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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-mecaware-raises-42-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Mecaware, a battery recycling company, </strong><a href="https://mercomcapital.com/battery-recycling-company-mecaware-raises/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €40 million (~$42 million) in funding for the recycling of battery production scrap (Gigafactories Scrap – ScrapCO2MET project)</strong>. The project is expected to be operational in 2025. The project is expected to produce 50 tons of recycled metal annually, including lithium, nickel, cobalt, and manganese. The funding was raised from a pool of investors organized by Crédit Mutuel Innovation and the SPI2 fund managed on behalf of the State of France by Bpifrance as part of the France 2030 initiative.</p>
<p><strong>Amperon Holdings, a provider of energy analytics solutions, </strong><a href="https://mercomcapital.com/energy-analytics-platform-amperon-holdings-raises/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $20 Million in a Series B funding round</strong> led by Energize Capital. Other participants in this round include the D. E. Shaw group, Veriten, and existing investor HSBC Asset Management. The round helped bring the company’s total funding raised to date to $30 million. The company aims to use the funding to unlock more value from grid data and advance electricity forecasting innovation.</p>
<p><strong>Bolt.Earth, an India-based EV infrastructure and software company, has </strong><a href="https://www.mercomindia.com/bolt-earth-20-million-product-portfolio-expansion" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $20 million</strong> in a recent funding round led by a consortium of existing and new investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds. The company offers an operating system, a connected platform technology that helps manufacturers develop, operate, and monitor their charging networks and vehicles.</p>
<p><strong>Peak Energy, a sodium-ion battery manufacturer, <a href="https://mercomcapital.com/sodium-ion-battery-manufacturer-peak-energy-secures-10-million/" target="_blank" rel="noopener">secures</a> $10 million in a funding round </strong>led by Eclipse, with significant participation from strategic partner TDK Ventures. The financing will help the company develop its sodium-ion battery solutions and lay the groundwork for building out manufacturing in the U.S. Beginning in 2025. Peak Energy will start deploying its sodium-ion systems while simultaneously building a domestic, giga-scale battery factory with plans to open in 2026.</p>
<p><strong>Australian battery recycling startup Renewable Metals </strong><a href="https://mercomcapital.com/battery-recycling-startup-renewable-metals-raises/"><strong>closed</strong></a><strong> an A$8 million (~$5 million) investment round</strong> to scale and commercialize its lithium-ion battery recycling technology. The funding was led by Asia Pacific-based venture capital firm Investible via its early-stage Climate Tech Fund, with additional participation from the U.S.-based venture capital investor, the Grantham Foundation for the Protection of the Environment, and CEFC. The investment round is expected to support Renewable Metals in developing a pilot plant in Perth, Australia.</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/">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-group14-secures-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Battery Recycling Company Mecaware Raises $42 Million


