Battery recycling firm Redwood Materials closed a $350 million Series E funding round, led by Eclipse, with participation from NVentures, the venture capital arm of NVIDIA, and other new strategic investors. The oversubscribed round will accelerate Redwood’s expansion across its two primary business lines: Critical Materials and Grid Energy Storage. Initially focused on battery recycling and cathode active material production, the company has now expanded into energy storage solutions.
Sizable Energy, a clean-tech energy-storage developer specializing in offshore pumped hydro energy storage, raised $8 million, led by Playground Global, with participation from Exa Ventures, Verve Ventures, Satgana, EDEN/IAG, and Unruly Capital, which led a previous round. The newly raised capital will accelerate the development and deployment of this offshore technology. The company has begun preparations for its subsequent sea trial off the coast of Reggio Calabria, Italy.
Industrial-scale green hydrogen generation company HYDGEN raised $5 million in a mix of equity and debt round led by Transition VC, with participation from Cloudberry Pioneer Investments (Europe), Moringa Ventures (Singapore), and strategic family offices from India and Singapore. HYDGEN will utilize the funding to accelerate its efforts to provide ultra-pure, cost-efficient hydrogen directly at the point of use through its proprietary anion-exchange membrane electrolyzer technology.
Renewable energy intelligence company Smart Grid Analytics raised $3.3 million (~₹289.75 million) in funding from strategic investors and clean energy veterans worldwide. The funding will be used to develop technology to make renewable power projects more intelligent, efficient, and autonomous, enabling grids to meet and exceed renewable energy targets. It will also help with product deployment across 20 countries for solar, wind, hybrid, and battery energy storage system projects.
Hydrogen fuel cell manufacturer Umagine Hydrogen secured $850,000 (~₹74.78 million) funding in a seed round from Venture Catalysts. Apart from Venture Catalysts, the funding saw participation from Faad Networks. It will be utilized to build a gigawatt-scale factory dedicated to hydrogen fuel cells. Umagine also aims to replace diesel generators across telecom towers, data centers, remote microgrids, and defense outposts and to provide long-duration energy storage solutions.
Electra Battery Materials, a provider of battery-grade materials for the electric vehicle and energy storage industries, announced the completion of its $34.5 million financing and $40 million debt equitization for its cobalt sulfate refinery in Temiskaming Shores, Ontario, Canada. With these transactions and previously announced government commitments, Electra has secured all the capital required to complete construction and commissioning of the cobalt sulfate refinery.
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.
