Driveco, a provider of EV charging solutions, raised €250 million (~$273 million) from APG, an institutional investor. The funding round also saw the participation of existing shareholders Mirova and Corsica Sole, who remain the majority owners of Driveco. Driveco plans to use the new investment to expand into EV charging infrastructure market in France and Europe.

H2B2 Electrolysis Technologies, a Spain-based electrolyzer manufacturer and green hydrogen project developer, has reached a $750 million business combination deal with RMG Acquisition Corp III, a special acquisition company. The transaction is conditioned upon the completion of a capital raise of at least $40 million with a potential horizon of $125 million, the completion of a cashless warrant exchange by RMG III, and approval by RMG’s shareholders. The proposed transaction is expected to be closed in the second half of 2023.

Renewables-focused infrastructure investment trust Virescent Renewable Energy Trust said it has signed definitive agreements under which IndiGrid will acquire all units of Virescent for up to ₹40 billion (~$487 million). IndiGrid executed a unit purchase agreement with Virescent on May 12, 2023, to acquire 100% of the latter’s units in one or more tranches. The signing of the agreement follows a competitive sales process that attracted interest from several investors based in markets globally.

JOLT Energy, a provider of EV charging solutions, has secured a €150 million (~$162 million) investment from InfraRed Capital Partners, an infrastructure fund manager. The investment will help JOLT expand its network of battery-buffered ultra-fast charging stations in urban areas across Europe and the U.S. Unlike conventional EV charging stations that require high-voltage grid connections, JOLT’s technology uses battery storage to provide additional energy for fast and convenient charging.

First Solar, a leading provider of solar photovoltaic solutions, has acquired Evolar, a Swedish company focused on developing perovskite technology for tandem solar cells. Under the terms of the agreement, which were not disclosed, First Solar will pay approximately $38 million at closing and up to an additional $42 million, subject to certain technical milestones being achieved in the future. Evolar’s laboratory in Uppsala will continue to conduct research activity, while approximately 30 of its R&D staff will join First Solar and work closely with its existing team of about 60 scientists at its advanced research technology center in Santa Clara, California, and the development teams in Perrysburg, Ohio.

Eos Energy Enterprises, a provider of zinc-powered long-duration energy storage systems, announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 3,601,980 shares of the Company’s common stock at a purchase price of $2.221 per share in a registered direct offering. The gross proceeds from the offering are expected to be approximately $8 million. The company intends to use the net proceeds from this offering as working capital.

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.