Funding, M&A summary: lithium-ion battery maker Mitra raises $ 20 million
Mitra Future Technologies (Mitra Chem), a manufacturer of materials for lithium-ion batteries, raised $ 20 million in a Series A funding round. Social Capital led the round with the other participants, including Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials and Earthshot Ventures. The company will use the funds to invest in product R&D and expand pre-pilot production capacity in North America.
The German manufacturer of energy storage systems (ESS) Tesvolt has raised â¬$ 40 million (~ $ 45.2 million) in an equity round. The funds were provided by a consortium of investors led by the Liechtenstein Group. Tesvolt will use the funds to accelerate its international activities and accordingly continue its focus on innovative products.
Cohesion, an AI-powered smart building technology platform, has raised $ 15 million in its Series A funding round co-led by Morgan Stanley Next Level Fund and Hyde Park Angels (HPA). New investors, Three Bridges Private Capital and Wintrust Ventures join seed investors Frasers Property Group, ESD, Ken Griffin, Founder and CEO of Citadel, Michael Sacks of GCM Grosvenor and Raj Gupta of ESD. The company will use the funds for product and market expansion, including its digital twin technology, to optimize the environment and the health of the building.
Quativa, a residential solar sales platform, has has received a $ 7 million growth capital investment from Blueprint Equity, of which Managing Partner Sheldon Lewis has joined Quativa’s board of directors. This funding will fuel the continued development of the company’s premier sales platform for the solar industry, which connects solar sales teams, installers, homeowners and lenders.
Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust (InvIT) of KKR’s Virescent Infrastructure, has raised a total of 21.5 billion yen (approximately $ 288.90 million) through listed non-convertible debentures and long-term debt financing. VRET raised 10 billion yen (~ $ 134.41 million) on its first issue on 3, 5 and 7 year tranches. The product will refinance the existing debt at the level of the ad hoc vehicle and finance future acquisitions. Barclays Bank, Trust Investment Advisors and ICICI Bank were the bookkeepers of the issue. VRET has blocked an additional 10 billion yen (approximately $ 134.41 million) of long-term financing with L&T Finance to ensure full debt-pegging of its short-term acquisition pipeline. VRET also benefited from a 1.5 billion yen (approximately $ 20.16 million) working capital facility with Tata Capital to improve its liquidity position and meet its credit rating requirements.
Titan Advanced Energy Solutions, a provider of ultrasonic battery management solutions, raised $ 33 million in a Series B funding round led by HG Ventures, the corporate investment arm of The Heritage Group. These newly raised funds are helping the company accelerate industrial scale deployments of its battery diagnostic and sensing / management technologies for safer and more efficient manufacture, operation and reuse of lithium-ion batteries.
Aker Horizons wholly-owned subsidiary, Aker Horizons Holding, has Between entered into an agreement with the South Korean company Hanwha Solutions Corporation, a manufacturer of solar photovoltaic panels in the United States, and REC Silicon. Hanwha Solutions will acquire 21,891,275 REC Silicon shares from Aker Horizons and subscribe for 48,213,001 new REC Silicon shares through a private placement. Both trades are carried out at the same price of NOK 20 (~ $ 2.2) per share. The private placement will provide proceeds of approximately NOK 964 million (approximately $ 110.1 million) to REC Silicon. The sale of shares will be made to Aker Horizons Holding for an amount of approximately NOK 438 million (~ $ 50.1 million). Following the transaction, Aker Horizons and Hanwha Solutions will each own approximately 16.67% of the shares of REC Silicon.
Stem, an intelligent energy storage and AI-based energy management software, announcement its intention to offer, subject to market conditions and other factors, total capital of $ 350 million amount of green vsonvertible selder motes due 2028 as part of a private offer. Stem expects to grant the original purchasers an option to purchase an additional aggregate principal amount of $ 52.5 million of the Notes on the same terms.
For reports and follow-ups on M&A financing and transactions in solar energy, energy storage, smart grids and efficiency, click here.
Read last week’s funding roundup.