Funding and M&A Roundup: Volvo Group Acquires Battery Business for $210 Million

The Volvo Group announced the acquisition of the battery business from electric vehicle (EV) company Proterra and Proterra Operating Company. The deal was valued at $210 million before adjustment for inventory level at closing. The acquisition includes a development center for battery modules and packs in California and an assembly factory in Greer, South Carolina.

Haven Energy, a provider of home battery solutions, secured a total of $7 million in Series A funding. The round includes returning investors Lerer Hippeau, Giant Ventures, and Raven One Ventures, as well as new participation from Comcast Ventures, LifeX, TO VC, and Habitat Partners. The company guides homeowners through the selection, quoting, and financing of a home battery system, pairing them with vetted, qualified electricians to perform the installation.

Commercial EV leasing and asset management company Electrifi Mobility secured ₹250 million (~$3.02 million) in seed-stage funding led by Asian Development Bank  Ventures, AdvantEdge Founders, and others. The funding will help Electrifi scale up asset deployment, expand asset refurbishment service infrastructure, and fuel its plans to cover new cities.

Electric Vehicle ride-hailing platform Snap-E has raised $2.5 million in a pre-series A funding round led by Inflection Point Ventures. The company is expected to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities. With a 100% electric fleet that is committed to offering sustainable, efficient, and affordable mobility solutions, the company will also leverage the funds to expand to other geographical locations.

AZUL Energy, a developer of catalytic electrodes for fuel cells and metal-air batteries, raised ¥475 million (~$3.2 million) in Series A Funding led by Spiral Capital, with participation from TOHOKU University Venture Partners, JMTC Capital, Mitsubishi UFJ Capital, Governance Partners, and existing investor Spurcle, totaling six companies in a third-party allotment of new shares.  Founded in 2019, the company is developing catalytic electrodes used for the oxygen reduction reaction in fuel cells and metal-air batteries.

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.