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


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-li-cycle-secures-strategic-investment/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Li-Cycle, a lithium-ion battery recycling company, </strong><a href="https://mercomcapital.com/li-cycle-secures-strategic-investment-from-glencore/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into an agreement to issue a senior secured convertible note in an aggregate principal amount of $75 million </strong>from an affiliate of Glencore, a producer, recycler, and marketer of nickel and cobalt for the production of lithium-ion batteries. The funding secured from Glencore’s affiliate is expected to strengthen the company’s position and bolster its strategic partnership with Glencore.</p>
<p><strong>India-based battery materials producer LOHUM has </strong><a href="https://www.mercomindia.com/lohum-secures-series-b-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹4.5 billion (~$54 million) in a series B funding </strong>from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, amongst other new and existing venture firms. The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.</p>
<p><strong>Florida-based Sunergy Renewables, a residential solar and storage firm, </strong><a href="https://www.mercomindia.com/sunergy-lists-on-nasdaq-spac-deal" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it will begin trading on the Nasdaq Stock Exchange</strong> after merging with ESGEN Acquisition Corp, a special purpose acquisition company. The merged company, now called Zeo Energy Corp, will trade its shares and warrants under the ticker “ZEO” and “ZEOWW” and will be led by Sunergy’s senior management. The deal values the combined company at an implied $475 million enterprise value. The transaction raised approximately $18 million to fund its operations and growth strategy.</p>
<p><strong>Pure Lithium, a Boston-based lithium metal battery technology company, has recently <a href="https://mercomcapital.com/pure-lithium-raises-15-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding</strong> from Oxy Low Carbon Ventures, an Occidental (Oxy) subsidiary dedicated to advancing innovative, low-carbon technologies and business solutions.  The funding will be used to accelerate the development and commercialization of Pure Lithium’s technology. The company also plans to tap into the electrochemical processing expertise that Oxy’s chemical business provides.</p>
<p><strong>M4E Lithium, a lithium exploration company, has <a href="https://mercomcapital.com/lithium-exploration-company-m4e-lithium-secures-7-5m-to-10m-in-financing/" target="_blank" rel="noopener">secured</a> a </strong><strong>$7.5 million to $10 million </strong><strong>funding deal with Lithium Royalty Corp and the Electrification and Decarbonization fund</strong> managed by Waratah Capital Advisors. The funding is expected to propel exploration efforts across M4E&#8217;s extensive 91k hectares of mining rights in Brazil&#8217;s Lithium Valley and Borborema regions. The financing package includes an equity investment, a royalty purchase, and an option for a strategic offtake agreement (with a buyback option).</p>
<p><strong>Carbon emissions management platform Sprih recently </strong><a href="https://www.mercomindia.com/sprih-3-million-funding-global-expansion" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a seed funding round led by Leo Capital.</strong> The funds will be used to fuel the company’s sales and marketing activities and expansion. The company, which has created an artificial intelligence platform designed to assist companies in streamlining their sustainability goals, will use the funds to expand its presence in the U.S., Europe, and other key global markets, as well as its existing customer base in India.</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/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-phelas-secures-4-5-million-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Li-Cycle Secures $75 Million Strategic Investment


