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					</table><p>The <a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">British International Investment</a> (BII), the United Kingdom’s development finance institution, has committed $33.5 million to India’s electric vehicle (EV) sector. This funding aims to strengthen the EV ecosystem, drive technological advancements, and address barriers to adoption, contributing to India’s energy transition and decarbonization goals.</p>
<p>The investment by BII includes $15 million in debt financing for <a href="https://everestfleet.com/" target="_blank" rel="noopener">Everest Fleet</a>, enabling the company to expand its EV portfolio by adding 1,300 electric vehicles across six cities, including Bengaluru and Delhi. This move is expected to create employment opportunities for drivers and boost zero-emission vehicle adoption in urban areas.</p>
<p>Additionally, <a href="https://tiindia.com/ti-clean-mobility-private-limited/" target="_blank" rel="noopener">TI Clean Mobility</a> will receive $15 million in equity investment to scale its manufacturing of low-carbon vehicles, including electric three-wheelers, trucks, and tractors.</p>
<p>BII will also provide $3.5 million in equity to <a href="https://vecmocon.com/" target="_blank" rel="noopener">Vecmocon</a>, which the company will use to enhance research and development for EV components like battery management systems and motor controllers and expand its presence in the commercial EV market.</p>
<p>BII’s investments align with its strategy of channeling $1 billion into climate-mitigating initiatives in India. Recent funding has also <a href="https://www.mercomindia.com/charge-zone-secures-19-million" target="_blank" rel="noopener">supported</a> companies like <a href="https://www.chargezone.co.in/" target="_blank" rel="noopener">ChargeZone</a>, which targets building 10,000 EV charging stations by 2027, and <a href="https://www.batterysmart.in/" target="_blank" rel="noopener">Battery Smart</a>, a battery-swapping network.</p>
<p>These initiatives by BII complement earlier commitments, such as the $250 million partnership with <a href="https://www.mahindra.com/" target="_blank" rel="noopener">Mahindra &amp; Mahindra</a> to develop passenger EVs.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-drop-q3-2024">reached</a> 332,730 units in the third quarter of 2024, a decline of over 11% year-over-year against the 372,387 units sold in the same period of 2023. EVs account for 5.8% of overall automobile sales, which totaled 5,697,879 units during the quarter. India now has 4.64 million registered EVs.</p>
<p>In September, the government <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">approved</a> the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program,’ and the ‘PM-eBus Sewa-Payment Security Mechanism (PSM) Program.’ The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying EVs, and developing charging infrastructure to support wider EV adoption.</p>


BII Fuels India’s EV Ecosystem with $33.5 Million Investment


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-eo-charging-raises-80-million-in-equity-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>EO Charging, a Britain-based electric vehicle charging solutions company, </strong><a href="https://mercomcapital.com/eo-charging-raises-80-million-in-equity-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $80 million in equity funding from Vortex Energy and Zouk Capital</strong>. Over the past three years, EO has distributed over 80,000 chargers to customers and businesses worldwide. The company’s clients include Amazon, DHL, Go-Ahead, and Tesco.</p>
<p><strong>Toronto-based Li-Cycle Holdings Corporation, a lithium-ion battery recycler, has</strong><a href="https://mercomindia.com/battery-recycler-li-cycle-350-million-energy-department/" target="_blank" rel="noopener"><strong> entered</strong></a><strong> into a conditional commitment for a $375 million loan from the U.S. Department of Energy (DOE)</strong> through its Advanced Technology Vehicles Manufacturing (ATVM) program. Li-Cycle’s development of the first commercial hydrometallurgical resource recovery facility in North America, located near Rochester, New York, has received a significant endorsement through conditional commitment. The commitment is the first of its kind from the DOE ATVM program for a sustainable pure-play battery materials recycling company.</p>
<p><strong>Electric three-wheeler manufacturer TI Clean Mobility </strong><a href="https://mercomindia.com/ti-clean-mobility-raise-%e2%82%b930-billion-ev/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> definitive agreements with Tube Investments of India, Multiples Private Equity Fund III, State Bank of India, and other co-investors to raise ₹19.5 billion (~$235.7 million)</strong> in equity and compulsorily convertible preference shares. TI Clean Mobility plans to raise an additional ₹10.5 billion (~$127 million) by March 2024, bringing the total fundraise to ₹30 billion (~$362.6 million). It also plans to expand its presence in the electric mobility industry through organic and inorganic methods. The funds will facilitate the expansion of the company’s operations, including the acquisition of other businesses and capital expenditure.</p>
<p><strong>Electra Vehicles, a B2B AI software solutions provider to electric vehicles, electric fleets, and multiple battery-electric verticals to optimize the performance of electric vehicle battery systems, </strong><a href="https://mercomcapital.com/electra-vehicles-raises-21-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $21 million</strong> in a funding round led by United Ventures. The funding round also includes additional investment from Stellantis Ventures, the venture capital fund of Stellantis, and existing investors LIFTT, Club degli Investitori, and BlackBerry.</p>
<p><strong>XL Batteries, a provider of long-duration grid-scale energy storage solutions, </strong><a href="https://mercomcapital.com/xl-batteries-raises-10-million-in-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $10 million in a Seed-2 round</strong> which Catalus Capital led, with additional investment from SIP Global, Xerox Ventures, and existing investors Jeffrey Schwarz, Joel Greenblatt, and Robert Goldstein. The company has developed the patented organic flow battery technology to address the growing need for long-duration energy storage.</p>
<p><strong>Recharge Industries announced the </strong><a href="https://www.rechargeindustries.com/post/recharge-industries-completes-deal-for-britishvolt" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of Britishvolt, a UK-based battery manufacturing startup. The financials of the deal were not disclosed.</strong> Britishvolt has been working towards setting up one of the largest battery manufacturing plants in the UK, located in Cambois, with an estimated investment of around £3.8 billion (~$4 billion). Recharge would continue Britishvolt’s project and plans, making it one of the UK’s first Gigafactory.</p>
<p><strong>Powervault, a company that provides smart battery storage for renewable energy sources, has </strong><a href="https://www.powervault.co.uk/article/powervault-announces-3-8-million-equity-investment/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £3.8 million (~$4 million)</strong> from existing and new investors in a scale-up funding round. The investors include Green Angel Syndicate and its Climate Change Fund. This funding round also converted £3.1 million (~$3.2 million) in Loan Notes that Powervault raised in 2020 with the help of the British Business Bank’s Future Fund scheme. Powervault aims to become a top UK provider of smart battery storage solutions for green energy, smart grid, internet of things, and electric vehicles markets.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-nanograf-raises-65-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: EO Charging Raises $80 Million in Equity Funding


