Funding and M&A Roundup: SmartSolar Raises $1.8 Million in Seed Funding ORIT secures $125 million five-year term loan facility SmartSolar, a rooftop solar solution provider, has raised $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia. The company offers rooftop solar solutions designed to help businesses cut down on electricity costs. Octopus Renewables Infrastructure Trust, an investment company, announced that it has signed a £100 million (~$125 million) five-year term loan facility with three of its existing lenders, Santander, National Australia Bank, and Allied Irish Banks. The funding will be used to pay down a portion of the existing and more expensive Revolving Credit Facility (RCF) debt. According to ORIT, it has drawn £151.2 million (~$191 million) on the RCF so far. Vidyut, an electric vehicle ecosystem platform, has raised $2.5 million in funding from global investor Flourish Ventures. The company will utilize the acquired funds to expand its Battery-as-a-Service offering in passenger and commercial EV segments. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut claimed it had reduced upfront electric three-wheeler costs by 35-40%. 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. Tags: Vidyut, Octopus Renewables Infrastructure Trust, SmartSolar, solar, funding

Sunairio, a weather intelligence platform developer for renewable energy prediction, announced the closing of an oversubscribed $6.4 million funding round. This closing brings the total funding raised by the company to date to $8.8 million. The funding round was led by Buoyant Ventures, Constellation Technology Ventures, and MassMutual Ventures’ Climate Tech Fund, with additional participation from Rosecliff Ventures and existing investors.

JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has entered into a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling. After adjustments for net current assets, the platform’s enterprise valuation is approximately ₹124.68 billion (~$1.46 billion). The acquisition includes O2 Power Midco Holdings and O2 Energy SG. The transaction is subject to approval by the Competition Commission of India and other customary regulatory clearances typical for transactions of this scale.

Automobile manufacturer Mahindra & Mahindra has announced that the final tranche of investment by British International Investment (BII) in its subsidiary Mahindra Electric Automobile has been revised from ₹7.25 billion (~$84.74 million) to ₹6.5 billion (~$75.98 billion). The final tranche is expected to be completed by March 31, 2025. This revision brings BII’s total investment in Mahindra Electric Automobile to ₹18.5 billion (~$216.28 billion), resulting in a 2.64% to 4.58% shareholding on a fully diluted basis. Mahindra confirmed that this change will not affect Mahindra Electric Automobile’s overall business plan.

Enercity, a German energy supplier, has acquired key business areas along with a solar portfolio from Hanwha Qcells, a manufacturer of solar cells, modules, and energy storage systems. The company is also selling its shares in LYNQTECH, a cloud platform that streamlines and integrates sales-related processes for energy supply companies. Enercity Digital, a wholly owned subsidiary of Enercity and previously holding approximately 35% of LYNQTECH, will become the sole owner.

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.

Staff

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