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					</table><p>Electric vehicle (EV) ride-hailing service and charging network firm <a href="https://blu-smart.com/en-IN/" target="_blank" rel="noopener">BluSmart</a> has raised ₹2 billion ($24 million) in a pre-series B funding round.</p>
<p>Along with existing investors and BluSmart founders, the new investors were <a href="https://www.responsability.com/" target="_blank" rel="noopener">responsAbility</a>, Sumant Sinha, Founder of <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>, and MS Dhoni Family Office.</p>
<p>The funds will enable BluSmart to expand and enhance its EV charging infrastructure in major Indian cities.</p>
<p>The company aims to &#8220;Decarbonize Mobility at Scale&#8221; by combining energy, infrastructure, mobility, and technology.</p>
<p>BluSmart said its fleet had grown from 70 EVs in 2019 to 7,500. It operates an EV charging network of 50 hubs.</p>
<p>The company has reached a $65 million annual revenue run rate and secured long-term asset financing of $200 million from development financial institutions.</p>
<p>Punit Goyal, Co-founder of BluSmart, said, &#8220;BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take full advantage of the EV revolution. Our latest fundraising of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure.&#8221;</p>
<p>Sumant Sinha, Founder of ReNew, commented, &#8220;The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India&#8217;s growing economy and favorable policies provide ample impetus for this transition. I am excited to partner with BluSmart in their growth journey.&#8221;</p>
<p>Former Indian cricket captain Mahendra Singh Dhoni, MS Dhoni Family Office, said, &#8220;Investing in BluSmart&#8217;s sustainable business model is not just about supporting a company; it&#8217;s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart&#8217;s pioneering efforts in reshaping urban transportation.&#8221;</p>
<p>In January 2024, Switzerland-based responsAbility had said it would <a href="https://www.mercomindia.com/responsability-injects-25-million-blusmart" target="_blank" rel="noopener">invest</a> up to $25 million in BluSmart.</p>
<p>The company had <a href="https://www.mercomindia.com/ev-startup-blusmart-funding-to-strengthen-operations" target="_blank" rel="noopener">secured</a> $42 million in a funding round last year.</p>


BluSmart Raises ₹2 Billion to Expand EV Charging Network


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-monta-secures-87-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Monta, an EV charging solutions provider, </strong><a href="https://mercomcapital.com/ev-charging-platform-monta-secures-87-million-series-b-funding/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the close of an €80 million (~$87 million) Series B financing round</strong>, bringing the company’s total funding to €130 million (~$142 million) in three years. Energize Capital co-led the round with GreenPoint Partners and Denmark’s state-backed Export and Investment Fund. Monta will leverage this investment to strengthen product R&amp;D, expanding its partner network across all markets.</p>
<p><strong>Sion Power Corporation, a developer of batteries for electric vehicles, </strong><a href="https://mercomcapital.com/sion-power-raises-75-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $75 million in Series A funding</strong>. The round was led by LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from mathematician Jim Simons’ Euclidean Capital. Sion Power will use this new capital for technical and market validation of its technology.</p>
<p><strong>Switzerland-based responsAbility, an impact-investment firm with over $4.7 billion in assets under management, said it would </strong><a href="https://www.mercomindia.com/responsability-injects-25-million-blusmart" target="_blank" rel="noopener"><strong>invest</strong></a><strong> up to $25 million in BluSmart</strong>, an electric vehicle (EV) ride-hailing service in India. The investment, part of responsAbility’s broader $500 million climate strategy aimed at reducing carbon emissions in Asia through investments in low-emission technologies, will help BluSmart expand its EV charging infrastructure to enable large-scale adoption of electric mobility.</p>
<p><strong>Non-banking financial company Ecofy has </strong><a href="https://www.mercomindia.com/solar-ev-financing-firm-ecofy-secures-900-million" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an investment of ₹900 million (~$10.83 million) from FMO</strong>, a Dutch entrepreneurial development bank, to facilitate product diversification and support its expansion across India. The company provides loans to electric vehicles, rooftop solar projects, and small and medium enterprises providing E2E digital experience. The investment will be divided into two equal tranches.</p>
<p><strong>Trilantic Europe, a European private equity firm, has <a href="https://mercomcapital.com/trilantic-europe-acquires-majority-stake-aerocompact-group/" target="_blank" rel="noopener">announced</a> the acquisition of a 60% stake in AEROCOMPACT Group</strong>, a provider of solar mounting solutions for photovoltaic modules. The deal, which is subject to approval by the relevant authorities, will enable AEROCOMPACT to accelerate its international expansion. The company has a global presence with subsidiaries in Austria, Germany, the US, India, and Bulgaria.</p>
<p><strong>China-based robotic solar module cleaning solutions firm Sunpure </strong><a href="https://www.mercomindia.com/robotic-solar-module-million-in-series-a-funding" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has completed its Series A funding round of ¥100 million (~$676,221)</strong> led by Hengxu Capital. The funds raised in this round will be directed towards the research and development of intelligent robots for solar projects, as well as the optimization and upgrading of comprehensive cleaning solutions across various scenarios.</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://mercomindia.com/funding-and-ma-roundup-northvolt-secures-5-billion-loan" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: EV Charging Platform Monta Secures $87 Million


