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					</table><a href="https://www.mercomindia.com/comments-draft-consumers-rights-amendment" target="_blank" rel="noopener">The Ministry of Power has invited comments from the stakeholder on the draft Electricity (Rights of Consumers) Amendment Rules, 2023.</a> The proposed rules seek to bring transparency and give more control to consumers when dealing with power distribution companies. The power ministry has sought comments from chief and principal secretaries of all states, power distribution companies, power transmission companies and power generators, industry associations, and central ministries.
<a href="https://www.mercomindia.com/renewable-37-more-loans-in-fy-2022-23" target="_blank" rel="noopener">The Indian Renewable Energy Development Agency has approved ₹327.6 billion (~$4 billion) worth of loans as on March 27, up 37% year-over-year (YoY)</a>, which reflects the continued growth of the renewable energy sector in the country. The government-owned lender disbursed ₹163.2 billion (~$1.98 billion) of loans during FY 2022-23, surpassing the previous highest annual loan disbursement of ₹160.7 billion (~$2 billion) in FY 2021-22.
<a href="https://www.mercomindia.com/ntpc-supply-renewable-power-greenkos" target="_blank" rel="noopener">NTPC Renewable Energy said it would supply 1.3 GW of round-the-clock (RTC) renewable energy for powering Greenko’s upcoming green ammonia plant in Andhra Pradesh’s Kakinada.</a> The government-owned power producer entered a term-sheet agreement with Greenko ZeroC, the green molecule production arm of Hyderabad-based Greenko Group. The Kakinada facility is expected to add up to 1 million tons of green ammonia production capacity annually by 2027.
<a href="https://www.mercomindia.com/enervenue-build-battery-gigafactory-in-kentucky" target="_blank" rel="noopener">EnerVenue, a California-based company specializing in metal-hydrogen batteries, plans to open a one-million-square-foot battery gigafactory in Shelby County, Kentucky</a>. The project’s initial phase will focus on producing 1 GWh of batteries annually, anticipating beginning production by the end of this year. The company has committed to investing over $1 billion in subsequent phases to increase production to over 20 GWh per year across its domestic manufacturing sites. The 73-acre site facility will serve as EnerVenue’s flagship manufacturing plant for its Energy Storage Vessels.
<a href="https://www.mercomindia.com/railways-empanelment-12-5-mw-rooftop-solar" target="_blank" rel="noopener">West Central Railway has invited bids for state-wise empanelment of agencies to implement rooftop solar projects of 12.5 MW at various locations in Jabalpur, Bhopal, and Kota zones.</a> The projects would be developed in two capacity ranges— more than 10 kW and up to 100 kW, and more than 100 kW and up to 500 kW. The projects must be commissioned within 240 days of receiving the work order. The developers must also provide comprehensive operation and maintenance services for 25 years.
<a href="https://www.mercomindia.com/jsw-energy-under-previously-agreed-deal" target="_blank" rel="noopener">JSW Neo Energy, a wholly owned subsidiary of independent power producer JSW Energy, will acquire Mytrah Energy’s 12 special purpose vehicles (SPV) within the already agreed consideration.</a> The cumulative consideration for 12 SPVs stands at ₹18.2 million (~$221,024). However, the transaction value would be part of the earlier deal under which JSW Energy acquired Mytrah Energy’s portfolio of about 1.8 GW renewable energy generation capacity, comprising 17 SPVs and 1 Ancillary SPV.
<a href="https://www.mercomindia.com/brookfield-eig-consortium-buy-origin-energy" target="_blank" rel="noopener">A consortium of Brookfield Asset Management and MidOcean Energy, the global LNG platform owned and managed by EIG, has agreed to acquire Australia-based integrated power generator and retailer Origin Energy for A$18.7 billion (~$12.5 billion).</a> As part of its acquisition of Origin Energy’s Energy Markets segment, Brookfield plans to expedite the development of renewable energy generation capacity. Brookfield has formulated a business plan for Origin Energy Markets that involves investing at least $20 billion over the next ten years to construct up to 14 GW of new renewable generation and storage facilities in Australia.
<a href="https://www.mercomindia.com/parliamentary-panel-fame-program-by-two-years" target="_blank" rel="noopener">A parliamentary committee has recommended extending the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles (FAME-II) program by two years beyond its current March 31, 2024, deadline.</a> The panel added that it would allow more time to evaluate its effectiveness and make necessary adjustments to promote electric vehicles (EVs). The committee found that removing government support for EVs would significantly increase prices. Many startups involved in the EV industry may also have to shut down once the FAME-II program ends.
<a href="https://www.mercomindia.com/us-japan-trade-deal-critical-minerals" target="_blank" rel="noopener">Close on the heels of a similar agreement with the European Union, the United States and Japan have agreed on a trade deal for critical minerals used in clean energy technologies.</a> The contract is intended to help Japan meet sourcing requirements for new electric vehicle (EV) subsidies in the U.S. and reduce reliance on China for strategic resources.
<a href="https://www.mercomindia.com/india-needs-renewable-capacity-by-2027" target="_blank" rel="noopener">India will need an investment of ₹14.5 trillion (~$176.6 billion) by 2027 to install a renewable generation capacity of 210 GW and a battery storage capacity of 8.6 GW/ 34.7 GWh to meet the country’s growing demand for electricity.</a> Union Minister of Power R.K. Singh informed the Rajya Sabha that the government plans to add 17,500 km of transmission lines and 80,000 MVA of transmission capacity across India as part of the planned national grid expansion.
<a href="https://www.mercomindia.com/over-200000-farmers-pm-kusum-power-minister" target="_blank" rel="noopener">The Minister of Power R.K. Singh told the Parliament that the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) program has benefited over 200,000 farmers as of February 28.</a> A capacity of 89.45 MW has been installed under Component-A of the program. Approximately 209,000 pumps have been reported as installed or solarized under Component-B and Component-C.

