UrbanVolt, a solar-as-a-service company, raised €26 million (~$28 million) from European growth investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million). The funding will help UrbanVolt with its expansion plans in the Ireland, UK, and European markets. The company has signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.
U.S.-based battery materials producer Redwood Materials has secured over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S. The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.
American Battery Technology Company, an integrated battery materials technology company, has secured a debt financing of $50 million from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes. The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into a battery-grade lithium hydroxide product.
Allume Energy, a rooftop solar solutions provider, raised $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation. The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
Gotion High-Tech, a Chinese battery conglomerate, has acquired a 25% stake in Slovakian battery company InoBat, specializing in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers, with an initial focus on the CEE locations and Morocco to create green battery materials. The partnership will also enhance and accelerate R&D across the battery value chain.
The Board of Directors of Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights issue of Indian electric two-wheeler company Ather Energy. The indicative timeline for the completion of this investment is set for September 30, 2023. The investment will be made in Series E2 Compulsory Convertible Preference Shares of Ather Energy. Hero MotoCorp is already an existing shareholder in Ather.
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.