Funding and M&A Roundup: EV Charging Firm SWTCH Raises $27 Million

SWTCH Energy, an electric vehicle (EV) charging and energy management solution provider, has closed $27.2 Million in Series B Funding led by Blue Earth Capital with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp. The funding will help the company accelerate the expansion of EV charging solutions in multi-tenant buildings and energy management solutions for real estate customers.

Ecozen, a startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation. The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release.

Solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.

MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, secured $5.7 million in additional funding. The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA. The round is an extension of the $8.25 million in funding secured by the company last year to expand its commercial division and accelerate operations into 2024, bringing its total funding round to $14 million.

AQUABATTERY, a Netherlands-based startup specializing in long-duration energy storage solutions, secured a €6 million (~$6.4 million) seed investment led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels. The funding will help the company develop its first standardized battery module and boost hiring. The company plans to launch its fourth pilot battery in Delft, Netherlands, later this year.

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.