Clean Energy Management Platform Verse Secures $20.5 Million Series A Funding

BrightNight, an independent power producer, announced the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.

Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, secured a five-year debt facility of €50 million (~$55 million) from ING Bank, which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.

Recurrent, an electric vehicle (EV) and battery health data company, has secured $16 million in an oversubscribed Series A funding round led by ArcTern Ventures. The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.

Technology Minerals, a battery raw material extraction and recycling company, has entered into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.

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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