Funding and M&A Roundup RayGen Resources Raises A$27 Million for Solar-Plus-Storage

RayGen Resources, an Australian deep-technology originator and developer of innovative solar-plus-storage projects, has secured A$27 million (~$20 million) funding as part of a Series C Capital Raise. The private funding includes strategic investments by AGL, Photon Energy, and Chevron, alongside new and existing investors. The private funding has been supported with A$15 million (~11 million) of non-dilutive, recoupable grant funding by the Australian Renewable Energy Agency. Series C funding will be used to build, commission, and operate the RayGen Power Plant Carwarp, which will add 4MW of solar and 3MW / 50MWh (17 hours) of storage to the West Murray grid.

WallBox Chargers (Wallbox), a maker of smart charging solutions for electric vehicles, and Kensington Capital Acquisition Corp. II, a special purpose acquisition company, announced a definitive agreement for a business combination that would result in Wallbox becoming a publicly listed company. Upon closing the transaction, the combined company will be named Wallbox and listed on the NYSE. The business combination values Wallbox at an implied $1.5 billion pro forma enterprise value. The transaction is expected to be completed in the third quarter of 2021. The transaction will result in proceeds of approximately $330 million to Wallbox, including a $100 million fully committed PIPE, anchored by Janus Henderson Investors, Luxor Capital, Cathay Innovation, and Kensington Capital Partners.

Solar Integrated Roofing, a rooftop solar installation company, announced the closing of its acquisition of Future Home Power, a solar, roofing, and battery storage sales company. The company expects the acquisition to be immediately accretive and rapidly grow to $1 million per week in incremental sales at a robust 45% gross margin profile, capturing value across the full customer lifecycle.

Pearce Renewables, a provider of engineering, operations, and maintenance for renewable energy infrastructure, acquired Mortenson Energy Services, a provider of operations, maintenance, and repair of assets for wind and solar projects. The partnership is expected to provide advanced services to customers. Pearce entered the renewable sector a year ago with World Wind & Solar and MaxGen Energy Services acquisitions. Pearce Renewables also acquired A & A Wind Pros to add wind turbine cleaning and yaw puck services.


Alternus Energy Group, an independent power producer, announced the acquisition of 60% of the share capital in Unisun Energy, a Netherlands-based developer, engineering procurement and construction, and operations and maintenance services provider of clean and sustainable energy solutions across Europe. The acquisition makes Alternus a fully vertically integrated independent solar power producer with activities in all solar PV value chain elements from project development and construction to operations and maintenance.

State-owned Development Bank of the Philippines (DBP) has granted a PHP750 million (~$15.7 million) revolving credit line to a fledgling energy firm to manufacture and export cost-effective and sustainable energy storage systems for power generation activities renewable energy companies, a top official said. In a statement, DBP president and chief executive officer Emmanuel Herbosa said the bank’s funding assistance to Amber Kinetics Philippines would partially finance its working capital and other short-term operational requirements for the domestic and export sale of its novel Flywheel Energy Storage System.

Pawame, a UAE-based off-grid solar startup, has secured $1.7 million in grant commitments, plus $750k in equity, including $250k from Launch Africa. The company has also announced that it is launching a $5 million Series A funding round to further boost its growth and expansion into Africa. Pawame offers a portfolio of solar home systems in remote areas of Kenya on a micro-financed basis, using mobile money repayment, making it affordable to access clean and reliable energy.

Ecotricity, a green energy company, has confirmed the sale of its Electric Highway the national charging network for electric cars to GRIDSERVE. The sale will enable Ecotricity to push new boundaries in its green energy business, with innovations like Britain’s first Green Gasmill – a process of making natural gas for the grid simply from grass. It will also bring forward a series of solar and battery storage projects to be built without government support while expanding its Sky Mining facility – a carbon capture and storage process that turns atmospheric carbon dioxide into lab ground diamonds, known as Skydiamond.

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.