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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-doral-renewables-secures-400-million/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-equity-financing-apg/" target="_blank" rel="noopener">secured</a></strong><strong> a $400 million minority equity investment</strong> from Dutch pension APG on behalf of Dutch pension fund ABP. APG said it would provide its pro rata share of corporate credit support and funding for the company’s energy business, amounting to an additional $185 million in capital over time. This investment and APG partnership will help develop the company’s energy projects pipeline.</p>
<p><strong>Eos Energy, a zinc-based long-duration energy storage solution provider, <a href="https://mercomcapital.com/eos-energy-secures-316-million-strategic-investment-from-cerberus/" target="_blank" rel="noopener">secured</a></strong><strong> $315.5 million from Cerberus Capital Management</strong>.  The company produces aqueous zinc batteries, which are claimed to overcome the limitations of conventional lithium-ion technology. The funding will support Eos’s plan to scale operations and execute its path to profitability. In addition, Eos will utilize some of the proceeds to retire its existing $100 million senior secured term loan on favorable terms.</p>
<p><strong>Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy project developer, has reached a definitive agreement with Gek Terna and other shareholders to </strong><a href="https://mercomcapital.com/masdar-to-acquire-clean-energy-developer-terna-energy/" target="_blank" rel="noopener"><strong>acquire</strong></a> an initial 67% stake in European clean energy developer TERNA ENERGY, subject to regulatory approvals and other conditions. After this transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining shares with the intention of reaching 100%.</p>
<p><strong>Nextracker, a solar tracker and software solutions provider, </strong><a href="https://mercomcapital.com/solar-tracking-solution-provider-nextracker-acquires-foundation-developer-ojjo/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Ojjo, a company specializing in foundation technology and services used in utility-scale ground-mount applications</strong>, in an all-cash transaction valued at approximately $119 million. According to Nextracker, this acquisition will advance its existing foundation capabilities and is expected to accelerate the future development of new solar foundation solutions to meet customer demand.</p>
<p><strong>SC Oscar, a Singapore-based fund manager specializing in renewable energy investments, </strong><a href="https://mercomcapital.com/sc-oscar-acquires-new-zealand-solar-developer-ranui-generation/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 100% stake in Rānui Generation</strong>, a New Zealand-based solar project developer, through its renewable energy infrastructure fund, SC Renewable Energy Plus Fund 1. The acquisition includes four development-stage solar projects in New Zealand with a total capacity of around 157 MW. The Overseas Investment Office in New Zealand granted consent for the investment by the fund in October 2023. The total investment in the portfolio is approximately $135 million.</p>
<p><strong>Battery Smart, a battery swapping network for electric two- and three-wheelers, has </strong><a href="https://www.mercomindia.com/battery-smart-expand-battery-swapping-network" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $65 million in a Series B funding round</strong> led by LeapFrog Investments. This equity round included both primary and secondary investments and saw participation from new and existing investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.</p>
<p><strong>Battery manufacturer Amara Raja Energy &amp; Mobility has </strong><a href="https://www.mercomindia.com/amara-raja-invests-e20-million-in-inobat-ups-stake-by-4-5" target="_blank" rel="noopener"><strong>invested</strong></a><strong> an additional €20 million (~$21.4 million) in electric vehicle (EV) battery firm InoBat</strong>, Norway, for a 4.5% equity stake. Amara Raja’s stake in the Slovakia-headquartered InoBat now stands at 9.32%. It had earlier invested €10 million in the company to enable it to secure a foothold in the European EV ecosystem. Last September, Chinese battery manufacturer Gotion High-Tech acquired a 25% stake in InoBat.</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’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charger-manufacturer-ekoenergetyka-secures-170-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Doral Renewables Secures $400 Million


