Torus, a Utah-based energy storage solutions provider, has secured $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
JSW Energy, a private sector power producer, has completed a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors. The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.
Boston-area startup Alsym Energy has raised $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology. The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.
Polar Night Energy, a Finnish thermal energy storage startup, has secured €7.6 million (~$8.1 million) in a seed funding round. Jonathan Oppenheimer, a South African businessman, led the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.
SolarEdge Technologies, a provider of smart energy technology solutions, announced that it completed the acquisition of the entire share capital of Wevo Energy. Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.
Copenhagen Infrastructure Partners (CIP) has secured a controlling stake in Elgin Energy, a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP’s expertise in procurement and construction alongside Elgin’s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.
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.
