From: Mercom Capital Group

Adden Energy, a solid-state battery developer for electric vehicles, secured $15 million in Series A funding. The funding round was led by At One Ventures with participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures. The company plans to use the funding to expand its lithium-metal solid-state batteries in pouch cell form factors to become more commercially accessible to EVs.

MobilityPlus, a company that provides charging solutions for electric vehicles (EV), has secured €40 million (~$43 million) in funding from Suma Capital through its Climate Impact Fund III, an Article 9 fund for European energy transition investments. Previous investors, such as Concentra, also participated in the funding. The funds will be used to expand its EV fleet charging portfolio and grow its charging network in Belgium and France.

Solar module manufacturer Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering (IPO) garnered strong investor interest from institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer. According to data from the NSE, this resulted in a 76.34 times oversubscription.

GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, raised ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion). The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India. The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles and energy storage systems sectors.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.