Hecate Grid Secures $125M Credit Facility to Finance Energy Storage Project Portfolio

Ascend Elements, a lithium-ion battery recycling and engineered materials company announced it has raised $162 million in new equity investments. Major investors include Just Climate, Clearvision Ventures, and IRONGREY. The new funding will advance the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky, which will produce sustainable cathode precursor (pCAM) and is expected to open in early 2025.

Singapore-based renewable energy firm Vena Energy signed a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region. The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract.

Antora Energy, a developer of thermal batteries, secured  $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek. The funding round also saw participation from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.

Altilium, a battery materials recycling company, secured $9.43 million from SQM Lithium Ventures,  the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round. Altilium is expanding its operations in the U.K. and Europe with the help of the funding. SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year.

India-based shared electric two-wheeler company Yulu has raised ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International. The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.

InSolare Energy, a Bengaluru-headquartered renewable developer and engineering, procurement, and construction (EPC) company, has raised ₹660 million (~$7.96 million) in a growth funding round. The funding was led by Negen Capital, with participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal – Khazana Tradelink. The company plans to utilize the funding to enhance its portfolio and EPC execution capabilities.

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.