Sunlight Group, a provider of energy storage systems, has received a €150 million (~$158 million) loan from the National Bank of Greece. The loan agreement has a duration of 7 years.
The company plans to use €125 million (~$132 million) to fund the company’s five-year growth business plan (2021-2026). The other €25 million (~$26 million) will be used to secure the permanent working capital needs.
The funding will also be used to expand the company’s production capacity in lead-acid batteries, lithium-ion batteries, and energy storage systems by upgrading its facilities in Greece (Xanthi, Komotini, and Kilkis), Italy (Verona and Vignola), and the U.S. (North Carolina).
With the help of the funds, the company aims to develop innovative products, with a focus on lithium technology, with plans to expand sales, distribution, and services network and strengthen its supply chain network.
“This loan we signed with the National Bank of Greece is a vote of confidence for Sunlight and our €560 million (~$592.2 million) business plan, already in implementation for the next five years,” said Lampros Bisalas, CEO of Sunlight Group.
In May 2022, the company secured a €125 million (~$132.2 million) syndicated loan with two Greek systemic banks, Eurobank and Alpha Bank, each providing €62.5 million (~$66.1 million). The loan proceeds will refinance Sunlight’s loan commitments and finance the company’s five-year (2021-2026) business plan.
In May 2022, Morrow Batteries, a Norwegian battery manufacturer, secured $106 million in funding. Siemens Financial Services and ABB led the round with Nysnø Climate Investments, Arendals Fossekompan, Danish pension fund PKA, NOAH, and Agder Energi Invest. The company plans to use the new funds to build the first phase of its Gigafactory in Arendal, Norway, with a capacity to produce more than 1 GWh battery cells each year.
According to our report Q1 2022 Funding and M&A Report for Storage, Grid, and Efficiency, total corporate funding (including VC, Debt, and Public Market Financing) in Battery Energy Storage came to $12.9 billion in 26 deals compared to $4 billion in 27 deals in Q4 2021. Funding was up significantly year-over-year (YoY) compared to $4.7 billion in 18 deals in Q1 2021.