From: Mercom India
Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and electric vehicles, has closed its registered public offering, raising approximately $6.6 million in gross proceeds before fees and expenses.
The company issued 16,500,000 units in a best-efforts public offering at a price of $0.40 per unit. Each unit consists of one Class A ordinary share, with a par value of $0.0128 per share, and one common warrant to purchase one Class A ordinary share of the company.
Maxim Group acted as the sole placement agent for the offering. Ortoli Rosenstadt served as U.S. securities counsel to Elong Power, while Pryor Cashman acted as U.S. securities counsel to the placement agent.
The common warrants are immediately exercisable at an initial price of $0.40 per share, equal to the public offering price of each unit.
The exercise price is subject to customary anti-dilution adjustments related to share splits, share combinations, dividend distributions, subsequent equity sales, and other corporate restructuring events. The warrants will expire three years after the issuance date.
Elong Power said it intends to use the net proceeds from the offering for working capital, general corporate purposes, product development, and expanding its production capacity.
The latest capital raise follows another public offering completed in May of this year when Elong Power raised approximately $6 million in gross proceeds before placement agent fees, legal fees, administrative costs, and other offering-related expenses. The company issued 4,615,500 units at $1.30 per unit.
According to Mercom’s Q1 2026 Funding and M&A for Energy Storage report, announced debt and public market financing for the Energy Storage sector in Q1 2026 totaled $1.1 billion in 12 deals. Overall funding decreased 3% YoY compared to Q1 2025, when $1.13 billion was raised across 13 deals.