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					</table><p><a href="https://www.mercomindia.com/axis-juniper-acme-renew-ntpcs-1-5-gw-hybrid-auction/" target="_blank" rel="noopener"><strong>ABC Cleantech (Axis Energy), Juniper Green Energy, ACME Cleantech Solutions, and ReNew Solar Power (ReNew) were declared winners in NTPC’s auction</strong></a> for the supply of 1.5 GW of power from inter-state transmission system connected wind-solar hybrid power projects anywhere in India under Tranche IV. The projects are to be developed with or without the associated energy storage system. ABC Cleantech quoted the lowest tariff of ₹3.27 (~$0.0395)/kWh to win the highest awarded capacity of 750 MW.</p>
<p><a href="https://www.mercomindia.com/mahagenco-tender-50-mw-solar-projects-yavatmal/" target="_blank" rel="noopener"><strong>The Maharashtra State Power Generation Company has issued a tender to set up two grid-connected solar power projects totaling 50 MW capacity</strong></a> using crystalline silicon technology to help the DISCOM meet its renewable purchase obligation targets. The projects of 25 MW each will be established in the villages of Malkhed and Mangladevi in the Yavatmal district. The last date for submitting bids is April 26, 2024. Bids will be opened the same day. The first project is situated in Malkhed, covering an area of 47.26 hectares. The second project is in Mangladevi, covering 50.75 hectares.</p>
<p><a href="https://www.mercomindia.com/haryana-discom-invites-projects-under-kusum/" target="_blank" rel="noopener"><strong>Uttar Haryana Bijli Vitran Nigam has invited bids for the design, engineering, procurement, supply, construction, erection, testing, and commissioning of 5.01 MW solar power</strong></a> projects under Component C of the PM-KUSUM program in Haryana. The project capacity is spread across Sonipat, Yamuna Nagar, Kurukshetra, Kaithal and Panipat. The scope of work includes associated 33 kV or 11 kV lines, remote monitoring systems , and operation and maintenance for five years for the grid-connected ground-mounted solar projects. The last date for the submission of bids is April 4, 2024.</p>
<p><a href="https://www.mercomindia.com/lt-epc-contract-secis-100-mw-floating-solar/" target="_blank" rel="noopener"><strong>Larsen and Toubro (L&amp;T) has won the engineering procurement and construction contract for the Solar Energy Corporation of India’s 100 MW floating solar power project</strong></a> to be set up at Getalsud Dam in Ranchi, Jharkhand. The scope of work will include the design, engineering, supply, construction, erection, testing, and commissioning of the project. The company will also be responsible for the operation and maintenance for five years. L&amp;T quoted a total contract price of ₹6.06 billion (~$73.13 million) to win the contract.</p>
<p><a href="https://www.mercomindia.com/maharashtra-invites-with-crystalline-technology/" target="_blank" rel="noopener"><strong>The Maharashtra State Power Generation Company has invited bids to undertake the design, engineering, manufacturing, supply, erection, testing, and commissioning</strong></a> of two crystalline technology-based grid interactive solar power projects of 20 MW each. The scope of work includes the associated power evacuation arrangement and a five-year operation and maintenance commitment. The developers must deploy dry cleaning methods for the solar projects. The last date for submitting bids is April 24, 2024. Bids will be opened on April 26.</p>
<p><a href="https://www.mercomindia.com/india-growth-wind-installations-2023/" target="_blank" rel="noopener"><strong>India installed 2.8 GW of new wind energy capacity in 2023, a ~56% surge from 1.8 GW in 2022.</strong> <strong>The cumulative wind capacity as of December 2023 stood at 44.7 GW</strong></a>, compared to 41.9 GW at the end of 2022. In the fourth quarter (Q4) of 2023, India added 552 MW of wind power capacity, representing a 141% year-over-year increase, according to Mercom India Research. Installations in Q4 surged by 34% quarter-over-quarter. The increased demand for round-the-clock renewable energy has led to a rise in wind-solar hybrid projects across the country.</p>
<p><a href="https://www.mercomindia.com/lohum-secures-series-b-funding/" target="_blank" rel="noopener"><strong>India-based battery materials producer LOHUM has raised ₹4.5 billion (~$54 million) in a series B funding from Singularity Growth, Baring Private Equity,</strong></a> Cactus Venture Partners, and Venture East, amongst other new and existing venture firms. The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia. LOHUM produces sustainable energy transition materials through battery recycling, raw material refining, and battery repurposing.</p>
<p><a href="https://www.mercomindia.com/in-clean-energy-push-odisha-worth-%E2%82%B9557-billion/" target="_blank" rel="noopener"><strong>The Odisha government has given the green light to a number of green energy projects with a promised investment of roughly ₹557 billion (~$6.7 billion).</strong></a> Among the proposals approved by the Odisha government is an electrolyzer manufacturing plant in Khordha to be set up by Waaree Clean Energy Solutions at a cost of ₹4.35 billion (~$52.4 million). Waaree will also develop a 1.20 MMTPA green ammonia project in Jagatsinghpur with an investment of ₹124.8 billion (~$1.5 billion).</p>
<p><a href="https://www.mercomindia.com/ballard-power-systemss-loss-million/" target="_blank" rel="noopener"><strong>Fuel cell manufacturer Ballard Power Systems has reported a net loss of $48.9 million in the fourth quarter of 2023, an increase of 77.17% year-over-year (YoY)</strong></a> from a net loss of $42.9 million, as operational expenses surge. The quarter saw a total revenue of $46.8 million, marking a 132% YoY increase. The heavy-duty mobility segment experienced a surge, with revenue reaching $29 million, showing a 219% YoY increase. The growth was attributed to heightened revenues in various sectors such as bus, truck, rail, and marine.</p>


Daily News Wrap-Up: NTPC’s 1.5 GW Wind-Solar Hybrid Auction Results


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					</table><p>India-based battery materials producer <u><a href="https://lohum.com/" target="_blank" rel="noopener">LOHUM</a></u> has raised ₹4.5 billion (~$54 million) in a series B funding from Singularity Growth, <a href="https://www.bpepindia.com/" target="_blank" rel="noopener">Baring Private Equity</a>, <a href="https://www.cactusvp.com/" target="_blank" rel="noopener">Cactus Venture Partners</a><u>,</u> and <a href="https://www.ventureast.net/" target="_blank" rel="noopener">Venture East</a><u>,</u> amongst other new and existing venture firms.</p>
<p>The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.</p>
<p>LOHUM produces sustainable energy transition materials through battery recycling, raw material refining, and battery repurposing. The company claims to be among the few that houses an end-to-end in-house ecosystem of battery recycling and repurposing, transition materials refining, and Cathode Active Material (CAM).</p>
<p>“We at LOHUM are thrilled to be equipped with the necessary resources for the next stage of our development. The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&amp;D innovation center,&#8221; said Rajat Verma, Founder &amp; CEO of LOHUM.</p>
<p>The funding will support the company’s efforts to make battery materials last longer and accelerate sustainable electrification.</p>
<p>&#8220;We have seen the company evolve from just being a second-life company to a full-scale material manufacturer around materials like Nickel, Cobalt, and Pre-CAM materials. What impressed us was not just their ability to think globally from day 1, but the fact that they have been able to expand into the entire battery lifecycle management with India as a node,” said Yash Kela, Chief Investment Officer, Singularity Growth.</p>
<p>In 2023, Mercedez-Benz Energy <a href="https://www.mercomindia.com/daily-news-wrap-up-sjvn-382-mw-hydropower-himachal-pradesh" target="_blank" rel="noopener">signed</a> a multi-year agreement with LOHUM for the supply of second-life batteries.</p>
<p>Earlier this year, India <a href="https://www.mercomindia.com/india-unveils-critical-clean-energy-and-cut-imports" target="_blank" rel="noopener">identified</a> over 30 critical minerals, which will halve the country’s import dependence on these minerals for the development of renewables such as electric vehicles and solar.</p>
<p>According to Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid</a>, the global venture capital funding in the energy storage sector in 2023 reached $9.2 billion, a 59% year-over-year increase from $5.8 billion.</p>


Battery Materials Recycler LOHUM Secures ₹4.5 Billion in Series B Funding

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