Funding and M&A Roundup Arcadia Raises $125 Million to Accelerate Digital Decarbonization

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From: Mercom Capital Group

Arcadia, a climate software and data startup focused on decarbonizing the electric grid, raised $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.

Global manufacturer of advanced silicon battery technology Group14 Technologies said it has raised $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.

Photovoltaics leasing firm Enpal has raised €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses

Madrid-based energy and petrochemical company Repsol has acquired renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.

Element Energy, a provider of advanced battery management systems, has announced closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.

EnviroSpark, a provider of electric vehicle (EV) charging solutions, has announced the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.

Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has received $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.

PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions, announced a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.

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

Read last week’s funding roundup.