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From: Mercom Capital Group

FlexGen Power Systems, a provider of integration services and software technology for energy storage solutions, announced the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.

Renewable energy construction company MasTec is acquiring renewable energy and infrastructure services provider Infrastructure and Energy Alternatives (IEA) for $1.1 billion. MasTec will acquire all of the outstanding shares of IEA in a cash-and-stock transaction valued at $14 per share. The total transaction consideration will be approximately $1.1 billion based on estimated IEA net debt levels at closing. MasTec would issue approximately 2.8 million MasTec shares in the transaction. The acquisition is expected to close in the fourth quarter of 2022.

 Solid State, a manufacturer, and distributor of electronic components, entered into a conditional agreement to acquire Custom Power, a battery systems manufacturer and energy solutions provider, for $45 million. Solid State said the acquisition helps to develop its brand portfolio and to provide increased capabilities to the group’s power business, specifically within the defense, medical and industrial markets.


Brill Power, a developer of intelligent battery management systems, announced that it raised $10.5 million in a Series A funding round. Legal & General Capital and Barclays Sustainable Impact Capital Program led the funding round with participation from existing investors Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University. With Shell Ventures and Climate KIC becoming shareholders as well.

Opdenergy, an independent renewable energy producer, has closed a €250 million (~$254 million) debt facility for issuing new senior bonds with EIG, an investor in energy and infrastructure sectors, and Generali Global Infrastructure. The agreement precedes the 2021 financing facility with EIG for issuing euro-denominated senior bonds in a principal amount up to €140 million (~$142 million).

Solarstone, a solar roofing startup, raised €10 million (~$10.2 million) in funding. The company will use these funds to expand its integrated solar PV solutions business across Europe and beyond. Leading the round was Biofuel OÜ, an asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.

Generate Capital, a sustainable infrastructure platform, has acquired large-scale battery storage developer esVolta. The acquisition will enable Generate to expand into the front-of-the-meter battery storage market. esVolta has a portfolio of more than 900 MWh of operational and utility-contracted projects in the U.S. and Canada. With projects under active development in Texas, Arizona, Montana, California, Virginia, Colorado, Washington, and New Mexico.

Sympower, a company developing solutions to balance the electricity grid, has raised €22 million (~$22.4 million) in an oversubscribed funding round led by Silicon Valley-based Activate Capital, Expon Capital, with previous investors Rubio Impact Ventures, PDENH and Rockstart also participating. The company plans to use the new funds to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.

Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, announced a $6 million Series A funding round led by Equinor Ventures and SCF Ventures. The amount raised will be used to fund the development of the company’s S100 kinetic energy battery.

Enzinc, an advanced zinc battery developer, has closed a $4.5 million seed round led by Portland-based 3×5 Partners. The capital raise will allow the team at Enzinc to finalize its prototype testing and automated anode production line design for robust mobility and long-duration stationary nickel-zinc batteries.

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.