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					</table><p><a href="https://www.kpigreenenergy.com/home" target="_blank" rel="noopener">KPI Green Energy</a>, a renewable energy solutions provider, has raised ₹3 billion (~$36.08 million) through Qualified Institutions Placement (QIP).</p>
<p>The company’s board approved the issuance and allotment of 2.54 million equity shares to qualified institutional buyers at the issue price of ₹1,183 (~$14.23) per equity share against the floor price of ₹1,245 (~$14.97).</p>
<p>Post the allotment, the company’s paid-up equity share capital rose from ₹376.52 million (~$4.53 million) to ₹401.88 million (~$4.83 million) consisting of 40.19 million equity shares each.</p>
<p>The list of few notable investors who were allotted more than 5% of the equity shares offered in the issue include funds managed by Quant Mutual Fund, JM Financial Mutual Fund, SBI General Insurance, Societe Generale, Copthall Mauritius Investment, CITI group Global Markets Mauritius, Morgan Stanley Asia (Singapore), East Bridge Capital, Bengal Finance and Investment and Vikasa India.</p>
<p>The company did not disclose how the funds would be utilized.</p>
<p>KPI Green had announced on September 1, 2023, that it would raise funds through QIPs, following its win of the Gujarat Urja Vikas Nigam’s auction to develop solar projects in Khavda Solar Park. KPI had <a href="https://www.mercomindia.com/kpi-sael-nlc-india-guvnls-800-mw-solar-auction" target="_blank" rel="noopener">won</a> 100 MW as the base capacity by quoting ₹2.70 (~$0.0324)/kWh, and later, the company secured an additional 100 MW capacity under the greenshoe option.</p>
<p>The company <a href="https://www.mercomindia.com/kpi-green-net-profit-q1-fy24" target="_blank" rel="noopener">posted</a> a net profit of ₹347.5 million (~$4.19 million) in the second quarter of the financial year 2024, an increase of 64% year-over-year from ₹211.6 million (~$2.54 million).</p>
<p>As of September 30, 2023, KPI Green commissioned more than 346 MW, including 141 MW in independent power producer projects and 205 MW in captive power projects.</p>
<p>At the end of the first nine months of 2023, KPI Green’s order book was for more than 541 MW, of which 279 MW projects were under the Independent Power Producer segment, 77 MW under the captive power producer segment, and 185 MW under hybrid. The company has set a target of installing 1 GW by 2025.</p>
<p>In October 2023, KPI Green <a href="https://www.mercomindia.com/kpi-green-acquire-majority-stake-kpark-sunbeat" target="_blank" rel="noopener">acquired</a> a 99.9% equity stake in solar power developer KPark Sunbeat for a consideration of ₹1.26 billion (~$15.15 million). KPI Green said its board had approved the acquisition of 9,900 equity shares of KPark Sunbeat in a related party transaction. KPI has been consolidating the solar projects of the KP Group into a single entity, KPI Green Energy.</p>


KPI Green Raises ₹3 Billion Through Qualified Institutions Placement


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					</table><p>Sterling and Wilson Renewable Energy (<a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">SWRE</a>) has received approval from its Board of Directors to raise ₹15 billion (~$180.38 million) through issuing a variety of financial instruments.</p>
<p>The company said the fundraising will be via equity shares, global and domestic depository receipts, foreign currency convertible bonds, partly convertible debentures, non-convertible debentures, and other instruments that can be converted into equity shares.</p>
<p>The company plans to do this in one or more phases through public or private offerings, including qualified institutional placements.</p>
<p>Recently, Sterling and Wilson <a href="https://www.mercomindia.com/sterling-and-wilson-wins-epc-solar-project-from-gipcl" target="_blank" rel="noopener">secured</a> a letter of intent from Gujarat Industries Power Company for the engineering, procurement, and construction of a 600 MW solar power project at Khavda Solar Park. Consisting of two 300 MW blocks, the project encompasses design, engineering, supply, construction, testing, commissioning, and a three-year operation and maintenance contract. The total contract value, including taxes and duties, is approximately ₹11.3 billion (~$136.1 million).</p>
<p>The company’s consolidated net loss was <a href="https://cms.mercomindia.com/sterling-wilsons-q1-net-loss-narrows/" target="_blank" rel="noopener">reduced</a> by 73% year-over-year (YoY) to ₹950 million (~$11.6 million) for the first quarter of the financial year 2023-24 from a loss of ₹3.56 billion (~$43.4 million) due to higher contribution from the domestic EPC segment. The company posted a YoY decrease of 57% in revenue at ₹5.15 billion (~$62.7 million). This was mainly due to an 84% fall in revenue from its international EPC operations to ₹1.59 billion (~$19.4 million).</p>
<p>In March, Sterling and Wilson <a href="https://www.mercomindia.com/sterling-and-wilson-bos-package-solar" target="_blank" rel="noopener">bagged</a> NTPC’s tender for the balance of system package to develop 1.2 GW solar projects at Khavda Renewable Park in Gujarat. The aggregate capacity of the project is approximately 1.5 GW. The total bid value, including the three-year operation and maintenance, was ₹21 billion (~$254 million).</p>
<p>In February 2022, Reliance New Energy Solar, the green energy arm of Reliance Industries, <a href="https://mercomindia.com/reliance-completes-acquisition-sterling-wilson/" target="_blank" rel="noopener">completed</a> the 40% stake acquisition in Sterling and Wilson Renewable Energy.</p>


