Beam Global, a solar-powered electric vehicle charging and energy storage solutions provider, has secured a $100 million line of credit from OCI Group, a London-based supply chain solutions specialist. The facility is a five-year agreement. Beam Global intends to use the funds to provide working capital to support the company’s growth in product orders and deliveries.
The International Finance Corporation IFC, a member of the World Bank Group, has announced an investment of ₹6 billion (~$72.9 million) in a subsidiary of Mahindra & Mahindra to expand the reach of affordable electric three-wheelers and small commercial vehicles. The investment allows IFC to own 9.97% to 13.64% of the new company.
Brookfield Renewable, a renewable energy company, has acquired a 50% stake in renewable developer X-ELIO from private equity firm KKR. Following the transaction, Brookfield Renewable will own 100% of X-ELIO. The companies didn’t disclose the financial terms of the transaction. The transaction is expected to close during the second half of 2023.
International Finance Corporation, a member of the World Bank Group, will invest ₹3.75 billion (~$46 million) through a sustainability-linked bond issued by Tata Cleantech Capital. The investment will help Tata Cleantech Capital advance as a green financer while supporting its climate and sustainability targets. The company will work towards scaling up on-lending towards renewable energy projects and diversifying into energy efficiency and e-mobility sectors over the next three years.
Gensol Engineering, a part of solar engineering, procurement, and construction company Gensol Group, has acquired India-based solar tracker manufacturer Scorpius Trackers for ₹1.35 billion ($16.4 million). Gensol said the acquisition would enable the company to provide end-to-end engineering and construction solutions to its customers and bolster its plans to expand its clean portfolio in India and overseas.
India-based electric mobility company Motovolt has acquired a stake in eROCKIT, a Germany-based electric two-wheeler original equipment manufacturer. The deal would provide Motovolt access to new technologies and resources by investing in a German electric vehicle manufacturer, while eROCKIT can benefit from Motovolt’s expertise in the Indian market.
Technology Minerals, a company developing a circular economy for battery metals, has announced that it has secured £2.5 million (~$2.7 million) from a new investor. The funds will strengthen the company’s position and support further work to enhance the value of its battery metals mining assets. It would also facilitate the scale-up of operations at Recyclus, a subsidiary of Technology Minerals that operates a lithium-ion battery recycling plant in West Sussex, U.K.
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.