From: Mercom Capital Group

Ambient Photonics, a low-light solar photovoltaic cells company, secured $30 million in a series A2 funding round. The round was led by Fine Structure Ventures, affiliated with the parent company of Fidelity Investments, and included new investors Helios Climate Ventures, Regeneration.VC, and Sustainable Future Ventures. Existing investors I Squared Capital, Ecosystem Integrity Fund, and Cthulhu Ventures also joined the round.

REC Limited, a public infrastructure finance company, raised $1.25 billion in August and September 2023 from a consortium of six banks and through a Foreign Currency Term Loan Agreement. The company raised $1.15 billion in two tranches from a consortium of six banks. The financing proceeds are expected to go towards funding power, infrastructure, and logistics sector projects as permitted under the External Commercial Borrowings guidelines of the Reserve Bank of India.

Zenobē, a global fleet electrification and battery storage solutions company, has secured approximately £600 million (~$643.9 million) in funding from KKR, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by Infracapital, an existing shareholder. Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.

Ascend Elements, a lithium-ion battery recycling and engineered materials company has raised $542 million in new equity investments. The funding includes $460 million from its Series D investments and an additional $82 million from earlier this year. The Series D round was led by entities such as Decarbonization Partners, Temasek, and the Qatar Investment Authority. The newly acquired funds are expected to drive the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky.

florrent, a company developing high-energy density ultracapacitor technology, secured $2.1 million in a pre-seed round led by MassVentures, with participation from MassMutual Catalyst Fund, AIN Ventures, Tale Venture Partners, NextFab Ventures, Boston Impact Initiative, and others. The company plans to use this investment to validate performance improvement in commercial form factor cylindrical cells and scale material production capacity.

Ostrom, an energy management solution provider, raised $8 million in funding in an investment round led by SE Ventures along with existing investors Union Square Ventures, Adjacent, J12, and Übermorgen. The funding round extends the company’s Series A funding to $18 million, bringing the company’s total funding to over $23 million. The additional funding will be used to further expand the company’s product offerings, most notably in home storage and solar solutions.

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.