Apricus Generation, a distributed solar and battery development platform and independent power producer, announced closing an undisclosed Series A funding round led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund.
The funds will help the company expand its business plans and support the growth of its recent acquisition of a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
“CYwP Fund IV benefited recently from a highly successful exit with one of the Apricus founder’s previous ventures, and we are extremely pleased that CYwP Fund VII and CYWP Solar Energy I have the opportunity to participate again with the founders in their new venture in the exciting and fast-growing solar and battery storage sector,” remarked Ethan Assal, Founder and Managing Partner of CYwP Fund.
Apricus develops a platform that enables consumers and businesses to participate in the energy transition by providing solar and battery storage developers with management expertise and investing in their project pipeline to generation.
“We are excited to have Blue Marlin and CYwP Fund as the lead investors in our Series A round. Having previously worked with CywP Fund, we greatly value their continued confidence and partnership, and we are equally excited to welcome Blue Marlin as they venture into this space,” said Gautam Chandra, Executive Chairman and Co-Founder of Apricus Generation.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, VC funding activity decreased 29% YoY, with $2.7 billion raised in 29 deals compared to $3.8 billion from 33 deals in the first half of 2023. However, in Q2 2024, global VC funding activity rose 29% year over year (YoY), with $2.2 billion in 16 deals compared to $1.7 billion raised in 15 deals in Q2 2023.
