MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

EU Member States Sign Solar Charter to Boost Domestic Manufacturing

Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction

Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction

Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

Global Wind Installations Reached 1 TW Milestone in 2023

Funding and M&A Roundup: Nexamp Secures $520 Million


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/06/amazon_polly_55250.mp3?version=1686650960">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>KORE Power (<a href="https://korepower.com/" target="_blank" rel="noopener">KORE</a>), a battery cell developer, has secured a conditional commitment from the U.S. Department of Energy&#8217;s Loan Programs Office (<a href="https://www.energy.gov/lpo/loan-programs-office" target="_blank" rel="noopener">LPO</a>) for an $850 million loan under the Advanced Technology Vehicles Manufacturing (<a href="https://www.energy.gov/lpo/advanced-technology-vehicles-manufacturing-loan-program" target="_blank" rel="noopener">ATVM</a>) Loan Program.</p>
<p>The loan will fund the company’s advanced battery manufacturing facility with a 6 GWh annual capacity in Buckeye, Arizona, catering to the e-mobility and energy storage sectors.</p>
<p>The new unit, KOREPlex, will house multiple production lines dedicated to manufacturing high-quality batteries domestically and is expected to begin delivering products by the end of 2024 or early 2025.</p>
<p>The facility will utilize two chemistries, nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP), to produce cells for electric vehicles (EVs) and energy storage systems within the U.S.</p>
<p>In partnership with local colleges and universities in Arizona, KORE Power is also actively collaborating to establish training initiatives and programs to develop a skilled workforce for KOREPlex.</p>
<p>Lindsay Gorrill, Founder, and CEO of KORE Power, emphasized the company&#8217;s commitment to supporting the country&#8217;s energy and mobility future and said, &#8220;We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future. Domestic manufacturing will unlock the benefits of clean energy investments for U.S. workers across the supply chain.&#8221;</p>
<p>The company caters to a diverse range of clients, including utilities, commercial and industrial entities, e-mobility companies, EV manufacturers, and fast-charging infrastructure providers.</p>
<p>The company recently announced significant offtake agreements for energy storage projects in Arkansas and Illinois, highlighting its expansion in the energy storage and e-mobility sectors.</p>
<p>In May last year, the DOE <a href="https://www.mercomindia.com/us-funding-boost-domestic-battery-manufacturing" target="_blank" rel="noopener">announced</a> $3.16 billion in funding from President Biden’s ‘Bipartisan Infrastructure Law’ to expand domestic battery manufacturing, bolster domestic supply chains, and spur job creation.</p>
<p>According to a recent U.S. Energy Information Administration report, power developers and project owners would <a href="https://www.mercomindia.com/us-battery-utility-scale-storage-capacity-to-gw-by-2025" target="_blank" rel="noopener">add</a> utility-scale battery storage capacity of up to 30 GW in the United States over the next three years.</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/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</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/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

