Project Finance Brief: Emeren Sells 65 MW Solar Portfolio in Germany

Funding and M&A Roundup: Moment Energy Secures $15 Million

POWERGRID Invites Bids for 1.07 MW Rooftop Solar Project at NIT Durgapur

Adani Bags $2.89 Billion 6 GW Renewable Energy Transmission Project

NHPC Invites Bids for 125 MW/500 MWh Standalone BESS

Germany Adds 16.2 GW of Solar Capacity in 2024, Sets New Record

REIL Floats Rate Contract Tender for 17.55 MW Rooftop Solar Projects

NHPC Invites Bids for 39.73 MW Rooftop Solar Projects in Sikkim and J&K

US ITC Rules Voltage Not Guilty in Patent Infringement Case   

MERC Approves Tariff for Procuring 13 MW Wind-Solar Hybrid Power


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					</table><p>Teerth Gopicon and Reliance Industries <a href="https://www.mercomindia.com/teerth-gopicon-and-reliance-win-sjvns-5-8-mw-rooftop-solar-auction" target="_blank" rel="noopener">won</a> SJVN’s tender to develop 5,830 kW grid-connected solar projects under the PM Surya Ghar: Muft Bijli Yojana. Teerth Gopicon won 5,705 kW capacity, and Reliance Industries won 125 kW. The tender was floated in December 2024. Both winners will work under the renewable energy service company model.</p>
<p>Dakshin Gujarat Vij Company <a href="https://www.mercomindia.com/gujarat-discom-awards-solarizing-agricultural-feeders" target="_blank" rel="noopener">awarded</a> contracts for developing 64 solar projects with a combined capacity of 160 MW under Component C of the PM KUSUM program for feeder-level solarization. These projects will operate under the renewable energy service company model to generate cost-effective and sustainable energy. The initiative was intended to cover 514 agricultural feeders at 11 kV and 161,727 grid-connected agricultural consumers.</p>
<p>The Andhra Pradesh State Investment Promotion Board <a href="https://www.mercomindia.com/andhra-pradesh-investments-in-renewable-energy-infrastructure-jobs" target="_blank" rel="noopener">approved</a> several significant investments in the renewable energy sector to enhance the state’s energy infrastructure, promote sustainability, and create job opportunities. The projects approved involve a total investment of ₹180 billion (~$2.20 billion). AM Green Ammonia India has secured approval for ₹120 billion (~$1.46 billion) for a green ammonia project in Kakinada.</p>
<p>Power Grid Corporation of India <a href="https://www.mercomindia.com/powergrid-bags-projects-to-augment-substation-capacity-in-gujarat-karnataka" target="_blank" rel="noopener">won</a> two projects from REC Power Development and Consultancy to establish an interstate transmission system and augment substation capacity in Gujarat and Karnataka. The project involves augmenting the transformation capacity at the KPS1 (GIS) and KPS2 (GIS) (Phase-V Part B1 and B2 Scheme) project in Gujarat and augmenting the transformation capacity at the Bidar PS in Karnataka by 3×500 MVA, 400/220kV ICTs (6th – 8th) and 1×1500 MVA, 765/400kV ICT (4th).</p>
<p>The Chhattisgarh State Electricity Regulatory Commission <a href="https://www.mercomindia.com/chhattisgarh-draft-dsm-guidelines" target="_blank" rel="noopener">issued</a> the Draft Chhattisgarh State Electricity Regulatory Commission (Intra-State Deviation Settlement Mechanism and Related Matters) Regulations, 2025. The regulations apply to all entities connected to the state transmission utility, inter-state or intra-state within Chhattisgarh. These regulations will take effect from April 1, 2025.</p>
<p>Bengaluru-based battery solutions startup EMO Energy <a href="https://www.mercomindia.com/emo-energy-secures-series-a-funding-round" target="_blank" rel="noopener">raised</a> $6.2 million (₹530.65 million) in its Series A funding round. This round was led by Subhkam Ventures, with existing investor Transition VC also participating. The company plans to use the funding to scale its advanced battery solutions for electric vehicles and energy storage systems, targeting an expansion of its urban energy ecosystem.</p>
<p>Bengaluru-based electric bike startup Oben Electric <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-series-a-funding-round" target="_blank" rel="noopener">secured</a> ₹500 million (~$5.82 million) in a Series A funding round. This round included participation from Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical’s US-based venture capital entity, Sanjeev Saraf (Polyplex) family office, Pravek Kalp family office, and other existing investors.</p>
<p>Saudi Arabia <a href="https://www.mercomindia.com/saudi-arabia-8000-mwh-bess-tender" target="_blank" rel="noopener">announced</a> the pre-qualification of bidders for its 2,000 MW/8000 MWh battery energy storage systems tender under its renewable energy expansion strategy. The Saudi Power Procurement Company (SPPC) is administering the tender, which encompasses four projects of 500 MW each. The tender garnered significant interest, with SPPC receiving 52 bids.</p>


