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CERC Proposes Expanding Scope of Over-the-Counter Power Markets

Oben Electric Secures ₹500 Million in Extended Series A Funding


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					</table><p>Bengaluru-based electric motorcycle manufacturer <a href="https://obenelectric.com/" target="_blank" rel="noopener">Oben Electric</a> has raised an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round.</p>
<p>The extended round saw participation from new and existing investors, including <a href="https://helioscapital.in/" target="_blank" rel="noopener">Helios Holdings</a>, the Sharda family office, and the Kay family.</p>
<p>This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).</p>
<p>Oben Electric’s overall capital raised to date has reached ₹2 billion (~$23.2 million).</p>
<p>The company stated that the fresh funding will be used to accelerate its expansion plans, develop new products, and scale its manufacturing capabilities.</p>
<p>Oben Electric employs a vertically integrated approach, developing key electric vehicle components, including the lithium-iron-phosphate battery, motor, and vehicle control unit, in-house.</p>
<p>It plans to expand its retail footprint to over 150 showrooms across more than 50 cities by the end of the financial year 2026. The company will focus on product development through the introduction of its new ‘O100’ platform, aimed at delivering electric motorcycles priced below ₹100,000 (~$1,160).</p>
<p>The company also plans to expand its production infrastructure within its existing facility in Bengaluru and enhance its after-sales service network.</p>
<p>Following its initial Series A raise in January, Oben Electric expanded its reach to 37 retail outlets across 26 cities in 13 states. These included markets such as Punjab, Gujarat, Madhya Pradesh, Telangana, Uttar Pradesh, Chhattisgarh, and Odisha.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2025" target="_blank" rel="noopener">reached</a> 514,198 units in the first quarter of 2025, representing an increase of over 3% year-over-year compared to the 499,930 units sold in the same period in 2024.</p>
<p>In May this year, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/mhi-mandates-100-dcr-requirement-for-18-ev-components-under-pm-e-drive" target="_blank" rel="noopener">mandated</a> a 100% domestic content requirement for 18 EV components under the two-wheeler, three-wheeler, and e-buses segments to avail of a subsidy under the PM E-Drive program.</p>



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					</table><p>Teerth Gopicon and Reliance Industries <a href="https://www.mercomindia.com/teerth-gopicon-and-reliance-win-sjvns-5-8-mw-rooftop-solar-auction" target="_blank" rel="noopener">won</a> SJVN’s tender to develop 5,830 kW grid-connected solar projects under the PM Surya Ghar: Muft Bijli Yojana. Teerth Gopicon won 5,705 kW capacity, and Reliance Industries won 125 kW. The tender was floated in December 2024. Both winners will work under the renewable energy service company model.</p>
<p>Dakshin Gujarat Vij Company <a href="https://www.mercomindia.com/gujarat-discom-awards-solarizing-agricultural-feeders" target="_blank" rel="noopener">awarded</a> contracts for developing 64 solar projects with a combined capacity of 160 MW under Component C of the PM KUSUM program for feeder-level solarization. These projects will operate under the renewable energy service company model to generate cost-effective and sustainable energy. The initiative was intended to cover 514 agricultural feeders at 11 kV and 161,727 grid-connected agricultural consumers.</p>
<p>The Andhra Pradesh State Investment Promotion Board <a href="https://www.mercomindia.com/andhra-pradesh-investments-in-renewable-energy-infrastructure-jobs" target="_blank" rel="noopener">approved</a> several significant investments in the renewable energy sector to enhance the state’s energy infrastructure, promote sustainability, and create job opportunities. The projects approved involve a total investment of ₹180 billion (~$2.20 billion). AM Green Ammonia India has secured approval for ₹120 billion (~$1.46 billion) for a green ammonia project in Kakinada.</p>
<p>Power Grid Corporation of India <a href="https://www.mercomindia.com/powergrid-bags-projects-to-augment-substation-capacity-in-gujarat-karnataka" target="_blank" rel="noopener">won</a> two projects from REC Power Development and Consultancy to establish an interstate transmission system and augment substation capacity in Gujarat and Karnataka. The project involves augmenting the transformation capacity at the KPS1 (GIS) and KPS2 (GIS) (Phase-V Part B1 and B2 Scheme) project in Gujarat and augmenting the transformation capacity at the Bidar PS in Karnataka by 3×500 MVA, 400/220kV ICTs (6th – 8th) and 1×1500 MVA, 765/400kV ICT (4th).</p>
<p>The Chhattisgarh State Electricity Regulatory Commission <a href="https://www.mercomindia.com/chhattisgarh-draft-dsm-guidelines" target="_blank" rel="noopener">issued</a> the Draft Chhattisgarh State Electricity Regulatory Commission (Intra-State Deviation Settlement Mechanism and Related Matters) Regulations, 2025. The regulations apply to all entities connected to the state transmission utility, inter-state or intra-state within Chhattisgarh. These regulations will take effect from April 1, 2025.</p>
<p>Bengaluru-based battery solutions startup EMO Energy <a href="https://www.mercomindia.com/emo-energy-secures-series-a-funding-round" target="_blank" rel="noopener">raised</a> $6.2 million (₹530.65 million) in its Series A funding round. This round was led by Subhkam Ventures, with existing investor Transition VC also participating. The company plans to use the funding to scale its advanced battery solutions for electric vehicles and energy storage systems, targeting an expansion of its urban energy ecosystem.</p>
<p>Bengaluru-based electric bike startup Oben Electric <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-series-a-funding-round" target="_blank" rel="noopener">secured</a> ₹500 million (~$5.82 million) in a Series A funding round. This round included participation from Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical’s US-based venture capital entity, Sanjeev Saraf (Polyplex) family office, Pravek Kalp family office, and other existing investors.</p>
<p>Saudi Arabia <a href="https://www.mercomindia.com/saudi-arabia-8000-mwh-bess-tender" target="_blank" rel="noopener">announced</a> the pre-qualification of bidders for its 2,000 MW/8000 MWh battery energy storage systems tender under its renewable energy expansion strategy. The Saudi Power Procurement Company (SPPC) is administering the tender, which encompasses four projects of 500 MW each. The tender garnered significant interest, with SPPC receiving 52 bids.</p>