Sterling and Wilson to Raise ₹15 Billion Through Equity Sales


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					</table><p>Kerala-based electric vehicle (EV) charging solutions startup <a href="https://chargemod.com/" target="_blank" rel="noopener">chargeMOD</a> has raised ₹25 million (~$301,291) from <a href="https://phoenixangels.in/" target="_blank" rel="noopener">Phoenix Angels </a>in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector.</p>
<p>chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.</p>
<p>The company is working to expand its reach in the Indian EV market with its product that claims to provide convenient and reliable solutions to EV owners on the go.</p>
<p>Kerala State Electricity Board, Larsen &amp; Turbo, Murugappa Group, and Kochi Metro Rail Limited are a few of the many companies that have worked with chargeMOD and availed the EV solutions the startup offers.</p>
<p>The lead investor, Phoenix Angels, is a non-profit company promoted to provide a platform that supports entrepreneurs by connecting them to a diverse group of investors.</p>
<p>Director at Phoenix Angels Joe Ranji said, “At chargeMOD, we see a great combination of a wonderful product and an energetic team that has the potential to become a strong player in the EV charging space.”</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, global corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33 deals, driven primarily by accelerated EV adoption.</p>
<p>Government-owned financing institutions in India have also introduced various programs to help the EV market flourish in India.</p>
<p>In April this year, government-owned lender Small Industries Development Bank of India <a href="https://www.mercomindia.com/sidbi-electric-vehicles-affordable" target="_blank" rel="noopener">launched</a> a pilot program— Mission 50K-EV4ECO- to cut down the cost of capital for purchasing electric vehicles, specifically two-and three-wheelers, via direct and indirect lending.</p>
<p>The Minister of State for Heavy Industries, Krishan Pal Gurjar, in a recent statement at the Rajya Sabha, said that India has <a href="https://www.mercomindia.com/8738-public-ev-charging-stations-june-minister" target="_blank" rel="noopener">installed</a> 8,738 operational public EV charging stations, as of June 30, 2023, according to the Bureau of Energy Efficiency (BEE) and the Ministry of Power data.</p>


