India Auctions Eight Critical and Strategic Mineral Blocks in Fourth Tranche

Rajasthan Invites Bids for 500 MW/1000 MWh Standalone BESS

Haryana DISCOM Tenders 27 MW Solar Projects Under PM KUSUM

Daily News Wrap-Up: MNRE Invites Proposals to Set Up Green Hydrogen R&D Facilities

Rising Construction Margin Drives 1,632% YoY Rise in Net Profit for Scatec

Gujarat Waives Domestic Content Requirement for Solar Projects Up to 5 MW

KPI Green’s Revenue Increases 67% YoY in Q2 FY 2025

Ballard Power’s Q3 2024 Loss Rises as Hydrogen Fuel Cell Adoption Slows

EV Startup MOOEV Raises ₹40 Million in Seed Funding Round

MNRE Calls for Proposals to Set Up R&D Facilities for Green Hydrogen


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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-origis-energy-funding-from-kkr/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Origis Energy, a vertically integrated renewable energy platform and a solar project developer, <a href="https://mercomcapital.com/origis-energy-secures-corporate-credit-facility-from-kkr/" target="_blank" rel="noopener">secured </a>a $300 million corporate credit facility</strong> from global investment firm KKR. Proceeds from the facility will support the continued development and construction of Origis’ pipeline of solar and storage projects. This investment is stated to comply with KKR’s Asset-Based Finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets.</p>
<p><strong>Cylib, a Germany-based battery recycling startup, </strong><a href="https://mercomcapital.com/battery-recycling-startup-cylib-secures-60-million-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €55 million (~$59.79 million) in a Series A funding round</strong> co-led by World Fund and Porsche Ventures. The round was joined by Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels. The total funding raised to date amounts to about €74 million (~$80.43 million). Cylib will use the funds to commercialize its proprietary technology, which is already used by leading OEMs and battery manufacturers.</p>
<p><strong>Bedrock Materials, a startup that designs and develops sodium-ion cathode materials, </strong><a href="https://mercomcapital.com/battery-material-startup-bedrock-secures-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $9 million in seed funding</strong>. The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries. Last month, the company began R&amp;D scale production of battery precursor materials at its facility in Near West Chicago. Plans are underway to open a larger, permanent site later this year.</p>
<p><strong>Pune-based mobility and energy solutions provider Matel has </strong><a href="https://www.mercomindia.com/mobility-solutions-firm-with-4m-funding" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $4 million in Series A financing</strong>, spearheaded by Transition VC. Gruhas and Haresh Abichandani, founder of Millennium Semiconductors, also participated in the round. Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.</p>
<p><strong>Solutions30</strong><strong>, a provider of support services related to new digital technologies, has </strong><a href="https://mercomcapital.com/solutions30-acquires-10-stake-in-french-solar-company-so-tec/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 10% stake in </strong><strong>So-Te</strong><strong>c</strong>, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years. Both companies aim to provide the French market with a “Made in France” offering, capable of addressing both the structural and electrical work packages and taking on the overall management of engineering, procurement, and construction) contracts.</p>
<p><strong>Aerem, an Indian solar financing firm, has </strong><a href="https://www.mercomindia.com/aerem-acquires-spinkaft-ventures" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain</strong>. The company did not disclose details about the cost of the acquisition. Spinkraft deals in the sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.</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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Origis Energy Secures $300 Million Funding from KKR


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-catalyze-community-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Catalyze, a solar and energy storage project developer, </strong><a href="https://mercomcapital.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $100 million in financing from NY Green Bank</strong>, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.</p>
<p><strong>RWE Clean Energy, a renewable energy project developer, <a href="https://mercomcapital.com/rwe-acquires-solar-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 599 MW solar and energy storage projects from Galehead Development</strong>, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.</p>
<p><strong>Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, <a href="https://mercomcapital.com/mirova-acquires-solar-and-energy-storage-project-portfolio-in-spain/" target="_blank" rel="noopener">signed</a> an agreement for the acquisition of solar and energy storage projects in Spain</strong> from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.</p>
<p><strong>Apex Clean Energy, a renewable energy project developer, </strong><a href="https://mercomcapital.com/apex-clean-energy-secures-funding-energy-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> more than $150 million in project financing for two energy storage projects in Texas.</strong>  First Citizens Bank Energy Finance business and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.</p>
<p><strong>Photon Energy, a solar project developer, </strong><a href="https://mercomcapital.com/photon-energy-secures-16-million-multi-tranche-project-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development</strong> to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.</p>
<p><strong>Enfinity Global, a renewable energy project developer, has </strong><a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener"><strong>announced</strong></a><strong> financing worth $135 million from the Canada Pension Plan Investment Board</strong> to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects


