Addionics, a chemistry-agnostic battery technology company, has raised $27 million in a Series A funding round to scale up its efforts to redesign battery architecture with the company’s Smart 3D Electrodes, which improves the cost and performance of batteries with any chemistry – existing or emerging. The funding round was led by Deep Insight, a deep tech investment firm founded and backed by Jeff Horing, the founder of Insight Partners, together with Catalyst Fund, Delek Motors, and Dr. Boaz Schwartz. Additional investments include strategic and financial support from Novelis, Magna International, JX Nippon Mining & Metals, Union Tech Ventures, 8090 Partners, GiTV, Talcar Corporation, Bridges Israel impact investment fund, Doral Energy Tech Ventures (Doral Energy CVC), and Dr. David Deak. Existing investors that participated in the round include NextGear Ventures, Magna Capital Partners, and Vasuki Global Tech Fund.
Sunrun, a US-based provider of residential solar electricity, announced it has retired its $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor than the company’s prior term extensions. The new recourse lending facility matures in January 2025, providing a longer tenor than the company’s prior recourse lending facility extension of 2 years. Concurrent with funding and closing, Sunrun repaid the existing $250 million recourse lending facility. The new recourse lending facility reflects improved terms, including a higher valuation for operating assets (now using a 5% discount rate), in conjunction with an increased advance rate against Sunrun’s project backlog.
South Korea’s electric vehicle battery maker LG Energy Solution made a market debut on January 27, 2022. The market capitalization of LG Energy stood at $98.3 billion at the close of trading on local stock exchanges. The firm’s stock price opened at 597,000 KRW ($496), nearly 99% up from its initial public offering price of 300,000 KRW ($250) apiece before falling as much as 25% in early trade and ending the day 68.3% higher. The world’s second-largest EV battery maker after Chinese CATL raised 12.8 trillion KRW (~$10.8 billion), valued the company at $59 billion, last week in South Korea’s largest IPO.
Bboxx, an off-grid solar supplier, secured a KES 1.6 billion (~$15 million) loan from SBM Bank Kenya, a local commercial bank, to provide access to clean, reliable, and affordable energy to nearly half a million people through off-grid solar home systems (SHS) in Kenya. GuarantCo, a part of the Private Infrastructure Development Group (PIDG), has provided a KES 1.2 billion (~$11.25 million) partial guarantee (75%) against the loan facility.
Greenbacker Capital Management, an investment company, announced that, through an affiliated fund, it has made an equity investment in Noria Energy, a California-based solar developer. Greenbacker’s growth investment will enable Noria to scale its platform while executing on and expanding its existing pipeline of solar projects. This pipeline includes both ground-mounted arrays and solar installations that float atop bodies of water. With this investment, Greenbacker enters the floating solar space, or photovoltaics, an emerging renewable energy asset class area with unique environmental and power production advantages.
Green Arrow Capital, an Italian independent alternative asset manager, has signed a framework agreement through the Green Arrow Infrastructure of the Future (GAIF) Fund with Progressum Energy Developments (PED), aimed at acquiring ready-to-build solar PV projects in Spain with an overall expected capacity of 508 MW and a total value of over €400 million (~$447.1 million). GAIF is the new infrastructure fund, managed by Green Arrow Capital, launched at the beginning of 2021.
Azure Power Global Limited announced the close of the subscription period for its rights offering. The company is expected to raise $249.93 million from the rights offering, backstopped by its shareholders CDPQ Infrastructures Asia and OMERS Infrastructure Asia Holdings. The company will announce the final results of the rights offering on January 26, 2022. Investors who have participated in the rights offering should expect to see the shares of common stock issued to them in book energy or form on or about January 28, 2022.
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.