Daily News Wrap-Up: SJVN’s 5.8 MW Rooftop Solar Auction Results


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Ethical Power Group, a solar and energy storage project developer, announced that quant investor Greg Skinner </strong><a href="https://mercomcapital.com/investor-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 50% stake in the company from Hive Energy</strong>. The founder and CEO, Thomas Kneen, maintains 50% of the business. The company announced providing an additional £15 million (~19 million) working capital loan to help with the continued expansion of the company’s operations. Greg Skinner will join the Ethical Power Group board upon the deal’s completion.</p>
<p><strong>Electric motorcycle startup Oben Electric has </strong><a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-series-a-funding-round" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹500 million (~$5.82 million) in a Series A funding round.</strong> This round included participation from Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical’s U.S.-based venture capital entity, Sanjeev Saraf (Polyplex) family office, Pravek Kalp family office, and other existing investors. The company plans to use the funding to expand its existing distribution network, and its Oben Care services to over 100 showrooms.</p>
<p><strong>Flint, a company developing paper batteries, has </strong><a href="https://mercomcapital.com/paper-battery-developer-flint-raises-2-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $2 million in seed funding. </strong>The round was led by a consortium of angel investors along with participation from AI-driven VC firm Hatcher+. Flint develops cellulose-based paper batteries, which use materials such as cellulose paper, zinc, and manganese. The funding is expected to support commercial expansion, pilot production, and intellectual property development.</p>
<p><strong>Energy-tech startup EMO Energy has </strong><a href="https://www.mercomindia.com/emo-energy-secures-series-a-funding-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $6.2 million (₹530.65 million) in its Series A funding round.</strong> This round was led by Subhkam Ventures, with existing investor Transition VC also participating. The company plans to use the funding to scale its advanced battery solutions for electric vehicles (EVs) and energy storage systems, targeting an expansion of its urban energy ecosystem. The company aims to deploy its services across 100,000 two and three-wheeler vehicles over the next two years and roll out 1 GWh of energy storage systems.</p>
<p><strong>Mining Startup KoBold Metals </strong><a href="https://www.koboldmetals.com/news/mining-startup-kobold-metals-valued-at-2-96-bn-after-closing-537m-series-c/?aid=01" target="_blank" rel="noopener"><strong>raised</strong></a><strong> a $537 million Series C funding round to expand AI-powered critical mineral exploration.</strong> The round, which increased KoBold’s post-money valuation to $2.96 billion, was co-led by new investor Durable Capital Partners LP and by a pair of T. Rowe Price funds not yet invested.  The funding included participation from existing KoBold investors Andreessen Horowitz Growth, BOND, Breakthrough Energy, Earthshot Ventures, Equinor, July Fund, Mitsubishi Corporation, and Standard Investments as well as new investors StepStone Group and WCM Investment Management.</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-sunairio-raises-6-4-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Greg Skinner Acquires 50% Stake in Ethical Power Group


