Funding and M&A Roundup: energyRe Raises $1.2 Billion for Renewable Expansion

energyRe, a renewable energy developer, raised $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.

Global energy conglomerate bp will acquire an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.

AM Batteries, a lithium-ion dry-electrode technology firm, closed a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.

Monterra, an electric vehicle (EV) charging software company, secured $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.

Modo Energy, a London-based energy storage data and research software platform, has secured $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.

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.