Saatvik Green Energy Acquires 80% Stake in Transformer Manufacturer

MERC Rejects Avaada’s ₹477 Million Change-in-Law Compensation Claim

CleanCapital Sells 120 MW Solar Project in Ohio

MERC Approves Tariffs for 8 MW Round-the-Clock Renewable Energy

EMERAM Acquires Stake in Home Energy Management Firm Solar Manager

Maharashtra Forms Panel to Review Electricity Duty on Rooftop Solar

Sterling and Wilson’s Revenue Drops 23% but Profit Surges in Q4 FY 2026

Adani Green Energy Operationalizes 292 MW Solar Project in Gujarat

EIE Renewables to Acquire 150 MWh Battery Storage Project in Bihar

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


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/03/amazon_polly_91733.mp3?version=1773208533">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-module-manufacturer-heliup-raises-19-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>HELIUP, a solar module manufacturer for large rooftops of commercial and industrial buildings, </strong><a href="https://mercomcapital.com/solar-module-manufacturer-heliup-raises-19-million-in-funding/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a €16 million (~$19 million) funding round.</strong> Supernova Invest led the funding round. Supernova Invest led the funding round, alongside new investors including MAIF Impact, Lita Gestion, C2AD, as well as existing partners Starquest Capital and BNP Paribas Développement. Avolta Partners supported HELIUP in structuring and implementing the transaction.</p>
<p><strong>Energy Vault, a utility-scale energy storage project developer, </strong><a href="https://mercomcapital.com/energy-vault-closes-150-million-convertible-senior-notes/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of an upsized $150 million financing in convertible senior notes</strong> against the initially announced $125 million offering. According to Energy Vault, the transaction will enhance the company’s liquidity and financial flexibility while supporting its strategic expansion into higher-margin infrastructure verticals.</p>
<p><strong>Photoncycle, a hydrogen-based energy storage solutions provider, </strong><a href="https://mercomcapital.com/energy-storage-startup-photoncycle-closes-17-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €15 million (~$17 million) in a Series A funding round, led by NordicNinja</strong>, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm. According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.</p>
<p><strong>Qnetic, a company developing long-duration flywheel energy storage systems (FESS), </strong><a href="https://mercomcapital.com/flywheel-energy-storage-systems-provider-qnetic-raises-5-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $5 million</strong> <strong>in a recent funding round.</strong> Combined with a $2.1 million equity crowdfunding campaign completed last year, the company has secured a total of $7.1 million in funding over the past 12 months. According to Qnetic, the newly raised capital will be used to support fitting out its California manufacturing facility for low-volume production of its Q500 FESS.</p>
<p><strong>Torrent Power, a power utility</strong><strong>, </strong><a href="https://www.mercomindia.com/torrent-power-issues-non-convertible-debentures-worth-%E2%82%B920-billion" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹20 billion (~$216.58 million) through private placement of secured, non-convertible debentures (NCDs)</strong>. The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,083), carrying a coupon rate of 7.97% per annum. These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India.</p>
<p><strong>Infrastructure debt fund IL&amp;FS Mutual Fund <a href="https://www.mercomindia.com/ilfs-mutual-fund-commits-%E2%82%B91-25-billion-investment-in-hero-solar-energy" target="_blank" rel="noopener">committed</a> an </strong>investment<strong> of ₹1.25 billion (~$13.63 million) in Hero Solar Energy, part of renewable energy developer Hero Future Energies</strong>, to refinance its debt and support the expansion of its renewable projects. Hero Solar Energy will issue secured debentures to IL&amp;FS to facilitate the deployment of long-term capital.</p>
<p><strong>Holyvolt, a renewable energy technology company, completed the </strong><a href="https://mercomcapital.com/holyvolt-acquires-wildcat-discovery-technologies/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of Wildcat Discovery Technologies</strong>, a company developing nickel- and cobalt-free cathode materials for batteries used in energy storage and electric vehicles. The acquisition is expected to combine advanced material development with scalable manufacturing on a single platform.</p>
<p><strong>Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, </strong><a href="https://mercomcapital.com/exus-renewables-north-america-acquires-ozone-renewables/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Ozone Renewables, a U.S.-based renewable company</strong>. With this acquisition, Exus added new projects and expertise to its greenfield development team, as well as a pipeline of early-stage projects. This also marks the company’s first organizational acquisition.</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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-solarafrica-energy-secures-39-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Solar Module Manufacturer HELIUP Raises $19 Million


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/06/amazon_polly_80188.mp3?version=1748839217">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>European Commission-backed solar panel manufacturer, <a href="https://www.heliup-solar.com/en/" target="_blank" rel="noopener">Heliup</a> has commissioned its pilot 100 MW solar module manufacturing facility, which will focus on producing lightweight modules utilizing ultra-thin glass.</p>
<p>The manufacturing plant, located in France, will produce these lightweight modules for rooftop installations on roofs with low bearing capacity. The modules are considered ideal for buildings with flat rooftops.</p>
<p>These modules utilize ultra-thin glass measuring 1 mm in thickness.</p>
<p>They can be installed without needing any mounting structures. Heliup’s modules are directly glued to waterproofing membranes using adhesives.</p>
<p>The company’s lightweight module, the Stykon, uses crystalline silicon module cells and is resistant to impact and tearing from natural forces. Heliup claims the module can withstand wind speeds of up to 270 km/h.</p>
<p>The new modules are expected to reduce the weight of rooftop solar systems by 60% compared to conventional systems. Heliup said that the modules weigh roughly 5 kg/m² less than the average module weight of 15 kg/m².</p>
<p>The company claims that the module does not compromise on energy efficiency despite its lighter weight.</p>
<p>The module manufacturing plant received funding of €3.2 million (~$3.61 million) under the Innovation Fund 2024.</p>
<p>Heliup was one of the 18 cleantech projects that signed grant agreements to receive €173 million (~$195.67 million) from the Innovation Fund for their projects. Under the funding program, the Commission can allocate up to €3.4 billion (~$3.84 billion) for these projects.</p>
<p>The Innovation Fund aligns with the EU’s target to <a href="https://www.mercomindia.com/eu-targets-domestic-green-technology-2030" target="_blank" rel="noopener">produce</a> 40% of its green technology domestically by 2030.  In February 2024, the EU reached a provisional agreement on legislation aimed at boosting the bloc’s production of green technologies needed to achieve its goal of cutting carbon emissions by at least 55% by 2030 compared to 1990s levels.</p>
<p>Recently, the Ministry of New and Renewable Energy and the European Union’s Trade and Technology Council <a href="https://mercomindia.com/mnre-eu-trade-council-call-for-proposals-on-waste-to-green-hydrogen-projects" target="_blank" rel="noopener">invited</a> proposals to fund projects that generate renewable hydrogen from agricultural, forest, and industrial biogenic waste.</p>


Heliup Begins Manufacturing Lightweight Solar Modules in France

heliup

Get the most relevant India solar and clean energy news.

RECENT POSTS