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					</table><p>Switzerland-based <a href="https://www.responsability.com/" target="_blank" rel="noopener">responsAbility</a>, an impact-investment firm with over $4.7 billion in assets under management, said it would invest up to $25 million in <a href="https://blu-smart.com/" target="_blank" rel="noopener">BluSmart</a>, an electric vehicle (EV) ride-hailing service in India.</p>
<p>The investment, part of responsAbility’s broader $500 million climate strategy aimed at reducing carbon emissions in Asia through investments in low-emission technologies, will help BluSmart expand its EV charging infrastructure to enable large-scale adoption of electric mobility.</p>
<p>BluSmart owns and operates 4,000 EV chargers across 35 locations in Delhi and Bengaluru. It also operates 6,000 EVs in India.</p>
<p>Sameer Tirkar, Principal APAC for Climate Finance at responsAbility, said BluSmart&#8217;s role in reducing transport emissions aligns with its mission to invest in sustainable businesses that create positive environmental impact.</p>
<p>&#8220;The BluSmart team has built a commendable EV ride-hailing and charging business in India and is building world-class electric charging infrastructure, which is key to rapid EV adoption in India,&#8221; he added.</p>
<p>Founded in 2003, responsAbility has invested over $14.2 billion since its inception. The fund invests in climate finance, financial inclusion, and sustainable food.</p>
<p>Last year, responsAbility helped <a href="https://www.mercomindia.com/norfund-ifc-investment-fourth-partner" target="_blank" rel="noopener">facilitate</a> <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a>’s investment of ₹3.5 billion (~$42.26 million) in <a href="https://www.fourthpartner.co/" target="_blank" rel="noopener">Fourth Partner Energy</a> to support its renewables expansion in India, such as off-site solar and wind projects under development in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.</p>
<p>In 2022, the BluSmart <a href="https://www.mercomindia.com/blusmart-raises-25-million-to-expand-its-electric-vehicles" target="_blank" rel="noopener">raised</a> $25 million to expand its EV fleet. bp ventures and Green Frontier Capital led the funding.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">touched</a> an all-time high of 1.53 million units in 2023, a jump of 50% over the million units sold in 2022. EVs accounted for 6.4% of all vehicle sales during the year, according to data from the Ministry of Road Transport and Highways’ Vahan dashboard. India now has over 3.45 million registered EVs.</p>


