Funding and M&A Roundup Home Electrification Company SPAN Raises $96 Million

SPAN, a smart electrical panel maker, has raised $96 million in a Series B2 funding round led by Wellington Management. The round also included participation from Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, and others. This brings the total funding raised by SPAN to $231 million since its inception in 2018.

ReNew Energy has raised $400 million through its fully owned subsidiary Diamond II from senior secured green bonds. The green bonds issued by ReNew’s subsidiary attracted significant investor interest from the United States, Europe, and Asia. This marked the first high-yield issuance out of India in over a year. The funds raised from the issuance will be used to refinance existing dollar-denominated debt and finance ReNew’s growth initiatives.

IndiGrid, the first power sector Infrastructure Investment Trust to be listed on the stock exchange in India, has announced that the International Finance Corporation has invested ₹11.4 billion (~$138.74 million) in its listed non-convertible debentures (NCD), with a total duration of 18 years. IndiGrid intends to use this debt to fund its refinancing needs for the fiscal year 2024.

Power Finance Corporation (PFC) has approved a loan of ₹6.33 billion (~$77 million) to Gensol Engineering for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs to expand its green mobility footprint. The company confirmed that the first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads in Delhi.

E-magy, a Netherlands-based cleantech startup that develops a novel silicon material for lithium-ion batteries, raised €15 million (~$16 million) in a Series A funding round. Hydro, an industrial company in a broad range of market segments, including aluminum, energy, metal recycling, renewables, and batteries, led the funding round. The new funding will enable E-magy to scale its production capacity and meet the growing demand from battery manufacturers and automotive OEMs for high-energy batteries.

Novalith Technologies, a lithium extraction and refining company, has secured AU$23 million (~$15.7 million) in Series A funding. Lower Carbon Capital led the round with participation from Clean Energy Finance Corporation, the Grantham Environmental Trusts’ Neglected Climate Opportunities Fund, TDK Ventures, and Investible. The company plans to use the Series A funding to scale up and commercialize its LiCAL Technology.

Ascent Solar Technologies, a provider of innovative, high-performance, flexible thin-film solar panels, announced that it has entered into a $9 million equity financing agreement with Singapore-based Lucro Investments. The proceeds of the investment will be used for general business operations and working capital for future initiatives.

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.