Nexamp, a developer of solar and storage projects, secured $520 million in a funding round led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital. The company said this investment would enable them to expand and expedite their existing renewable project pipeline across the country. Additionally, it will help develop partnerships in both new and existing markets, as well as consumer-driven offerings.
esVolta, a large-scale energy storage project developer, has closed a $185 million senior secured credit facility. The credit facility will provide additional development capital to secure obligations principally relating to interconnection, power purchase agreements (PPA), equipment deposits, and early pre-NTP construction funding for its 20+ GWh pipeline energy storage projects across the U.S.
GridBeyond, an intelligent energy and smart grid platform for distributed energy resource management, has closed €52 million (~$55 million) in Series C funding led by Alantra’s Energy Transition Fund, Klima. The round also included new investors, including Energy Impact Partners, Mirova, ABB, Constellation, Yokogawa Electric Corporation, and existing investor Act Venture Capital. The funding will be used to further improve GridBeyond’s technology and boost its expansion efforts.
Arcadia, a utility data and community solar company, secured $50 million in financing to support the growth of its community solar program. The funding will also support the company’s product innovation, leveraging AI to unlock new applications based on its energy data. The round includes a fund managed by Macquarie Asset Management as a new equity investor alongside existing investors.
Husk Power Systems, a decentralized solar-hybrid mini-grids provider, has secured a $4 million investment in debt financing from Electrifi. This impact investment facility will enable the company to accelerate its efforts to provide clean energy access in rural India. The latest funding adds to ElectriFi’s $6 million investment in September 2022, which allowed Husk to implement solar microgrids that electrified 80 communities.
AutoNxt Automation, a Maharashtra-based e-mobility tech startup, has raised funds in a Pre-Series A funding round to finance the launch of its first electric tractor with self-driving options. The funding round was led by Saama, an India-based early-stage venture capital firm. Amit Singhal, former Head of Google’s search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other marquee investors also participated in the funding round. The companies did not disclose the amount raised.
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
