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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charging-company-connected-kerb-secures-110-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Connected Kerb, a London-based electric vehicle charging infrastructure specialist, announced that it had <a href="https://mercomcapital.com/connected-kerb-secures-110-million/" target="_blank" rel="noopener">secured</a> an investment of up to £110 million (~$110 million) from Aviva Investors, the global asset management business of Aviva. The investment will support the company’s plans to deliver 190,000 on-street EV chargers by 2030.
Ojjo,  a developer and manufacturer of next-generation solar foundations, <a href="https://mercomcapital.com/ojjo-raises-series-c-funding-round/" target="_blank" rel="noopener">secured</a> $40 million in a Series C funding round led by NGP ETP, the energy transition investing platform of NGP, with Ajax Strategies. As part of the investment, James Wallis, Partner at NGP, has joined Ojjo’s Board of Directors. The new funding will accelerate Ojjo’s growth and execution of its 9 GW active project pipeline.
GDI, a manufacturer of next-gen Li-ion batteries, <a href="https://mercomcapital.com/gdi-raises-13-3-million-in-series-a-funding/" target="_blank" rel="noopener">completed</a> a Series A funding round of $13.3 million with EIT InnoEnergy and Helios Climate Ventures. GDI plans to use the fresh capital to scale production to over 100MWh by Q1 2024. GDI has started its pilot production in Eindhoven, the Netherlands, and intends to reach 300kWh by the end of 2022.
Global energy storage platform provider Powin announced the <a href="https://mercomcapital.com/powin-acquires-eks/" target="_blank" rel="noopener">acquisition</a> of EKS Energy, a provider of advanced power electronics and energy management solutions for energy storage and renewables. The acquisition will expand Powin’s offering to include the EKS Power Conversion System and Power Plant Controller, enabling the company to deliver a complete AC energy storage platform capable of advanced control functionality to support microgrid applications while interfacing with multiple generation assets.
Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, has <a href="https://mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million/" target="_blank" rel="noopener">acquired</a> a 20% stake for $12 million in California-headquartered Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency. The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.
Esmito, an IIT Madras incubated electric vehicle (EV) startup, has <a href="https://mercomindia.com/esmito-raises-100-million-expand-battery-swapping-solutions/" target="_blank" rel="noopener">raised</a> ₹100 million (~$1.25 million) in a seed round led by Mumbai-based early-stage investor Unicorn India Ventures. The funds raised will be used to expand swapping solutions and strengthen the technology team with a focus on creating world-class products. It will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider.
Solar Ethyl Vinyl Acetate (EVA) manufacturer Navitas Alpha Renewables (NARPL) has <a href="https://mercomindia.com/navitas-alpha-raises-%e2%82%b970-million-seed-round/" target="_blank" rel="noopener">raised</a> ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others. The funding will be used to add capacity and strengthen the company’s R&amp;D initiatives. The company plans to work on new products like Polyolefin Elastomer (POE) encapsulants to gain an edge in the industry. A part of the capital will also be used to ramp up testing capabilities and improve the product’s value proposition.
Shanghai-based WeView has <a href="https://www.energy-storage.news/china-zinc-iron-flow-battery-company-weview-raises-us57-million-vizn/" target="_blank" rel="noopener">raised</a> $56.5 million in several financing rounds to commercialize the zinc-iron flow battery energy storage systems technology originally developed by ViZn Energy Systems. WeView announced that it had completed the fundraising rounds in the last six months, exceeding RMB400 million (US$56.5 million). Investors include Gaorong Capital, Songhe Capital, Ultrasound Juneng, Dashu Evergreen, ZhenFund, and other venture capital firms. The money will go towards developing its zinc-iron liquid flow batteries and the construction of gigafactories to exceed a gigawatt of production capacity by the end of 2023.
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’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Company Connected Kerb Secures $110 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Fundamental Renewables, the clean energy investment arm of Fundamental Advisors, has <a href="https://mercomcapital.com/fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">secured</a> a $400 million credit facility to support its growing investment strategy in solar energy assets. The financing was provided by Delaware Life Insurance Company, a Group 1001 company, which also acted as the arranger of the facility. Other lenders include CDPQ American Fixed Income V Inc., a wholly owned subsidiary of CDPQ, and East West Bank.
New York-based electric vehicle charging infrastructure company TeraWatt has <a href="https://mercomindia.com/ev-charging-infrastructure-terawatt-raises-1-billion/" target="_blank" rel="noopener">secured</a> over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations. Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.
Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners <a href="https://mercomcapital.com/goldman-sachs-cleanhill-partners-acquire-stake-epc-power/" target="_blank" rel="noopener">acquired</a> a majority stake in smart inverter provider EPC Power. The financial terms of the deal were not disclosed. San Diego, California-headquartered EPC Power produces inverters, a full PCS kit for utility-scale energy storage and solar-plus-storage applications, and data center backup UPS systems.
Global investor Ontario Teachers’ Pension Plan will <a href="https://mercomindia.com/ontario-teachers-pension-fund-acquires-30-stake-mahindra-susten/" target="_blank" rel="noopener">acquire</a> a 30% equity stake in Mahindra Susten, a cleantech arm of Mahindra Group, for an equity value of ₹23.71 billion (~$300 million). The transaction involves the setting up of an Infrastructure Investment Trust (InvIT) in compliance with applicable regulations of the Securities and Exchange Board of India.
Monta, an EV charging management platform, <a href="https://mercomcapital.com/monta-secures-30-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> €30 million (~$30 million) at a €155 million (~$155 million) valuation as a part of the Series A+ funding round led by Energize Ventures with participation from returning investors Creandum, Pale Blue Dot, byFounders, and Headline. The company intends to use the investment to expand to North America.
Correlate Infrastructure Partners, a portfolio-scale development and finance platform, has <a href="https://mercomcapital.com/correlate-infrastructure-partners-acquires-renewable-energy/" target="_blank" rel="noopener">signed</a> a non-binding letter of intent to acquire Aegis Renewable Energy, a solar project developer. Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company with strategic abilities to capitalize on the burgeoning Northeast renewable energy market.
DNV, a digital solutions provider for managing risk and improving safety and asset performance, has <a href="https://mercomcapital.com/dnv-acquires-clean-technology-partners/" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire Clean Technology Partners (CTP), a grid consulting company based in Melbourne, Australia. DNV aims to expand its market footprint in Australia and address the critical area of connecting generation projects to the country’s grid by utilizing CTP’S expertise in delivering over 1,500 advisory projects in the power grid, renewables, and storage technology space.
Yulu, a Bengaluru-based shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider, has <a href="https://mercomindia.com/yulu-82-million-equity-funding-mobility-battery-swapping/" target="_blank" rel="noopener">secured</a> equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by U.S.-based mobility technology company Magna International. Yulu’s strategic partner Bajaj Auto also participated in the funding round. Yulu said the funds would be used to strengthen product and technology innovation. It will also use the funds to increase the fleet of electric vehicles to over 100,000 electric two-wheelers and more than 500 battery charging and swapping stations in a year.
Indian solar monitoring and analytics platform Prescinto Technologies has <a href="https://mercomindia.com/solar-monitoring-company-prescinto-raises-6-5-million/" target="_blank" rel="noopener">raised</a> $6.5 million in financing and forayed into the U.S. market. The company is partnering with a major international energy storage firm for real-time data monitoring. The fundraising will help Prescinto use analytics to assess its globally installed energy storage assets.
Sense, a provider of home energy intelligence systems, <a href="https://www.prnewswire.com/news-releases/sense-adds-to-series-c-totaling-127-6-million-with-volery-capital-investing-301624596.html" target="_blank" rel="noopener">announced</a> the close of $127.6 million in Series C financing with Volery Capital Partners joining Blue Earth Capital, TELUS Ventures, MCJ Collective, Schneider Electric, Energy Impact Partners, Prelude Ventures, iRobot and others. The investment brings Sense’s funding to date to $179.6 million.
Jiangsu Horizon New Energy Technology, a Chinese manufacturer of lithium-ion battery separators, has <a href="https://www.dealstreetasia.com/stories/china-horizon-joins-unicorn-club-308365" target="_blank" rel="noopener">raised</a> 1.37 billion yuan ($195.4 million) from 11 investors to boost its valuation to $1 billion. The five-year-old company offered a combined 19.68% of its shares at a price of 3.98 yuan (~$0.57) apiece to the consortium led by investors including China Development Fund, an investment platform backed by the country’s largest policy bank, the China Development Bank, according to a recent stock exchange filing.
SolarZero, a New Zealand-based provider of solar, battery storage, and energy system services, announced that a fund managed by BlackRock Real Assets has agreed to <a href="https://www.solarcity.co.nz/blog/solarzero-announces-acquisition-by-blackrock-real-assets" target="_blank" rel="noopener">acquire</a> the company. BlackRock’s Climate Infrastructure business, which sits within BlackRock Real Assets, will work with SolarZero’s management team to build on the company’s track record and drive its next phase of growth, both in New Zealand and internationally.
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’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-tesseract-in-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Fundamental Renewables Secures $400 Million

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