From: Mercom Capital Group

Aditya Birla Renewables (ABRen), the renewable energy subsidiary of Grasim Industries, has signed a definitive agreement to acquire Sprng Energy from Shell Overseas Investment for an enterprise value of ₹172 billion (~$1.8 billion). ABRen will acquire all equity shares and securities of Solenergi Power, which owns the Sprng Energy group of companies. This transaction adds a contracted portfolio of ~5 GW of capacity, along with a strong pipeline of connectivity and development.

Energy Exploration Technologies (EnergyX), a U.S.-based energy technology company focused on lithium production and critical-mineral supply chain infrastructure, has secured a $225 million strategic investment from the Italian energy company Eni. The investment is for a minority stake in Project Black Giant, a lithium resource project in the Antofagasta region of northern Chile.

Otovo, a distributed energy services provider, has raised $7.25 million through a private placement to help finance its proposed acquisition of Israel-based solar energy services company Green Panel Solar Energy Systems. Otovo plans to use the proceeds to fund the acquisition, provide working capital, strengthen its balance sheet, and continue investing in its Endurance artificial intelligence platform. The funds may also support additional acquisitions.

Indian-based electric-vehicle mobility platform  Milo Drive has raised $2.4 million (~₹228.59 million) in a seed funding round led by Caret Capital. Antler, Alteria Capital, IAN Capital, Climate Angels, and Aureolis Capital were among the other investors who participated in the round. The company said it will use the funds to strengthen its multi-channel ride demand network, onboard independent fleet operators, and expand the capabilities of its automated charging intelligence software.

Swiss energy company Alpiq has agreed to acquire a 90% stake in Harmony Energy, a developer and operator of grid-scale battery energy storage projects across Europe. The acquisition will expand Alpiq’s battery storage portfolio and provide access to Harmony Energy’s project development, construction, operations, and asset management capabilities. The companies did not disclose the financial terms or expected completion date.

Alternative credit platform BlackSoil has announced it will acquire Credit Fair’s solar financing business, marking its entry into India’s renewable energy financing sector. As part of the transaction, BlackSoil will acquire the solar financing business, including its management team, technology platform, brand, and operating infrastructure. Credit Fair’s solar financing assets under management stand at ₹1.53 billion (~$16.04 million).

InstaVolt, an electric vehicle charging network operator, has sold its Iberian business operations in Spain and Portugal to European electric vehicle charging provider Powerdot. The transaction includes InstaVolt’s charging network and associated employees across the two countries. InstaVolt said the sale is part of its plan to focus investment on its core markets in the UK and Ireland.

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.