SMA Solar Net Income Plunges 44.8% YoY in Q1 2024 on Increased Costs

Central Railway Invites Bids to Empanel Agencies for Rooftop Solar Projects

Fluence Energy Q2 Net Loss Narrows by 66% on Lower Costs

Sunrun Narrows Loss in Q1 2024 as Storage Installations Grow 15% YoY

Daily News Wrap-Up: India Added 1.2 GW Wind Capacity in Q1 2024

Oriano, Waaree, Prozeal: Leading Solar EPC Companies in 2023

RECPDCL Invites Bids to Acquire 200 MW of Solar, Wind, or Hybrid Power Projects

GreenCell Mobility Secures ₹3 Billion for Electric Bus Fleet in Uttar Pradesh

HPCL Seeks Bids for 81.5 MW Rooftop and Floating Solar Project

Shoals’ Q1 2024 Net Income Drops 72% YoY on Lower Sales


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/09/amazon_polly_58315.mp3?version=1693976683">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-urbanvolt-raises-million/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>UrbanVolt, a solar-as-a-service company, <a href="https://mercomcapital.com/solar-solutions-provider-urbanvolt-raises-million/">raised</a> €26 million (~$28 million) from European growth investor Verdane</strong>, bringing the company’s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt with its expansion plans in the Ireland, UK, and European markets. The company has signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.</p>
<p><strong>U.S.-based battery materials producer Redwood Materials has </strong><a href="https://www.mercomindia.com/redwood-1-billion-expand-battery-supply-chain-us"><strong>secured</strong></a><strong> over $1 billion in its recent Series D</strong> equity funding round to support the expansion of its domestic battery supply chain in the U.S. The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.</p>
<p><strong>American Battery Technology Company, an integrated battery materials technology company, has </strong><a href="https://mercomcapital.com/american-battery-technology-company-secures-debt-financing/"><strong>secured</strong></a><strong> a debt financing of $50 million</strong> from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes. The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into a battery-grade lithium hydroxide product.</p>
<p><strong>Allume Energy, a rooftop solar solutions provider, </strong><a href="https://mercomcapital.com/rooftop-solar-solutions-provider-allume-energy-raises/"><strong>raised</strong></a><strong> $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation</strong>. The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.</p>
<p><strong>Gotion High-Tech, a Chinese battery conglomerate, has <a href="https://mercomcapital.com/gotion-hight-tech-acquires-battery-company-inobat/">acquired</a> a 25% stake in Slovakian battery company InoBat</strong>, specializing in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials. The partnership will also enhance and accelerate R&amp;D across the battery value chain.</p>
<p><strong>The Board of Directors of Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights </strong><a href="https://www.mercomindia.com/hero-motocorp-approves-investment-in-ather-energy"><strong>issue</strong></a><strong> of Indian electric two-wheeler company Ather Energy.</strong> The indicative timeline for the completion of this investment is set for September 30, 2023. The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy. Hero MotoCorp is already an existing shareholder in Ather.</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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-franklinwh-secures-25-million-series-b-funding/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Solar Solutions Provider UrbanVolt Raises $28 Million