Daily News Wrap-Up: Power Ministry Seeks Comments on Draft Electricity Amendment

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					</table><a href="https://enervenue.com/" target="_blank" rel="noopener">EnerVenue</a>, a California-based company specializing in metal-hydrogen batteries, plans to open a one-million-square-foot battery gigafactory in Shelby County, Kentucky. The project&#8217;s initial phase will focus on producing 1 GWh of batteries annually, anticipating beginning production by the end of this year.
The company has committed to investing over $1 billion in subsequent phases to increase production to over 20 GWh per year across its domestic manufacturing sites. The 73-acre site facility will serve as EnerVenue&#8217;s flagship manufacturing plant for its Energy Storage Vessels.
EnerVenue claims Energy Storage Vessels offer scalability and customization options for customers seeking sustainable energy solutions. It now offers a 20-year/20,000-cycle warranty extension, ensuring the batteries maintain a capacity of 88% or more.
EnerVenue said it has secured more than 7 GWh of commitments for Energy Storage Vessels from customers, including Pine Gate Renewables, Nicon Industries&#8217; Green Energy Renewable Solutions, and Sonnell Power Solutions.
&#8220;As customer interest in EnerVenue&#8217;s storage technology soars, we&#8217;re excited to significantly scale battery production with our new state-of-the-art gigafactory in Shelby County,&#8221; said Jorg Heinemann, CEO, EnerVenue.
The opening of EnerVenue&#8217;s gigafactory is expected to create 450 new full-time jobs.
Kentucky has offered EnerVenue tax incentives worth $10.3 million to support the project&#8217;s first phase. Additionally, Shelby County has committed to providing the company with property and wage tax rebates totaling $20 million over 25 years.
The company recently expanded its operations in Fremont, California, and secured long-term materials and equipment supply agreements with Precision Process and Precious Plate in Niagara Falls, New York.
A recent WoodMackenzie report said the growth of battery cell manufacturing capacity in the U.S. will <a href="https://www.mercomindia.com/us-renewable-114-billion-investments-2031-report" target="_blank" rel="noopener">create</a> a positive environment for investment in the short term.
However, there are still potential supply challenges regarding battery materials, particularly with the Chinese-dominant supply of cathodes and anodes. The current manufacturing capacity can only satisfy 20% of the annual combined battery cell demand until 2031.
Last May, the U.S. Department of Energy <a href="https://mercomindia.com/us-funding-boost-domestic-battery-manufacturing/" target="_blank" rel="noopener">announced</a> $3.16 billion in funding from President Biden&#8217;s &#8216;Bipartisan Infrastructure Law&#8217; to expand domestic battery manufacturing, bolster domestic supply chains, and spur job creation.

