ACT-ion Battery Technologies, a producer of cathode active materials for lithium-ion batteries, raised a $4 million extension to its Pre-Series A funding round. The extension increases the company’s total funding to $11.5 million, building on the $7.5 million raised earlier this year in the initial phase of the round led by BASF Venture Capital.
Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has secured ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates. ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares.
Battery innovation company Offgrid Energy Labs has raised $15 million in a Series A funding round led by Archean Chemical Industries. This round also saw participation from existing investor, Ankur Capital. Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the U.K., enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.
Nextracker, a solar tracker and software solutions provider, announced its expansion into the solar panel frame market with the acquisition of Origami Solar, a provider of roll-formed steel frame technology for solar panels, in an all-cash transaction of approximately $53 million, including future contingent earnout consideration. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive its panel-tracker solutions.
Solar manufacturer GREW Solar, a subsidiary of Chiripal Group, has raised ₹3 billion (~$34.09 million) from a group of investors, including those from GeeCee Holdings. Grew Solar will utilize the funds to develop new products, strengthen its technological infrastructure, and drive capacity expansion across its facilities. The new funding comes as the company plans to increase the capacity of its module manufacturing facility in Rajasthan, India, to 11 GW.
Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, announced the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International. Solaris acquired Sunnova’s residential solar servicing, operations & management platform, as well as its solar generation and storage portfolio. Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.
Renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to acquire 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million). The acquisition will be subject to the SPA’s closing conditions and adjustments. AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.
Solar module manufacturer Waaree Energies will acquire a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons for ₹1.92 billion (~$21.79 million). The acquisition is expected to be completed by September 30, 2025. Post acquisition, Kotsons will become Waaree’s subsidiary.
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.
