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					</table><p><a href="https://www.greenh.in/" target="_blank" rel="noopener">GreenH Electrolysis</a>, a joint venture between <a href="https://www.h2b2.es/" target="_blank" rel="noopener">H2B2 Electrolysis Technologies</a> of Spain and <a href="https://www.grinfra.com/" target="_blank" rel="noopener">GR Group</a> of India, is setting up a 1 GW Proton Exchange Membrane (PEM) electrolyzer manufacturing facility in India.</p>
<p>This facility will be located at the Reliance MET Industrial Park in Jhajjar District, Haryana, with its first phase currently underway, and operations are expected to commence in October this year.</p>
<p>The joint venture brings together the technical expertise of H2B2 Electrolysis Technologies, a global player in the hydrogen sector through electrolysis, and the project development and engineering, procurement, and construction (EPC) experience of GR Group, an infrastructure company in India.</p>
<p>The technology for the plant is provided by the Spanish parent company, H2B2 Electrolysis Technologies. The plant&#8217;s initial capacity will be 100 MW, and GreenH plans to scale it up to 500 MW in two years rapidly.</p>
<p>The long-term vision includes expanding the capacity further to reach 1 GW in Phase 2.</p>
<p>Ashwin Agarwal, Director of GR Promoter Group, said GreenH&#8217;s facility will help meet the rising demand for electrolyzers, especially in the commercial and industrial segments.</p>
<p>The green hydrogen market in India is poised for exponential growth, with hydrogen demand expected to increase fourfold by 2050, primarily driven by the steel industry and heavy-duty transportation.</p>
<p>As India currently spends over $160 billion annually on energy imports, a figure that could double in the next 15 years, the shift towards green hydrogen presents an opportunity to reduce dependence on fossil fuels and bolster energy security, the company said.</p>
<p>In January this year, the Union Cabinet <a href="https://www.mercomindia.com/cabinet-approves-%E2%82%B9197-billion-hydrogen-mission" target="_blank" rel="noopener">approved</a> the National Green Hydrogen Mission to facilitate demand creation, production, utilization, and export of green hydrogen with an initial outlay of ₹197.44 billion (~$2.3 billion).</p>
<p>The National Hydrogen Mission aims to accelerate green hydrogen production in India and align the nation&#8217;s energy transition efforts with global best practices in technology, policy, and regulation.</p>
<p>Recently, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/ministry-175-billion-program-green-hydrogen" target="_blank" rel="noopener">released</a> a framework document outlining incentive programs for the manufacturing of electrolyzers and the production of green hydrogen, with a financial outlay of ₹174.9 billion (~$2.1 billion).</p>


