Funding and M&A Roundup Battery Cell Manufacturer SVOLT Raises $1 Billion

SVOLT, a battery cell manufacturer, raised ¥6 billion (~$1 billion) in a financing round. The company plans to invest the fresh capital mainly in developing new technologies and constructing new production facilities and R&D centers. This is already SVOLT’s third financing round this year. According to SVOLT, investors such as Sichuan Energy Investment, Han’s Laser Technology, Changzhou Xingyu, and CDH Investments participated in the B+ financing round. However, some state-controlled investors, as well as existing investors, have also participated in the round.

SUSI Partners, through its Energy Transition Fund (SETF), has acquired a 50% interest in Starling Energy Group, a clean energy developer specializing in delivering integrated solar and storage systems to residential energy consumers through its Plico Energy business. As part of the agreement, SETF commits to providing additional capital for the rollout of more than 10,000 systems over the coming years. Through Plico Energy, Starling enables homeowners to become largely self-sufficient energy consumers through a combined offering of rooftop solar panels, a battery storage unit, and software-driven dispatch optimization. SETF’s funding commitment ensures that customers face no upfront costs, thus significantly increasing demand and accelerating the deployment of the systems.

Stem, a U.S.-based artificial-driven (AI) energy storage software and services provider, has entered into a definitive agreement to acquire Also Energy, a U.S.-based solar asset management software provider, in a stock and cash transaction. According to the agreement, the company will acquire all the outstanding shares of Also Energy for $695 million on a cash-free and debt-free basis, accounting for around 75% of the total consideration in cash and the remaining 25% in Stem’s common stock. The transaction is expected to be completed in the first quarter (Q1) of 2021. The deal will combine Stem’s unique storage optimization capabilities with Also Energy’s market-leading solar asset performance monitoring and control software to deliver a one-stop solution for renewable energy projects. Stem will also provide smart energy storage solutions to Also Energy’s existing front-of-meter and commercial and industrial consumers.

GameChange Solar, a provider of tracker systems for utility-scale solar projects, announced that Koch Strategic Platforms (KSP), a subsidiary of Koch Investments Group, has made a $150 million investment in GameChange to support the company’s strategic development goals. The net proceeds of the investment will be used by GameChange Solar to expand its market share in the U.S. and globally; accelerate product research and development, including margin-enhancing balance of system solutions, a new 2P tracker technology, a new fixed-tilt system, and advanced tracker software.

Exeger, the Swedish industrial company that produces patented solar cell technology Powerfoyle, announced the acquisition of Intivation BV, a boost converter designer specialized in low power applications. The acquisition will secure a key component ensuring optimal system output and strengthening the ecosystem around Powerfoyle, allowing it to provide more power to devices.

Hyperlight Energy, a developer of concentrated solar power (CSP) technology, announced the launch of a $5 million private placement offering in accordance with Regulation Crowdfunding (RegCF) adopted by the Securities and Exchange Commission, through StartEngine.

Shell New Energies, a subsidiary of Royal Dutch Shell,  signed an agreement to buy a 100% stake in Savion, a utility-scale solar and energy storage developer in the U.S., from Macquarie’s Green Investment Group. Savion has a pipeline of more than 18 GW of solar and energy storage projects, with over 100 projects under development in 26 states. Subject to the satisfaction of closing conditions, Savion will be a wholly-owned subsidiary of Shell, operating under its existing brand within Shell’s Renewables and Energy Solutions Integrated Power business.

Geenex Solar, a utility-scale solar developer, focused on the PJM energy marketplace, announced the closing of additional financing from New Energy Capital (NEC). NEC and Geenex entered into their first financial arrangement in early 2019. Capital raised will provide Geenex Solar with the ability to fund critical development and operating expenses. This new investment will allow Geenex to advance further their pipeline of more than 8 GW of solar and energy storage projects across the Southeast and the Midwest.

Electric vehicle (EV) energy stack developer Exponent Energy has secured $5 million in its pre-series A round of funding. The round was led by YourNest VC, with participation from 3one4 Capital, AdvantEdge VC, and automotive component maker Motherson Group. The company will use the funds raised to begin commercial operations and scale it across multiple cities, starting with Bengaluru from early 2022.

German energy supplier MVV Energie has acquired all the shares of AVANTAG Energy and its sister company Philipp Rass Energy for an undisclosed amount. According to the company, the purchase complements MVV’s portfolio in the German market, as both acquired parties are specialists in solar project development in the German industrial, commerce, and real estate sectors. AVANTAG Energy’s solutions focus on rooftop PV systems with a rated output from 100 kW up to the largest roof areas of up to 1 MW.

Xurya, a Jakarta-based startup that develops rooftop solar panels for business and Industries in Indonesia, raised nearly $11.5 million in a Series A funding round from the group of investors, including East Ventures (Growth Fund) and Schneider Electric Energy Access Asia. The startup has bagged around $15.66 million in funding so far.

ADT, formerly The ADT Corporation, an American company that provides residential, small, and large business electronic security, fire protection, and other related alarm monitoring services throughout the U.S., announced it had completed its acquisition of Sunpro Solar. With the acquisition of Sunpro Solar, ADT is introducing ADT SolarTM, which will provide customers with rooftop solar and energy storage solutions to increase their energy independence and help them save money on their energy expenses. Sunpro currently operates in 22 states, and ADT Solar plans to expand to more markets across the U.S.

A Keppel Corporation-led consortium has announced that it would acquire a 51% equity stake in Singapore-based solar developer Cleantech Solar for up to $150 million. The consortium includes Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF. The consortium will acquire the stake through Cloud Alpha Pte Limited. The transaction is expected to be completed in the first quarter of 2022. Shell Eastern Petroleum Limited, Cleantech Solar’s existing shareholder, holds the remaining 49% of the equity stake

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s funding roundup.