From: Mercom Capital Group
Swedish lithium-ion battery manufacturer Northvolt sign a convertible note of $1.1 billion to fund its expansion of battery cell and cathode material production in Europe to meet the growing demand for batteries. Investors participating in the capital increase were AMF, AP funds 1-4 (via co-owned company 4 to 1 Investments), ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo via Fondaco Growth, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group.
Eurazeoan investment company, announced the sale of all of its stake at Reden Solar to a consortium led by Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and MEAG. This sale was completed on the basis of an enterprise value of €2.5 billion (~$2.6 billion) and generated cash proceeds of €633 million (~$644 million). dollars) for Eurazeo. Eurazeo had been a shareholder of Reden since 2010 and joined forces with InfraVia in 2017.
Indian solar finance startup Aerem has raised $2.5 million in pre-Series A funding to build a technology platform that enables seamless end-to-end interaction with different stakeholders. The funding round was led by Blume Ventures. Aerem said it will also use the capital to recruit and train management teams in various categories, including technology, product, finance and operations. The company is at the forefront of a comprehensive solution with a vision to build the nation’s leading quality and asset finance platform for solar energy. The platform would be equipped to address the critical friction points that pose challenges in the adoption of rooftop solar for micro, small and medium enterprises.
Birch Creek Development announced that Fundamental Renewables, the renewable and clean energy investment arm of Fundamental Advisors, will increase its credit facility with Birch Creek at $250 million. The company said it would use the new funding to develop and build large-scale solar projects in the United States and strategic acquisitions in key markets. The investments will also support the company’s solar module sourcing strategy.
Equinor, a renewable energy company, has signed an agreement to acquire a 100% stake in East Point Energy, a battery storage developer in the United States The transaction is expected to close in the third quarter of 2022. East Point Energy, located in Charlottesville, Virginia, currently owns 4.1 GW of current pipeline of early to mid-stage battery storage projects on the US East Coast.
British International Investment (formerly CDC Group), a UK government-owned development finance institution, invest up to $250 million in a new passenger electric vehicle (EV) venture to be launched by Mahindra & Mahindra, a leading Indian automotive group. British International’s investment is designed to accelerate the availability and uptake of electric vehicles in India and other markets served by Mahindra and support an ecosystem of electric vehicle component manufacturers. The company will develop four-wheel electric vehicles for consumers in India and other global markets.
Surat-based EV startup EVIFY Logitech has raised $100,000 in an angel investor round, including We Founder Circle. The company provides a technology-based EV logistics platform and aims to provide end-to-end services based on green logistics to e-commerce giants. It plans to further develop its platform by adding Geofencing, a personalized BMS, telematics, customer information and driver and fleet management. EVIFY intends to transform the country’s last mile deliveries to be electric and environmentally friendly.
Chinese producer of solar-grade polysilicon Daqo New Energy Corp has listed its Major subsidiary operational and completed its private offering to the Shanghai Stock Exchange. Xinjiang Daqo New Energy raised approximately CNY11 billion (~$1.64 billion) by issuing 212.4 million shares at CNY51.79 (~$7.7). The company said the shares issued represented a stake of about 9.94%, adding that it held about 72.68% of Xinjiang Daqo’s shares.
For reports and trackers on financings and M&A transactions in the solar power, energy storage, smart grid and efficiency sectors, click here.
Read last week’s funding roundup.