EV Charging Startup chargeMOD Raises ₹25 Million to Accelerate Product Growth


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					</table><p>UK-based electric vehicle (EV) charge point operator GRIDSERVE Sustainable Energy (<a href="https://www.gridserve.com/" target="_blank" rel="noopener">GRIDSERVE</a>) has raised a total of £526 million (~$682 million) in green infrastructure financing to accelerate its e-mobility expansion in the country.</p>
<p>The financing comprises £326 million (~$423 million) in committed loan facilities, with a further £200 million (~$259.5 million) uncommitted accordion facility that the company has reserved for future assets.</p>
<p>The £326 million facility consists of a £300 million (~$389 million) term loan, a £10 million (~$13 million) working capital facility, and a £16 million (~$21 million) value-added tax  facility.</p>
<p>The financing will be undertaken under GRIDSERVE’s Green Finance Framework, certified Dark Green by S&amp;P Global’s Shades of Green, making it the first officially designated green loan for EV charging infrastructure in the UK.</p>
<p>The Dark Green is a specific shading scale by S&amp;P Global allocated to projects and solutions corresponding to the long-term vision of a low-carbon and climate-resilient future.</p>
<p>GRIDSERVE plans to use the funds to install over 500  Electric Super Hubs nationwide to help deliver more than 3,000 high power charge points with speeds of up to 350 kW, capable of providing 100 miles of charge in five minutes.</p>
<p>The funds will help GRIDSERVE’s Sun-to-Wheel ecosystem— a company-developed system to monitor energy deployment while maximizing its impact for effective climate action.</p>
<p>The company will also use the funds to plan upgrades for its future EV charging Super Hubs and Electric Forecourts that are a substitute for petrol forecourts. The funds will be directed to refinance operational solar and battery projects, which will help the company expand its services in the UK.</p>
<p>Founder and CEO of GRIDSERVE Toddington Harper said, “This financing which was a hugely popular transaction amongst banks, attracting overwhelming market demand, will accelerate our delivery, providing customers further confidence to go electric, and fully charge GRIDSERVE’s mission to move the needle on climate change, precisely at the time when urgent action is so critically required.”</p>
<p>Last year, GRIDSERVE <a href="https://www.mercomindia.com/energy-storage-firms-26-4-billion-corporate-funding-2022" target="_blank" rel="noopener">raised</a> $243 million in one of the top venture capital funding deals in 2022.</p>
<p>In June 2022, the UK government <a href="https://www.mercomindia.com/uk-government-stops-plug-in-grant-for-electric-cars" target="_blank" rel="noopener">closed</a> the plug-in grant program, which offered incentives on the purchase price of EVs. The funds from it were to be diverted to installing charging stations and supporting taxi and van drivers to transition to EVs.</p>


GRIDSERVE Raises $682 Million to Expand EV Network in UK


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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>


Battery Startup EMO Raises ₹100 Million in Seed Funding Round


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					</table><p><a href="https://www.solarladder.com/" target="_blank" rel="noopener">Solar Ladder</a>, a supply chain platform for solar installation companies, has raised ₹110 million (~$1.3 million) in seed funding from a group of investors to distribute software that helps automate processes for solar installers.</p>
<p>Solar Ladder said that the software will help installers to expand their business.</p>
<p>The company raised funds from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Founder of Mamaearth Varun Alagh, Subin Mitra, and Aditya Bandi of Groyyo, and Deepak Jain, Partner, Bain.</p>
<p>Along with a suite of services that the company offers, Solar Ladder’s software-as-a-service (SaaS) tool provides end-to-end, sales-to-project management and operation and maintenance resources to solar installation companies.</p>
<p>The company’s financing layer offers both short-and-long-term loans. Short-term loans are available for credit on platform purchases, while long-term financing enables solar installers to grow their sales.</p>
<p>Solar Ladder aims to establish a robust marketplace to enable cheaper procurement and provide short-term embedded credit and insurance products to meet the working capital requirements of installers.</p>
<p>Co-founder of Solar Ladder Manan Mehta said, “Solar Ladder aims to facilitate faster scaling for these installers by providing them with appropriate financial, procurement, and software tools. By adopting rooftop solar energy, India has a unique chance to decentralize its power supply and enhance the quality of life for all citizens. The key to seizing this opportunity lies with the solar installers who are striving to implement rooftop solar on a large scale.”</p>
<p>“In the fiercely competitive domain of rooftop solar installation companies, Solar Ladder aspires to equip local installers in every city with state-of-the-art technologies and services to enhance their capabilities,” added Abhishek Pillai, Co-founder of Solar Ladder.</p>
<p>“Solar Ladder is building a digital flywheel in one of the fastest-growing sectors in the economy globally. The India opportunity alone in residential and commercial solar installations is well above $50 billion,” said Prachi Sinha of Axilor Ventures.</p>
<p>According to <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2022" target="_blank" rel="noopener">2022 Q4 &amp; Annual Mercom India Rooftop Solar Market Report</a>, India added just 1.6 GW of rooftop solar capacity in 2022, nearly a 4% decline year-over-year, compared to 1.7 GW in 2021.</p>
<p>In an <a href="https://www.mercomindia.com/collateral-free-loan-low-down-payment-key-rooftop-solar" target="_blank" rel="noopener">interview</a> with Mercom, N.P. Ramesh, COO of Orb Energy, an end-to-end solar solutions provider, pointed out that solar rooftop financing with no collateral can help boost solar installations with commercial and industrial consumers.</p>


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