FranklinWH, a residential energy management solutions provider, secured $25 million in Series B funding led by Particle Future. The funding is expected to help the company expand its R&D capabilities, optimize its supply chain, and scale up its operations and sales network. The company’s technology called the Franklin Home Power system, is a home energy management system that combines the aPower battery, which contains LFP batteries, and the aGate, a smart power control system.
Northvolt, a Sweden-based manufacturer of lithium-ion batteries, has announced raising $1.2 billion in convertible notes to support its expansion plans across Europe and North America. The latest funding represents an extension of the $1.1 billion convertible note initially signed in July 2022. This financial injection has garnered investments from funds characterized as “dark green,” aligning with Article 9 of the EU’s Sustainable Finance Disclosure Regulation. Key players leading this extension include the Investment Management Corporation of Ontario, BlackRock, Canada Pension Plan Investment Board, and the financial partner OMERS.
France-based energy firm ENGIE has announced the signing of a definitive agreement to acquire 100% of Houston-based battery storage company Broad Reach Power, with a focus on facilitating the growth of its renewable energy portfolio. The acquisition was facilitated in partnership with investment funds EnCap Investments and Apollo. The transaction involves a multifaceted portfolio encompassing 350 MW of operational assets and 880 MW of assets currently under construction and slated for commissioning by the close of 2024.
Electric Era, a provider of EV Charging Solutions, closed a $11.5 Million Series A Funding round led by HSBC Asset Management, with participation from SQM Lithium Ventures, Blackhorn Ventures, and Proeza Ventures. The latest round brings the company’s total funding raised to date to $19 million. The new funding is expected to accelerate the company’s PowerNode charging station production and deployments to meet growing demand.
Gulf Oil Lubricants India, an India-based lubricant manufacturing firm, is set to acquire a 51% stake in the electric vehicle charging solutions provider Tirex Transmission in a deal valued at approximately ₹1.03 billion (~$12.4 million). The capital infusion into Tirex will primarily fuel research and development initiatives, bolster production capabilities, and extend the service network. The acquisition hinges on the finalization of definitive agreements and the fulfillment of predefined closing conditions.
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.