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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-vulcan-energy-resources-secures/" target="_blank" rel="noopener">Mercom Capital Group</a>
Vulcan Energy Resources, a material exploration company, <a href="https://mercomcapital.com/vulcan-energy-resources-secures-44-million-investment/" target="_blank" rel="noopener">secured</a> €40 million (~$44 million) through strategic investments. The breakdown of this funding includes €25 million (~$27 million) from CIMIC Group for 10 million shares, €12.5 million (~$13.6 million) from Hancock Prospecting for 5 million shares, and €2.5 million (~$2.7 million) from Victor Smorgon Group for 1 million shares, all through private placements. The funds raised will facilitate the early validation processes for the Engineering Procurement and Construction Management contract related to Vulcan’s Phase One lithium plant.
Microvast Holdings, a company that designs and manufactures lithium-ion batteries,<a href="https://mercomcapital.com/battery-manufacturer-microvast-secures-25-million-loan-facility/" target="_blank" rel="noopener"> secured</a> an initial $12 million draw of a $25 million secured debt facility. According to the company, fierce competition in the battery market has forced it to streamline its operations to ensure long-term sustainability, including workforce reductions and consolidations within its U.S. battery division. The funding will be used to provide working capital to continue operating in the U.S.
candi solar, a solar solutions provider for commercial and industrial (C&amp;I) consumers, has <a href="https://www.mercomindia.com/candi-solar-secures-38-million" target="_blank" rel="noopener">secured</a> $38 million in equity investment in its Series C funding round led by Norfund, Kyuden International, and STOA. This investment will support candi solar’s growth plans in India and Africa, financing an additional 200 MW of solar projects for C&amp;I consumers and bolstering hiring initiatives to sustain its expansion. candi solar operates across 17 states and two union territories in India, and eight provinces in South Africa.
Hero MotoCorp has <a href="https://www.mercomindia.com/hero-motocorp-increases-stake-in-ev-firm-ather-by-2-2" target="_blank" rel="noopener">increased</a> its stake in electric mobility firm Ather Energy by 2.2% by purchasing shares worth ₹1.24 billion (~$14.85 million). The indicative period for the completion of the acquisition is July 31, 2024. The transaction will be made on an arm’s length basis.
Yokogawa Electric, a provider of systems and solutions for measurement, control, and information technologies, has <a href="https://mercomcapital.com/yokogawa-acquires-energy-management-software-provider-baxenergy/" target="_blank" rel="noopener">acquired</a> BaxEnergy, a provider of renewable energy management solutions. With this acquisition, Yokogawa has access to a range of solutions provided by BaxEnergy that are adopted by power companies across Europe.
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>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-apricus-acquires-nexus" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Vulcan Energy Resources Secures $44 Million

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					</table>The Board of Directors of <a href="https://www.heromotocorp.com/en-in.html" target="_blank" rel="noopener">Hero MotoCorp</a> approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights issue of Indian electric two-wheeler company <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a>.
The indicative timeline for the completion of this investment is set for September 30, 2023.
The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy.
Hero MotoCorp is already an existing shareholder in Ather.
Prior to this investment, Hero MotoCorp held a 33.1% share in Ather, based on a fully diluted basis. The exact shareholding post-investment will be determined upon the completion of Ather&#8217;s capital raise round.
The company said the funding serves to reinforce Hero MotoCorp&#8217;s commitment to the growth and development of Ather and the electric mobility sector.
The investment involves subscribing to the rights issue of the associate company, making it a related party transaction. Importantly, no promoters, promoter groups, or associated companies have any stakes in Ather Energy, which is receiving the investment.
The transaction is subject to the execution of definitive documents and the fulfillment of customary transaction conditions.
Earlier this year, Hero MotoCorp announced an <a href="https://mercomindia.com/hero-motocorp-invests-ather-energy/" target="_blank" rel="noopener">investment</a> of ₹4.2 billion (~$56.44 million) in Ather Energy to increase its shareholding in the electric two-wheeler manufacturing company. This was the fifth investment by the company in Ather Energy, the first one dating back to 2016. The investments further enhance the collaboration of Hero MotoCorp with Ather Energy on electric-charging infrastructure and technology.
Ather designs and manufactures smart EVs and the associated charging infrastructure. Additionally, the company plays a role in the storage, distribution, and management of electric power, including advanced battery technology.
For the financial year ending March 2023, Ather reported a turnover of ₹18.06 billion (~$224.4 million).
In May, Ather Energy <a href="https://www.mercomindia.com/ather-raises-128-million-from-niifl-hero-motocorp" target="_blank" rel="noopener">raised</a> $128 million from the National Investment and Infrastructure Fund’s Strategic Opportunities Fund and Hero MotoCorp in a Series E funding round.

