Swift Solar Raises $27 Million in Series A Funding

Exeger, a developer of solar cell technology, secured a €35 million (~$38.4 million) loan from the European Investment Bank. The loan was backed by the InvestEU program, the financing instrument designed to support more than €372 billion (~$408 billion) in additional investment for EU policy priorities between 2021 and 2027.

Alternus Energy Group, a renewable energy independent power producer, has completed its merger with Clean Earth Acquisitions Corp, a special purpose acquisition company. The transaction was approved by Clean Earth shareholders. The newly formed company, Alternus Clean Energy, will trade on the NASDAQ Stock Market under the ticker symbol ALCE starting December 26, 2023. Alternus Energy Group will retain approximately 80% ownership of the company, while Clean Earth sponsors and public shareholders will hold the remaining shares.

KPI Green Energy, a renewable energy solutions provider, has raised ₹3 billion (~$36.08 million) through Qualified Institutions Placement. The company’s board approved the issuance and allotment of 2.54 million equity shares to qualified institutional buyers at the issue price of ₹1,183 (~$14.23) per equity share against the floor price of ₹1,245 (~$14.97). Post the allotment, the company’s paid-up equity share capital rose from ₹376.52 million (~$4.53 million) to ₹401.88 million (~$4.83 million) consisting of 40.19 million equity shares each.

Kraken Technologies, a software provider for the energy industry and part of Octopus Energy Group has announced the acquisition of Sennen, a software provider for the delivery and operation of large-scale renewable energy generation. The deal will enhance Kraken’s asset management offering, allowing it to develop more innovative products and services for its clients. It will also increase Kraken’s contracted energy generation and storage assets sixfold, from 6.5 GW to 36 GW, and enable it to manage offshore wind farms for the first time.

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.