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					</table><p><a href="https://www.batterysmart.in/" target="_blank" rel="noopener">Battery Smart</a>, a battery swapping network for electric two- and three-wheelers, has secured $65 million in a Series B funding round led by <a href="https://leapfroginvest.com/" target="_blank" rel="noopener">LeapFrog Investments</a>.</p>
<p>This equity round included both primary and secondary investments and saw participation from new and existing investors, such as <a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG Bank</a>, <a href="https://www.panasonic.com/in/" target="_blank" rel="noopener">Panasonic</a>, Ecosystem Integrity Fund (<a href="https://eif.vc/" target="_blank" rel="noopener">EIF</a>), <a href="https://blume.vc/" target="_blank" rel="noopener">Blume Ventures</a>, and British International Investment (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>).</p>
<p>Battery Smart allows for two-minute battery swaps, enabling EV drivers to save time, travel longer distances, and lower their upfront costs by up to 40%.</p>
<p>Elluminate Capital served as the exclusive financial advisor for the transaction.</p>
<p>The funds will support Battery Smart&#8217;s next phase of expansion, which involves bringing its battery-as-a-service solution to more cities across India.</p>
<p>Since opening its first swap station in New Delhi in June 2020, Battery Smart has grown to 1,000 stations across 30 cities, completing over 35 million swaps. The company has established a presence in Tier 1, 2, and 3 cities nationwide.</p>
<p>Battery Smart provides over 45,000 active customers with a convenient, low-carbon driving range. Its asset-light model allows it to collaborate with Indian small and medium-sized businesses and utilize their existing infrastructure to rapidly set up swap stations, thereby enhancing the livelihoods of local business owners.</p>
<p>Pulkit Khurana, Co-Founder and CEO of Battery Smart, said, &#8220;We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring extensive expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors-Tiger Global, Blume Ventures, EIF, and BII. Their combined support showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all. The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.&#8221;</p>
<p>By 2030, India&#8217;s vehicle count is expected to reach 200 million two-wheelers and 12 million three-wheelers.</p>
<p>Shashank Joshi, Deputy CEO of MUFG India, said, &#8220;Our investment in Battery Smart aligns with our commitment to a zero-carbon future and our dedication to supporting innovative solutions that drive sustainable growth. Battery Smart’s technology-driven approach resonates with our vision of empowering businesses and communities while enhancing India’s EV infrastructure.&#8221;</p>
<p>One of the major obstacles to EV adoption in India is the insufficient charging infrastructure, leading to considerable anxiety for potential EV buyers. Battery swapping addresses this issue by offering a simple, cost-effective, and efficient alternative, eliminating the need for costly battery purchases and extensive charging infrastructure.</p>
<p>Battery Smart aims to ensure that EV users are always within a 1 km radius of a station, with no waiting time.</p>
<p>Last July, the company had <a href="https://www.mercomindia.com/battery-smart-pre-series-funding" target="_blank" rel="noopener">raised</a> $33 million by closing a pre-series B funding round.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units sold in the same period of 2023.</p>


Battery Smart Secures $65 Million to Expand EV Battery Swapping Network


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					</table><p>Gurugram-based <a href="https://www.batterysmart.in/" target="_blank" rel="noopener">Battery Smart</a>, a battery-swapping stations network for electric two and three-wheelers, has raised $33 million by closing a pre-series B funding round.</p>
<p>The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally.</p>
<p>Battery Smart has to date, set up over 600 swap stations and worked with over 25,000 vehicles across 25 cities in India.</p>
<p>The funding round saw participation from Battery Smart’s existing investors, <a href="https://www.tigerglobal.com/" target="_blank" rel="noopener">Tiger Global</a> and <a href="https://blume.vc/" target="_blank" rel="noopener">Blume Ventures</a>, along with new investors, the Ecosystem Integrity Fund (<a href="https://eif.vc/" target="_blank" rel="noopener">EIF</a>), and British International Investment (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>).</p>
<p>Co-Founder and CEO of Battery Smart Pulkit Khurana said, “With 25,000 active customers across tier 1, 2, and 3 cities, we are keen to reinforce our ESG objectives while supporting India’s pursuit towards net-zero emissions. This investment also signifies our commitment to enhancing the livelihoods of our station partners and drivers, empowering them to play a significant role in India’s transition towards electric mobility.”</p>
<p>Managing Partner of EIF Devin Whatley said, “We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth. We look forward to working with Pulkit and Siddharth in their mission to empower Battery Smart&#8217;s growing partner and driver community and help India achieve its target of net-zero emissions by 2070.”</p>
<p>Last year in June, Battery Smart <a href="https://www.mercomindia.com/battery-smart-raises-25-million-funding" target="_blank" rel="noopener">raised</a> $25 million by closing a Series A round led by Tiger Global.</p>
<p>The company has completed more than 12 million battery swaps and is now working to double the count. Since the fundraising activity last year, Blue Smart’s revenue and customers have increased six-fold while helping the creation of a reliable network comprising over 600 swapping stations across 25 Indian cities.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">grew</a> 66% year-over-year to 371,340 units during the second quarter of 2023, as compared to 223,293 units sold in the same quarter last year.</p>


Battery Smart Raises $33 Million in Pre-Series Funding to Expand Customer Base

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