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					</table><p>Electric three-wheeler manufacturer TI Clean Mobility (<a href="https://tiindia.com/ti-clean-mobility-private-limited/" target="_blank" rel="noopener">TICMPL</a>) signed definitive agreements with Tube Investments of India (TII), <a href="https://www.multiplesequity.com/" target="_blank" rel="noopener">Multiples Private Equity Fund III</a>, State Bank of India (<a href="https://www.onlinesbi.sbi/" target="_blank" rel="noopener">SBI</a>), and other co-investors to raise ₹19.5 billion (~$235.7 million) in equity and compulsorily convertible preference shares (CCPS).</p>
<p>The total investment by Multiples, SBI, and other co-investors would amount to ₹12 billion (~$145 million). TII&#8217;s investment would be ₹7.5 billion (~$90.6 million) of which ₹6.39 billion (~$77.2 million) has already been invested through equity and inter-corporate deposit.</p>
<p>TI Clean Mobility plans to raise an additional ₹10.5 billion (~$127 million) by March 2024, bringing the total fundraise to ₹30 billion (~$362.6 million).</p>
<p>It also plans to expand its presence in the electric mobility industry through organic and inorganic methods. The funds will facilitate the expansion of the company&#8217;s operations, including the acquisition of other businesses and capital expenditure.</p>
<p>TI Clean Mobility is a wholly-owned subsidiary of Tube Investments of India (TII), part of the Murugappa Group.</p>
<p>The company entered into a securities subscription and shareholders&#8217; agreement with Multiples and State Bank of India recently. The investors will be making an immediate investment of ₹12.75 billion (~$154.1 million) including existing investments.</p>
<p>Under this agreement, the investors will subscribe to 100 equity shares of TI Clean Mobility and Series Al CCPS worth ₹6 billion. TII will also subscribe to Series B CCPS worth ₹4.25 billion.</p>
<p>In addition to the immediate investment, Multiples and other investors have the right to subscribe for an additional ₹6 billion (~$72.5 million). Upon subscription of this additional sum, TII will invest ₹750 million (~$9 million).</p>
<p>TI Clean Mobility recently launched its passenger 3-wheeler electric vehicle. The company is also working on designing and developing electric tractors and heavy commercial vehicles through its subsidiaries.</p>
<p>&#8220;TICMPL is focused on the productive segment of the electric vehicle industry, viz., 3-wheelers, tractors, and heavy commercial vehicles. The confidence reposed by esteemed investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfill our ambition by scaling our operations through organic and inorganic means,&#8221; said M.A.M Arunachalam, Chairman of TII and TICMPL.</p>
<p>The electric vehicle industry has just <a href="https://mercomindia.com/ev-sales-clocked-record-one-million-units-2022/" target="_blank" rel="noopener">emerged</a> from a record-breaking year of selling more than a million units. Stakeholders <a href="https://mercomindia.com/industry-electric-vehicle-sales-build-blockbuster-2022/" target="_blank" rel="noopener">believe</a> that electric vehicle sales in 2023 could easily surpass 2022 levels.</p>


TI Clean Mobility to Raise ₹30 Billion to Fuel its EV Platform

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