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From: Mercom Capital Group

Nexeon, a battery materials developer and manufacturer, has completed the second close of its fundraising resulting in a total investment of $170 million. A further $50 million of commercial investments are being made in Nexeon’s technologies because of the investment round. The capital raised will provide Nexeon with further resources to accelerate the expansion of its manufacturing of silicon-based anode materials for use in rechargeable Lithium-ion batteries.

Nikola Corporation, a manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions, and Romeo Power, an energy storage technology companyannounced a definitive agreement in which Nikola will acquire Romeo in an all-stock transaction. Nikola expects the acquisition will allow for significant operational improvement and cost reduction in battery pack production. The addition of Romeo’s battery and battery management system engineering capabilities are also expected to support accelerated product development and improved performance for Nikola customers.

Terabase Energy, a solar technology company, raised $44 million in series B financing co-led by Breakthrough Energy Ventures and Prelude Ventures, SJF Ventures, and other existing investors. The round brings the total funding to $52 million. It will support the company’s mission to reduce the cost and increase the scalability of solar by building a digital and automation platform for the development, construction, and operation of utility-scale PV power projects.


Eos Energy announced it had closed an $85 million senior secured term loan facility with Atlas Credit Partners (ACP). Eos provides energy storage solutions to utility, industrial, and commercial customers. The company claims its aqueous zinc battery (Znyth) can overcome the limitations of conventional lithium-ion technology. The new funding will provide capital for expanding the company’s manufacturing capacity, developing energy storage systems and services, and for general corporate purposes.

Project Solar, a solar e-commerce firm, raised $23 million in series A financing to help scale its business in additional markets. The funding round was led by Left Lane Capital. This Series A funding comes after the recent announcement from President Biden about a two-year pause on panel import tariffs from Cambodia, Thailand, Malaysia, and Vietnam, which is a massive win for the solar industry and shoppers alike. Federal incentives further drive down the cost of going solar with a current 2022 federal tax credit equal to 26% of the project cost.

Li Industries, a developer of lithium-ion battery recycling technologies, announced the closing of a Series A funding round of $7 million. Khosla Ventures led the round with participation from Shell Ventures and Xerox Ventures. Li Industries develop scalable direct recycling technologies for lithium-ion batteries. According to the company, its patented recycling process can generate high-purity recycled battery materials, which can be directly redeployed into new lithium-ion batteries.

Apex Clean Energy, a company that develops, constructs, and operates utility-scale wind and solar power facilities across North America, secured $650 million of debt capital through a $450 million senior secured green term loan facility and a $200 million senior secured green revolving letter of credit facility. Santander Corporate & Investment Banking, Sumitomo Mitsui Banking Corporation (SMBC Group), Helaba, and Bank of Montreal served as green structuring agents, coordinating lead arrangers, joint bookrunners, and syndication agents. Santander also served as an administrative agent. Canadian Imperial Bank of Commerce served as joint lead arranger. Additional banks participating in the syndication include Bank of America, Royal Bank of Canada, and Forbright Bank.

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.