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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-voya-energy-raises-35-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Voya Energy, a company that develops aluminum-based metal-fuel energy systems, has </strong><a href="https://mercomcapital.com/voya-energy-raises-35-million-to-scale-aluminum-based-energy-system/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $35 million in a Series A funding</strong> round to support the commercial deployment of its energy system. Energy Impact Partners led the round, with participation from John Doerr, Mantis VC, StepStone, Founders Fund, Overmatch, Seven Stars, and other institutional investors. The company plans to use the funding for technology development, initial deployments in 2027, and manufacturing scale-up in 2028.</p>
<p><strong>Certain Energy, a U.K. long-duration energy storage company developing manganese flow batteries, has </strong><a href="https://mercomcapital.com/certain-energy-raises-14-million-to-scale-manganese-flow-batteries/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> £10 million (~$13.63 million) in a Series A funding round</strong> to commercialize its technology and prepare for grid deployments. The British Business Bank led the round, with participation from Centrica, Ceres Power Holdings, and Temasek Trust’s Catalytic Capital for Climate and Health. Certain Energy plans to use the funding to scale its technology, develop a grid-connected megawatt-hour-scale energy storage system in India, expand its U.K. research facility, and establish a supply chain for future projects.</p>
<p><strong>Teragen Energy, a developer of modular solid-oxide fuel cell power systems for data centers, industrial sites, and utilities, has </strong><a href="https://mercomcapital.com/fuel-cell-developer-teragen-energy-raises-6-million-in-pre-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $6 million</strong> in an oversubscribed pre-seed funding round. BEVC and Energy Capital Ventures co-led the round. AP Ventures, AIC Ventures, the Massachusetts Clean Energy Center, and UntroD Capital Asia also participated. Teragen is developing onsite power generation systems that use solid oxide fuel cell technology.</p>
<p><strong>Expion Energy (formerly Expion360), a provider of lithium-ion battery power storage solutions, has </strong><a href="https://mercomcapital.com/expion-energy-raises-9-million-through-convertible-debenture-placement/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $9 million through a private placement of convertible debentures with accredited investors</strong>. Expion issued $9 million in aggregate principal amount of 8% convertible debentures and warrants to purchase up to 2,117,219 shares of its common stock. The warrants have an initial exercise price of $4.25 per share, subject to adjustment. The company received approximately $8.2 million in net proceeds after placement agent fees and estimated offering expenses.</p>
<p><strong>MARS Energy Group, a diversified energy and infrastructure company, has </strong><a href="https://mercomcapital.com/mars-energy-group-acquires-citadel-roofing-solar-in-california/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Northern California residential roofing and solar contractor Citadel Roofing &amp; Solar,</strong> marking its 11th acquisition<strong>. </strong>The companies did not disclose the transaction value or the financial terms of the acquisition. The acquisition expands MARS’ presence in California and its residential roofing and solar operations. Citadel serves homebuilders and homeowners in Northern California through new construction roofing and solar, reroofing, and retrofit solar installations.</p>
<p><strong>Hero MotoCorp has approved an investment of up to ₹17.58 billion (~$175.8 million) to </strong><a href="https://www.mercomindia.com/hero-motocorp-to-raise-equity-stake-in-ather-by-2-92" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> additional equity shares in electric two-wheeler (e-2Ws) manufacturer Ather Energy</strong>, increasing its fully diluted shareholding by up to 2.92%. Hero will purchase the additional shares for cash from an existing Ather shareholder. The company held a 29.88% stake in Ather on a fully diluted basis as of August 25, 2026. Following the transaction, its shareholding will increase to up to 32.8% on a fully diluted basis.</p>
<p><strong>Electric motorcycle and energy storage solutions company Matter has </strong><a href="https://www.mercomindia.com/matter-raises-%E2%82%B92-4-billion-to-expand-electric-motorcycle-production" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹2.4 billion (~$25 million</strong>) in fresh growth capital from existing investors to expand production capacity, retail footprint, and electric motorcycle portfolio. The latest funding takes Matter’s total capital raised to approximately ₹10 billion (~$104.17 million). More than ₹7.5 billion (~$78.13 million) of this funding has been deployed toward research and development, product development, manufacturing, and market expansion.</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-ma-roundup-abren-secures-1-6billion-from-mufg" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Voya Energy Raises $35 Million


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					</table><p><a href="https://www.voya.energy/" target="_blank" rel="noopener">Voya Energy</a>, a company that develops aluminum-based metal-fuel energy systems, has raised $35 million in a Series A funding round to support the commercial deployment of its energy system.</p>
<p>Energy Impact Partners led the round, with participation from John Doerr, Mantis VC, StepStone, Founders Fund, Overmatch, Seven Stars, and other institutional investors.</p>
<p>Founded in 2025, the California-based company develops aluminum-based metal-fuel energy systems that convert aluminum fuel into electricity through a low-temperature electrochemical process without combustion or air emissions at the point of use.</p>
<p>The company plans to use the funding for technology development, initial deployments in 2027, and manufacturing scale-up in 2028.</p>
<p>“America needs dramatically more electricity to power our industries, strengthen our communities, and support continued economic growth,” said John Doerr, founder at Doerr Capital and chair at Kleiner Perkins. “Meeting that demand requires new technologies that can deliver clean, firm power at speed and scale. Voya is taking a bold approach to that challenge, turning abundant aluminum into a practical source of 24/7 power wherever it is needed.”</p>
<p>Voya produces fuel from low-grade scrap aluminum, and its system can generate up to 2 MW from a standard 20-foot container. At scale, the system is designed to provide approximately 100 MW of generation capacity and 10 GWh of stored energy per acre.</p>
<p>This configuration would be approximately four times more compact than diesel generator fleets and 100 times more compact than grid-scale battery installations.</p>
<p>Voya is targeting data centers, industrial operators, and other large electricity users facing constraints related to grid access, permitting, or fuel logistics.</p>
<p>In March, Photoncycle, a hydrogen-based energy storage solutions provider, <a href="https://mercomcapital.com/energy-storage-startup-photoncycle-closes-17-million/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series A funding round led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm.</p>
<p>According to Mercom’s 1H 2026 Funding and M&amp;A for Energy Storage <a href="https://mercomcapital.com/product/1h-2026-funding-ma-report-energy-storage/" target="_blank" rel="noopener">report</a>, venture capital funding for energy storage companies totaled $1.6 billion across 51 deals in 1H 2026, a 6% year-over-year decline compared to the $1.7 billion raised across 36 deals in 1H 2025.</p>


Voya Energy Raises $35 Million to Scale Aluminum-Based Energy System

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