responsAbility Injects $25 Million in BluSmart to Expand EV Charging Network

<p><a href="https://cleantechsolar.com/" target="_blank" rel="noopener">Cleantech Solar</a>, a Singapore-based solar energy provider, and <a href="https://www.responsability.com/en" target="_blank" rel="noopener">responsAbility</a> have joined forces to increase the momentum of rooftop solar energy adoption in South-East Asia and India.</p>
<p>A responsAbility-managed climate fund and Cleantech Solar have signed an agreement for a $20 million (~₹1.3 billion) long-term corporate loan to finance new pan-Asia rooftop solar power projects.</p>
<p>The responsAbility-managed climate fund and Cleantech Solar will help pan-Asian companies tackle soaring energy costs, and in parallel, implement sustainable business practices through the adoption of solar energy.</p>
<p>“We are helping corporates attain their goal of being sustainable and responsible leaders and hedge against volatile power prices. This is what makes our rooftop solar systems such a compelling business case. The long-term funding from the fund will enable us to scale up our operation and drive solar electricity adoption in the region,” said Cleantech Solar Co-Founder and Executive Chairman Raju Shukla.</p>
<p>“Distributed solar and especially roof-top solar is one of the key focus areas for our energy financing activities. We believe that Cleantech Solar, with its strong management team, pan-regional presence, and strong execution track-record is an ideal partner for us to scale up our involvement in the distributed solar space in the region,” said Sameer Tirkar, senior investment officer of energy debt financing for responsAbility.</p>
<p>In South-East Asia and India, industries are pushing the growth of the rooftop solar segment. Most of South-East Asia and India are developing, and their citizens lack the wherewithal to purchase rooftop solar PV systems. This means that a greater availability of cheap financing is needed in order for the sector to grow.</p>
<p>Image credit: Cleantech Solar</p>


Cleantech Solar, responsAbility to Provide $20 Million Loan for Rooftop Solar Projects in Asia

<p><a href="http://www.m-kopa.com/" target="_blank" rel="noopener">M-KOPA Solar</a>, a pay-as-you-go energy provider to off-grid homes, has secured $80 million of committed financing. The company will utilize the funds over the next three years to provide finance for pay-as-you-go solar installations in one million homes.</p>
<p>The local lenders include, Stanbic Bank, CDC, FMO, and Norfund. According to a M-KOPA release, Stanbic Bank is leading a $55 million local currency equivalent debt facility and has committed $9 million; CDC committed $20 million; and FMO and Norfund committed $13 million each.</p>
<p>The debt facility of $55 million is in Kenya shillings and Uganda shillings and will be backed by customer receivables paid over mobile money payment plans. It is the largest commercial debt facility to date in the pay-as-you-go off-grid energy sector.</p>
<p>“Stanbic’s team was innovative and flexible in its approach, which allowed the lenders to provide a large line of credit for our receivables. This record-breaking facility is being deployed primarily into off-grid households, with per capita income of less than US$2 per day. Over the past year, Stanbic and M-KOPA have worked collaboratively to design a facility that reliably funds M-KOPA’s growth in local currency, while providing considerable safeguards for the lending syndicate,” said Mr. Chad Larson, Chief Credit Officer and Co-Founder, M-KOPA Solar.</p>
<p>“We are excited to partner M-KOPA. Off-grid solutions are set to become a much bigger source of supply – as technology and funding mechanisms become more accessible. Through this innovative debt financing solution, which is the largest of its kind, the company is able to fund the next wave of pay-as-you-go installations across East Africa. We are proud to be a part of this landmark transaction and the positive impact it will have on lives and communities,” said Mr. Stephen Lovell, Head: Corporate Financing Solutions – East Africa, Stanbic.</p>
<p>“Our equity and debt investments are aimed at helping the company build on its success and reach many more of the 600 million people across Africa who currently live without electricity,” said Mr. Nick O’Donohoe, Chief Executive Officer, CDC.</p>
<p>M-KOPA has also secured $25 million in debt from responsAbility, Symbiotics, and Triodos Investment Management. According to Mercom&#8217;s <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener">Solar Funding Tracker</a>, M-Kopa has raised approximately $150 million to date in VC and Debt Financing.</p>
<p>Mercom&#8217;s recently released <a href="http://store.mercom.mercomcapital.com/product/q3-2017-solar-funding-and-ma-report/" target="_blank" rel="noopener">Q3 2017 Solar Funding and M&amp;A Report</a> tracks over $26 million raised in the quarter by companies providing off-grid electric solutions and pay-as-you-go solutions through solar.</p>
<p>Image credit: M-Kopa Solar</p>


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