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					</table><p><a href="https://www.mercomindia.com/jodhpur-tenders-1-5-gw-solar-projects-kusum/" target="_blank" rel="noopener"><strong>Jodhpur Vidyut Vitran Nigam floated eight tenders for installing and commissioning 562 grid-connected solar power projects with a total capacity of 1.515 GW in various subdivisions of Jodhpur District Circle under Component C of Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program for feeder-level solarization.</strong></a>The projects will be developed under the renewable energy service company model.The selected developers must oversee the projects’ operation and maintenance for 25 years. The estimated project cost is ₹35 million (~$420,371)/MW.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-green-energy-open-access-regulations/" target="_blank" rel="noopener"><strong>The Andhra Pradesh Electricity Regulatory Commission issued a preliminary draft of the Green Energy Open Access, Charges, and Banking Regulations in 2023.</strong></a> The regulation applies to granting open access for electricity generated from renewable energy sources for utilization within the state involving Intra-State Transmission Systems (lnSTS) and/or distribution systems of licensed entities. It also encompasses those InSTS and/or distribution systems that are incidental to the Interstate Transmission of electricity.</p>
<p><a href="https://www.mercomindia.com/the-residential-rooftop-in-kerala/" target="_blank" rel="noopener"><strong>Kerala achieved an 18% growth in rooftop solar capacity between the second quarter of 2022 and Q2 of 2023, with approximately ~276 MW of rooftop solar capacity installed during the period, the Mercom India Rooftop Solar Market Report Q2 2023 revealed.</strong></a> About half the capacity during the period was added under the Kerala State Electricity Board’s Soura program, which encourages the adoption of residential rooftop solar systems. One of the unique challenges Kerala faced in its pursuit of solar energy was its geographical landscape. A large share of the land in the state is fertile and for ideal agricultural activities, so leasing it for utility-scale projects is challenging and expensive. To address this challenge, the state has decided to go with rooftop systems to meet its solar energy targets.</p>
<p><strong><a href="https://www.mercomindia.com/ntpc-tender-1-5-gw-ists-connected-solar-projects" target="_blank" rel="noopener">NTPC has invited bids to set up 1,500 MW of interstate transmission system-connected solar power projects across India.</a></strong> The minimum capacity of each project must be 50 MW, and the maximum capacity to be quoted by a bidder should not exceed 750 MW. The last date to submit the bids online is October 27, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/madhya-pradesh-invites-solar-projects-under-kusum/" target="_blank" rel="noopener"><strong>The Madhya Pradesh Urja Vikas Nigam invited bids to select renewable power generators to set up 670 MW grid-connected solar power projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program.</strong></a>The last date for the submission of bids is October 10, 2023. Bids will open on November 3.The scope of work includes designing, engineering, supplying, constructing, erecting, testing, commissioning, and construction of bays and related switchgear at the substation.It also involves comprehensive operation and maintenance services for the power purchase agreement period of 25 years.</p>
<p><strong><a href="https://www.mercomindia.com/gujarat-hikes-additional-consumers-to-%e2%82%b90-87-kwh" target="_blank" rel="noopener">The Gujarat Electricity Regulatory Commission has revised the additional surcharge for open access consumers to ₹0.87 (~$0.0105)/kWh for the period from October 1, 2023, to March 31, 2024.</a></strong> The revised additional surcharge is an increase of 14.47% from ₹0.76 (~$0.0091)/kWh set for the first half of the financial year 2023-24, from April 1, 2023, to September 30, 2023. The Commission arrived at the levy through the revised methodology for calculating the additional surcharge, issued in an order back in 2022.</p>
<p><a href="https://www.mercomindia.com/bolt-earth-20-million-product-portfolio-expansion/" target="_blank" rel="noopener"><strong>Bolt.Earth, an India-based electric vehicle infrastructure and software company, secured $20 million in a recent funding round led by a consortium of existing and new investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.</strong></a> The company offers an operating system, a connected platform technology that helps manufacturers develop, operate, and monitor their charging networks and vehicles. The primary allocation of the funding will be directed towards the expansion of Bolt. Earth’s charging network.</p>
<p><a href="https://www.mercomindia.com/from-risk-to-reward-hybrid-renewable-projects/" target="_blank" rel="noopener"><strong>Wind-Solar hybrid projects are considered one of the most viable options to manage intermittency issues faced by standalone wind and solar power sources.</strong></a> These projects are especially crucial because they optimize land and transmission systems while providing a power supply for a longer duration. Mercom India will host a webinar titled “Addressing the Challenges and Solutions in Hybrid Renewable Energy Project Insurance” on October 10, 2023, at 3:00 pm IST. The webinar will shed light on the key challenges associated with the insurance of such projects and offer insights into effective risk mitigation strategies.</p>
<p><a href="https://www.mercomindia.com/lg-energy-expand-battery-manufacturing-us/" target="_blank" rel="noopener"><strong>Battery manufacturer LG Energy Solution will invest KRW4 trillion (~$3 billion) in its Michigan facility to establish new production lines for battery cells and modules exclusively for Toyota, with completion slated for 2025.</strong></a>Under the contract, LG Energy Solution will supply 20 GWh of automotive battery modules consisting of high-nickel nickel, cobalt, manganese, and aluminum pouch-type cells annually to Toyota’s motor manufacturing facility in Kentucky to be assembled into battery packs.</p>
<p><a href="https://www.mercomindia.com/apac-3-3-trillion-power-generation-renewables-report/" target="_blank" rel="noopener"><strong>The Asia Pacific region is forecast to invest $3.3 trillion in power generation over the next decade, with a strong focus on renewables.</strong></a> Wind and solar energy would account for 49% of the investment, while energy storage would receive 12% of the total investments, as per Wood Mackenzie’s latest analysis. In the coming five years, the region is set to add 1,840 GW of new capacity, outpacing the rest of the world combined, as India and China invest in a mix of coal and renewables to address escalating power needs. India, the second-largest power market after China in the region, wields a pivotal role in the global energy transition, driven by its substantial economic growth and soaring power demand.</p>


Daily News Wrap-Up: Jodhpur’s Tender for 1.5 GW Solar Projects Under KUSUM


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					</table><p><a href="https://bolt.earth/" target="_blank" rel="noopener">Bolt.Earth</a>, an India-based electric vehicle (EV) infrastructure and software company, has secured $20 million in a recent funding round led by a consortium of existing and new investors, including <a href="https://www.usv.com/" target="_blank" rel="noopener">Union Square Ventures</a>, <a href="https://primevp.in/" target="_blank" rel="noopener">Prime Venture Partners</a>, and <a href="https://itigo.in/" target="_blank" rel="noopener">ITIGO Funds</a>.</p>
<p>The company offers an operating system, a connected platform technology that helps manufacturers develop, operate, and monitor their charging networks and vehicles.</p>
<p>The primary allocation of the funding will be directed towards the expansion of Bolt. Earth&#8217;s charging network. The company has deployed over 30,000 EV charging points within its network, which offers a wide array of charging options, ranging from slow to fast charging, with power outputs spanning from 3.3 kW to 240 kW.</p>
<p>The funding will also support the advancement of Bolt.Earth&#8217;s product portfolio, which encompasses various charging points tailored to suit a diverse customer base.</p>
<p>A portion of the funds will also be earmarked to deploy the company’s operating system, Bolt.Earth OS. This system is designed to provide original equipment manufacturers and EV dealers with a pathway to upgrade their vehicles into software-defined vehicles.</p>
<p>“Bolt.Earth offers an Operating System, a connected platform technology helping OEMs to develop, operate, and monitor their charging network and vehicles. We are also continuously expanding our charging network at approximately 2,000 new charging points per month. Additionally, we currently hold more than 50% market share in India&#8217;s EV charging network and play a dominant role in India’s EV Operating System nexus with our deployed chargers and software-defined vehicles, “ said Jyotiranjan Harichandan, Co-founder, Bolt.Earth<strong>. </strong></p>
<p>The funding will empower Bolt.Earth to venture into new markets, contributing to the accelerated adoption of electric vehicles across Asia, Europe, South America, and Latin America. It will also help the company onboard professionals from various fields of technology, engineering, and product development.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, global corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33 deals, driven primarily by accelerated EV adoption.</p>
<p>Minister of State for Heavy Industries Krishan Pal Gurjar recently said India had <a href="https://www.mercomindia.com/8738-public-ev-charging-stations-june-minister" target="_blank" rel="noopener">installed</a> 8,738 operational public EV charging stations as of June 30, 2023.</p>


EV Charging Firm Bolt.Earth Raises $20 Million for Product Portfolio Expansion

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