Addionics, an Israel-based chemistry-agnostic battery technology company, raised $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors. The investment will allow Addionics to build up teams across the globe and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.
d.light, a provider of off-grid solar solutions, closed a securitization facility that will purchase $176 million of receivables in Kenya, Tanzania, and Uganda. A social impact-focused asset management company, African Frontier Capital, is providing the funding. d.light will use the facility to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.
Splight, an AI-based smart grid solutions provider, has secured a $12 million seed funding round led by noa (formerly A/O). EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation also joined this round. This funding will support the company expand its presence across North America and the European Union. Splight aims to cater to growing renewable energy demand and the need for efficient grid operations, stating it has developed a new AI-based technology that tackles grid congestion using inverter-based resources as a source of reliability.
Noida-based sustainable biogas solutions company Gruner Renewable Energy has secured funding of $60 million to establish new compressed biogas (CBG) plants across the country. Gruner is also setting up one of Asia’s largest CBG plants in Navsari, Gujarat. The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy. Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.
Solar EPC and turnkey solution provider Rays Power Infra has raised ₹1.27 billion (~$15.17 million) in equity capital from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds. The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital. The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.
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.
