Madhya Pradesh Electricity Regulatory Commission has rejected a petition filed by Madhya Pradesh Power Management Company and state power distribution companies (DISCOMs) seeking levy of grid support charges on all categories of consumers with grid-connected rooftop solar system under net-metering and base load reduction (Category III). They had also sought the introduction of net billing or net feed-in arrangement for consumers having contract demand/ sanctioned load up to 500 kW.

Gurugram-based Electric Vehicle (EV) financing and asset management company Finayo has secured funding of ₹160 Million (~$1.9 million) from F Mec International Financial Services, Choice Finserv (CFPL) and other angel investors, and high net worth individuals. The funds will be utilized to invest in cutting-edge technologies, expand Finayo’s footprint across India, and accelerate the establishment of an inclusive EV financing network.

World leaders settled for a weaker text that spoke of ‘transitioning away’ from fossil fuels instead of a more definitive ‘phase-out’ at the COP28 climate summit in Dubai. After lengthy deliberations that went beyond the scheduled close of the two-week event, the declaration called on nations to contribute to ‘transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050.’

BatX Energies, an India-based sustainable and circular Lithium-ion battery recycling company, has raised $5 million in pre-series A Funding. The funds will be utilized for market expansion and scaling of the company’s recycling operations all over India. Zephyr Peacock led the funding along with Lets Venture and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, BluSmart, etc.

The Fraunhofer Institute for Solar Energy Systems (ISE) has developed an app that displays the current share of renewables in the net public electricity generation for 12 European countries. It can also show the day-ahead electricity price for 34 European countries, allowing consumers to adjust their electricity consumption with the renewable share accordingly. The app, PowerSignal, uses a ‘traffic light’ that varies its color based on the relationship between the current renewable share and the average over the last five years for the respective month.