From: Mercom Capital Group

Base Power, a distributed energy storage solutions provider, secured $200 million in a Series B funding round. Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain. The company plans to use the funding in its R&D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.

RayGen Resources, a developer of utility-scale solar and long-duration energy storage, raised A$127 million (~$76 million) in a Series D funding round. The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology’s path to the global energy market.

Electrical equipment manufacturer Havells has announced it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar. The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.

Solar cell manufacturer and solar solutions provider Jupiter International has secured a ₹5 billion (~$58.07 million) investment from ValueQuest SCALE Fund. The investment will be utilized to expand its manufacturing capacity. The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The present funding round and internal accruals will support its ongoing capital expenditure program.

ILOS New Energy, an Independent Power Producer, and Omnes Capital, a private equity firm, together have agreed to sell a 60% stake in ILOS Projects (ILOS) to AXA IM Alts, an alternative investment company. The transaction is subject to customary approvals and is likely to be completed towards the end of H1 2025.  As part of this agreement, Omnes will now fully exit the business.

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.