Solar AI Startup Cosmos Innovation Raises $19.7 Million

Northvolt, a battery manufacturer, received a $400 million investment from the Investment Management Corporation of Ontario, a Canadian pension fund manager, in collaboration with Global Infrastructure Groups. The investment was converted into notes and will support Northvolt’s expansion plans. The company aims to deliver batteries with an 80% lower carbon footprint. It operates a recycling facility that recovers used batteries and turns them into raw materials for new ones.

Recurrent Energy – a utility-scale solar and energy storage developer and a subsidiary of Canadian Solar – secured a €150 million (~$164 million) multicurrency facility from Santander Corporate & Investment Banking, a financial institution. The funding will help Recurrent Energy grow its business and retain more ownership of its assets in select markets. The company has a total global solar project pipeline of 25 GW and 47 GWh of battery storage, of which 14 GW and 12 GWh have interconnections granted.

Sustainable infrastructure investor Actis has agreed to sell the entirety of BTE Renewables to France-based energy firm ENGIE and global investor and asset manager Meridiam. Upon completion of the transaction, ENGIE will acquire BTE’s South African renewable project portfolio and team, while Meridiam will take ownership of the Kenyan portfolio and team. BTE primarily focuses on utility-scale wind and solar projects across the pan-African region.

GridPoint, an energy efficiency solutions provider, secured a credit facility of up to $150 million from HASI, a climate solutions investor. The facility will allow GridPoint to expand its subscription model platform that uses data analytics, patented algorithms, and intelligent automation to optimize the energy profile of businesses. It monitors and controls on-site assets, such as HVACs, meters, and sensors, and provides real-time energy consumption and performance insights. The funding round expands on the partnership between GridPoint and HASI that started in 2019.

Applied Value Group, an Investment, Management Consulting, and Social Impact group, has announced its acquisition of ES Solar, a residential and commercial solar and battery installer. The deal will enable ES Solar to expand its operations, launch new products, and strengthen its position in the renewable energy sector. The company offers customized renewable energy systems for residential, commercial, and industrial customers, specializing in battery storage solutions with solar.

SafEarth, an India-based technology platform for renewable energy transition, has completed a funding round of ₹35 million ($426,755) to support the company’s product development initiatives and expansion into new industrial belts across the country. The funding round was led by Anthill Ventures, Third Derivative, and Mumbai Angels. SafEarth is an energy transition platform assisting commercial and industrial consumers in evaluating solar transition options and savings.

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.


RELATED POSTS