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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-bess-developer-ninedot-raises-225-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>NineDot Energy, a developer of community-scale battery energy storage systems (BESS), has </strong><a href="https://mercomcapital.com/energy-storage-project-developer-ninedot-raises/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $225 million</strong> equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle. The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.</p>
<p><strong>Independent renewable power producer ReNew has </strong><a href="https://www.mercomindia.com/renew-refinances-non-convertible-debentures" target="_blank" rel="noopener"><strong>refinanced</strong></a><strong> Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million)</strong>, issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.</p>
<p><strong>Cactos, a developer of energy storage systems, has </strong><a href="https://mercomcapital.com/energy-storage-company-cactos-raises-equity-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> over €26 million (~$28 million) in equity funding</strong> from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland. The financing round enables the large-scale deployment of smart energy storage systems.</p>
<p><strong>India-based electric vehicle logistics startup EVIFY has </strong><a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1.3 million in a pre-series A round </strong>to finance its operational expansion across Gujarat and product innovation. The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.</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-brightnight-secures-375-million" target="_blank" rel="noopener">roundup</a>.</p>
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Funding and M&A Roundup: BESS Developer NineDot Raises $225 Million


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					</table><p><a href="https://www.mercomindia.com/railways-695-mw-rtc-renewable-power" target="_blank" rel="noopener"><strong>REMC Limited has invited bids to procure 695 MW of round-the-clock power from grid-connected renewable energy projects with or without storage to operate in tandem</strong></a> with existing 500 MW Ircon Renewable Power (IRPL) and 195 MW Rewa Ultra Mega Solar (RUMSL) solar projects. The proposed RTC power supply will include the existing supply from the IRPL and RUMSL solar projects. The selected project developer will only supply power for the time blocks where power is not available from these existing projects and fulfill the annual and time block availability. Bidders must submit separate bids for the two tandem projects.</p>
<p><a href="https://www.mercomindia.com/merc-directs-guarantees-developers-to-be-released" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission has directed the Maharashtra State Electricity Distribution Company to release the performance bank guarantees of solar developers</strong></a> ACME Sikar Solar and ReNew Dinkar Urja upon the termination of their power purchase agreements (PPA), failing the power evacuation set up by the state entities. The Commission held that the inability of the transmission company to ensure power evacuation constituted a force majeure event under the PPAs. As the force majeure had continued beyond 180 days, it ruled that the solar developers had validly terminated the PPAs.</p>
<p><a href="https://www.mercomindia.com/maharashtra-bids-procure-130-mw-solar-power" target="_blank" rel="noopener"><strong>MSEB Solar Agro Power, a wholly-owned subsidiary of Maharashtra Electricity Board MSEB Holding Company, has invited bids to procure 130 MW solar power for feeder-level solarization</strong></a> under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The projects will be developed under the state’s Mukhyamantri Saur Khushi Vahini program. The last date to submit the bids is February 27, 2024. Bids will be opened on the same day. Bidders must pay a refundable processing fee of ₹2,500 (~$30.09) and a document fee of ₹25,000 (~$301).</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-metro-rooftop-solar" target="_blank" rel="noopener"><strong>Uttar Pradesh Metro Rail Corporation has invited bids to install and commission 1 MW of rooftop solar power projects on stations and PAC depot of the Agra Metro Project</strong></a> under the renewable energy service company model. The selected installers must oversee the project’s comprehensive operation and maintenance for 25 years. The work must be completed within six months of receiving the letter of award. The project’s estimated cost is ₹35.8 million (~$431,368). The last day to submit the bids is February 20, 2024. Bids will be opened the next day.</p>
<p><a href="https://www.mercomindia.com/railway-1-mw-rooftop-solar-assam" target="_blank" rel="noopener"><strong>Rangiya Division of Northeast Frontier Railway has invited bids for state-wise empanelment of agencies to implement grid-connected rooftop solar power projects</strong></a> of a cumulative capacity of 1 MW at its carriage and wagon workshop in New Bongaigaon in Assam. The projects will be executed on a public-private partnership and a design, build, finance, operate, and transfer basis. The projects would be developed in two capacity ranges— (i) above 10 kW and up to 100 kW, and (ii) above 100 kW and up to 500 kW. Bidders can quote for one or both capacity categories.</p>
<p><a href="https://www.mercomindia.com/mseb-subsidiary-floats-of-solar-power-under-kusum" target="_blank" rel="noopener"><strong>MSEB Solar Agro Power, a wholly owned subsidiary of Maharashtra State Electricity Board MSEB Holding Company, has invited bids to procure 133 MW of solar power</strong></a> for feeder-level solarization under Component C of Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program, in Latur. The projects will be developed under Phase 2 of the Mukhyamantri Saur Krushi Vahini Yojana program. The last day to submit the bids is February 27, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener"><strong>Gujarat-based electric-vehicle (EV) logistics startup EVIFY has raised $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation.</strong></a> The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.</p>
<p><a href="https://www.mercomindia.com/ayodhya-solar-initiatives" target="_blank" rel="noopener"><strong>The temple town of Ayodhya in Uttar Pradesh is set to go green in a big way, with a 40 MW solar power project likely to become fully operational by March 2024</strong></a> and a string of other solar initiatives spearheaded by the Uttar Pradesh New and Renewable Energy Department. The project is being developed by NTPC Green Energy, a wholly-owned subsidiary of NTPC, on 165 acres of land. “We are ready to commission a 15 MW capacity now,” Ratan Singh, Project Head and Additional General Manager of NTPC Green Energy, told Mercom. The part commissioning will be done in the next few days.</p>
<p><a href="https://www.mercomindia.com/china-based-das-million-via-initial-public-offering" target="_blank" rel="noopener"><strong>China-based photovoltaic module manufacturer DAS Solar plans to raise up to RMB 2.5 billion (~$350 million) by issuing up to 58,789,573 shares through an initial public offering</strong></a> at RMB 1 (~$0.140) per share. The proportion of total equity after the offering is not expected to be less than 10%. According to the released prospectus accepted by the Shenzhen Stock Exchange, DAS Solar is set to invest approximately RMB 5.813 billion ($811.18 million) in proposed projects. The cornerstone of these initiatives involves the construction of a 14 GW N-type TOPCon high-efficiency monocrystalline solar cell manufacturing facility.</p>
<p><a href="https://www.mercomindia.com/researchers-enhance-aqueous-zinc-batteries" target="_blank" rel="noopener"><strong>Researchers at the University of New South Wales and the National University of Singapore have developed a scalable solution to overcome the rechargeability challenges</strong></a> of aqueous rechargeable zinc battery technology. The new method is expected to solve a significant problem with the aqueous rechargeable zinc battery technology, which is the ability to recharge, which has so far proven to be limited due to the amount of corrosion suffered by the battery’s zinc metal electrode.</p>
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Daily News Wrap-Up: Railways’ Tender to Procure 695 MW RTC Renewable Power


