Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has secured ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates.

ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares. The transaction is subject to regulatory approvals.

This funding is Greater Noida-based ILJIN’s first external institutional capital raise. It is aimed at scaling operations, enhancing manufacturing capacity, and pursuing targeted acquisitions to strengthen its market position.

ILJIN’s energy solutions include battery energy storage systems (BESS), solar inverters, electric vehicle charging solutions, and UPS systems. The company also offers box build solutions for products such as smart watches and routers, and bare printed circuit board and assemblies for consumer durables.

Recently, Amber Group, through ILJIN, acquired controlling stakes in Power-One Micro Systems to expand into BESS, electric vehicle chargers, UPS, and solar inverter markets, covering on-grid, off-grid, and hybrid systems. This acquisition will enable ILJIN Electronics to unlock avenues of operational synergies and strategic growth opportunities.

Corporate funding for energy storage companies in 1H 2025 reached $9.1 billion across 55 deals, a 41% decrease year-over-year compared to $15.4 billion in 64 deals in 1H 2024, according to Mercom Capital Group’s 1H and Q2 2025 Funding and M&A Report for Energy Storage. The downturn was attributed to the uncertainty surrounding multiple policy and tariff changes in the U.S., including proposed cuts to the Investment Tax Credit and several provisions of the Inflation Reduction Act.

Battery energy storage is gaining traction in India, driven by the increasing integration of renewable energy into the grid. The government has mandated renewable energy implementing agencies to incorporate a minimum two-hour co-located energy system, equivalent to 10% of the annual solar installed capacity, in all future tenders. This mandate is expected to resolve intermittency issues and provide critical support during peak demand hours.