From: Mercom Capital Group

Terra One, a startup specializing in grid-connected battery energy storage systems, announced that it secured up to €150 million (~$176 million) in mezzanine financing from Aviva Investors, an asset management company. The financing will support the development of approximately 3 GWh of energy storage capacity, positioning the company to commence the execution of its portfolio of ready-to-build projects.

XL Batteries, a long-duration grid-scale energy storage solution provider, raised $7.5 million from Merrin Investors, the family office of entrepreneur Seth Merrin. With this funding, the company plans to scale its operations, enhance grid resilience, and support energy independence by reducing reliance on foreign supply chains.

The Indian Renewable Energy Development Agency approved a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh. The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million). The remaining ₹3.78 billion (~$43 million) will be funded from internal accruals.

I Squared Capital, an infrastructure investment manager, announced that it entered into a definitive agreement to acquire a majority equity interest in ENTEK Technology Holdings, a battery separator manufacturer. The investment will fund the construction of a gigafactory in Terre Haute, Indiana, which will produce wet-process lithium-ion battery separators, critical components for batteries powering electric vehicles, energy storage systems, defense equipment, and digital infrastructure.

Waaree Power, a wholly owned subsidiary of Waaree Energies, will acquire a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The company will acquire the shares at a cost of ₹530 million (~$6 million). The acquisition is expected to enhance Waaree’s presence across the energy value chain by integrating smart meters into its portfolio of products and services. The acquisition is expected to be completed within the financial year 2026.

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.