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


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-li-cycle-secures-strategic-investment/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Li-Cycle, a lithium-ion battery recycling company, </strong><a href="https://mercomcapital.com/li-cycle-secures-strategic-investment-from-glencore/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into an agreement to issue a senior secured convertible note in an aggregate principal amount of $75 million </strong>from an affiliate of Glencore, a producer, recycler, and marketer of nickel and cobalt for the production of lithium-ion batteries. The funding secured from Glencore’s affiliate is expected to strengthen the company’s position and bolster its strategic partnership with Glencore.</p>
<p><strong>India-based battery materials producer LOHUM has </strong><a href="https://www.mercomindia.com/lohum-secures-series-b-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹4.5 billion (~$54 million) in a series B funding </strong>from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, amongst other new and existing venture firms. The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.</p>
<p><strong>Florida-based Sunergy Renewables, a residential solar and storage firm, </strong><a href="https://www.mercomindia.com/sunergy-lists-on-nasdaq-spac-deal" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it will begin trading on the Nasdaq Stock Exchange</strong> after merging with ESGEN Acquisition Corp, a special purpose acquisition company. The merged company, now called Zeo Energy Corp, will trade its shares and warrants under the ticker “ZEO” and “ZEOWW” and will be led by Sunergy’s senior management. The deal values the combined company at an implied $475 million enterprise value. The transaction raised approximately $18 million to fund its operations and growth strategy.</p>
<p><strong>Pure Lithium, a Boston-based lithium metal battery technology company, has recently <a href="https://mercomcapital.com/pure-lithium-raises-15-million-in-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding</strong> from Oxy Low Carbon Ventures, an Occidental (Oxy) subsidiary dedicated to advancing innovative, low-carbon technologies and business solutions.  The funding will be used to accelerate the development and commercialization of Pure Lithium’s technology. The company also plans to tap into the electrochemical processing expertise that Oxy’s chemical business provides.</p>
<p><strong>M4E Lithium, a lithium exploration company, has <a href="https://mercomcapital.com/lithium-exploration-company-m4e-lithium-secures-7-5m-to-10m-in-financing/" target="_blank" rel="noopener">secured</a> a </strong><strong>$7.5 million to $10 million </strong><strong>funding deal with Lithium Royalty Corp and the Electrification and Decarbonization fund</strong> managed by Waratah Capital Advisors. The funding is expected to propel exploration efforts across M4E&#8217;s extensive 91k hectares of mining rights in Brazil&#8217;s Lithium Valley and Borborema regions. The financing package includes an equity investment, a royalty purchase, and an option for a strategic offtake agreement (with a buyback option).</p>
<p><strong>Carbon emissions management platform Sprih recently </strong><a href="https://www.mercomindia.com/sprih-3-million-funding-global-expansion" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a seed funding round led by Leo Capital.</strong> The funds will be used to fuel the company’s sales and marketing activities and expansion. The company, which has created an artificial intelligence platform designed to assist companies in streamlining their sustainability goals, will use the funds to expand its presence in the U.S., Europe, and other key global markets, as well as its existing customer base in India.</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-phelas-secures-4-5-million-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Li-Cycle Secures $75 Million Strategic Investment


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					</table><p><a href="https://www.mercomindia.com/ntpc-tranche-ii-solar-auction" target="_blank" rel="noopener"><strong>Furies Solren (</strong><strong>Mahindra Susten</strong><strong>), JSW Neo Energy (</strong><strong>JSW Energy</strong><strong>), and </strong><strong>Avaada Energy</strong><strong> have won </strong><strong>NTPC’s</strong><strong> auction to set up 1,500 MW of interstate transmission</strong></a> system (ISTS)-connected solar power projects (Tranche II) across India. Furies Solren quoted the lowest tariff of ₹2.59 (~$0.0312)/ kWh to win 300 MW. JSW Neo Energy won 700 MW at a tariff of ₹2.6 (~$0.0313)/ kWh. Avaada Energy was awarded 500 MW out of the 750 MW quoted capacity at a tariff of ₹2.6 (~$0.0313)/kWh.</p>
<p><a href="https://www.mercomindia.com/ntpc-supply-1-gw-hybrid-power" target="_blank" rel="noopener"><strong>NTPC</strong><strong> has invited bids for the supply of power from 1 GW of wind-solar hybrid power projects anywhere in India. The projects will be developed on</strong></a> a build-own-operate basis and connected to the ISTS grid. The last date for bid submission is April 16, 2024. Bids will be opened on the same day. Successful bidders will be selected through an online reverse auction to be conducted by NTPC at a later stage.</p>
<p><a href="https://www.mercomindia.com/cesl-invites-bids-3132-electric-buses" target="_blank" rel="noopener"><strong>Convergence Energy Services Limited has invited bids to select an operator for the procurement, supply, operation, and maintenance</strong></a> of 3,132 electric buses (e-bus) and the development of allied electric and civil infrastructure on gross cost contracting under Pradhan Mantri (PM)-eBus Sewa initiative. The last date to submit bids is April 25, 2024. Bids will be opened on the same day. Bidders must submit a non-refundable tender fee of ₹25,000 (~$301).</p>
<p><a href="https://www.mercomindia.com/sprih-3-million-funding-global-expansion" target="_blank" rel="noopener"><strong>Carbon emissions management platform </strong><strong>Sprih</strong><strong> recently raised $3 million in a seed funding round led by </strong><strong>Leo Capital</strong><strong>. The funds will be used to fuel the</strong></a> company’s sales and marketing activities, and expansion. The company, which has created an artificial intelligence (AI) platform designed to assist companies in streamlining their sustainability goals, will use the funds to expand its presence in the U.S., Europe, and other key global markets, as well as its existing customer base in India.</p>
<p><a href="https://www.mercomindia.com/seci-consultancy-tender-site-studies" target="_blank" rel="noopener"><strong>Solar Energy Corporation of India has invited bids to empanel agencies to conduct site studies to prepare a detailed project report for upcoming solar projects</strong></a>. The empanelment will be for five years with a further two year-extension provision. The last day to submit the bids is April 19, 2024. Bids will be opened on the same day. Bidders must furnish ₹6,000 (~$72) as a bid document processing fee.</p>
<p><a href="https://www.mercomindia.com/mnre-small-biogas-projects" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy has invited proposals for innovative and new design or material-based small biogas projects with a daily generation</strong></a> capacity of 1 to 25 cubic meters. The ministry seeks significant changes to existing designs for simple, efficient, cost-effective village-level biogas usage. The last date to submit the proposals is April 2, 2024.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-jal-nigam-1-mw-solar" target="_blank" rel="noopener"><strong>Uttar Pradesh Jal Nigam has invited bids to commission a 1 MW grid-connected ground-mounted or rooftop solar project at the Bhelupur water treatment</strong></a> plant in Varanasi, Uttar Pradesh. The project should be completed within 16 months of receiving the work order, including four months of trial run. The land and rooftop space for the project will be made available inside the water treatment plant following the detailed design, survey, and feasibility submitted by the installer.</p>


