Peak Energy, a sodium-ion battery manufacturer, secured $55 million in a Series A funding round led by Xora Innovation, Temasek’s Early-Stage deep-tech investing platform. The company will use this funding to commercialize sodium-ion battery technology and launch a pilot program. This round also involved new investors, including Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, DETV-Scania Invest, and existing investor Eclipse and strategic partner TDK Ventures.
The Asian Development Bank (ADB) has approved loans of $240.5 million to finance rooftop solar systems in India. The financing will be provided to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop solar systems across India. This funding will support the second and third tranches of the Multi-tranche Financing Facility Solar Rooftop Investment Program, approved by ADB in 2016.
NineDot Energy, a developer of community-scale clean energy projects, closed an additional $25 million revolving credit debt facility provided by NY Green Bank, a New York State Energy Research and Development Authority division. The facility extends and increases the early-stage standalone storage financing completed by NY Green Bank last year to $50 million. The company has stated that it has secured over $400 million in total to acquire, develop, and operate battery storage sites across the New York City boroughs, Westchester County, and Long Island.
itselectric, a provider of electric vehicle charging solutions, secured $6.5 million in a seed funding round, bringing its funding total to $11.8 million. This round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. The funds acquired will be used to deploy pilot EV chargers across several major U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.
Electric vehicle (EV) ride-hailing startup MyPickup raised ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures (IPV). MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization. The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.
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.
