From: Mercom Capital Group

EnerVenue, an energy storage solutions company providing metal-hydrogen batteries, announced that it had raised $100 million in Series A funding. Schlumberger New Energy led the round, accompanied by Saudi Aramco Energy Ventures (SAEV, the corporate venture capital program of Aramco Ventures) and others. The company will use the funding to build a gigafactory in the United States, accelerate research and development efforts, and expand its sales force as it scales its distribution capabilities with strategic partnerships like the one announced with Schlumberger New Energy.

 Arcadia, a clean energy technology company providing nationwide access to energy data and renewables, raised $100 million in a Series D funding round led by Tiger Global Management and the Drawdown Fund with participation from new investors Wellington Management, Reimagined Ventures, Camber Creek, MCJ Collective, and existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup.

Bidgely, a developer of energy monitoring and management solutions for household appliances, announced the closing of a $26 million round of strategic financing. Moore Strategic Ventures led the round, and Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-CEO of Open Systems International, joined. The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian, and Constellation Technology Ventures. The company plans to bolster its utility electrification and decarbonization innovations deployed around the world. Bidgely raised its last $27 million Series C round in 2018. The company has now raised a total of $77 million in funding.


Silfab Solar, a mono-PERC solar module manufacturing company, received an investment from ARC Financial Corporation’s Energy Fund 9, with co-investments from Ontario Power Generation, Pension Plan, and BDC Capital’s Cleantech Practice. Silfab plans to use the latest fundraise to significantly expand its U.S. solar production and supply chain footprint and service the growing consumer appetite for American-made, premium-quality solar panels.

Babcock & Wilcox, a global energy and environmental technologies and services for the power and industrial markets, signed a definitive agreement to acquire a majority ownership stake in Fosler Construction Company, an industrial and utility-scale solar services provider. The transaction is expected to close at the end of September 2021.

Pearce Renewables, engineering, operations, and maintenance company for renewable energy projects, acquired Mountain Renewables, a provider of technical field services for wind energy and utility-scale solar projects. Mountain Renewables is Pearce Renewables’ third acquisition this year. It acquired Mortenson Energy Services in June 2021 and A & A Wind Pros in March 2021 to expand its wind major component exchange, blade repair, cleaning, and technical services.

Victory Capital Holdings, an investment management company, signed a definitive agreement to acquire 100% of New Energy Capital Partners (NEC), an alternative asset management firm investing in clean energy infrastructure projects and companies.  The acquisition was made through the wholly-owned subsidiary, Victory Capital Management.

European Solar Energy Development JV, the joint venture company established between ReneSola Power and Eiffel Investment Group, completed the acquisition of its first batch of 200 MW solar projects in Spain, France, and Poland. In May 2021, ReneSola Power and Eiffel created European Solar Energy Development JV, a 51/49 joint venture company with ReneSola Power having a 51% ownership stake and Eiffel 49% percent. The joint venture company intends to develop up to 700 MW of solar projects in the next three years across Europe. Eiffel provided the capital to fund the development of those projects.

Odyssey Energy Solutions, an asset management platform, acquired Ferntech, a provider of remote monitoring and control solutions for off-grid power systems. Odyssey is currently facilitating the flow of funds totaling over $900 million.

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.