Peak Power, an energy storage software and services provider, announced the successful closing of $35 million in financing to ramp up its expansion into the U.S. The company plans to hire for critical roles and continue to develop its software capabilities. The funding round was led by an affiliated fund of Greenbacker Capital Management, which provides growth capital and best-in-class guidance for growth-stage clean energy companies.
Through its venture capital arm, Volvo Cars has made a strategic investment in dcbel, a company that offers smart home energy solutions. The car maker’s corporate venture capital arm, the Volvo Cars Tech Fund, will support dcbel’s research, development, and market entry activities.
Bengaluru-based energy startup EMO Energy, which builds battery packs for high-power applications, has raised ₹100 million (~$1.2 million) in a seed round led by Transition Venture Capital. The round was co-led by Gruhas. EMO Energy offers battery packs for light electric vehicles (EVs). The company said these battery packs are powered by ZEN, a proprietary cell-agnostic tech platform that allows 100% fire safety, 20-minute fast charging, and 120% improvement in battery life.
Suntuity Renewables, a U.S.-based residential solar company, has reached a $190 million business combination deal with Beard Energy Transition Acquisition Corporation, a special acquisition company (SPAC). Suntuity will likely finalize the agreement in the last quarter of 2023, resulting in its listing on the New York Stock Exchange. Assuming no redemptions by Beard’s public stockholders, the combined company is anticipated to have a proforma enterprise value of $249 million. The transaction will generate around $255 million in gross cash proceeds.
The U.S. International Development Finance Corporation has agreed to extend a loan of $49.5 million to Genus Power Infrastructures for the expansion of electric smart meters implementation across India. DFC is the development finance institution of the United States. Genus has manufacturing plants across Jaipur, Haridwar, and Guwahati, with an installed capacity of over 10 million smart meters.
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.