From: Mercom Capital Group

FlexGen Power Systems, an energy storage solutions and software technology provider, secured a $75 million revolving credit facility. J.P. Morgan acted as the lead arranger and administrative agent for the funding, along with commitments from Banco Santander, BNP Paribas, and First National Bank of Pennsylvania. According to the company, this funding will provide essential financial flexibility to expand its operations, strengthen its technology offerings, and meet the increasing demand for energy storage solutions globally.

NineDot Energy, a developer of community-scale energy storage projects, closed a $65 million equipment financing transaction. Renewable energy finance provider First Citizens Bank led the funding. With this funding, the company plans to purchase nearly 100 MW/400 MWh of batteries for use in up to 20 battery storage projects across the New York City metro area. With this transaction, NineDot has raised over $500 million in total capital.

Sonocharge Energy, a company that develops solutions to improve battery performance, raised $23.5 million in funding. The funding round was led by ClimateTech venture capital firm Cycle Capital, with the participation of Honda and current investors, including Khosla Ventures, Temasek, and non-dilutive funding partners. The funding is expected to help grow the company’s team in its new location in Silicon Valley and help accelerate the commercial deployment of its solutions.

H2 Inc., a vanadium flow battery developer and manufacturer, raised $16 million in a recent bridge funding finalized in the second half of 2024. The bridge funding brings the company’s total funding to $77 million. The round was led by STIC Investments, a private equity firm in Korea, with participation from KRUN Ventures and Lighthouse Combined Investment. The company plans to construct its new vanadium flow battery plant.

The Indian Renewable Energy Development Agency (IREDA), a public sector company under the Ministry of New and Renewable Energy, has announced plans to raise ₹50 billion (~$588.24 million) through a qualified institutions placement (QIP) of equity shares. The QIP will be conducted in one or more tranches per applicable laws and aims to limit the Government of India’s maximum shareholding dilution in IREDA to 7% in the post-issue paid-up equity capital.

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.