Funding and M&A Roundup Cornish Lithium Secures $67 Million Funding

Cornish Lithium, a U.K.-based mineral exploration and development company, has secured a $67 million direct equity investment led by UK Infrastructure Bank alongside the Energy & Minerals Group (EMG) and TechMet. The funding is expected to significantly accelerate progress toward creating a domestic supply of battery-grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources.

d.light, a provider of solar-based products and solutions, secured a $30 million securitization facility from Eastern and Southern African Trade and Development Bank Group, with the capability to purchase up to $125 million of receivable assets. The facility brings the company’s total securitized financing since 2020 to $490 million. d.light is expected to use the capital to increase its existing securitized financing facility and scale up its low-cost Pay-Go personal finance service in Tanzania.

Treehouse, a home electric vehicle (EV) charging solutions provider, has secured $10 million in funding. The funding round was led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The funding will be utilized to expand the company’s installation-as-a-service offering to more than 30 states in the next 12 months.

STANLIB Asset Management, an investor in sustainable infrastructure in South Africa, has acquired a majority stake in Solareff, an engineering, procurement, and construction company. The acquisition was made through the STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals. Solareff is also the controlling shareholder of GridCars, a company that provides electric vehicle charging infrastructure in South Africa.

Indian EV charging solutions startup chargeMOD has raised ₹25 million (~$301,291) from Phoenix Angels in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector. chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.

Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency, closed a $12 million Series A3 funding round, bringing the total Series A funding raised to $24 Million. The round was led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.

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.