Karnataka Introduces Deviation Mechanism for Unscheduled Power Usage

Juniper, ACME, Sembcorp Win SECI’s 600 MW Wind-Solar Auction

Month in a Minute: Top Headlines from the Indian Renewable Sector in September 2024

EV Mobility Company Zevo Raises $2 Million in Pre-series A Funding Round

Prashant Kumar Singh is New MNRE Secretary; Bhalla Retires

REC’s Loan Approvals for Renewable Projects Rose by 92% in 1H FY 2025

Daily News Wrap-Up: Hybrid Projects Drive Gujarat’s Solar Open Access Capacity

Alpex Solar to Invest ₹6 Billion in 1.6 GW Solar Cell Manufacturing Facility

THDC Invites Bids to Prepare DPRs for Solar Projects Across India

US Levies Duties on Solar Cells From Four Southeast Asian Countries


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>WATTALPS, a European lithium-based battery startup, has </strong><a href="https://mercomcapital.com/lithium-ion-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €11 million (~$12 million) in Series A funding.</strong> New investors led this funding round, including Supernova Invest, Move Energy, Ring Capital, and CASRA Capital. Existing investors like EIT InnoEnergy, Eximium, and EIC Fund participated in this round. The funding will allow the company to expand its product range, improve its patented cooling technology to meet additional market needs and extend its commercial coverage beyond Europe.</p>
<p><strong>India Grid Trust (IndiGrid), a power infrastructure investment trust, has launched a preferential issue of shares priced at ₹136.43 (~$1.62) to </strong><a href="https://www.mercomindia.com/indigrid-receives-%E2%82%B96-billion-from-aimco-and-hdfc" target="_blank" rel="noopener"><strong>raise</strong></a><strong> approximately ₹6.95 billion (~$82.7 million).</strong> This move follows the successful conclusion of an Offer-for-Sale managed by its sponsor, KKR, which saw substantial interest from existing and new long-term investors. The OFS, aimed at reducing KKR’s stake from 21.17% to 3.85%, was oversubscribed nearly two times, reflecting strong investor confidence. This attracted participation from prominent institutional investors such as L&amp;T, HSBC Global Asset Management, SBI Life Insurance, and Aditya Birla Mutual Fund.</p>
<p><strong>Apricus Generation, a distributed solar and battery development platform and independent power producer, </strong><a href="https://mercomcapital.com/apricus-generation-raises-series-a-funding-to-support-growth/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> closing an undisclosed Series A funding</strong> round led by Blue Marlin Partners and Current Yield with Participation Fund. The funds will help the company expand its business plans and support the growth of its recent acquisition of a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.</p>
<p><strong>Inox Wind (IWL) has announced that the board of its subsidiary Resco Global Wind Services (Resco Global), an engineering, procurement, and construction solutions provider</strong>, has <a href="https://www.mercomindia.com/inoxs-epc-subsidiary-resco-to-raise-%E2%82%B93-5-billion-via-sale-of-shares" target="_blank" rel="noopener">approved</a> a proposal to raise ₹3.5 billion (~$41.7 million by selling a single-digit equity stake to marquee investors. The company will utilize the funds to scale up its business offerings and capitalize on large-scale opportunities in the Indian wind sector. Resco offers end-to-end services for wind projects from the conceptualization stage up to project commissioning and the construction of transmission infrastructure.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-sibanye-stillwater-secures-559-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Battery Startup WATTALPS Secures $12 Million


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-apricus-acquires-controlling-stake-in-nexus/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Apricus Generation, a holding company designed to build a national distributed solar and battery development platform and independent power producer (IPP)</strong>, <strong><a href="https://mercomcapital.com/apricus-generation-acquires-controlling-stake-nexus-renewables/" target="_blank" rel="noopener">acquired</a></strong> a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.</p>
<p><strong>Energy Park, an EV charging solution provider, <a href="https://mercomcapital.com/ev-charging-solution-provider-energy-park-funding/" target="_blank" rel="noopener">secured</a> an initial £35 million (~$45 million) investment from Zouk Capital</strong>, manager of the UK Government’s Charging Infrastructure Investment Fund. With this funding, the company is set to accelerate its plans to provide charging facilities to residential sites across the UK.</p>
<p><strong>Gireve, a France-based EV charging solutions provider, <a href="https://mercomcapital.com/ev-charging-firm-gireve-million-funding/" target="_blank" rel="noopener">raised</a> €20 Million (~$22 million) in a fresh funding round</strong> from the investor Partech through its impact fund. Existing shareholders like EDF Group, ENEDIS, the Banque des Territoires (Caisse des Dépôts), and Demeter also participated in this funding round. With this funding, the company plans to accelerate its platform expansion in Europe and internationally.</p>
<p><strong>Jakson Green, the renewable energy arm of the Jakson Group, has </strong><a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener"><strong>obtained</strong></a><strong> a sustainable trade facility of ₹600 million (~$7.1 million) from HSBC India</strong>. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.</p>
<p><strong>Electric vehicle company Euler Motors has </strong><a href="https://www.mercomindia.com/ev-firm-euler-secures-series-c-funding-round" target="_blank" rel="noopener"><strong>closed</strong></a><strong> its Series C funding round, securing ₹2 billion (~$23.9 million) and taking the total funding raised so far to ₹5.7 million (~$68,358)</strong>. The round was led by internal investors such as British International Investment, Blume Venture, and new investor Piramal Alternatives India Access Fund. The newly acquired funds will be used to expand its nationwide presence and service infrastructure. By 2025, the company plans to operate in over 40 cities.</p>
<p><strong>Maxvolt Energy, a manufacturer of lithium battery packs, has </strong><a href="https://www.mercomindia.com/maxvolt-energy-secures-1-5-million" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1.5 million from angel investors to introduce fast-charging lithium-ion batteries</strong> and build recycling plants. The company said that the capital injection will support Maxvolt’s research and development into lithium battery architectures for electric vehicles such as scooters and rickshaws, energy storage systems, and medical devices.</p>
<p><strong>Zypp Electric, an electric vehicle (EV)-as-a-service platform, has </strong><a href="https://www.mercomindia.com/zypp-bags-15-million-to-expand-ev-fleet-across-15-cities-in-india" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $15 million in its Series C funding round, allowing the company to expand its fleet from 21,000 to 200,000 e-scooters </strong>across 15 Indian cities by 2026. The funding round, led by Japanese major ENEOS, comprised $15 million in equity as part of its ongoing $50 million round, which includes $40 million in equity and $10 million in debt.</p>
<p><strong>Maxeon Solar Technologies, a Singapore-based solar solutions provider, has </strong><a href="https://mercomcapital.com/maxeon-solar-technologies-secures-debt-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $97.5 million debt financing from the company’s largest shareholder, TCL Zhonghuan Renewable Energy Technology</strong> (TZE). TZE also committed to an additional $100 million equity investment, in each case subject to regulatory approvals. The transaction will substantially dilute existing public shareholders, with TZE ultimately becoming a controlling shareholder. The funding infused will be used as capital to support the company’s operations.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-recurrent-energy-secures-1-4-billion" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Apricus Acquires Controlling Stake in Nexus

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