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/08/amazon_polly_58145.mp3?version=1693457008">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://cms.mercomindia.com/maharashtra-tender-100-mw-distributed-solar-projects/" target="_blank" rel="noopener"><strong>Mahatma Phule Renewable Energy and Infrastructure Technology has invited bids for installing and commissioning 100 MW of grid-connected distributed solar power projects at various</strong></a> locations in Maharashtra. The successful bidder must also oversee the project’s operation and maintenance for five years. The capacity of individual projects should range from 2 MW to 10 MW. The project must be completed within a year of receiving the award letter. The last date to submit the bids is September 26, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/assam-consultancy-tender-20-mw-floating-solar-project" target="_blank" rel="noopener"><strong>Assam Power Generation Corporation has invited bids from consultants to provide project management consultancy (PMC) services for a 20 MW floating solar project at Son Beel Lake</strong></a> in the Karimganj district. The last date to submit the bids online is September 25, 2023. Bids will be opened on the same day. The scope of work includes PMC services, design &amp; engineering, project monitoring, site supervision, and reporting.</p>
<p><a href="https://www.mercomindia.com/indias-wind-capacity-63-gw-next-four-years-report" target="_blank" rel="noopener"><strong>India is likely to have a cumulative wind energy capacity of 63.6 GW, with a potential range spanning from 59.3 GW to 68.1 GW, by 2027, which is currently 41.9 GW, according to a Global Wind Energy Council report.</strong></a> The India Wind Energy Market Outlook 2023-27 emphasizes the considerable onshore wind energy potential of approximately 214 GW, with a capacity utilization factor (CUF) of over 30%. Leveraging this potential becomes imperative to advance climate mitigation, bolster energy security, and achieve clean energy goals.</p>
<p><a href="https://www.mercomindia.com/kerala-tender-20000-bi-directional-energy-meters" target="_blank" rel="noopener"><strong>Kerala State Electricity Board has invited bids for the supply of 20,000 low tension (LT) bi-directional energy meters with Class 1 Accuracy and liquid crystal display and time of day facility.</strong></a> The tender comprises the supply of 6,500 LT single-phase, two-wire, 5-30A bi-directional meters and 13,500 LT three-phase, four-wire, whole current 10-60A static bi-directional meters. The meters must also be Device Language Message Specification compliant.</p>
<p><a href="https://www.mercomindia.com/nlc-invites-bids-modules-for-project-in-tamil-nadu" target="_blank" rel="noopener"><strong>NLC India has invited bids to procure 70.5 MW solar modules for a project developed on the mined-out land in the Mine-II area in Neyveli, Tamil Nadu.</strong></a> The scope of work includes the production, delivery, packaging, forwarding, and transportation to the mine, which includes transit insurance for crystalline solar photovoltaic modules with specified wattage and dimensions in line with the supply scope for a 1,500V system voltage. The last date for the submission of bids is September 29, 2023. Bids will be opened on the same day.</p>
<p><a href="https://mercomindia.com/sbi-seeks-footprint-in-banks-lending-portfolio/" target="_blank" rel="noopener"><strong>State Bank of India has invited bids to select consultants to measure the carbon footprint in the bank’s lending portfolio and provide comprehensive solutions in the areas of climate risk and sustainable finance.</strong></a> The last date for the submission of bids is October 15, 2023. Bids will be opened on October 20. Bidders must submit an earnest money deposit of ₹100,000 (~$1,209).</p>
<p><a href="https://www.mercomindia.com/rwe-wins-offshore-wind-site-gulf-of-mexico" target="_blank" rel="noopener"><strong>The U.S. Department of the Interior has concluded the first-ever auction dedicated to offshore wind energy lease sale in the Gulf of Mexico region, yielding a remarkably high bid of $5.6 million for the</strong></a> Lake Charles lease area, while the other two areas did not receive any bids. RWE Offshore U.S. Gulf, a subsidiary of the Gernmany-based power producer RWE, secured the rights to the Lake Charles Lease Area, with a potential of around 1.24 GW of offshore wind energy capacity, supplying clean power to approximately 435,400 households.</p>
<p><a href="https://www.mercomindia.com/peregrine-for-clean-energy-expansion-in-us" target="_blank" rel="noopener"><strong>United States-based Peregrine Energy Solutions, a clean energy platform with a strategic focus on utility-scale energy storage, has announced a partnership with AB CarVal</strong></a>, a global alternative investment manager, to raise more than $700 million in credit, equity, and debt financing. The funding will be directed toward Peregrine’s substantial pipeline of projects, encompassing over 7 GW of technologies, including standalone battery, solar, and wind systems.</p>
<p><a href="https://www.mercomindia.com/redwood-1-billion-expand-battery-supply-chain-us" target="_blank" rel="noopener"><strong>U.S.-based battery materials producer Redwood Materials has secured over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S.</strong></a> The company’s primary focus revolves around expanding its assortment of end-of-life batteries, augmenting refining capacities to recuperate greater volumes, and leveraging their inherent value to create environmentally responsible products. Supported by this additional financial influx, Redwood will assemble a preeminent technical team in the industry to ensure the execution of sustainable battery material manufacturing.</p>


Daily News Wrap-Up: Maharashtra’s Tender for 100 MW Distributed Solar Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/08/amazon_polly_58113.mp3?version=1693384623">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>U.S.-based battery materials producer <a href="https://www.redwoodmaterials.com/" target="_blank" rel="noopener">Redwood Materials</a> has secured over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S.</p>
<p>The company&#8217;s primary focus revolves around expanding its assortment of end-of-life batteries, augmenting refining capacities to recuperate greater volumes, and leveraging their inherent value to create environmentally responsible products.</p>
<p>The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.</p>
<p>Supported by this additional financial influx, Redwood will assemble a preeminent technical team in the industry to ensure the execution of sustainable battery material manufacturing.</p>
<p>This funding round was jointly led by <a href="https://www.gsam.com/content/gsam/global/en/homepage.html" target="_blank" rel="noopener">Goldman Sachs Asset Management</a>, <a href="https://capricornllc.com/technology-impact-funds/" target="_blank" rel="noopener">Capricorn&#8217;s Technology Impact Fund</a>, and funds and accounts guided by <a href="https://www.troweprice.com/corporate/us/en/home.html" target="_blank" rel="noopener">T. Rowe Price Associates, Inc.</a></p>
<p>Speaking on the funding round, Sebastien Gagnon, Managing Director in Private Equity with Goldman Sachs Asset Management, said, “As the electrification megatrend continues to accelerate, building a local, sustainable battery materials supply chain is more important now than ever. We believe the Redwood team is well-positioned to become a leader in the battery materials industry. We look forward to working with the company in the coming years and leveraging our firm’s global platform to support Redwood’s growth, which we believe will play an important role in the ongoing energy transition.”</p>
<p>Redwood Materials has raised nearly $2 billion of equity capital to date.</p>
<p>In February this year, the company <a href="https://www.mercomindia.com/us-loans-2-billion-redwood-materials-battery-production" target="_blank" rel="noopener">received</a> a conditional commitment for a $2 billion loan from the U.S. Department of Energy (DOE) to commence the production of anode foil, one of the most crucial components in a battery. DOE released the commitment to Redwood as part of the Advanced Technology Vehicles Manufacturing Loan Program.</p>
<p>Earlier, Redwood Materials had <a href="https://www.mercomindia.com/daily-news-wrap-up-ntpc-commissions-floating-solar-2" target="_blank" rel="noopener">announced</a> that it would work with Toyota Motor North America to create a battery ecosystem across Toyota’s line-up of electrified vehicles that encompasses all steps for full circularity.</p>


Redwood Raises Over $1 Billion to Expand Domestic Battery Supply Chain in US

redwood-materials

Get the most relevant India solar and clean energy news.

RECENT POSTS