GreenH Electrolysis to Set Up 1 GW PEM Electrolyzer Plant in India


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-driveco-raises-273-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Driveco, a provider of EV charging solutions, </strong><a href="https://mercomcapital.com/french-ev-charging-company-driveco-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €250 million (~$273 million) from APG, an institutional investor.</strong> The funding round also saw the participation of existing shareholders Mirova and Corsica Sole, who remain the majority owners of Driveco. Driveco plans to use the new investment to expand the EV charging infrastructure market in France and Europe.</p>
<p><strong>H2B2 Electrolysis Technologies, a Spain-based electrolyzer manufacturer and green hydrogen project developer, has </strong><a href="https://www.mercomindia.com/green-hydrogen-company-h2b2-public-merger" target="_blank" rel="noopener"><strong>reached</strong></a><strong> a $750 million</strong> business combination deal with RMG Acquisition Corp III, a special acquisition company. The transaction is conditioned upon the completion of a capital raise of at least $40 million with a potential horizon of $125 million, the completion of a cashless warrant exchange by RMG III, and approval by RMG’s shareholders. The proposed transaction is expected to be closed in the second half of 2023.</p>
<p><strong>Renewables-focused infrastructure investment trust Virescent Renewable Energy Trust said it has signed definitive agreements under which IndiGrid will <a href="https://www.mercomindia.com/indigrid-acquire-virescent-renewable-energy-%e2%82%b940-billion" target="_blank" rel="noopener">acquire</a> all units of Virescent for up to ₹40 billion</strong> (~$487 million). IndiGrid executed a unit purchase agreement with Virescent on May 12, 2023, to acquire 100% of the latter’s units in one or more tranches. The signing of the agreement follows a competitive sales process that attracted interest from several investors based in markets globally.</p>
<p><strong>JOLT Energy, a provider of EV charging solutions, has </strong><a href="https://mercomcapital.com/ev-charging-solutions-provider-jolt-energy-raises-162-million-in-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €150 million (~$162 million) investment from InfraRed Capital Partners</strong>, an infrastructure fund manager. The investment will help JOLT expand its network of battery-buffered ultra-fast charging stations in urban areas across Europe and the U.S. Unlike conventional EV charging stations that require high-voltage grid connections, JOLT’s technology uses battery storage to provide additional energy for fast and convenient charging.</p>
<p><strong>First Solar, a leading provider of solar photovoltaic solutions, has <a href="https://www.mercomindia.com/first-solar-acquires-perovskite-firm-evolar" target="_blank" rel="noopener">acquired</a> Evolar, a Swedish company focused on developing perovskite technology for tandem solar cells. Under the terms of the agreement,</strong> which were not disclosed, First Solar will pay approximately $38 million at closing and up to an additional $42 million, subject to certain technical milestones being achieved in the future. Evolar’s laboratory in Uppsala will continue to conduct research activity, while approximately 30 of its R&amp;D staff will join First Solar and work closely with its existing team of about 60 scientists at its advanced research technology center in Santa Clara, California, and the development teams in Perrysburg, Ohio.</p>
<p><strong>Eos Energy Enterprises, a provider of zinc-powered long-duration energy storage systems, announced that it has</strong><a href="https://www.globenewswire.com/news-release/2023/05/15/2668861/0/en/Eos-Energy-Enterprises-Inc-Announces-8-0-Million-Registered-Direct-Offering-and-Concurrent-Private-Placement.html" target="_blank" rel="noopener"><strong> entered</strong></a><strong> into a definitive agreement for the purchase and sale of an aggregate of 3,601,980 shares</strong> of the Company’s common stock at a purchase price of $2.221 per share in a registered direct offering. The gross proceeds from the offering are expected to be approximately $8 million. The company intends to use the net proceeds from this offering as working capital.</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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-dome-44-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: EV Charging Company Driveco Raises $273 Million


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					</table><p><a href="https://www.h2b2.es/" target="_blank" rel="noopener">H2B2 Electrolysis Technologies</a>, a Spain-based electrolyzer manufacturer and green hydrogen project developer, has reached a $750 million business combination deal with <a href="https://www.rmgacquisition.com/rmgiii" target="_blank" rel="noopener">RMG Acquisition Corp III</a>, a special acquisition company (SPAC).</p>
<p>The transaction is conditioned upon the completion of a capital raise of at least $40 million with a potential horizon of $125 million, the completion of a cashless warrant exchange by RMG III, and approval by RMG&#8217;s shareholders.</p>
<p>The proposed transaction is expected to be closed in the second half of 2023.</p>
<p>&#8220;With the operations underway, we seek to strengthen the international business we are developing and our operational capacity worldwide. The business and technological development of H2B2 will be bolstered because of this transaction with RMG III, thus making the energy vector of hydrogen key to decarbonization,&#8221; said Anselmo Andrade, CEO of H2B2.</p>
<p>The proposed business combination and the capital raise transaction and/or PIPE transaction are expected to fund H2B2&#8217;s execution on its near-term project pipeline and allow the company to better scale its operations commensurate to expected demand growth.</p>
<p>Natixis Partners Iberia and BCW Securities are leading the capital raise transaction.</p>
<p>H2B2, primarily focused on the U.S. and European markets, is also expanding in Latin America and Asia-Pacific and has secured involvement in multiple strategic projects.</p>
<p>H2B2 has been chosen to participate in the Important Projects of Common European Interest program, IPCEI Hy2Tech, which has authorized the company to obtain up to €25 million (~$27.2 million). This program supports H2B2&#8217;s development and manufacturing of both stacks and electrolyzers.</p>
<p>H2B2 has a robust and diversified pipeline of over 260 projects, with an expected aggregate capacity of approximately 5.6 GW of identified potential projects. H2B2 works with significant customers such as Ecopetrol, GP Joule, Cepsa, and Tecnicas Reunidas.</p>
<p>In February, the European Commission <a href="https://www.mercomindia.com/eu-mandate-use-renewable-produce-hydrogen" target="_blank" rel="noopener">proposed</a> a detailed new framework for green hydrogen producers within the EU and from other countries exporting to the region to ensure it is produced using renewable electricity.</p>
<p>Europe and Japan <a href="https://www.mercomindia.com/europe-acquired-most-global-patents-for-during-2011-20" target="_blank" rel="noopener">accounted</a> for 28% and 24% of global patents for hydrogen production technologies between 2011 and 2020, according to the International Energy Agency.</p>


Green Hydrogen Company H2B2 to go Public Via $750 Million SPAC Deal

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