Form Energy, an iron-air-based battery systems provider, raised $405 million in a Series F Funding round led by T. Rowe Price. The round brings the company’s total funds raised to date to over $1.2 billion. GE Vernova also participated in this round along with other existing investors, including TPG Rise Climate, Breakthrough Energy Ventures, Capricorn’s Technology Impact Funds, Coatue, Energy Impact Partners, MIT’s The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures.
Heliene, a solar PV module manufacturer, announced the closing of an equity investment of up to $54 million. This funding was provided by Transition Equity Partners in collaboration with a consortium of limited partners, including affiliates of Hamilton Lane. With this funding, the company plans to expand its production by developing a new 550 MW Solar PV module production line in Rogers, Minnesota, which will boost its total domestic manufacturing capacity to almost 1.5 GW per year.
IBM has announced its acquisition of Prescinto, a software-as-a-service provider for renewable energy asset performance management. The acquisition will help IBM bolster its Maximo Application Suite, a comprehensive asset lifecycle management platform, enhancing its capabilities in the renewable energy sector.
UrjaMobility, an electric vehicle leasing company, has raised ₹1 billion (~$11.9 million) in its Pre-Series A funding round, comprising debt and equity financing. Mufin Green Finance Limited and Hindon Mercantile Limited led the funding round. The company will use the funds to expand its energy consumption and supply chain management solutions, focusing on the e-mobility and energy storage sectors. The funding will enable UrjaMobility to scale its operations and extend its pay-per-use leasing model. This model allows customers to lease batteries on a per-kilometer basis.
For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.
Read last week’s funding roundup.
