Sweden-based lithium-ion battery manufacturer Northvolt signed a $1.1 billion convertible note to finance its expansion of battery cell and cathode material production in Europe to support the rapidly expanding demand for batteries. Investors participating in the capital raise were AMF, AP funds 1-4 (via the co-owned company 4 to 1 Investments), ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo through Fondaco Growth, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital, and Volkswagen Group.
Eurazeo, an investment company, announced the sale of its entire stake in Reden Solar to a consortium led by Macquarie Asset Management, British Columbia Investment Management Corporation (BCI), and MEAG. This sale was completed based on an enterprise value of €2.5 billion (~$2.6 billion) and generated cash proceeds of €633 million (~$644 million) for Eurazeo. Eurazeo was a shareholder in Reden since 2010 and partnered with InfraVia in 2017.
India-based solar financing startup Aerem has raised $2.5 million in pre-Series A funding to build a technology platform to enable end-to-end seamless interaction with various stakeholders. The funding round was led by Blume Ventures. Aerem said it would also use the capital to recruit and skill teams in leadership for diverse categories, including technology, product, finance, and operations. The company is pioneering a full-stack solution with a vision to build the country’s first asset finance and quality platform for solar. The platform would be equipped to address critical points of friction that pose challenges in adopting rooftop solar for micro, small, and medium enterprises.
Birch Creek Development announced that Fundamental Renewables, the renewable and clean energy investment arm of Fundamental Advisors, will increase its existing credit facility with Birch Creek to $250 million. The company said it would use the new funding to develop and construct utility-scale solar projects in the United States and strategic acquisitions in key markets. The investments will also support the company’s solar module procurement strategy.
Equinor, a renewable energy company, signed an agreement to acquire a 100% stake in East Point Energy, a battery storage developer in the U.S. The transaction is expected to be completed in Q3 2022. East Point Energy, situated in Charlottesville, Virginia, currently has 4.1 GW of current pipeline of early to mid-stage battery storage projects on the US East Coast.
British International Investment (formerly CDC Group), a U.K. government-owned development finance institution, will invest up to $250 million in a new passenger electric vehicle (EV) venture to be launched by Mahindra & Mahindra, a leading Indian automotive group. British International’s investment is designed to accelerate the availability and adoption of EVs in India and other markets served by Mahindra and support an ecosystem of EV component manufacturers. The business will develop four-wheel passenger EVs for Indian consumers and other global markets.
Surat-based EV startup, EVIFY Logitech, has raised $100,000 in a seed round from angel investors, including We Founder Circle. The company provides a technology-enabled EV logistics platform and aims to provide green logistics-based end-to-end services to e-commerce giants. It plans to develop its platform more extensively by adding Geofencing, customized BMS, telematics, client insights, and driver and fleet management. EVIFY intends to transform the country’s last-mile deliveries to be electric and environment-friendly.
Chinese solar-grade polysilicon producer Daqo New Energy Corp has listed its major operating subsidiary and completed its private offering on the Shanghai Stock Exchange. Xinjiang Daqo New Energy has raised about CNY 11 billion (~$1.64 billion) by issuing 212.4 million shares at CNY 51.79 (~$7.7). The company said the issued shares represent a stake of around 9.94%, adding that it beneficially owns about 72.68% of Xinjiang Daqo’s shares.
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.