ConnectDER Secures $35 Million in Series D Funding: Funding and M&A Roundup
ConnectDER, a company that specializes in home energy technology solutions, has recently secured a significant investment of $35 million in Series D funding. This funding round was led by Decarbonization Partners, a collaboration between BlackRock and Temasek, with support from MassMutual Ventures. ConnectDER’s innovative solutions focus on optimizing Distributed Energy Resources by converting electricity meter sockets into versatile interconnection points.
On the other hand, Torrent Power, an energy generation and transmission company based in India, successfully raised approximately ₹35 billion (around $412.77 million) through a qualified institutions placement (QIP) of shares. This QIP was oversubscribed four times the original issue size, marking Torrent Power’s first equity raise in the last three decades. Noteworthy subscribers to the QIP included domestic mutual funds, global investors, and insurance companies.
Meanwhile, Glow, a solar energy startup, secured $30 million in funding from Framework and Union Square Ventures to expand its renewable energy operations in India and global markets. Using innovative blockchain solutions on the Ethereum platform, Glow focuses on accelerating solar energy adoption and decentralizing the energy grid. With three solar projects already established in Rajasthan with a combined capacity of 21.3 MW, Glow is poised for further growth and impact.
Additionally, Meyer Burger, a prominent manufacturer of solar cells and modules, secured a bridge loan facility of up to $39.48 million. This facility will be drawn in multiple tranches upon the fulfillment of specific milestones, with the initial tranche expected to be drawn immediately. Notable lenders in this facility include Highbridge Capital Management, LMR Partners, System 2 Capital, Walleye Capital, and Whitebox Advisors, all of whom are existing bondholders in the company.
Furthermore, EQT, a private equity firm, announced the acquisition of ju:niz Energy, a battery storage developer and operator, from its founder Franz Hauk. This strategic move is part of EQT’s Transition Infrastructure strategy, aimed at providing capital and expertise to scale businesses sustainably. ju:niz Energy specializes in developing and operating large-scale battery storage systems, contributing to the advancement of renewable energy infrastructure.
The currency management software provider, Zitara, recently closed a Series AA funding round totaling $17 million. This round was led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital. Based in San Francisco, Zitara aims to enhance battery performance and reliability through cutting-edge battery management software across energy storage applications.
In a separate development, enSights, a cloud-based clean energy optimization and management software provider, secured a $10 million Series A funding round. Co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation, this funding will enable enSights to expand globally, particularly in the U.S. market, strengthen its team, and enhance its suite of software solutions for the clean energy sector.
Lastly, Greenie Energy, a start-up specializing in electric vehicle (EV) charging technology, recently raised $600,000 in a seed funding round. This investment, led by Rajesh Advani, Managing Director of Sun-N-Sand Hotels, will support Greenie Energy’s goal of installing over 5,000 EV charging points by the end of 2025. The company aims to develop scalable and cost-effective charging solutions tailored to India’s growing EV market.
These recent funding and investment activities in the clean energy sector showcase a promising future for renewable energy adoption and infrastructure development. Stay tuned for more updates on funding and M&A transactions in the solar, energy storage, and smart grid industries.