US to Loan $850 Million for KORE Power’s Battery Manufacturing Unit


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/06/amazon_polly_37004.mp3?version=1655872015">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-power-factors-acquires-inaccess/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Power Factors, a provider of renewable asset management software, </strong><a href="https://mercomcapital.com/power-factors-acquires-inaccess/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Inaccess, </strong>a provider of integrated mission-critical software and hardware solutions for renewable energy projects, battery energy storage systems, hybrid plants, and virtual power plants<strong>. </strong>The financial terms of the acquisition were not disclosed. Power Factors plans to combine its asset performance management solutions with Inaccess’ SCADA, power plant and battery control, and market trading offerings to support the transition of the global renewable energy market. Through the acquisition, Power Factors expands its customer asset management portfolio to nearly 200 GW.</p>
<p><strong>U.S.-based KORE Power, a manufacturer of lithium-ion battery cells, </strong><a href="https://mercomcapital.com/kore-power-acquires-stake-zevx/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 4.22% stake in ZEVx, an EV start-up and a provider of EV conversion kits focusing on fleet electrification. </strong>The investment expands KORE Power’s presence in the e-mobility space. ZEVx manufactures electric powertrain solutions that allow fleet customers to convert existing light-medium duty fleet vehicles to EVs. Formerly known as Zero Electric Vehicles, the company is partnering with KORE Power to develop new vehicle battery efficiency and safety advances.</p>
<p><strong>Syrcuit </strong><strong> Energy Solutions, a developer and installer of renewable energy systems, </strong><a href="https://syrcuit.com/229-2/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $6 million via private placement following the Securities &amp; Exchange Commission Reg-D offering. </strong>The company plans to use the funding to develop strategic partnerships and secure land for future development projects and working capital purposes.</p>
<p><strong>Nano One Materials, a clean technology developer in battery materials, and Rio Tinto, a mining group, have </strong><a href="https://mercomcapital.com/nano-one-raises-10-million/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to enter a strategic partnership providing iron and lithium products.</strong> Under the deal, Rio Tinto also made a strategic equity investment into Nano One for gross proceeds of $10 million. Upon closing, Nano One will issue a total of 4,643,148 common shares, approximately 4.9% of the current issued and outstanding Shares of Nano One, at C$2.7 (~$2.07) per in a non-brokered private placement. This investment will be used to expand the company’s technology and supply chain development, commercialization, Nano One’s acquisition of the Candiac facility in Quebec, its conversion to One-Pot lithium iron phosphate, and industrial-scale piloting of other Nano One CAM technologies and working capital purposes.</p>
<p><strong>Connected Energy, a provider of second-life battery energy storage systems, has </strong><a href="https://mercomcapital.com/connected-energy-raises-16-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> £15 million (~$15.7 million) in funding from Caterpillar Venture Capital, the Hinduja Group, Mercuria, OurCrowd, and Volvo Energy. </strong>Other existing investors, Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund, also participated in the round. The funds help the company scale its operations and move into utility-scale project development. This next funding phase enables Connected Energy to expand its technologies and operations globally and increase its availability of second-life batteries on the international markets.</p>
<p><strong>Mirova, an affiliate of Natixis Investment Manager and asset management company offering investment solutions, </strong><a href="https://www.mirova.com/sites/default/files/2022-06/Press%20Release_Mirova%20SunFunder.pdf" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> SunFunder, a private debt management </strong>company that finances renewable energy projects in Africa and Asia. Mirova is expanding its investment platform in international markets through the acquisition. SunFunder offers financing solutions for Africa&#8217;s decentralized solar energy sector to achieve direct impact at the intersection of climate change and inequality. Upon completion, Mirova will own 100% of SunFunder, whose teams and expertise will strengthen its local investment and execution capabilities for its private asset strategies.</p>
<p><strong>India</strong><strong>-based solar cold storage solutions provider Ecozen </strong><a href="https://mercomindia.com/ecozen-secures-%e2%82%b9540-million-funding/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it had raised ₹540 million (~$6.93 million) as part of a planned ₹2 billion (~$25.67 million) Series C funding round.</strong> The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Early investors in Ecozen include Sathguru Catalyser’s Innovation in Food and Agriculture Fund (IFA fund) and Omnivore.</p>
<p><strong>Dow </strong><strong>Jones </strong><a href="https://www.globenewswire.com/en/news-release/2022/06/14/2461797/6837/en/OPIS-a-Dow-Jones-Company-to-Acquire-Pricing-Data-Assets-of-Singapore-Solar-Exchange-Pte-Ltd.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that OPIS, a Dow Jones company, has signed an asset purchase agreement to acquire solar panel pricing, market reporting, and associated data assets from the Singapore Solar Exchange (SSX). The deal is expected to close in early July 2022. </strong>OPIS provides news, analytics, and price benchmarking for energy, carbon, commodities, chemicals, and other raw materials. With this acquisition, OPIS will expand its offering to the solar panel sector to provide current and forward-looking (PV) pricing data and market analysis.</p>
<p><strong>1414 </strong><strong>Degrees (14D), a manufacturer of energy storage systems, </strong><a href="https://1414degrees.com.au/wp-content/uploads/2022/06/14D-15June.pdf" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has entered into a Share Sale Agreement (SSA) for the sale of 50% of the shares in SiliconAurora to a wholly-owned subsidiary of Vast Solar. </strong>In addition, 14D and Vast Solar have executed a Shareholders Agreement (SA) that will govern the ongoing operation of Silicon Aurora and the development of the Aurora Energy Project (Aurora). Under the terms of the SSA, the purchase price for the 50% shares in Silicon Aurora is $2.5 million in cash payable by Vast Solar in two installments. An initial $1 million is payable at completion, and a further $1.5 million following the receipt by Silicon Aurora of a written offer to connect to the transmission system from the relevant Network Service Provider under the rules of the National Electricity Market.</p>
<p><strong> </strong><strong>Cox </strong><strong>Energy America, a solar company, developing and operating solar PV projects in Central America and Caribbean countries, has </strong><a href="https://miranda-partners.com/newswire/cox-energy-america-obtains-funding-to-continue-its-expansion-and-growth-plan/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=cox-energy-america-obtains-funding-to-continue-its-expansion-and-growth-plan" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a credit facility for €30 million (~$31.2 million) with Barclays Bank Ireland.</strong> Likewise, Cox Energy Solar and Cox Energy América entered an intercompany transaction in which Cox Energy Solar will provide a loan for the corresponding amount to Cox Energy América, which will be used to continue with its 2022 expansion and growth plans. This transaction was previously authorized by the Corporate Practices Committee, the Audit Committee, and the Annual Shareholders’ Meeting.</p>
<p><strong>FTC </strong><strong>Solar, a provider of solar tracker systems, software, and engineering services, </strong><a href="https://www.globenewswire.com/news-release/2022/06/14/2462603/0/en/FTC-Solar-Closes-Acquisition-of-HX-Tracker.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it closed the acquisition of HX Tracker, a China-based supplier of 1P tracker systems. </strong>“This complementary acquisition accelerates our international expansion with a strengthened platform to accelerate growth in China, the Middle East, Africa, and other markets,” said Sean Hunkler, FTC Solar’s President and Chief Executive Officer.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-repsol-renewables-stake/" target="_blank" rel="noopener">roundup</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/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Funding and M&A Roundup: Power Factors Acquires Renewable Software Provider Inaccess

kore-power

Get the most relevant India solar and clean energy news.

RECENT POSTS