Daily News Wrap-Up: SJVN’s 5.8 MW Rooftop Solar Auction Results


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Ethical Power Group, a solar and energy storage project developer, announced that quant investor Greg Skinner </strong><a href="https://mercomcapital.com/investor-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 50% stake in the company from Hive Energy</strong>. The founder and CEO, Thomas Kneen, maintains 50% of the business. The company announced providing an additional £15 million (~19 million) working capital loan to help with the continued expansion of the company’s operations. Greg Skinner will join the Ethical Power Group board upon the deal’s completion.</p>
<p><strong>Electric motorcycle startup Oben Electric has </strong><a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-series-a-funding-round" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹500 million (~$5.82 million) in a Series A funding round.</strong> This round included participation from Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical’s U.S.-based venture capital entity, Sanjeev Saraf (Polyplex) family office, Pravek Kalp family office, and other existing investors. The company plans to use the funding to expand its existing distribution network, and its Oben Care services to over 100 showrooms.</p>
<p><strong>Flint, a company developing paper batteries, has </strong><a href="https://mercomcapital.com/paper-battery-developer-flint-raises-2-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $2 million in seed funding. </strong>The round was led by a consortium of angel investors along with participation from AI-driven VC firm Hatcher+. Flint develops cellulose-based paper batteries, which use materials such as cellulose paper, zinc, and manganese. The funding is expected to support commercial expansion, pilot production, and intellectual property development.</p>
<p><strong>Energy-tech startup EMO Energy has </strong><a href="https://www.mercomindia.com/emo-energy-secures-series-a-funding-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $6.2 million (₹530.65 million) in its Series A funding round.</strong> This round was led by Subhkam Ventures, with existing investor Transition VC also participating. The company plans to use the funding to scale its advanced battery solutions for electric vehicles (EVs) and energy storage systems, targeting an expansion of its urban energy ecosystem. The company aims to deploy its services across 100,000 two and three-wheeler vehicles over the next two years and roll out 1 GWh of energy storage systems.</p>
<p><strong>Mining Startup KoBold Metals </strong><a href="https://www.koboldmetals.com/news/mining-startup-kobold-metals-valued-at-2-96-bn-after-closing-537m-series-c/?aid=01" target="_blank" rel="noopener"><strong>raised</strong></a><strong> a $537 million Series C funding round to expand AI-powered critical mineral exploration.</strong> The round, which increased KoBold’s post-money valuation to $2.96 billion, was co-led by new investor Durable Capital Partners LP and by a pair of T. Rowe Price funds not yet invested.  The funding included participation from existing KoBold investors Andreessen Horowitz Growth, BOND, Breakthrough Energy, Earthshot Ventures, Equinor, July Fund, Mitsubishi Corporation, and Standard Investments as well as new investors StepStone Group and WCM Investment Management.</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-sunairio-raises-6-4-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Greg Skinner Acquires 50% Stake in Ethical Power Group


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					</table><p>Bengaluru-based electric bike startup <a href="https://obenelectric.com/" target="_blank" rel="noopener">Oben Electric</a> has secured ₹500 million (~$5.82 million) in a Series A funding round.</p>
<p>This round included participation from Ambis Holding US, Kuberan Ventures, <a href="https://karimjee.com/" target="_blank" rel="noopener">Karimjee Group</a>, <a href="https://www.missionvertical.com/" target="_blank" rel="noopener">Mission Vertical</a>’s U.S.-based venture capital entity, Sanjeev Saraf (Polyplex) family office, <a href="https://www.pravek.com/?srsltid=AfmBOopMzSU9FmcHjnKx9jWpBK1BvFxpkeZRr2zumJQbVwpNEUDFJJW_" target="_blank" rel="noopener">Pravek Kalp</a> family office, and other existing investors.</p>
<p>The company plans to use the funding to expand its existing distribution network and its Oben Care services to over 100 showrooms across 50 cities in India by the financial year 2026. It also plans to use these funds to expand its product offerings.</p>
<p>The company sells its flagship motorcycle, “Rorr,” from over 20 stores across 10 cities, including Bengaluru, Delhi, Jaipur, Lucknow, Pune, Kochi, and Thiruvananthapuram.</p>
<p>To date, Oben Electric has raised a total of ₹1.5 billion (~$17.48 million).</p>
<p>The company has an over 100,000-unit capacity manufacturing plant based in Jigani, Bengaluru, with a supply chain support of more than 150 vendors.</p>
<p>It aims to expand its offerings and distribution network, including exports, by raising $50 million in Series B funding by mid-2025.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, an over 27% growth year-over-year against the 1.53 million units sold in 2023. EVs accounted for 3.6% of overall automobile sales. Electric two-wheelers accounted for nearly 59% (1.15 million) of total EVs sold in 2024.</p>
<p>To promote India as a manufacturing destination for EVs, the government is <a href="https://www.mercomindia.com/ev-policy-pushes-global-players-build-india" target="_blank" rel="noopener">offering</a> international manufacturers a reduced customs duty rate of only 15% for five years if they invest at least ₹41.5 billion (~$500 million) to establish manufacturing facilities in the country.</p>
<p>Companies will have a three-year timeline to set up their manufacturing plants and commence commercial production in the country. During this initial phase, they must achieve a domestic value addition of at least 25%.</p>


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