Hero MotoCorp Approves ₹5.5 Billion Investment in Ather Energy

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					</table>Electric vehicle (EV) sales in India reached a record one million units in 2022, a jump of over 300% against the 322,877 units sold in 2021.
EVs accounted for 4.7% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its <a href="https://vahan.parivahan.gov.in/vahan4dashboard/vahan/dashboardview.xhtml" target="_blank" rel="noopener">Vahan Dashboard</a>. The numbers do not include data for Telangana and Lakshadweep.
Monthly EV sales had exceeded 100,000 units in October for the first time ever with the trend following in November and December.
India has over 1.88 million registered EVs.
Electric two-wheelers
Out of the total EVs sold, nearly 62% (624,192) were electric two-wheelers. <a href="https://olaelectric.com/" target="_blank" rel="noopener">Ola Electric</a> had the highest number of sales in this category with 109,241 units, followed by <a href="https://okinawascooters.com/" target="_blank" rel="noopener">Okinawa Autotech</a> with 101,612 units. Other significant electric two-wheeler companies in the market include Hero Electric (96,389 ), Ampere (79,137), and Ather (51,720).
Electric three-wheelers
Nearly a third of all EVs sold in 2022 were electric three-wheelers. <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric</a> had the highest sales at 27,880 units, followed by <a href="https://www.saeraauto.com/" target="_blank" rel="noopener">Saera Electric</a> with 18,456 units. Mahindra Reva Electric Vehicles (15,448), Dilli electric (13,173), and Champion Polyplast (12,695) were the other major electric three-wheeler companies in the market.
Electric four-wheelers
Electric four-wheelers (cars) represented 3% of the total sales at 32,853 units. <a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> was the most preferred automobile maker with 25,760 units sold, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motors</a> with 3,324 units. Other significant electric four-wheeler companies in the market include Hyundai (606), BYD (354), and Mahindra (212).
India is aiming for EVs to make up 30% of its transportation needs by 2030. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program, along with state subsidies and a wider range of options for consumers, have contributed to the rising sales. There is also an increased awareness among consumers about the benefits of using environmentally friendly modes of transport.
Several states, including <a href="https://mercomindia.com/rajasthan-thrust-electric-vehicle-manufacturing-in-ev-policy-2022/" target="_blank" rel="noopener">Rajasthan</a>, <a href="https://mercomindia.com/chhattisgarhs-ev-policy-targets-15-percent-vehicles-electric-2027/" target="_blank" rel="noopener">Chhattisgarh</a>, <a href="https://mercomindia.com/chandigarh-ev-policy-targets-70-of-all-vehicles-to-be-electric-by-2027/" target="_blank" rel="noopener">Chandigarh</a>,<a href="https://mercomindia.com/assam-electric-vehicle-policy/" target="_blank" rel="noopener"> Assam</a>, <a href="https://mercomindia.com/maharashtras-draft-ev-policy-25-e-public-transport-2025/" target="_blank" rel="noopener">Maharashtra</a>, <a href="https://mercomindia.com/delhi-new-ev-incentives-policy/" target="_blank" rel="noopener">Delhi</a>, and <a href="https://mercomindia.com/gujarat-unveils-electric-vehicle-policy/" target="_blank" rel="noopener">Gujarat</a>, have introduced policies that have led to the increased adoption of EVs.
The EV industry is expected to see strong growth in 2023 due to the availability of more models and increasing fuel costs.

Electric Vehicle Sales Clocked a Record One Million Units in 2022

A Gurgaon-based sustainable investment firm <a href="https://www.sustvest.com/#!" target="_blank" rel="noopener">SustVest</a> has raised $160,000 from angel investors to enhance its presence in India’s clean energy market.
The funding round was led by early-stage investors Paurush Sonkar of Stallions Capital, Balaji Vaidyanathan, and Sandeep Shetty.
The investors will take a 15% per annum return from the income generated by the projects executed by SustVest. Investors will also hold digital ownership of the solar/EV (electric vehicle) assets, which would be leased to consumers.
Founded in 2018, Sustvest is a sustainable investment platform that allows individuals or companies to invest in renewable energy assets such as rooftop solar or EV charging points, starting with as low a figure as INR ₹5,000 (~$64.46). With the latest round of funds, the company aims to provide a sustainable platform to renewables sector stakeholders in India.
SustVest has a pipeline of clean energy projects worth $3 million, according to the company. The company provides access to pre-vetted deals bringing several potential investors together to fund a leased project to electricity consumers who pay monthly instalments to use the electricity generated.
Hardik Bhatia, CEO of SustVest, said, “Currently, we only deal with solar specific assets. With the funds raised, we plan to add more assets apart from solar rooftop projects. We want to expand our assets operations in small-scale hydro projects, wind projects, and greenhouses to provide sustainable assets to individual retail investors. In the next six months, we aim to onboard over 5,000 Investors and have over ₹100 million (~$1.52 million) worth of assets under management.”
Earlier this week, the manufacturer of sub-components for EVs, Revoh Innovations, <a href="https://mercomindia.com/revoh-raises-150000-to-build-production-facility/" target="_blank" rel="noopener">raised</a> $150,000 in a seed round from angel investors to build a motor controller production facility in Tamil Nadu.
Electric two-wheeler manufacturer Ather Energy also <a href="https://mercomindia.com/ather-raises-128-million-from-niifl-hero-motocorp/" target="_blank" rel="noopener">raised</a> $128 million from the National Investment and Infrastructure Fund and Hero MotoCorp to accelerate the expansion of its production units in India, focusing on research and development.

