Enphase Energy, a micro inverter-based solar-plus-storage systems supplier, acquired California-based SolarLeadFactory. The financial terms of the transaction were not disclosed. Founded in 2012, SolarLeadFactory produces, curates, and distributes solar leads across the U.S. With the acquisition, Enphase plans to build a digital platform for installers that incorporates tools to design, permit, install, monitor, and maintain solar and battery systems; and this acquisition is expected to add lead generation capabilities to that toolset.
Australia-based Sun Cable, a clean energy company, has raised A$210 million (~$153 million) in a Series B funding round. Grok Ventures and Squadron Energy (a wholly-owned subsidiary of Tattarang) co-led the financing round. The company plans to use the proceeds to develop the Australia-Asia PowerLink (AAPowerLink) project and accelerate its multi-gigawatt generation and transmission projects. The AAPowerLink will be capable of supplying up to 15% of Singapore’s total electricity needs.
Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries, substantially acquired all assets of Lithium Werks BV, a provider of cobalt-free Lithium Iron Phosphate (LFP) batteries, for $61 million, including funding for future growth. The acquired assets include 219 patents of Lithium Werks, the manufacturing facility in China, key business contracts, and the hiring of existing employees. The patents are related to the LFP process and technology, including exclusive rights to superior LFP nanotechnology, cell design, proprietary carbo-thermal reduction manufacturing method, and several next-generation electroactive materials.
Solar cell manufacturer Jupiter International raised ₹1.7 billion (~$22.19 million) from funds managed by Edelweiss Alternative Asset Advisors (EAAA). The capital raised includes debt and a convertible to an equity instrument. The capital will be used to expand its solar cell manufacturing capacity by adding a new 500 MW cell line based on the latest Monocrystalline Passivated Emitter and Rear Cell (PERC) technology. Its current solar cell production capacity is at 430 MW. Jupiter’s production facility is located at Baddi, Himachal Pradesh, India.
ION Solar, a provider of rooftop solar sales and installations, announced an investment led by the investment team at Greenbelt Capital Partners. Investors in the transaction included Trilantic Energy Partners II North America, Blackstone Credit, and Energy Impact Partners. Matthew Rasmussen, David Rasmussen, and Jeremy Call, the founders of ION, will continue to own a majority equity stake in the business and will lead the company through its next phase of growth.
Berlin-based Solytic, an energy monitoring platform, raised €2 million (~$2.2 million) in funding. The round was led by German energy company EWE AG and Polish fund SpeedUp Energy Innovation, powered by PGE Ventures. The additional capital will be utilized for further product development and creating AI-based care technology for PV installations.
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.