From: Mercom Capital Group

NRG Energy has entered into a definitive agreement to acquire Vivint Smart Home in an all-cash transaction at $12 per share totaling $2.8 billion. The acquisition is expected to help accelerate NRG’s new growth strategy and diversify the company’s financial profile. The transaction is expected to close in the first quarter of 2023.

Europe-based independent power producer Encavis AG’s fund Encavis Asset Management has completed the investment phase of the Encavis Infrastructure Fund II (EIF II) with a total value of €1.13 billion (~$1.19 billion). EIF II is a pan-European renewable portfolio created in 2017. It is one of Germany’s largest clean energy funds, with investments in ~680 MW of capacity.

Tigo Energy, a provider of intelligent solar and energy storage solutions, has signed a definitive business combination agreement with Roth CH Acquisition IV (ROCG). As per the agreement, ROCG will acquire Tigo for a pre-money equity value of $600 million, which will result in Tigo becoming a public company. The transaction is expected to close in the second quarter of 2023.

Customcells, a developer of battery cells, announced the completion of a €60 million (~$63 million) Series A funding round, proceeds of which would be used to promote electric flights and expand the company’s global footprint. The European climate tech VC World Fund led the funding round with participation from Abacon Capital, Vsquared Ventures, and Porsche. The funding will help to expand activities in the electrification of air traffic and create a competitive advantage through a First2Market approach.

ZincFive, a nickel-zinc battery-based solutions company, has raised $54 million in Series D funding, bringing the company’s total investment to $139 million. Helios Climate Ventures led the funding round with additional participation from existing investors Senator Investment Group and Standard Investments. New investors participating in the round include OGCI Climate Investments and Japan Energy Fund.

Hover Energy, a provider of on-site power solutions, announced the acquisition of Shine Development Partners, a solar energy solutions company, to expand its reach to commercial and industrial customers and bring its solar capabilities in-house. Shine focuses on developing, financing, and asset management of medium to large-scale commercial solar, energy storage, distributed wind, and clean technology projects.

Australia’s Squadron Energy, a part of the Tattarang group of companies, said it had acquired renewable energy developer CWP Renewables for an undisclosed sum. The acquisition will boost Squadron’s operating portfolio to 2.4 GW with an Australian development pipeline of 20 GW. Squadron said it would integrate CWP Renewables into its existing business, which includes majority ownership of Windlab, an asset management company specializing in managing clean energy assets.

Ostrom, a provider of energy management solutions, has raised a further €9.3 million (~$9.7 million) in a Series A round bringing the total funding of Ostrom close to €14 million (~$14.7 million). Adjacent and Union Square Venture provided the financing, which will be used to broaden the company’s offering, including smart meter support, real-time dynamic pricing tariffs, electric vehicle (EV) charging, heat pump optimization, and more.

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.