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

Ionobell, a silicon battery technology company, raised $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising.

The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures.

The company claims that its silicon material is 500% more energy-dense than Graphite.

“What the average consumer doesn’t realize, however, is that these batteries are produced through a multitude of different technology providers and partnerships. At Ionobell, we want to give manufacturers and producers better solutions for their demanding battery customers. This means creating silicon-forward batteries that are more energy-efficient, cost-effective, and are a “drop-in solution” with their existing processes/equipment both solid-state and standard Li-Ion. We’re powering the technology that powers people’s lives,” said Robert Neivert, CEO of Ionobell.

With this funding, Ionobell plans to expand its production across the U.S., bringing its recycled battery material to new manufacturers and a broader array of industries.

“Ionobell’s novel battery technology from reused materials that can power the technology in our everyday lives. The impact will not be just felt in the end products that we use but also in manufacturing, transportation, and supply chain, effectively from conception to creation to distribution. In the quest to create a better, greener global industry, Ionobell is leading the charge by quite literally powering the future,” said Jon Bradford, Managing Partner of Dynamo Ventures.

According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.

Last Year, Inlyte Energy, a developer of sodium metal halide batteries for grid-scale energy storage, secured $8 million in seed funding to develop the first generation of its grid batteries made with iron and table salt.

Staff

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