate funding for energy storage companies grew to $19.9 billion in 116 deals in 2024, compared to $19 billion in 120 deals in 2023.