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					</table><p><a href="https://www.mercomindia.com/nhpc-epc-200-mw-solar-gujarat/" target="_blank" rel="noopener"><strong>NHPC has invited bids for the engineering, procurement, and construction package of a 200 MW grid-connected solar power project to be set up in Gujarat State</strong></a> Electricity Corporation (GSECL)’s renewable energy park at Khavda (GSECL Stage-3). The project must be commissioned within 12 months of receiving the work order. The selected developer must also operate and maintain the project for five years. The last date to submit the bids is June 28, 2024. Bids will be opened on July 3.</p>
<p><a href="https://www.mercomindia.com/travancore-cochin-chemicals-invites-energy-project/" target="_blank" rel="noopener"><strong>The Travancore Cochin Chemicals has invited bids from developers to set up a 22 MW renewable energy project, which will be implemented in a group captive model.</strong></a> The last date for the submission of bids is June 19, 2024. Bids will be opened the same day. Bidders must submit ₹1,000 (~$12) as a tender fee. They must also pay ₹500,000 (~$6,005) as an earnest money deposit. The successful bidder must provide a security deposit equal to 10% of the annual energy bill value to ensure contract performance.</p>
<p><a href="https://www.mercomindia.com/south-central-railway-rooftop-solar/" target="_blank" rel="noopener"><strong>The Secunderabad Division, Electrical, South Central Railway, has issued a tender for 1.782 MW of rooftop solar projects of different capacities at station buildings</strong></a>, service buildings, residential buildings, and level crossing gates. The last date to submit bids is June 5, 2024. The scope of work includes the design, supply, erection, and commissioning of rooftop grid-connected solar projects ranging from 10 kW to 500 kW capacity at various locations.</p>
<p><a href="https://www.mercomindia.com/mobility-solutions-firm-with-4m-funding/" target="_blank" rel="noopener"><strong>Pune-based mobility and energy solutions provider Matel has secured $4 million in Series A financing, spearheaded by Transition VC. Gruhas and Haresh Abichandani</strong></a>, founder of Millenium Semiconductors, also participated in the round.  Established in 2017, Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.</p>
<p><a href="https://www.mercomindia.com/aerem-acquires-spinkaft-ventures/" target="_blank" rel="noopener"><strong>Aerem, an Indian solar financing firm, has acquired solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain.</strong></a> The company did not disclose details about the cost of the acquisition. Founded in 2021, Spinkraft deals in sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.</p>


Daily News Wrap-Up: NHPC Floats EPC Tender for 200 MW Solar Project


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					</table><p>Pune-based mobility and energy solutions provider <a href="https://matel.co.in/" target="_blank" rel="noopener">Matel</a> has secured $4 million in Series A financing, spearheaded by <a href="https://transitionventurecapital.com/" target="_blank" rel="noopener">Transition VC</a>. <a href="https://www.gruhas.com/" target="_blank" rel="noopener">Gruhas</a> and Haresh Abichandani, founder of <a href="https://www.millenniumsemi.com/" target="_blank" rel="noopener">Millenium Semiconductors</a>, also participated in the round.</p>
<p>Established in 2017, Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.</p>
<p>Focused on crafting high-efficiency electric motors and controllers, the company delivers a comprehensive powertrain solution to original equipment manufacturers (OEM) in the electric vehicle (EV) and industrial sectors.</p>
<p>The startup has developed various EV powertrains, encompassing motors, motor control units, vehicle control units, transmissions, and battery management systems.</p>
<p>Matel&#8217;s solutions cover a range of EVs, including 2-wheelers, 3-wheelers, 4-wheelers, buses, and off-road vehicles. The company commenced mass production of powertrains in April 2024 following validation and certification by several EV OEMs.</p>
<p>Mahesh Toraskar, Founder of Matel, said, &#8220;This fundraiser marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future. We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&amp;D team and required equipment over the next three years.&#8221;</p>
<p>The company has planned for product expansion across multiple segments. Soon, it will supply products for both traction and auxiliary applications in the commercial vehicle segment, focusing on the 350V segment with power capacities exceeding 100 KW.</p>
<p>Matel is gearing up to introduce products in the 600V range with power capacities surpassing 200 kW by the financial year 2026. Over the next two years, it also intends to enter the electric motors market required for defense applications.</p>
<p>Backed by a robust order book and concrete plans to expand its product portfolio, Matel aims to achieve annual sales exceeding ₹1 billion (~$12 million) by the following year.</p>
<p>Speaking on Transition VC&#8217;s investment in Matel, its co-founder and managing partner, Raiyaan Shingati, said, &#8220;We are confident in Matel founders&#8217; capability to lead the company to success given their expertise and experience with industry giants like Bajaj, Ola, and Maruti Suzuki. With our successful investments in other startups in the EV segment, like EMO.energy, we&#8217;re keen on Matel&#8217;s focus on motors &amp; motor controllers, crucial in the EV value chain.&#8221;</p>
<p>Nikhil Kamath, Co-founder of Gruhas, said, &#8220;Energy transition is the future. As the EV movement gains momentum across the country, Matel stands at a pivotal moment, uniquely positioned to power this shift with their advanced, sustainable electric drivetrains and motor controllers. We&#8217;re excited to be a part of their journey, contributing to the growth of home-grown brands that are delivering exceptional value and driving positive change in the mobility and energy sectors.&#8221;</p>
<p>Recently, automobile manufacturer Mahindra &amp; Mahindra <a href="https://www.mercomindia.com/mahindra-120-billion-ev-expansion" target="_blank" rel="noopener">announced</a> it plans to invest ₹120 billion (~$1.43 billion) in its EV unit, Mahindra Electric Automobile, over the next three years.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units. Mahindra sold 1,982 electric four-wheelers during the quarter.</p>


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