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Matrix Renewables, a global renewable energy company, and Santander Corporate &amp; Investment Banking <a href="https://cms.mercomindia.com/matrix-renewables-secures-322-million-debt-financing/" target="_blank" rel="noopener">closed</a> a €300 million (~$322 million) corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles. The financing will allow Matrix to expedite the growth of its platform by allocating funds toward the construction of its advanced development portfolio.
TI Clean Mobility, a wholly owned subsidiary of Tube Investments of India, a Murugappa Group company, has <a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener">raised</a> ₹5.8 billion (~$69.5 million) in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last-mile mobility with an electric three-wheeler portfolio under the brand ‘Montra Electric.’
Li Industries, a battery recycling company, <a href="https://cms.mercomindia.com/li-industries-secures-series-b-funding-battery-recycling/" target="_blank" rel="noopener">secured</a> $36 million in Series B funding to advance lithium-ion battery recycling solutions. Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures. These new investors are joining existing backers, Shell Ventures and Myriad Ventures.
Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has <a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener">secured</a> ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper-charging station network across the highways in South India. Relux Electric plans to install 20 new hyper-EV charging stations in the next eight months. The hypercharging stations can allow up to ten small to medium-sized cars, ten high-end cars, two buses, and one truck to charge simultaneously.
Electric mobility company GreenCell Mobility has <a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener">secured</a> ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed.
Princeton NuEnergy, a lithium-ion battery recycling company, <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> an additional $10.3 million in Series A Funding. Last year, the company also raised $16 million in its Series A funding round, bringing its total funding to over $26 million. This additional funding will support the company in constructing an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S.
Active Surfaces, a U.S.-based flexible solar panel startup, <a href="https://cms.mercomindia.com/flexible-solar-panel-startup-active-surfaces-secures-5-6-million/" target="_blank" rel="noopener">secured</a> $5.6 million in an oversubscribed pre-seed funding round. Safar Partners, a deep tech venture capital fund, led the funding round. Spun out of MIT, the company is developing lightweight, flexible solar panels can be integrated into virtually any surface, having applications from small consumer products to large commercial, office, and industrial buildings.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-pine-gate-renewables-secures-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Matrix Renewables Secures $322 Million Debt Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Matrix Renewables, a global renewable energy company, and Santander Corporate &amp; Investment Banking <a href="https://mercomcapital.com/matrix-renewables-secures-322-million-debt-financing/" target="_blank" rel="noopener">closed</a> a €300 million (~$322 million) corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles. The financing will allow Matrix to expedite the growth of its platform by allocating funds toward the construction of its advanced development portfolio.
TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India, a Murugappa Group company, has <a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener">raised</a> ₹5.8 billion (~$69.5 million) in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last-mile mobility with an electric three-wheeler portfolio under the brand ‘Montra Electric.’
Li Industries, a battery recycling company, <a href="https://mercomcapital.com/li-industries-secures-series-b-funding-battery-recycling/" target="_blank" rel="noopener">secured</a> $36 million in Series B funding to advance lithium-ion battery recycling solutions. Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures. These new investors are joining existing backers, Shell Ventures and Myriad Ventures.
Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has <a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener">secured</a> ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper-charging station network across the highways in South India. Relux Electric plans to install 20 new hyper-EV charging stations in the next eight months. The hypercharging stations can allow up to ten small to medium-sized cars, ten high-end cars, two buses, and one truck to charge simultaneously.
Electric mobility company GreenCell Mobility has <a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener">secured</a> ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed.
Princeton NuEnergy, a lithium-ion battery recycling company, <a href="https://mercomcapital.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> an additional $10.3 million in Series A Funding. Last year, the company also raised $16 million in its Series A funding round, bringing its total funding to over $26 million. This additional funding will support the company in constructing an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S.
Active Surfaces, a U.S.-based flexible solar panel startup, <a href="https://mercomcapital.com/flexible-solar-panel-startup-active-surfaces-secures-5-6-million/" target="_blank" rel="noopener">secured</a> $5.6 million in an oversubscribed pre-seed funding round. Safar Partners, a deep tech venture capital fund, led the funding round. Spun out of MIT, the company is developing lightweight, flexible solar panels can be integrated into virtually any surface, having applications from small consumer products to large commercial, office, and industrial buildings.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-scout-clean-energy-100-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.activesurfaces.xyz/" target="_blank" rel="noopener">Active Surfaces</a>, a U.S.-based flexible solar panel startup, secured $5.6 million in an oversubscribed pre-seed funding round. Safar Partners, a deep tech venture capital fund, led the funding round. QVT, Lendlease, Type One Ventures, Umami Capital, Sabanci Climate Ventures, New Climate Ventures, SeaX Ventures, and others formed the additional participants in the round. These participants range from institutional VCs to corporate backers.
Spun out of MIT, the company is developing lightweight, flexible solar panels that can be integrated into virtually any surface, having applications from small consumer products to large commercial, office, and industrial buildings.
&#8220;Active Surfaces is pioneering a transformation in the built environment,&#8221; said Tommaso Boralevi, Technology &amp; Innovation Director Europe at the Milan Innovation District (MIND) established by Lendlease, a global construction, development, and investment company. &#8220;At Lendlease, we are committed to advancing sustainable urbanization, and our investment in Active Surfaces represents a significant step towards integrating novel capabilities directly into the fabric of future developments.&#8221;
&#8220;This funding will enable us to expand our R&amp;D efforts, scale up production, and bring our cutting-edge solar solutions to market more rapidly,&#8221; said Richard Swartwout, an MIT PhD and co-founder and CTO of Active Surfaces.
The Co-founder of Active Surfaces further highlighted that the company&#8217;s flexible, thin film &#8220;solar 2.0&#8221; technologies will deliver lower costs, higher efficiency, and better versatility compared to current panels.
The company plans to use the initial funding to scale its laboratory-fabricated 4-by-4-inch photovoltaic devices with breakthroughs in industrial roll-to-roll semiconductor printing technologies, enabling mass production of thin, flexible solar materials of any size.
According to Mercom&#8217;s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, global VC funding for the solar sector in Q1 2024 came to $406 million in 13 deals, an 81% decline YoY compared to $2.1 billion raised in 18 deals in Q1 2023. Funding declined 68% QoQ compared to the $1.3 billion raised in 19 deals in Q4 2023.

Flexible Solar Panel Startup Active Surfaces Secures $5.6 Million

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