Element3, a company that specializes in extracting lithium from oil and gas wastewater, announced that it has closed its seed investment round. The round was led by EIC Rose Rock and joined by leading oil and gas family offices and other strategic partners. The funding amount was undisclosed. The funding will enable Element3 to accelerate the development and testing of its patent-pending Direct Lithium Extraction technology and plans to deploy its technology in field operations by early 2024.
India-based solar module manufacturer Waaree Energies has filed draft papers with the market regulator to raise ₹30 billion (~$361 million) in an initial public offering (IPO). The IPO will feature a fresh issue of 3.2 million shares and an offer for sale of 2.7 million shares by promoter shareholder Waaree Sustainable Finance, 450,000 shares by Chandurkar Investments, and 50,000 shares by Samir Surendra Shah, according to the draft red herring prospectus filed with Securities and Exchange Board of India. The shares have a face value of ₹10 (~$0.12).
India-based digital lending platform Revfin has secured ₹115 million (~$14 million) in the latest round of funding to expand financing for electric vehicles, charging systems, and batteries. Led by Omidyar Network’s $5 million investment, the Series B funding was joined by Asian Development Bank, Companion Capital, and existing investors Green Frontier Capital and Lighthouse Canton Nueva. This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin’s total capital raised through debt and equity to ₹6.25 billion (~$75 million).
SinglePoint, a holding company providing renewable energy solutions and energy-efficient applications, announced the closing of its underwritten public offering of 800,000 shares of common stock at a public offering price of $5 per share. The gross proceeds from the offering, before underwriting discounts and commissions, and estimated offering expenses payable by the company are expected to be $4 million. The shares began trading on the BZX Exchange, a division of Cboe Global Markets, under the ticker symbol “SING.” The company intends to use the net proceeds of the public offering for general corporate purposes.
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.
