Funding and M&A Roundup Energy Storage Firm Caban Systems Raises $51 Million

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From: Mercom Capital Group

Caban Systems, a California-based provider of energy storage solutions, raised $51 million in Series B Funding to help scale domestic battery manufacturing capacity and expand its global footprint. The round was led by BCP Ventures with participation from Ontario Power Generation Pension Fund, Ember Infrastructure, Portfolia, and Inspiration Ventures.

U.S.-based residential solar company Sunrun closed $835 million in non-recourse financings to expand its assets that will help the company maintain the growth trajectory across various segments, including energy storage and diverse energy services. Of the cumulative closure, Sunrun closed a $600 million non-recourse syndicated bank facility or senior credit facilities to support a 335 MW portfolio of leases and power purchase agreements. The facility consists of an amortizing loan of $575 million and a debt service reserve letter of credit worth $25 million.

Nashville-based Silicon Ranch, a renewable energy developer, and battery storage solutions provider, has raised $600 million to help accelerate its growth strategy for new projects and expand its employee base. To execute its business plan, Silicon Ranch plans to grow its team in 2023 to support engineering, procurement, and construction for its contracted pipeline.

Bengaluru-based electric vehicle charging aggregation platform ElectricPe closed a pre-series A funding round of $5 million, taking the company’s total capital raised in the last 12 months to $8 million. The company said it will use the funds to deepen technology investments and scale its operations. The funding round was led by Green Frontier Capital, Blume Ventures, and Micelio Fund, while notable investors from Dubai NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels also participated in the fundraising.

Husk Power Systems, a solar microgrids operator, has secured a $750,000 loan from the German Investment Corporation –  Deutsche Investitions- und Entwicklungsgesellschaft to support the company’s expansion of India operations and build eight new community solar microgrids in Nigeria. The company currently operates more than 120 microgrid sites across rural North and East India with a total power capacity of 3.6 MW.

Caterpillar, a manufacturer of construction and mining equipment, announced it is investing an undisclosed amount in Lithos Energy, a U.S.-based battery technology company that produces lithium-ion battery packs. The funding will enable Lithos to accelerate technology development and scale up manufacturing capacity. Caterpillar plans to use Lithos’ expertise in battery pack manufacturing to help in the development of their electrified products.

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

Read last week’s funding roundup.