Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

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RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

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India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

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MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-battery-maker-one-raises-300-million-in-series-b-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Our Next Energy(ONE), an energy storage solutions company developing a hybrid system based on a cobalt-free battery and a lithium iron phosphate battery for EVs, <a href="https://mercomcapital.com/ev-battery-maker-one-raises-300-million-in-series-b-funding/" target="_blank" rel="noopener">closed</a> its $300 million Series B funding round at a post-money valuation of $1.2 billion. Fifth Wall and Franklin Templeton led the funding round with participation from the company’s existing investors and new growth equity investors Temasek, Riverstone Holdings, Coatue, AI Capital Partners, and Sente Ventures.
Peak Power, a provider of AI-powered clean energy optimization software for commercial and industrial (C&amp;I) facilities, <a href="https://mercomcapital.com/peak-power-raises-financing-from-madison-energy-investments/" target="_blank" rel="noopener">announced</a> a $200 million financing agreement with Madison Energy Investments (MEI), which finances, develops, owns, and operates distributed energy projects for C&amp;I and government facilities across the United States. Peak Power, founded in 2015, develops software called Peak Synergy, with features including grid load visualization, peak prediction, battery storage optimization, and strategical EV charging.
Solar power optimization and EV charging tech provider Enteligent <a href="https://mercomcapital.com/enteligent-raises-7-million-for-its-solar-optimizer-and-solar-ev-technology/" target="_blank" rel="noopener">raised</a> $7 million in seed funding from strategic and institutional investors to fast-track the commercialization of its solar optimization platform, a DC-to-DC solar hybrid bi-directional EV charger. This seed round included investments from several strategic investors, including NOVA, the venture arm of Saint-Gobain, a building material company, and Taronga Ventures, a real-asset technology investor.
Liminal, a battery manufacturing intelligence company, <a href="https://mercomcapital.com/ev-battery-inspection-startup-liminal-funding/" target="_blank" rel="noopener">announced</a> a $17.5 million Series A2 funding round. Climate tech fund ArcTern Ventures led this round, with participation from new investors Northvolt and Ecosystem Integrity Fund, along with continued support from Chrysalix Venture Capital, Good Growth Capital, University of Tokyo Edge Capital Partners, Volta Energy Technologies, Impact Science Ventures, and Helios Climate Ventures.
SEW, a provider of digital customer experiences solutions for utilities, <a href="https://mercomcapital.com/sew-acquires-utility-integration-3insys/" target="_blank" rel="noopener">acquired</a> 3Insys, a data and security integration software company, for an undisclosed amount. The acquisition will bolster SEW’s capability to deliver and implement end-to-end digital customer and workforce experience platforms. It will also provide comprehensive solutions to address challenges associated with utilities and their critical infrastructure, solve underlying technical issues related to and integrate disparate and new systems that pose significant implementation challenges.
DNV, an independent energy expert and assurance provider, has <a href="https://www.dnv.com/news/dnv-expands-solar-forecasting-expertise-with-the-acquisition-of-solar-data-specialist-solcast-238386" target="_blank" rel="noopener">acquired</a> global solar irradiance data and forecasting provider Solcast to expand further DNV’s offering to solar energy customers with digital and data-driven services that help maximize the value of solar power plants globally.
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, smart grid, and efficiency sectors.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-storage-firm-aypa-power-secures-320-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Battery maker ONE raises $300 million in Series B funding

