Funding and M&A Roundup: Volvo Group Acquires Battery Business for $210 Million

CMBlu Energy, an organic solid flow battery technology developer, secured €100 million (~$105 million) equity investment from globally operating technology and construction group STRABAG SE. The funding will be used to scale up the company’s battery technology production. CMBlu Energy, together with collaboration partners, is currently working on multiple pilot projects in the U.S. and Europe to prove its large-scale energy storage solutions.

PMI Electro Mobility Solutions, an electric bus manufacturer based in Delhi National Capital Region, has secured a ₹2.5 billion (~$150.29 million) investment from Piramal Alternatives through the Performing Credit Fund in the form of convertible securities to advance green mobility efforts, facilitating innovation, technological integration and business expansion. ICICI Securities was the advisor to PMI Electro Mobility for the fundraising.

Omnidian, a provider of solar asset management solutions, closed a $25 million funding round which saw participation from existing investors Activate Capital, WIND Ventures, Avista Development,  Evergy Ventures, National Grid Partners, Congruent Ventures, Blue Bear Capital, and new investor HSBC Asset Management. Part of the capital funding will be used to further technical innovation to give clients improved transparency into portfolio performance, job site status, and active remediations.

Circu Li-ion, a battery recycling startup, raised €8.5 million (~$9 million) in seed funding. The funding includes €4.5 million (~$4.8 million) in equity, which was led by BonVenture, and additional backing from an undisclosed investor. The investment is complemented by €4 million (~$4.2 million) in grants from the European Innovation Council Accelerator and collaborations with recyclers and OEMs. The funding will be utilized to expand the company’s AI-driven battery upcycling solution and develop a battery recycling data repository.

Inlyte Energy, a developer of batteries for grid-scale energy storage, secured $8 million in seed funding to develop the first generation of its grid batteries made with iron and table salt. The funding round was by At One Ventures with participation from First Spark Ventures, Valo Ventures, TechEnergy Ventures, Climate Capital, Anglo American, and others. The company claims that its batteries will have the lowest cost once manufacturing is scaled; iron and salt are also locally produced in almost all parts of the world and avoid external supply chains.

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.