Sustainable Investment Firm SustVest Raises $160,000 From Angel Investors

Here are some noteworthy cleantech announcements of the day from around the world:
Union Minister for Power (MoP), R.K. Singh, and Minister of State for Power, Krishan Pal Gurjar, <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1804080" target="_blank" rel="noopener">launched</a> the Virtual Smart Grid Knowledge Center and Innovation Park (SGKC). Established by POWERGRID with support from the MoP and National Smart Grid Mission, SGKC will demonstrate and advance frontier smart grid technologies. SGKC aims to be one of the leading centers of excellence globally to foster innovation, entrepreneurship, and research in smart grid technologies and create capacities in the power distribution sector. The SGKC virtual platform presently hosts over 50 solutions from over 30 technology partners across eight thematic areas spanning new and advanced technologies such as artificial intelligence, machine learning, blockchain, IoT, etc.
<a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a> announced its partnership with <a href="https://www.bharatfih.com/" target="_blank" rel="noopener">Bharat FIH</a>, a Foxconn Technology Group company, to develop and manufacture key components for Ather scooters. The partnership aims to enhance the manufacturing ecosystem to meet the strong demand for their flagship products, the Ather 450X, and the 450 Plus. Bharat FIH will manufacture battery management systems, dashboard, the peripheral controlling unit, and drive controller for Ather Energy. These products will be manufactured on a ‘Turn-Key&#8221; model, including managing the supply chain logistics and raw material procurement for Ather Energy.
MunmuBaram, a wind developer formed as a joint venture between Shell and CoensHexicon, <a href="http://www.munmubaram.com/news/newsDetail?b_idx=35#Eng%20Title" target="_blank" rel="noopener">secured</a> two additional Electricity Business Licenses for 1.3GW Floating Offshore Wind project in South Korea. The licenses were issued by the Ministry of Trade, Industry and Energy to progress MunmuBaram’s floating offshore wind project off the coast of Ulsan city, South Korea. Subject to future investment decisions, the MunmuBaram project will be developed in phase(s). Once constructed, it is expected to generate up to 4.2 TWh of clean electricity every year.
Jinko Power Technology, as a part of a consortium, was <a href="https://www.moenergy.gov.sa/en/MediaCenter/News/Pages/ministry-of-energy-awards-alrass-and-saad-solar-pv-projects.aspx" target="_blank" rel="noopener">awarded</a> the Saad 300MW Solar PV Project in the recent public auction for Round Three Category B solar PV projects by Saudi Arabia&#8217;s Ministry of Energy. The consortium was led by Jinko Power (HK) Company Limited as a Managing and Technical member, Jinko Power Middle East Holding Co. Ltd, and Jinko Power Dhafra Holding Co. Ltd as members. The project is valued at around SAR 800 million (~$213.22 million) and is located in Saad within the Riyadh region in the Kingdom of Saudi Arabia. Electricity generated from the project will be acquired by Saudi Power Procurement Company (SPPC) through a 25-year PPA. Construction is scheduled from 2022 to 2023.
National Thermal Power Corporation (NTPC) <a href="https://samvaad.ntpc.co.in/Home/Details/40293/Top%20Stories" target="_blank" rel="noopener">announced</a> that it would act as Project Management Consultant (PMC) for nine countries that are part of the International Solar Alliance (ISA) to help them with the implementation of solar power parks and other projects that will make a combined capacity 3.8 GW. The solar power projects would generate about 9,228 million units of power every year. When combined, the projects would attract an investment of $3-4 billion and save 1,265 million liters of diesel per annum and avoidance of 3.42 million tons per annum of CO2 emission.

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