From: Mercom Capital Group

AmpUp, an electric vehicle charging platform company, has secured $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.

Octopus Energy Generation, a British renewable energy group, has acquired renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.

Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has received a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.

Electronics manufacturer  Kaynes Technology has acquired 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.

Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has raised ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.

Macquarie Asset Management (MAM), a global asset manager, has agreed to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.

Solutions30, a provider of support services related to new digital technologies, has announced the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.

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.