Daily News Wrap-Up: NTPC’s 1.5 GW Tranche II Solar Auction Winners Revealed


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					</table><p>Carbon emissions management platform <a href="https://www.sprih.com/" target="_blank" rel="noopener">Sprih</a> recently raised $3 million in a seed funding round led by <a href="https://leo.capital/" target="_blank" rel="noopener">Leo Capital</a><u>.</u>The funds will be used to fuel the company’s sales and marketing activities, and expansion.</p>
<p>The company, which has created an artificial intelligence (AI) platform designed to assist companies in streamlining their sustainability goals, will use the funds to expand its presence in the U.S., Europe, and other key global markets, as well as its existing customer base in India. It will also deploy funds to acquire the talent required to create AI models centered around climate.</p>
<p>Sprih’s SaaS business model, alongside an ecosystem of climate solutions, enables the company to assist businesses in creating data-driven, action-oriented sustainability strategies. The company has currently forged research partnerships with <u><a href="https://www.iitk.ac.in/" target="_blank" rel="noopener">IIT Kanpur</a></u> and <u><a href="http://www.iitb.ac.in/" target="_blank" rel="noopener">IIT Bombay</a></u>. Sprih’s current customer base comprises public and private companies, including <u><a href="https://indigopaints.com/" target="_blank" rel="noopener">Indigo Paints</a></u>, <u><a href="https://www.heromotocorp.com/en-in.html" target="_blank" rel="noopener">Hero Motors</a></u>, <u><a href="https://www.arvindsmartspaces.com/" target="_blank" rel="noopener">Arvind SmartSpaces</a></u>, EspiIndustries and <u><a href="https://www.infobeans.com/" target="_blank" rel="noopener">InfoBeans</a></u>.</p>
<p>“With stricter climate laws and trade agreements across the globe, businesses are confronted with existential challenges. At Sprih, we are on a mission to make the future better by empowering businesses with the right tools to turn these challenges into opportunities, enabling them to establish a competitive edge through sustainability. We are thrilled to announce our seed investment round. With the infusion of this capital, we are well-positioned to accelerate our growth, expand the team, and bring more innovative solutions to the market,” said Akash Keshav, CEO and Co-founder at Sprih.</p>
<p>Ravi Srivastava, Partner, Leo Capital, commented, “With increasing top-down commitments towards net zero, sustainability is steadily becoming a crucial part of businesses’ growth agenda. However, without any prior framework, most companies struggle to develop a viable path to their sustainability goals. Here, Sprih’s AI-driven scope-3 carbon accounting &amp; benchmarking platform has the potential to be a game-changer for businesses.”</p>
<p>Last year, the Bureau of Energy Efficiency <a href="https://www.mercomindia.com/accrediting-carbon-verification-agencies" target="_blank" rel="noopener">issued</a> a draft Accreditation Procedure and Eligibility Criteria for Accredited Carbon Verification Agencies (ACV). Under the new procedure, the reduction in greenhouse gas emission intensity achieved by obligated entities will be assessed by ACVs accredited by the bureau.</p>
<p>According to a report by the International Energy Agency, India’s weakened monsoon spell and strong GDP growth <a href="https://www.mercomindia.com/india-adds-190-mt-of-co2-iea-report" target="_blank" rel="noopener">added</a> nearly 190 million tons of CO2 to global emissions in 2023.</p>


Climate Tech Startup Sprih Secures $3 Million Funding for Global Expansion

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