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


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					</table><p><strong>Peak Energy, a sodium-ion battery manufacturer, </strong><a href="https://mercomcapital.com/peak-energy-secures-55-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $55 million in a Series A funding round </strong>led by Xora Innovation, Temasek’s Early-Stage deep-tech investing platform. The company will use this funding to commercialize sodium-ion battery technology and launch a pilot program. This round also involved new investors, including Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, DETV-Scania Invest, and existing investor Eclipse and strategic partner TDK Ventures.</p>
<p><strong>The Asian Development Bank (ADB) has </strong><a href="https://www.mercomindia.com/adb-240-million-loan-rooftop-solar-india"><strong>approved</strong></a><strong> loans of $240.5 million to finance rooftop solar systems</strong> in India. The financing will be provided to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop solar systems across India. This funding will support the second and third tranches of the Multi-tranche Financing Facility Solar Rooftop Investment Program, approved by ADB in 2016.</p>
<p><strong>NineDot Energy, a developer of community-scale clean energy projects, </strong><a href="https://mercomcapital.com/ninedot-energy-upsizes-revolving-credit-facility-to-50-million/"><strong>closed</strong></a><strong> an additional $25 million revolving credit debt facility</strong> provided by NY Green Bank, a New York State Energy Research and Development Authority division. The facility extends and increases the early-stage standalone storage financing completed by NY Green Bank last year to $50 million. The company has stated that it has secured over $400 million in total to acquire, develop, and operate battery storage sites across the New York City boroughs, Westchester County, and Long Island.</p>
<p><strong>itselectric, a provider of electric vehicle charging solutions, </strong><a href="https://mercomcapital.com/ev-charging-startup-itselectric-raises-6-5-million-in-seed-funding/"><strong>secured</strong></a><strong> $6.5 million in a seed funding round, bringing its funding total to $11.8 million</strong>. This round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. The funds acquired will be used to deploy pilot EV chargers across several major U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.</p>
<p><strong>Electric vehicle (EV) ride-hailing startup MyPickup </strong><a href="https://www.mercomindia.com/ride-hailing-firm-mypickup-secures-%E2%82%B915-million-in-seed-funding"><strong>raised</strong></a><strong> ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures (IPV).</strong> MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization. The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.</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/">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-naked-energy-raises-22-million/">roundup</a>.</p>


Funding and M&A Roundup: Peak Energy Secures $55 Million


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					</table><p><a href="https://www.mercomindia.com/mnre-revises-cfa-rate-for-biomass-pellet-manufacturing-units" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has revised the Central Financial Assistance (CFA) rates</a> for biomass pellet manufacturing units under the National Bioenergy Program. The program has been promoting the production of briquettes, pellets, and biomass (non-bagasse)-based cogeneration in industries from the financial year 2021-2022 and will be in force to 2025 – 2026. According to the November 2022 notification, the CFA rate for briquettes or pellet manufacturing plants was ₹0.9 million (~$10,767) per MTPH manufacturing capacity with a maximum CFA of ₹4.5 million (~$53,832.6) per plant.</p>
<p><a href="https://www.mercomindia.com/ride-hailing-firm-mypickup-secures-%E2%82%B915-million-in-seed-funding" target="_blank" rel="noopener">Electric vehicle ride-hailing startup MyPickup raised ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures</a>. MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization. The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.</p>
<p><a href="https://www.mercomindia.com/financing-strategies-renewable-growth" target="_blank" rel="noopener">The transition towards clean energy is accelerating in India, presenting tremendous opportunities for financing renewable projects</a>. Despite a significant reduction in renewable energy costs over the past decade, substantial investment is still necessary for India to achieve its ambitious net-zero goals. Ensuring the availability of diverse financing options is crucial to sustaining growth in the renewable sector while offering attractive returns to investors. The ‘Mercom India Renewables Summit 2024,’ scheduled for July 25-26, 2024, in New Delhi, will address these critical issues. One of the key sessions, titled ‘<strong>Financing the Renewable Energy Sector: Where and How to </strong><strong>Secure Funding for the Energy Transition</strong>,’ will take place on July 26.</p>
<p><a href="https://www.mercomindia.com/scaling-green-hydrogen-market" target="_blank" rel="noopener">India has taken several initiatives to promote the production and use of green hydrogen, including the setting up of the National Green Hydrogen Mission</a>. How effective are these initiatives, and what more needs to be done to create a green hydrogen ecosystem in India? These and other questions will be addressed by experts at the fourth edition of Mercom India’s annual event, the Mercom India Renewables Summit, on July 25 and 26, 2024, at the Hyatt Regency in New Delhi. The panel discussion titled <strong>&#8216;Scaling Green Hydrogen to Build a Competitive Marketplace&#8217;</strong> will explore strategies for making green hydrogen economically viable by discussing the necessary incentives to scale up green hydrogen production and the methods for creating demand from heavy industries like steel manufacturing and oil refining.</p>


Daily News Wrap-Up: MNRE Changes CFA Rate for Biomass Pellet Production


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					</table><p>Electric vehicle (EV) ride-hailing startup <a href="https://mypickup.in/" target="_blank" rel="noopener">MyPickup</a> raised ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures (<a href="https://ipventures.in/" target="_blank" rel="noopener">IPV</a>).</p>
<p>MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization.</p>
<p>The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.</p>
<p>According to MyPickup, the Indian commute market, encompassing school and office segments, stands at $7.7 billion and is projected to grow 13% yearly. Assuming this consistent growth, the market size is estimated to reach approximately $14 billion.</p>
<p>Abhijeet Dattatraya Jagtap, Founder and CEO of MyPickup, said, &#8220;By offering shared, reliable, and electric commute solutions for officegoers and schoolchildren, we are committed to scaling our impact in reducing urban congestion and emissions. Our mission is to provide sustainable mobility options that not only improve daily commutes but also contribute to a cleaner and healthier environment for all.&#8221;</p>
<p>Ankur Mittal, Co-Founder, IPV, said, &#8220;Urban cities in India share challenges like pollution, high commuting costs, frequent cancellations, and expensive transportation for school children. Recognizing these issues, MyPickup offers solutions with real-time tracking for parents and EV vehicles to combat pollution and zero-cancellation and zero-surge pricing policies.&#8221;</p>
<p>In March, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/government-5-billion-program-electric-mobility" target="_blank" rel="noopener">launched</a> the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.</p>
<p>Sales of EVs 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% against the 347,676 units <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2023" target="_blank" rel="noopener">sold </a>in the same period of 2023.</p>


Ride-Hailing Firm MyPickup Secures ₹15 Million in Seed Funding

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