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Through a fund managed by its Diversified Infrastructure business, BlackRock Alternatives has agreed to <a href="https://cms.mercomindia.com/blackrock-acquires-energy-storage-developer-jupiter-power/" target="_blank" rel="noopener">acquire</a> Jupiter Power, an operator, and developer of stand-alone utility-scale battery energy storage systems, for an undisclosed amount. EnCap Energy Transition Fund I and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter, and the transaction is expected to close in late 2022.
WeaveGrid, an electrification software developer for the scalable deployment of EVs on the electric grid, has <a href="https://cms.mercomindia.com/weavegrid-raises-35-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $35 million in Series B funding. Salesforce Ventures led the round. The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance the driving experience.
Upstart Power, a developer, and manufacturer of solid oxide fuel cells, announced the <a href="https://cms.mercomindia.com/upstart-power-raises-17-million-in-series-c-funding/" target="_blank" rel="noopener">closing</a> of a $17 million Series C financing. ITOCHU Corporation led the round with participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. The funds will help accelerate the commercialization of Upstart&#8217;s Upgen platform of backup and grid-augmenting solid oxide fuel cell generators.
Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, construction, and operations &amp; maintenance company, <a href="https://cms.mercomindia.com/strata-clean-energy-acquires-crossover-energy-partners/" target="_blank" rel="noopener">acquired</a> Crossover Energy Partners, a clean energy solutions company. The financial terms of the deals were not disclosed. Strata is purchasing 100% of Crossover&#8217;s assets and is interested in its development platform.
Clean Electric <a href="https://mercomindia.com/battery-manufacturing-startup-clean-electric-raises-2-2-million-in-seed-fund/" target="_blank" rel="noopener">raised</a> $2.2 million in a seed round led by a Bengaluru-based early-stage venture capital firm Kalaari Capital, to produce 5,000 electric vehicles (EV) battery packs monthly from a proposed manufacturing facility in Pune. Clean Electric said it would direct the funds raised to study safety and performance issues like EV fires, long charging times, and frequent battery replacement. A part of the funds will be used to develop improved products related to fast charging, renewable energy storage, battery swapping technology, and research and development. The other participants in the round involved Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation.
Virtual Power Plant (VPP) developer Swell Energy <a href="https://cms.mercomindia.com/swell-energy-raises-120-million-for-vpp-deployment/" target="_blank" rel="noopener">announced</a> a $120 million equity investment round, led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund with participation from Ares Management Infrastructure Opportunities Fund, to boost the development and growth of its VPP-building tools. Including the latest round, Swell Energy has raised a total of $152 million in funding to date, including previous investments by Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others.
ABB E-mobility, a provider of electric vehicle charging solutions, <a href="https://www.businesswire.com/news/home/20221120005072/en/ABB-E-mobility-Raises-Approx.-CHF200-Million-in-a-Pre-IPO-Private-Placement-to-Support-Its-Growth-Journey" target="_blank" rel="noopener">announced</a> that it had signed a pre-IPO private placement of approximately CHF200 million (~$209 million) for newly issued shares led by new minority investors. ABB will use the proceeds to execute its growth strategy, driven by organic and M&amp;A investments in hardware and software. The transaction will close during the fourth quarter of 2022.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-isun-raises-25-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Blackrock Acquires Energy Storage Developer Jupiter Power

