Scale Microgrids, a commercial-scale distributed energy developer, closed a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, secured $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has raised $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, secured $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has raised $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, raised $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, secured a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, secured €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, raised $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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.
