Fluence, a provider of energy storage products and services, announced that it has entered into a four-year $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the existing $200 million Revolving Credit Facility (RCF), which was terminated. The transition from the RCF to the larger ABL facility will improve Fluence’s ability to manage working capital.
Stardust Power, a manufacturer of battery-grade lithium products, entered into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company, that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’. The Pro forma implied an enterprise value of around $490 million for the combined company.
OVO Energy, an independent energy supplier that provides gas and electricity services to residential and business customers, announced the acquisition of the UK Public Electric Vehicle (EV) Charging Aggregator Startup Bonnet. Bonnet provides a platform that combines nationwide public EV charge point operators on one app, helping drivers locate, use, and pay without switching between different cards or logins.
India-based electric vehicle company Baaz Bikes has announced the completion of its Series A funding round, raising $8 million. The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha. Baaz Bikes develops electric scooters and battery-swapping solutions for gig workers.
Solfium, a solar-tech company, raised $3 million in seed funding to expand its operational capacity, invest in technology and improve its sales pipeline. The funding saw participation from Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others. The company provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses and shovel-ready solutions for corporate customers.
Longroad Energy Holdings, a renewable energy developer, owner, and operator, announced the close of a $600 million debt financing to further accelerate the growth of its wind, solar, and battery portfolio. The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility. The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.
