From: Mercom Capital Group
Energy storage solutions provider VFlowTech has secured $3 million in Pre-Series A financing led by Wavemaker Partners, with participation from SEEDS Capital, Sing Fuels, and other prominent angel investors. The new funding comes on the back of unprecedented attention worldwide for alternative energy storage solutions for renewables. VFlowTech will use the capital to expand business operations and has plans to scale the manufacturing of redox flow battery energy storage systems.
SunPower, a solar technology and energy services provider, announced that it had acquired Blue Raven Solar, a residential solar provider in the U.S. Blue Raven’s growth trajectory and complementary geographic footprint is expected to provide SunPower a path to quickly expand the solar market to serve more customers in underpenetrated areas including the Northwest and Mid-Atlantic regions. The acquisition was made for a cash consideration of up to $165 million.
Fortescue Metals Group’s green energy unit said it bought a 60% stake in Dutch-based renewable firm High yield Energy Technologies (HyET) Group in a bid to cut costs and boost green energy production. As part of the deal, FFI will provide a majority share of Financing for the expansion of HyET Solar’s Dutch Solar photovoltaics factory. The financial terms of the stake acquisition were not disclosed.
Eos Energy Enterprises (Eos), a provider of zinc-powered energy storage systems, announced that HI-POWER, a wholly-owned subsidiary of Eos, has entered into a $25 million equipment financing agreement with Trinity Capital, a provider of debt and equipment financing to growth-stage companies. The funds will be used to acquire equipment that will expand the production of Eos’s proprietary aqueous Znyth batteries.
Singapore-based solar developer Cleantech Solar has announced the financial close of ₹2 billion (~$26.72 million) senior secured loan facility with NIIF Infrastructure. The loan will be utilized to refinance the company’s portfolio of open access solar projects in India. It will also help optimize the overall capital structure and funding costs for the portfolio. With this transaction, the solar developer has established a strategic partnership with NIIF IFL – Infrastructure Debt fund set up by the National Investment and Infrastructure Fund. Royal Dutch Shell and Climate Investor One, managed by Climate Fund Managers, are strategic investors of Cleantech Solar.
Bridgelink Engineering, a turnkey engineering, procurement, and construction company, announced the acquisition of BCR Companies, a construction company in the renewable energy industry. Bridgelink Engineering is now poised to strengthen its engineering, procurement, and construction portfolio through this acquisition. Bridgelink Engineering is on track to output renewable solar, wind, and battery storage projects generating over 8 GW of renewable power in 2021 through 2023.
Babcock & Wilcox Enterprises announced that it had completed its acquisition of a majority interest in Illinois-based solar energy contractor Fosler Construction. Fosler will be part of the B&W Renewable segment and operate under the name Fosler Solar, a Babcock & Wilcox company.
iSun, the solar energy, and clean mobility infrastructure company, announced that it had completed its acquisition of SunCommon, pursuant to the terms previously announced on September 8, 2021. The transaction consideration to SunCommon shareholders includes $25,534,621 in cash and an aggregate of 1,810,915 shares. It also provides for the future distribution of $2.5 million directly to SunCommon employees, expands eligibility under the company’s Equity Incentive Plan to all iSun employees, and provides for $1.5 million working capital infusion into SunCommon, now a wholly-owned subsidiary of iSun Residential.
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.