Saatvik Green Energy Acquires 80% Stake in Transformer Manufacturer

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EIE Renewables to Acquire 150 MWh Battery Storage Project in Bihar

MERC Approves 60 MW Wind-Solar PPA Withdrawal, Citing High Tariff


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-1-billion/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Texas-based Base Power has </strong><a href="https://mercomcapital.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions.</strong> Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.</p>
<p><strong>NineDot Energy, a community-scale battery energy storage systems developer, </strong><a href="https://mercomcapital.com/ninedot-energy-secures-175-million-corporate-debt-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $175 million revolving debt facility with Deutsche Bank.</strong> The financing will support NineDot’s full development cycle, from grid interconnection deposits to equipment procurement and project construction. This new facility also enabled the company to repay its existing revolving credit facility, which had previously been used to fund interconnection deposits with NY Green Bank.</p>
<p><strong>Enurgen, a developer of software solutions for assessing solar energy yield performance, </strong><a href="https://mercomcapital.com/enurgen-raises-4-1-million-in-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $4.1 million in seed funding</strong>. The round was co-led by Business Development Bank of Canada, Brightspark, and Diagram, with participation from MaRS IAF. The company’s yield modeling software leverages physics-based models across the lifecycle of solar assets, and the investment is expected to accelerate the global expansion of Enurgen’s flagship software platform.</p>
<p><strong>Glance Finance has announced an investment of ₹3.17 million (~$35,770.19) in the power transformer solutions company, Kotsons, through the <a href="https://www.mercomindia.com/glance-finance-to-acquire-62400-shares-in-kotsons-for-%E2%82%B93-17-million" target="_blank" rel="noopener">acquisition</a> of 62,400 equity shares.</strong> Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share. Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%. The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025.</p>
<p><strong>T1 Energy, a solar and battery manufacturing company, has <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer</strong>. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership in the future. Both Texas-based companies aim to utilize advanced manufacturing technologies to produce TOPCon solar cells in the U.S.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-opensolar-raises-20-million-equity-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Base Power Raises $1 Billion


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					</table><p>Texas-based <a href="https://www.basepowercompany.com/" target="_blank" rel="noopener">Base Power </a>has raised $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions.</p>
<p>Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.</p>
<p>“The chance to reinvent our power system comes once in a generation,” said Zach Dell, CEO and Co-founder at Base Power. “The challenge ahead requires the best engineers and operators to solve it, and we’re scaling the team to make our abundant energy future a reality.”</p>
<p>Base Power leases home batteries, charging an upfront installation fee of $695 for a single 25 kWh unit or $995 for two units totaling 50 kWh. The company said the 50 kWh setup can power a household for up to 48 hours. Customers also pay a monthly membership fee of $19 or $29 and commit to purchasing electricity from Base for three years at $0.085/kWh, plus delivery fees.</p>
<p>Since launching in 2023, Base has deployed more than 100 MWh of residential battery capacity. The company currently serves homeowners across the Dallas–Fort Worth metroplex, Greater Houston, and the Austin region, with plans to expand nationally.</p>
<p>Base recently qualified for Texas’s Aggregated Distributed Energy Resource program, enabling it to pool distributed batteries and bid directly into the grid. This approach, according to Base, will enhance statewide reliability, generate grid revenue, and help lower homeowner costs, while demonstrating that distributed assets can operate at a utility-scale level.</p>
<p>In April this year, Base Power secured $200 million in a Series B funding round.</p>
<p>Corporate funding for energy storage companies fell sharply in the first half (1H) of 2025 to $9.1 billion across 55 deals, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">1H and Q2 2025 Funding and M&amp;A Report for Energy Storage</a>. This represents a 41% year-over-year (YoY) decline from $15.4 billion, resulting from 64 deals, in the same period of 2024.</p>


Base Power Raises $1 Billion in Series C Funding


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-200-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Base Power, a distributed energy storage solutions provider, </strong><a href="https://mercomcapital.com/base-power-raises-200-million-in-series-b-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $200 million in a Series B funding round.</strong> Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain. The company plans to use the funding in its R&amp;D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.</p>
<p><strong>RayGen Resources, a developer of utility-scale solar and long-duration energy storage, </strong><a href="https://mercomcapital.com/raygen-raises-76-million-in-series-d-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> A$127 million (~$76 million) in a Series D funding round.</strong> The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology’s path to the global energy market.</p>
<p><strong>Electrical equipment manufacturer Havells has <a href="https://www.mercomindia.com/havells-invests-%E2%82%B96-billion-in-module-manufacturer-goldi-solar#:~:text=Electrical%20equipment%20manufacturer%20Havells%20has,said%20in%20a%20BSE%20filing." target="_blank" rel="noopener">announced</a> it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar.</strong> The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.</p>
<p><strong>Solar cell manufacturer and solar solutions provider Jupiter International has <a href="https://www.mercomindia.com/jupiter-secures-%E2%82%B95-billion-for-solar-cell-and-module-manufacturing-expansion#:~:text=Kolkata%2Dbased%20solar%20cell%20manufacturer,to%20expand%20its%20manufacturing%20capacity." target="_blank" rel="noopener">secured</a> a ₹5 billion (~$58.07 million)</strong> investment from ValueQuest SCALE Fund. The investment will be utilized to expand its manufacturing capacity. The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The present funding round and internal accruals will support its ongoing capital expenditure program.</p>
<p><strong>ILOS New Energy, an Independent Power Producer, and Omnes Capital, a private equity firm, together have <a href="https://mercomcapital.com/axa-im-alts-to-acquire-majority-stake-in-ilos/" target="_blank" rel="noopener">agreed</a> to sell a 60% stake</strong> in ILOS Projects (ILOS) to AXA IM Alts, an alternative investment company. The transaction is subject to customary approvals and is likely to be completed towards the end of H1 2025.  As part of this agreement, Omnes will now fully exit the business.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-zero-industrial-raises-10-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Base Power Raises $200 Million

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