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-blackrock-acquires-jupiter-power/" target="_blank" rel="noopener">Mercom Capital Group</a>
Through a fund managed by its Diversified Infrastructure business, BlackRock Alternatives has agreed to <a href="https://mercomcapital.com/blackrock-acquires-energy-storage-developer-jupiter-power/" target="_blank" rel="noopener">acquire</a> Jupiter Power, an operator, and developer of stand-alone utility-scale battery energy storage systems, for an undisclosed amount. EnCap Energy Transition Fund I and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter, and the transaction is expected to close in late 2022.
WeaveGrid, an electrification software developer for the scalable deployment of EVs on the electric grid, has <a href="https://mercomcapital.com/weavegrid-raises-35-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $35 million in Series B funding. Salesforce Ventures led the round. The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance the driving experience.
Upstart Power, a developer, and manufacturer of solid oxide fuel cells, announced the <a href="https://mercomcapital.com/upstart-power-raises-17-million-in-series-c-funding/" target="_blank" rel="noopener">closing</a> of a $17 million Series C financing. ITOCHU Corporation led the round with participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. The funds will help accelerate the commercialization of Upstart’s Upgen platform of backup and grid-augmenting solid oxide fuel cell generators.
Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, construction, and operations &amp; maintenance company, <a href="https://mercomcapital.com/strata-clean-energy-acquires-crossover-energy-partners/" target="_blank" rel="noopener">acquired</a> Crossover Energy Partners, a clean energy solutions company. The financial terms of the deals were not disclosed. Strata is purchasing 100% of Crossover’s assets and is interested in its development platform.
Clean Electric <a href="https://mercomindia.com/battery-manufacturing-startup-clean-electric-raises-2-2-million-in-seed-fund/" target="_blank" rel="noopener">raised</a> $2.2 million in a seed round led by a Bengaluru-based early-stage venture capital firm Kalaari Capital, to produce 5,000 electric vehicles (EV) battery packs monthly from a proposed manufacturing facility in Pune. Clean Electric said it would direct the funds raised to study safety and performance issues like EV fires, long charging times, and frequent battery replacement. A part of the funds will be used to develop improved products related to fast charging, renewable energy storage, battery swapping technology, and research and development. The other participants in the round involved Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation.
Virtual Power Plant (VPP) developer Swell Energy <a href="https://mercomcapital.com/swell-energy-raises-120-million-for-vpp-deployment/" target="_blank" rel="noopener">announced</a> a $120 million equity investment round, led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund with participation from Ares Management Infrastructure Opportunities Fund, to boost the development and growth of its VPP-building tools. Including the latest round, Swell Energy has raised a total of $152 million in funding to date, including previous investments by Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others.
ABB E-mobility, a provider of electric vehicle charging solutions, <a href="https://www.businesswire.com/news/home/20221120005072/en/ABB-E-mobility-Raises-Approx.-CHF200-Million-in-a-Pre-IPO-Private-Placement-to-Support-Its-Growth-Journey" target="_blank" rel="noopener">announced</a> that it had signed a pre-IPO private placement of approximately CHF200 million (~$209 million) for newly issued shares led by new minority investors. ABB will use the proceeds to execute its growth strategy, driven by organic and M&amp;A investments in hardware and software. The transaction will close during the fourth quarter of 2022.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-isun-raises-25-million-in-debt-financing/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: BlackRock Acquires Energy Storage Developer Jupiter Power

<a href="https://upstartpower.com/" target="_blank" rel="noopener">Upstart Power</a>, a developer, and manufacturer of solid oxide fuel cells, announced the closing of a $17 million Series C financing.
ITOCHU Corporation led the round with participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures.
Solid oxide fuel cells (SOFC) are electrochemical devices that <a href="https://netl.doe.gov/carbon-management/fuel-cells" target="_blank" rel="noopener">convert</a> the chemical energy of a fuel and oxidant directly into electrical energy. Since SOFCs produce electricity through an electrochemical reaction and not through a combustion process, they are much more efficient and environmentally benign than conventional electric power generation processes.
The main <a href="https://www.sciencedirect.com/topics/chemistry/solid-oxide-fuel-cells#:~:text=Compared%20with%20other%20fuel%20cell,reducing%20operating%20costs%20and%20flexibility." target="_blank" rel="noopener">advantage</a> of the SOFC is its ability to use not only hydrogen but also the currently available fossil fuels (such as methane, butane, or even gasoline and diesel), thus reducing operating costs and flexibility. SOFCs possess no moving parts, so the cells are free of vibration, and therefore, the noise pollution commonly associated with power generation is eliminated.
The recently raised funds will accelerate the commercialization of Upstart’s Upgen platform of next-generation on-demand backup and grid-augmenting solid oxide fuel cell generators. As part of the investment, ITOCHU and Upstart Power agreed to co-develop, manufacture, market, and sell Upstart’s SOFC products in Japan.
“We are excited about our partnership with Upstart Power, and we see tremendous synergies between Upstart’s on-demand SOFC generation platform and ITOCHU’s energy storage and solar products.  ITOCHU has extensive Grid 2.0 expertise with a deployed portfolio of over 50K residential solar and battery storage systems in Japan, networked into virtual power plants.  Upstart’s SOFC generators can augment these deployments to deliver comprehensive distributed energy solutions,” commented Hiroaki Murase, General Manager of the Sustainable Energy Business Department, ITOCHU.
In close collaboration with its commercial partners, Upstart Power is currently conducting advanced field trials of the Upgen NXG fuel cell system in preparation for a full commercial launch into the North American market in the second half of 2023.
According to Mercom’s 9M And Q3 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. VC funding in Energy Storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.

Upstart Power Raises $17 Million in Series C Funding

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