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					</table><a href="https://one.ai/" target="_blank" rel="noopener">Our Next Energy (ONE)</a>, a Michigan-based energy storage technology company, announced a $1.6 billion investment in a new battery cell manufacturing plant called ONE Circle in Van Buren Township, Michigan.
The gigafactory is expected to operate at a full annual capacity of 20 GWh — equivalent to 200,000 electric vehicle battery packs — by the end of 2027. The project is expected to create 2,112 new jobs, for which ONE will conduct a workforce development program in 2024 to train Michigan residents for green manufacturing jobs.
ONE would take possession of the facility in January 2023 and begin upgrades and equipment installation.
By 2028, ONE Circle claims it will drive down carbon emissions by 45% by onshoring its supply chain and integrating materials refinement with its Massachusetts-based partner, 6K Energy, into its manufacturing processes while leveraging renewable energy for 50% of its power needs.
“ONE is thrilled to select Michigan for our first cell factory due to the state’s unique combination of battery talent, proximity to material supply, and access to low-cost energy,” said Mujeeb Ijaz, founder, and CEO of ONE.
The investment, supported by a $215 million State grant, is expected to help boost the trend away from NCM-based (combination of Nickel, Manganese, and Cobalt) cell factories. The factory in Michigan would become the first to develop North American material supply chains to commercialize Lithium Iron Phosphate (LFP) technologies.
The company has signed a multi-year lease agreement with a real estate investment company Ashley Capital, for a 659,589-square-foot building which will include raw material refinement, cathode materials production, and cell and battery manufacturing.
ONE is also partnering with a North American battery recycler to bring recycled materials back into its LFP and Anode-Free cells. The sustainable approach to cell manufacturing is supported by ONE’s partnership with DTE Energy to operate a grid-tied factory with utility-scale energy storage. ONE Circle would act as a giant battery in its Gigafactory-to-Grid model to help stabilize the local power grid and provide renewable energy to the surrounding community in partnership with DTE Energy.
The company had conducted a competitive site selection process, evaluating 12 states and a Canadian province, but ultimately selected Michigan because of the commitment of the State and utility partners to making Michigan a key part of the electric vehicle future.
This month, the U.S. Department of Energy (DoE) <a href="https://mercomindia.com/us-invoking-defense-production-act-spur-clean-energy-industry/" target="_blank" rel="noopener">announced</a> its intention to invoke the Cold War-era Defense Production Act to spur domestic production of clean energy technologies, including solar, storage, etc., to help reduce the dependency on imports.
The International Energy Agency <a href="https://mercomindia.com/global-demand-for-ev-batteries-to-rise-to-3500-gwh-by-2030/" target="_blank" rel="noopener">forecasts</a> the demand for EV batteries to increase from 340 GWh to over 3,500 GWh by 2030.
According to Mercom’s <a href="https://mercomcapital.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2022 Funding and M&amp;A Report For Storage, Grid &amp; Efficiency</a>, corporate funding for battery storage companies in 1H 2022 increased by 64%, with $15.8 billion raised in 57 deals compared to $9.6 billion raised in 43 deals in 1H 2021.

Energy Storage Firm ONE to Invest $1.6 Billion for a EV Battery Gigafactory in Michigan

Here are some noteworthy cleantech announcements of the day from around the world:
<a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has awarded the project of setting up India&#8217;s first green hydrogen fueling station in Leh, Ladakh, to <a href="https://www.amararaja.com/companies/amararaja-power-systems-ltd" target="_blank" rel="noopener">Amara Raja Power Systems</a>. To begin, NTPC plans to ply five hydrogen fuel cell buses in the region. This pilot project is being set up in Leh&#8217;s extreme conditions at the height of 3,600 meters above sea level with a temperature variation of -14 degrees to +20 degrees Celsius. Amara Raja Power Systems was selected to execute this initiative based on its technical expertise. Green hydrogen will be produced by splitting water into hydrogen and oxygen, using an electrolysis process powered by electricity generated by renewable energy sources.
NTPC <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/662678fc-5aa6-4335-a253-a317baf1d6c6.pdf" target="_blank" rel="noopener">announced</a> the commercial operation of the second part of 15 MW out of the 56 MW Kawas solar project at Kawas in Gujarat. With this, the standalone installed and commercial capacity of NTPC will become 54.66 GW, while the group installed and commercial capacity of NTPC will become 69.03 GW.
Our Next Energy (ONE), the Michigan-based energy storage company, <a href="https://www.prnewswire.com/news-releases/one-and-bmw-sign-agreement-to-demonstrate-ix-with-600-mile-range-301567104.html" target="_blank" rel="noopener">signed</a> an agreement with BMW Group to incorporate ONE&#8217;s Gemini Dual-Chemistry battery technology into the BMW iX all-electric sports activity vehicle. ONE&#8217;s unique long-range Gemini technology reduces lithium use by 20% while reducing graphite use by 60% and minimizing the use of nickel and cobalt. In doing so, ONE is creating more sustainable energy storage technology that can significantly reduce environmental impact. The prototype vehicle is expected to be completed by the end of the year.
Leading Australian renewable energy company, Edify Energy, <a href="https://edifyenergy.com/energy-storage-systems/financial-close-on-the-largest-approved-grid-forming-battery/" target="_blank" rel="noopener">announced</a> the successful completion of project financing to build and operate the largest approved grid-forming battery in the country. Designed and developed by Edify, these energy storage systems using Tesla Megapacks will be the most advanced battery systems in the National Electricity Market, equipped with grid forming inverters that operate in &#8216;virtual synchronous generator&#8217; mode. This will allow the storage system to operate as a conventional generator and provide essential system strength services to help facilitate the connection of future clean energy power plants in the region.
Boviet Solar, a leading global solar energy technology company specializing in manufacturing monocrystalline PERC cells, monofacial, and bifacial modules, <a href="https://bovietsolar.com/boviet-solar-gets-255-megawatt-pc-module-order-from-leading-global-renewable-energy-developer" target="_blank" rel="noopener">signed</a> a contract to provide 255 MW of solar modules to a leading global renewable energy developer. The solar modules will be used in a utility-scale solar project in the United States. The developer chose Boviet Solar&#8217;s high-performance and high-efficiency Vega Series 550 W monocrystalline PERC – bifacial double-glass solar modules.

Daily News Wrap Up: NTPC Awards Green Hydrogen Fueling Station Project to Amara Raja

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