EnerVenue to Build Battery Gigafactory in Kentucky

From: <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-bidgely-raises-26-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
EnerVenue, an energy storage solutions company providing metal-hydrogen batteries, <a href="https://www.globenewswire.com/news-release/2021/09/15/2297438/0/en/EnerVenue-Raises-100M-Series-A-and-Announces-Distribution-and-Partnership-Framework-with-Schlumberger-New-Energy.html" target="_blank" rel="noopener">announced</a> that it had raised $100 million in Series A funding. Schlumberger New Energy led the round, accompanied by Saudi Aramco Energy Ventures (SAEV, the corporate venture capital program of Aramco Ventures) and others. The company will use the funding to build a gigafactory in the United States, accelerate research and development efforts, and expand its sales force as it scales its distribution capabilities with strategic partnerships like the one announced with Schlumberger New Energy.
 Arcadia, a clean energy technology company providing nationwide access to energy data and renewables, <a href="https://www.businesswire.com/news/home/20210915005320/en/Arcadia-Raises-100M-Series-D-to-Democratize-Access-to-Clean-Energy" target="_blank" rel="noopener">raised</a> $100 million in a Series D funding round led by Tiger Global Management and the Drawdown Fund with participation from new investors Wellington Management, Reimagined Ventures, Camber Creek, MCJ Collective, and existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup.
Bidgely, a developer of energy monitoring and management solutions for household appliances, <a href="https://tinyurl.com/mercombsfa" target="_blank" rel="noopener">announced</a> the closing of a $26 million round of strategic financing. Moore Strategic Ventures led the round, and Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-CEO of Open Systems International, joined. The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian, and Constellation Technology Ventures. The company plans to bolster its utility electrification and decarbonization innovations deployed around the world. Bidgely raised its last $27 million Series C round in 2018. The company has now raised a total of $77 million in funding.
Silfab Solar, a mono-PERC solar module manufacturing company, <a href="https://www.businesswire.com/news/home/20210915005416/en/Silfab-Solar-Secures-Strategic-Growth-Investment-from-ARC-Energy-Fund-9-for-Significant-Expansion" target="_blank" rel="noopener">received</a> an investment from ARC Financial Corporation&#8217;s Energy Fund 9, with co-investments from Ontario Power Generation, Pension Plan, and BDC Capital&#8217;s Cleantech Practice. Silfab plans to use the latest fundraise to significantly expand its U.S. solar production and supply chain footprint and service the growing consumer appetite for American-made, premium-quality solar panels.
Babcock &amp; Wilcox, a global energy and environmental technologies and services for the power and industrial markets, <a href="https://www.babcock.com/en/news/babcock-wilcox-renewable-to-expand-into-solar-energy-through-acquisition" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire a majority ownership stake in Fosler Construction Company, an industrial and utility-scale solar services provider. The transaction is expected to close at the end of September 2021.
Pearce Renewables, engineering, operations, and maintenance company for renewable energy projects, <a href="https://www.businesswire.com/news/home/20210916005732/en/Pearce-Renewables-a-Division-of-Pearce-Services-Acquires-Mountain-Renewables" target="_blank" rel="noopener">acquired</a> Mountain Renewables, a provider of technical field services for wind energy and utility-scale solar projects. Mountain Renewables is Pearce Renewables&#8217; third acquisition this year. It acquired Mortenson Energy Services in June 2021 and A &amp; A Wind Pros in March 2021 to expand its wind major component exchange, blade repair, cleaning, and technical services.
Victory Capital Holdings, an investment management company, <a href="https://www.businesswire.com/news/home/20210913005201/en/Victory-Capital-Launches-Alternative-Investments-Platform-with-Acquisition-of-New-Energy-Capital-Partners">signed</a> a definitive agreement to acquire 100% of New Energy Capital Partners (NEC), an alternative asset management firm investing in clean energy infrastructure projects and companies.  The acquisition was made through the wholly-owned subsidiary, Victory Capital Management.
European Solar Energy Development JV, the <a href="https://www.prnewswire.com/news-releases/the-joint-venture-between-renesola-power-and-eiffel-investment-group-acquires-its-first-200-mw-project-portfolio-301379395.html" target="_blank" rel="noopener">joint venture</a> company established between ReneSola Power and Eiffel Investment Group, completed the acquisition of its first batch of 200 MW solar projects in Spain, France, and Poland. In May 2021, ReneSola Power and Eiffel created European Solar Energy Development JV, a 51/49 joint venture company with ReneSola Power having a 51% ownership stake and Eiffel 49% percent. The joint venture company intends to develop up to 700 MW of solar projects in the next three years across Europe. Eiffel provided the capital to fund the development of those projects.
Odyssey Energy Solutions, an asset management platform, <a href="https://www.odysseyenergysolutions.com/2021/09/16/investment-and-asset-management-platform-odyssey-acquires-ferntech/" target="_blank" rel="noopener">acquired</a> Ferntech, a provider of remote monitoring and control solutions for off-grid power systems. Odyssey is currently facilitating the flow of funds totaling over $900 million.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-solar-isun-acquires-suncommon/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Energy Analytics Company Bidgely Raises $26 Million