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					</table><p>Gujarat-based electric-vehicle (EV) logistics startup <a href="https://www.evify.co.in/" target="_blank" rel="noopener">EVIFY</a> has raised $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation.</p>
<p>The funding was led by venture capital firms <a href="https://gvfl.com/" target="_blank" rel="noopener">GVFL</a> and <a href="https://www.piperserica.com/" target="_blank" rel="noopener">Piper Serica Angel Fund</a> and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors.</p>
<p>The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.</p>
<p>It also offers a comprehensive logistics management solution, including fleet and driver management, route optimization, battery management, telematics, and financial services.</p>
<p>EVIFY focuses on EV-based logistics to transition direct-to-consumer, fast-moving consumer goods and e-commerce’s last-mile deliveries to EVs. The company is working with brands like Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart.</p>
<p>Using the funding, the company plans to onboard more e-commerce and pharma delivery partners in 2024.</p>
<p>The company had previously raised $100,000 in August last year.</p>
<p>EVIFY is also looking to partner with various ancillary industries like battery swapping companies and battery and EV manufacturers to develop the EV infrastructure beyond the metro cities.</p>
<p>Devrishi Arora, CEO of EVIFY, said, &#8220;Over the past 18 months, we have grown exponentially with revenues increasing fivefold. With our full-stack, in-house technology platform, we aim to become the go-to last-mile EV logistics partners for FMCG and e-commerce companies.”</p>
<p>EVIFY employs 500 delivery partners and expects to increase the numbers by ten times in 2024.</p>
<p>Sharing his view on the investment, Abhay Agarwal, Founder of Mumbai-based Piper Serica Angel Fund, said, “As the Indian economy expands, the demand for efficient and sustainable logistics solutions has never increased. With the potential to tap into a market projected to reach $100 billion by 2030, EVIFY stands at the cusp of revolutionizing the logistics landscape through innovative electric vehicle technology.”</p>
<p>According to the recent data released by the Ministry of Road Transport and Highways through its Vahan Dashboard, EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">reached</a> a record 1.53 million units in 2023, a jump of over 50% year-over-year against the million units sold in 2022.</p>
<p>Venture Capital funding in smart grid companies in the first nine months (9M) of 2023 decreased 52% year-over-year to $1.2 billion from $2.5 billion in 9M 2022, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Electric Vehicle Logistics Startup EVIFY Raises $1.3 Million


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					</table><p>Surat-based Electric Vehicle (EV) startup, <a href="https://www.evify.co.in/" target="_blank" rel="noopener">EVIFY Logitech</a>, has raised $100,000 in a seed round from angel investors, including We Founder Circle.</p>
<p>The company provides a technology-enabled EV logistics platform and aims to provide green logistics-based end-to-end services to e-commerce giants. It plans to develop its platform more extensively by adding Geofencing, customized BMS, telematics, client insights, and driver and fleet management.</p>
<p>EVIFY intends to transform the country&#8217;s last-mile deliveries to be electric and environment-friendly.</p>
<p>The company has partnered with food delivery giant Swiggy to deliver food orders through EVs in Gujarat. It has already started working on installing around 2,000 charging points in Surat for its fleet of EVs to reduce downtime.</p>
<p>&#8220;We are focused on setting our strong foot in Surat in the coming months through this funding round and develop our SOPs for expansion in multiple cities, including Vadodara, Ahmedabad, and Rajkot,&#8221; said Pragya Mittal, Co-Founder and CMO of EVIFY.</p>
<p>With Hero Electric, the company has signed an agreement to purchase 1,000 electric scooters to be deployed in various Tier-2 and Tier-3 cities. The company has its driver application and dashboard, which helps them track drivers and their performance.</p>
<p>As of April 2022, around 3,00,000+ green km have been completed, and 50,000+ green deliveries have been made. The company has also planned to develop the charging infrastructure in the city&#8217;s prime locations for better performance of its fleet. Their client list also includes Big Basket, Baba Express, and Ecom.</p>
<p>The platform also plans to install solar panels on its office rooftop, charging hubs, and warehouses.</p>
<p>In May this year, electric ride-hailing company BluSmart <a href="https://mercomindia.com/blusmart-raises-25-million-to-expand-its-electric-vehicles/" target="_blank" rel="noopener">raised</a> $25 Million in Series A funding to expand its EV fleet to six cities in India.</p>
<p>In January this year, another EV startup, Evage, <a href="https://mercomindia.com/evage-raises-28-million-seed-funding/" target="_blank" rel="noopener">raised</a> $28million in a seed funding round led by RedBlue Capital, a U.S.-based venture capital firm.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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