From: Mercom Capital Group

SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has announced the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”

Solar module manufacturer Vikram Solar has signed an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.

Solar module manufacturer GREW Solar has raised ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.

NeoVolta, a U.S.-based energy storage solutions provider, has raised around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering

Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has entered into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).

Battery cell manufacturer, e-TRNL Energy, has secured ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.

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.