US-based renewable storage battery manufacturer <a href="https://enervenue.com/" target="_blank" rel="noopener">EnerVenue</a> has raised $100 million in Series A funding led by <a href="https://newenergy.slb.com/" target="_blank" rel="noopener">Schlumberger New Energy</a>. EnerVenue is said to be the first company to bring metal-hydrogen batteries to the clean energy revolution.
The funding will be used to develop a gigafactory in the United States, enhance research and development, and expand the sales force.
<a href="https://saev.com/" target="_blank" rel="noopener">Saudi Aramco Energy Ventures</a> and other investors also participated in the funding round.
EnerVenue also announced a framework distribution and manufacturing agreement with Schlumberger New Energy to expand its global footprint. Schlumberger New Energy will take EnerVenue’s technology to Europe, Africa, the Middle East, and other regions.
EnerVenue manufactures durable batteries and flexible and safe storage solutions for extreme aerospace conditions. The batteries are used in powering the International Space Station and Hubble Space Telescope.
The company’s nickel-hydrogen batteries are developed for large-scale renewable and storage applications. The batteries can operate in the -40°C to 60°C range and last for 30 years. The batteries provide broad ranges of fast and slow charge capabilities with a projected 30,000+ cycles without degradation.
The nickel-hydrogen battery has equal to or better energy density per square foot than lithium-ion batteries coupled with 80-90% efficiency. In addition, it is built with no toxic materials and designed for 100% recyclability, the company said.
EnerVenue’s Chief Executive Officer (CEO) said, “We have proven the advantages that our next-generation nickel-hydrogen battery delivers and are excited to accelerate our journey forward with Series A backing and our agreement with Schlumberger.”
Saudi Aramco Energy Ventures’ CEO said, “Anticipated demand for efficient and reliable energy storage technology in the Middle East North Africa (MENA) region is tremendous. EnerVenue’s energy storage capabilities offer the perfect match for the demands of consumers in the MENA region and globally, including the tested durability to support long asset life in extreme environmental conditions. Given these advantages, we foresee rapid market growth for EnerVenue’s nickel-hydrogen going forward.”
Last year, EnerVenue <a href="https://mercomindia.com/enervenue-seed-funding-metal-hydrogen-batteries/" target="_blank" rel="noopener">secured</a> $12 million in seed funding on its launch.
According to Mercom’s <a href="https://mercomcapital.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2021 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency</a>, in the first half of 2021, battery storage companies raised $9.6 billion in corporate funding compared to $716 million in the same period last year. The report said that funding levels had improved every quarter since Q1 2020.  Funding activity, however, slumped in Q1 2020 due to the Covid-19 impact.

EnerVenue Secures $100 Million for its Metal-Hydrogen Batteries

<a href="https://enervenue.com/" target="_blank" rel="noopener noreferrer">EnerVenue</a>, a U.S.-based renewable storage battery manufacturer, announced that it secured $12 million in seed funding on its launch.
The Chairman of Towngas, Peter Lee, led the seed funding round. The founder of Energy Capital Partners, Doug Kimmelman, also joined.
EnerVenue said that the new seed funding would be used to enhance the development of its clean energy storage solutions. It also added that the metal-hydrogen battery is a cost-effective renewable energy storage alternative compared to lithium-ion batteries in the market.
“The performance and longevity of nickel-hydrogen batteries are well-established and second to none. We are now able to deliver the same performance and durability at a breakthrough competitive price using new low-cost materials,” said Yi Cui, Chairman of the Board and Chief Technology Advisor of EnerVenue.
The renewable storage battery manufacturer claimed that its batteries could operate in extremely hot weather conditions like 140° Fahrenheit (F) as well as extremely cold weather conditions like -40° F. It added that its metal-hydrogen batteries have a lifespan of over 30 years with very good overcharge, over-discharge, and deep-cycle capabilities.
EnerVenue stated that the operating expenses of metal-hydrogen batteries would cost around a penny for its one-kilowatt-hour cycle due to the usage of low-cost material in batteries.
According to Mercom’s <a href="https://mercomcapital.com/product/1h-q2-2020-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener noreferrer">1H and Q2 2020 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, global VC (venture capital, private equity, and corporate venture capital)funding for battery storage companies in 1H 2020 was down by 61%, with $536 million (~₹39.07 billion) in 14 deals compared to $1.4 billion (~₹102.07 billion) raised in 17 deals in 1H 2019. The amount was higher last year, primarily due to Northvolt’s $1 billion (~₹72.90 billion) funding round in Q2 2019.
The Ministry of Road Transport and Highways recently <a href="https://mercomindia.com/inclusion-hydrogen-fuel-central-motor-vehicles-act/" target="_blank" rel="noopener noreferrer">proposed</a> amendments to the Central Motor Vehicles Rules, 1989, to include safety evaluation standards for hydrogen fuel cell-based vehicles.

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