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					</table><p>Bengaluru-based battery solutions startup <a href="https://www.emoenergy.in/" target="_blank" rel="noopener">EMO Energy</a> has raised $6.2 million (₹530.65 million) in its Series A funding round.</p>
<p>This round was led by <a href="https://www.subhkam.com/" target="_blank" rel="noopener">Subhkam Ventures</a>, with existing investor <a href="https://www.transitionventurecapital.com/" target="_blank" rel="noopener">Transition VC</a> also participating.</p>
<p>The company plans to use the funding to scale its advanced battery solutions for electric vehicles (EVs) and energy storage systems, targeting an expansion of its urban energy ecosystem.</p>
<p>The company aims to deploy its services across 100,000 two and three-wheeler vehicles over the next two years and roll out 1 GWh of energy storage systems.</p>
<p>It said it will also use part of the funding to enhance research and development for its battery health extension software. It will also use the funding to scale its service capacity from 2 kWh to 2,000 kWh and expand partnerships with major original equipment manufacturers.</p>
<p>The company will allocate the remaining amount to expand its operational capabilities and team.</p>
<p>EMO Energy utilizes its cell agnostic tech stack, ZEN, to provide ‘ultra-fast charging and extended battery life’ solutions for electric two-wheelers, light commercial vehicles, and industrial green energy storage systems.</p>
<p>It has produced over 2,000 battery packs for EVs and is conducting pilot tests for energy storage systems to replace diesel generators in industries.</p>
<p>The company said its urban energy ecosystems integrate delivery vehicles, fast chargers, and energy storage systems managed by its proprietary energy management software.</p>
<p>EMO Energy had  <a href="https://www.mercomindia.com/battery-emo-raises-%E2%82%B9100-million-seed-funding" target="_blank" rel="noopener">raised</a> ₹100 million (~$1.17 million) in a seed round led by Transition Venture Capital in 2023. The round was co-led by Gruhas. EMO’s 2-and-3-wheeler battery system is AIS-156 Phase 2 certified and is in mass production.</p>
<p>Last year, the Bureau of Indian Standards <a href="https://www.mercomindia.com/bis-new-standards-ev" target="_blank" rel="noopener">unveiled</a> two standards, IS 18590: 2024 and IS 18606: 2024, to enhance the safety of the EV powertrain and battery performance criteria. The standards relate specifically to vehicles in the two-wheelers, passenger four-wheelers, and goods-carrying four-wheelers categories.</p>


EMO Energy Secures $6.2 Million in Series A Funding Round


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					</table><p>Bengaluru-based energy startup <a href="https://www.emoenergy.in/" target="_blank" rel="noopener">EMO Energy</a>, which builds battery packs for high-power applications, has raised ₹100 million (~$1.2 million) in a seed round led by <a href="https://transitionventurecapital.com/" target="_blank" rel="noopener">Transition Venture Capital</a>. The round was co-led by <a href="https://www.gruhas.com/" target="_blank" rel="noopener">Gruhas</a>.</p>
<p>EMO Energy offers battery packs for light electric vehicles (EVs). The company said these battery packs are powered by ZEN, a proprietary cell-agnostic tech platform that allows 100% fire safety, 20-minute fast charging, and 120% improvement in battery life.</p>
<p>EMO’s 2-and-3-wheeler battery system is AIS-156 Phase 2 certified and is in mass production.</p>
<p>EMO is also implementing its ZEN platform for commercial vehicles, tractors, and large-scale energy storage.</p>
<p>EMO said that all applications use the same standard battery module and are equipped to provide solutions for alternative chemistries in the future.</p>
<p>EMO’s Co-founder and CEO Sheetanshu Tyagi said, “Transition VC is enabling our access to the grid storage market (for residential and commercial applications such as lead acid battery &amp; diesel genset replacement), which will help us in deploying ZEN for grid storage applications in the near future. ZEN PAC, the platform&#8217;s 20 min charge battery pack for 2-and-3-wheelers allows the lowest total operating cost (&lt;₹1 (~$0.012/km), &gt;5 years warranty, and 120% improvement in the life of standard nickel manganese cobalt and lithium-iron-phosphate cells.”</p>
<p>EMO is Transition VC’s maiden investment from its recently launched Energy Transition-focused fund worth ₹4 billion (~$48.3 million).</p>
<p>Transition VC’s Co-founder &amp; Managing Partner Mohammed Shoeb Ali said, “Solutions like EMO’s ZEN Platform are integral to India’s endeavors to sustain its EV goals and achieve Net-Zero. EMO’s batteries utilize the latest and safest immersion thermal management technology and allow fast charge and higher vehicle power. This, along with the in-house Smart BMS and AI Battery Life Extension algorithms, allows continuous optimization of performance and a 2X increase in lifespan.”</p>
<p>A recent report by NITI Aayog and Rocky Mountain Institute <a href="https://www.mercomindia.com/domestic-battery-manufacturing-crucial-to-achieving-indias-non-fossil-fuel-goals" target="_blank" rel="noopener">stated</a> that developing a localized advanced cell supply-chain ecosystem will help India create a competitive advantage in mobility, grid energy storage, and consumer electronics.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Q1 2023 Funding and M&amp;A Report for Storage and Grid</a>, Energy Storage companies saw a decline in VC funding, including both private equity and corporate venture capital, in Q1 2023.</p>


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