Otovo, a Norway-based residential rooftop solar installer, has raised NOK450 million (~$41 million) in a funding round led by existing investors Å Energi, Axel Johnson Group, and Nysnø, the Norwegian Government Climate Investment Fund. The net proceeds from the private placement will be used for growth capital to build up the company’s positions across Europe and for general corporate purposes to ensure a path toward profitability. The company plans to reach profitability through a combination of sales volume growth, operational cost improvements, and monetization of the Company’s subscription assets.
Ilmatar, an energy company and independent power producer, has secured a group-level debt financing package of €500 million (~$536 million) in a transaction led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation from Kommunal Landspensjonskasse, P Capital Partners and accounts managed by CIP. The package comprises a day-one committed tranche of €325 million (~$349 million) and an uncommitted increase option of €175 million (~$188 million). The funding will be used to accelerate the company’s growth.
Aigen, a solar-based agricultural robotic technology developer, has secured $12 million in Series A funding from ReGen Ventures along with NEA, Cleveland Avenue, Incite, and Susquehanna Private Equity Investments. According to the company, the funding will be used to expand Aigen’s manufacturing capacity to meet high pre-order demand. Aigen is developing solar-powered autonomous robots for crop management without chemicals or fossil fuels. The Aigen Element robots combine LTE connectivity with AI, ML, solar, and battery technology.
The Technique Solaire Group, an independent producer, has raised €200 million (~$215 million) from its financial shareholders, Bpifrance and Crédit Agricole group1, via its holding company JLT Invest. Its three co-founders (Julien Fleury, Lionel Themine, and Thomas de Moussac) retain a large majority of the capital. This funding round will enable the group to accelerate its growth in energy production activity, intensify its innovation strategy, and strengthen its international presence. The group operates more than 450 MW of solar energy in various types of installations: buildings, rooftops, carports, and ground-mounted solar installations.
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.