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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-flexgen-power-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
FlexGen Power Systems, a provider of integration services and software technology for energy storage solutions, <a href="https://mercomcapital.com/flexgen-raises-100-million/">announced</a> the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.
Renewable energy construction company MasTec is <a href="https://mercomindia.com/mastec-to-acquire-infrastructure-and-energy-alternatives/">acquiring</a> renewable energy and infrastructure services provider Infrastructure and Energy Alternatives (IEA) for $1.1 billion. MasTec will acquire all of the outstanding shares of IEA in a cash-and-stock transaction valued at $14 per share. The total transaction consideration will be approximately $1.1 billion based on estimated IEA net debt levels at closing. MasTec would issue approximately 2.8 million MasTec shares in the transaction. The acquisition is expected to close in the fourth quarter of 2022.
 Solid State, a manufacturer, and distributor of electronic components, <a href="https://mercomcapital.com/solid-state-acquire-custom-power-45-million/">entered</a> into a conditional agreement to acquire Custom Power, a battery systems manufacturer and energy solutions provider, for $45 million. Solid State said the acquisition helps to develop its brand portfolio and to provide increased capabilities to the group’s power business, specifically within the defense, medical and industrial markets.
Brill Power, a developer of intelligent battery management systems, announced that it <a href="https://mercomcapital.com/brill-power-raises-series-a-funding/">raised</a> $10.5 million in a Series A funding round. Legal &amp; General Capital and Barclays Sustainable Impact Capital Program led the funding round with participation from existing investors Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University. With Shell Ventures and Climate KIC becoming shareholders as well.
Opdenergy, an independent renewable energy producer, has <a href="https://mercomcapital.com/opdenergy-closes-debt-facility/">closed</a> a €250 million (~$254 million) debt facility for issuing new senior bonds with EIG, an investor in energy and infrastructure sectors, and Generali Global Infrastructure. The agreement precedes the 2021 financing facility with EIG for issuing euro-denominated senior bonds in a principal amount up to €140 million (~$142 million).
Solarstone, a solar roofing startup, <a href="https://mercomcapital.com/solarstone-secures-10-million/">raised</a> €10 million (~$10.2 million) in funding. The company will use these funds to expand its integrated solar PV solutions business across Europe and beyond. Leading the round was Biofuel OÜ, an asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.
Generate Capital, a sustainable infrastructure platform, has <a href="https://mercomcapital.com/generate-capital-acquires-esvolta/">acquired</a> large-scale battery storage developer esVolta. The acquisition will enable Generate to expand into the front-of-the-meter battery storage market. esVolta has a portfolio of more than 900 MWh of operational and utility-contracted projects in the U.S. and Canada. With projects under active development in Texas, Arizona, Montana, California, Virginia, Colorado, Washington, and New Mexico.
Sympower, a company developing solutions to balance the electricity grid, has <a href="https://mercomcapital.com/sympower-raised-22-4-million/">raised</a> €22 million (~$22.4 million) in an oversubscribed funding round led by Silicon Valley-based Activate Capital, Expon Capital, with previous investors Rubio Impact Ventures, PDENH and Rockstart also participating. The company plans to use the new funds to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.
Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, <a href="https://mercomcapital.com/revterra-raises-6-million-in-series-a-funding/">announced</a> a $6 million Series A funding round led by Equinor Ventures and SCF Ventures. The amount raised will be used to fund the development of the company’s S100 kinetic energy battery.
Enzinc, an advanced zinc battery developer, has <a href="https://enzinc.com/2022/07/25/battery-company-enzinc-closes-seed-funding-round/">closed</a> a $4.5 million seed round led by Portland-based 3×5 Partners. The capital raise will allow the team at Enzinc to finalize its prototype testing and automated anode production line design for robust mobility and long-duration stationary nickel-zinc batteries.
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/">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-community-summit-ridge-energy/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: FlexGen Power Closes $100 Million Series C Funding

Software technology provider for energy storage solutions, <a href="https://flexgen.com/" target="_blank" rel="noopener">FlexGen Power Systems</a>, has received a $150 million equity commitment from funds managed by the affiliates <a href="https://www.apollo.com/" target="_blank" rel="noopener">Apollo Global Management</a>.
Denver-based venture capital firm, the <a href="https://www.altiragroup.com/" target="_blank" rel="noopener">Altira Group</a>, which has invested over $1 billion with partners in over 60 companies and the initial investment group led by Mark Dreyfus and Jerry Miller will collaborate with Apollo on this investment.
FlexGen has supported the deployment of more than 1.2 GWh of energy storage systems for utility, microgrid, and commercial and industrial (C&amp;I) customers both in the United States and internationally since its incorporation in 2009.
The company recognizes energy storage as a multi-billion-dollar sector. Energy storage integration necessitates software and technology solutions that play a crucial role in the widespread adoption of renewables by mitigating the grid&#8217;s intermittency and reliability concerns.
&#8220;Energy storage will play an important role in transitioning to an economy fueled by renewable energy. Our energy storage solutions will assist in bridging the reliability gap of the grid and speed up the adoption of clean energy,&#8221; said Olivia Wassenaar, Senior Partner and Co-Lead of Natural Resources at Apollo.
&#8220;Our cooperation with Apollo will enhance the capabilities we can offer going forward while creating the bankability that the market values and accelerate our growth,&#8221; said Kelcy Pegler, Jr., CEO of FlexGen.
Vinson &amp; Elkins acted as legal counsel to the Apollo Funds. DLA Piper worked as legal counsel, and Citi was a financial advisor to FlexGen.
The investment in FlexGen is built on Apollo&#8217;s track record of investing in businesses supporting the clean energy transition.
In the last 18 months, Apollo Funds has invested in <a href="https://uswindinc.com/" target="_blank" rel="noopener">US Wind</a>, electric-driven gas-compression company <a href="https://www.total-operations.com/" target="_blank" rel="noopener">TOPS</a>, and sustainable bio-energy producer <a href="https://graanulinvest.com/" target="_blank" rel="noopener">AS Graanul Invest</a>. Apollo funds also formed joint ventures with <a href="https://www.johnsoncontrols.com/" target="_blank" rel="noopener">Johnson Controls</a> and <a href="https://www.greatbayrenewables.com/" target="_blank" rel="noopener">Great Bay Renewables</a>.
The Apollo Fund-sponsored Spartan series of special purpose acquisition (SPAC) vehicles have announced or completed combinations with Fisker, an EV auto company; <a href="https://mercomindia.com/sunlight-financial-go-public-spac/" target="_blank" rel="noopener">Sunlight Financial</a>, a residential solar financing company; and most <a href="https://mercomindia.com/allego-public-spac-deal/" target="_blank" rel="noopener">recently</a>, Allego, a pan-European EV charging company.
According to Mercom Capital Group&#8217;s <a href="https://mercomindia.com/corporate-funding-battery-storage-4-7-billion-q1-2021/" target="_blank" rel="noopener">Q1 2021 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, battery storage companies raised $994 million in VC funding, including private equity and corporate venture capital globally.
For more reports on M&amp;A transactions and funding in solar, wind, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.

FlexGen Receives $150 Million Funding from Apollo Global Management Affiliates

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