ESS Tech, a manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, has closed $31 million in insider-led funding measures. This funding enables the company to build its technical momentum for its LDES product, Energy Base, which has a 12.2-hour duration at rated power and 17.8 hours at reduced power. The product is focused on being produced completely in the U.S.
Energy Storage developer Lightshift Energy has closed a $40 million corporate credit facility, provided by the institutional investment platform Aiga Capital Partners. The company plans to move a large portion of its pipeline into construction during the second half of 2025 and into 2026. This facility is expected to support its expanding portfolio by addressing interconnection and power purchase agreement security needs, as well as equipment deposits and other related costs.
Ionic Mineral Technologies, an advanced battery materials producer, has announced the closing of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company’s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually and supporting Gen-2 sample qualification with global battery OEMs and suppliers.
Foresight Group, an infrastructure and private equity investment firm, has announced the acquisition of Harmony Energy Income Trust (HEIT), a developer of utility-scale battery energy storage projects. Foresight Energy Infrastructure Partners II, an energy transition fund managed by Foresight Group, has acquired a 49% stake, while a Foresight portfolio company, Blackmead Infrastructure Limited, acquired the remaining 51%.
NLC India has granted an in-principle approval to invest up to ₹16.3 billion (~$190 million) in one or more tranches in its wholly owned subsidiary, NLC India Renewables (NIRL). This investment will be utilized to support NIRL’s renewable energy projects via capital expenditure funding. The investment will be made by subscribing to 100% equity shares in NIRL at their face value. The related-party transaction is subject to approvals from the Department of Investment and Public Asset Management and other relevant authorities.
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.
