Trina Solar (Luxembourg) Holdings, a subsidiary of solar module manufacturer and smart energy solutions provider Trina Solar, secured a €150 million (~$165 million) revolving credit facility provided by Banco Santander. The funding will support the company’s downstream division, Trina Solar International System Business Unit (‘ISBU’), which develops utility-scale solar power and battery storage projects. The financing will also support ISBU’s transition to an Independent Power Producer.
Resco Global Wind Services, the engineering, procurement, and construction arm of Inox Wind, has raised ₹3.5 billion (~$41.68 million) through an equity investment from prominent investors. In exchange for the funds, Resco issued securities to the participating investors, which included Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments & Infrastructure, and Capri Global Holdings.
Allegro Energy, a developer of aqueous-based redox flow battery energy storage solutions, has closed A$17.5 million (~$11.6 million) in Series A funding. This funding round was led by global investment firm The Grantham Foundation and joined by Chicago-based early-stage tech investment firm Lightbank. Other investors participating in the round included Australia-based Origin Energy, Melt Ventures, and Impact Ventures.
Elum Energy, a provider of advanced energy management solutions for renewable energy systems, secured $13 Million in Series B funding. This round was led by Energize Capital and existing investors Alter Equity and Cota Capital. This funding will support the company’s plan to expand to the global market, including a U.S. launch. Elum Energy specializes in industrializing the monitoring and control of standard and hybrid solar PV projects.
Exergy3, a thermal energy-based energy storage system provider, secured £1 million (~$1.3 million) in a pre-seed funding round. Zero Carbon Capital led this funding with participation from existing investors Old College Capital and Scottish Enterprise. According to the company, this funding will expand its team, strengthen its support in the thermal storage sector, and conduct market research. Exergy3 develops modular thermal energy storage systems that convert green electricity into heat and store it at temperatures up to 1300°C.
Automotive component manufacturer Samvardhana Motherson International, through its wholly-owned subsidiary MSSL Consolidated, is acquiring up to 3.64 million Class A shares in Israel-based e-mobility company REE Automotive for $4.122 per share, resulting in a total investment of $15 million. The company has announced the purchase of an 11% stake on a fully diluted basis and up to 19% on a non-diluted basis in REE Automotive. The transaction is expected to be completed within 30 days.
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.
