From: Mercom Capital Group

ConnectDER, a provider of home energy technology solutions, secured $35 million in Series D funding. The funding round was led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from MassMutual Ventures. The company offers solutions for optimizing Distributed Energy Resources by transforming electricity meter sockets into all-in-one interconnection points.

India-based energy generation and transmission company Torrent Power has raised ₹35 billion (~$412.77 million) through qualified institutions placement (QIP) of shares. The QIP was oversubscribed four times against the issue size. This QIP marks the maiden equity raise by the company and the first equity raise in the last three decades by the Torrent Group. Domestic mutual funds, global investors, and insurance companies were among those who subscribed to the QIP.

Solar energy startup Glow has raised $30 million in funding from Framework and Union Square Ventures to scale its renewable energy operations in India and other global markets. Founded in 2023, the Ethereum-based company focuses on accelerating solar energy adoption and decentralizing the energy grid through innovative blockchain solutions. Glow has established three solar projects in Rajasthan with a total capacity of 21.3 MW.

Meyer Burger, a manufacturer of solar cells and modules, secured a bridge loan facility of up to $39.48 million to be drawn in multiple tranches upon the satisfaction of certain milestones. The maturity date of the facility is January 17, 2025. The initial tranche of $19.7 million is expected to be drawn immediately. The lenders under the financing consist of certain funds managed by, among others, Highbridge Capital Management, LMR Partners, System 2 Capital, Walleye Capital, and Whitebox Advisors, all existing bondholders in the company.

EQT, a private equity firm, announced the acquisition of a battery storage developer and operator, ju:niz Energy, from its founder Franz Hauk. This acquisition was the first investment from the company’s EQT Transition Infrastructure strategy, which is expected to provide capital and industrial, technological, and sustainability expertise to scale businesses per the company. ju:niz Energy specializes in developing and operating large-scale battery storage systems.

Zitara, a battery management software provider, closed $17 million in a Series AA funding round led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital. Based in San Francisco, the company says the funding will help improve battery performance and reliability by accelerating its battery management software innovation across energy storage applications.

enSights, a cloud-based clean energy optimization and management software provider, secured a $10 million Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation. With this funding, the company plans to expand globally, including in the U.S. market, establish local headquarters, hire a team of industry professionals, and continue strengthening its ecosystem of SaaS solutions.

EQT Active Core Infrastructure Fund (EQT), a private equity company, and GIC, an investing company, announced the acquisition of a majority stake in Calisen, an independent provider of smart meters and energy transition infrastructure in the U.K. EQT and GIC acquired the stake from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor. The transaction is subject to the satisfaction of certain conditions, including regulatory approvals.

Greenie Energy, a start-up specializing in electric vehicles (EV) charging technology, has raised $600,000 in a seed funding round from a group of investors led by Rajesh Advani, Managing Director of Sun-N-Sand Hotels. The funds will support Greenie Energy’s aim to install over 5,000 EV charging points by the end of 2025. It also aims to accelerate the development of scalable, cost-effective charging solutions tailored to India’s rapidly expanding EV market.

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.