Project finance

Vulcan Energy Resources, a material exploration company, secured €40 million (~$44 million) through strategic investments. The breakdown of this funding includes €25 million (~$27 million) from CIMIC Group for 10 million shares, €12.5 million (~$13.6 million) from Hancock Prospecting for 5 million shares, and €2.5 million (~$2.7 million) from Victor Smorgon Group for 1 million shares, all through private placements. The funds raised will facilitate the early validation processes for the Engineering Procurement and Construction Management contract related to Vulcan’s Phase One lithium plant.

Microvast Holdings, a company that designs and manufactures lithium-ion batteries, secured an initial $12 million draw of a $25 million secured debt facility. According to the company, fierce competition in the battery market has forced it to streamline its operations to ensure long-term sustainability, including workforce reductions and consolidations within its U.S. battery division. The funding will be used to provide working capital to continue operating in the U.S.

candi solar, a solar solutions provider for commercial and industrial (C&I) consumers, has secured $38 million in equity investment in its Series C funding round led by Norfund, Kyuden International, and STOA. This investment will support candi solar’s growth plans in India and Africa, financing an additional 200 MW of solar projects for C&I consumers and bolstering hiring initiatives to sustain its expansion. candi solar operates across 17 states and two union territories in India, and eight provinces in South Africa.

Hero MotoCorp has increased its stake in electric mobility firm Ather Energy by 2.2% by purchasing shares worth ₹1.24 billion (~$14.85 million). The indicative period for the completion of the acquisition is July 31, 2024. The transaction will be made on an arm’s length basis.

Yokogawa Electric, a provider of systems and solutions for measurement, control, and information technologies, has acquired BaxEnergy, a provider of renewable energy management solutions. With this acquisition, Yokogawa has access to a range of solutions provided by BaxEnergy that are adopted by power companies across Europe.

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.


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