London-based hydrogen fuel cell company Bramble Energy raised £35 million (~$47 million) in a Series B funding round led by HydrogenOne Capital Growth. Other existing institutional investors, BGF, IP Group, Parkwalk Advisors, and the UCL Technology Fund, joined the round. The funds will be used to expand the product line and implement hydrogen fuel cell stacks. The additional funding is expected to help Bramble extend its team to over 100 employees and provide a springboard for deploying zero-emission projects commercially.
Sunvigo, a Cologne-based solar system installer, raised €15 million (~$17 million) in the latest financing round. Sparta Capital and Eneco led the funding round with Ecosummit, High-Tech Grunderfonds (HTGF), and Ubermorgen Ventures. Deutsche Kreditbank AG (DKB) provided a further €5 million (~$5.7 million) in debt capital. Sunvigo offers homeowners an electricity contract, including a solar system. The company installs and operates the solar panels at the customer homes, while they pay only for the electricity. In addition to solar systems, Sunvigo also extends solutions for battery storage and charging devices for EVs.
Antora Energy, a California-based thermal energy storage developer, raised $50 million in funding. Breakthrough Energy Ventures and Lowercarbon Capital co-led the funding round with Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures, Overture VC, Impact Science Ventures, and existing investor Fifty Years VC. The company plans to use the fresh funds to build out its first customer-sited projects and speed up hiring.
Husk Power Systems, a distributed utility company that provides minigrids to rural communities and businesses entirely from renewable energy sources, announced that it had secured ₹310 million (~$4.2 million) in debt financing from the Indian Renewable Energy Development Agency (IREDA). IREDA is a state-owned non-banking financial institution under the administrative control of the Ministry of New and Renewable Energy that promotes, develops, and extends financial support to renewable energy projects.
South Korea’s electric vehicle battery maker LG Energy Solution (LGES) announced that it had acquired NEC Energy Solutions, a grid battery integrator based in the U.S. LG Energy Solution has acquired 100% shares of NEC Energy Solutions from its parent, NEC Corporation. With the acquisition, LGES will set up a corporation under a new name, LG Energy Solution Vertech. Following the acquisition of NEC Energy Solutions’ technologies, LG Energy Solution will offer fully integrated AC and DC storage systems, all supported by operations services modified to meet clients’ needs; such services could include equipment installation, remote monitoring service, and scheduled maintenance.
JET Charge, an Australia-based electric vehicle (EV) charging infrastructure and technology company, announced that it had raised over A$25 million (~$17.84 million) in a Series B funding round. The Royal Automobile Club of Victoria (RACV) led the Series B funding round. The Clean Energy Finance Corporation (CEFC), through the Clean Energy Innovation Fund, and Claremont Capital, Greg Roebuck, founder of Carsales.com.au, and climate tech investor Simon Monk were the other participants.
Above, a solar data, and analytics company, secured a £2.4 million (~$3.2 million) investment from Clean Growth Fund, a UK venture capital fund that invests in early-stage clean energy technology companies. Above, founded in 2016, works with solar energy companies to deliver solar project data and analytics through its interactive web-based platform, SolarGain. The company’s technology digitizes solar assets, optimizing the operational efficiency and performance of ground-mounted and roof-mounted solar PV assets.
Brazil-based communications equipment company Intelbras, known for electronics and security products, announced the acquisition of the Santa Catarina company Renovigi Energia Solar in a transaction worth R$334 million (~$64.8 million). The acquisition is part of Intelbras’ strategy to consolidate itself as a reference company in the solar energy market. The operations of both companies, as well as commercial and product policies, will remain independent.
German electric utility Enercity is acquiring a 30% stake in Cologne-based PV start-up Installion to boost its capabilities in the solar sector. Founded in 2019, Installion uses a digital platform to carry out assembly works for photovoltaic systems, e-charging boxes, and storage systems.
Berlin-based, Solar startup Sunhero has raised $4 million in a seed funding round. Speedinvest led the financing round, along with participation from All Iron Ventures. The funding will be used to expand the company’s further growth, mainly in sales, operations, and leadership positions, all as it eyes international expansion plans.
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.
