ImpactAlpha, Jan. 24 – Battery systems that can store intermittent renewable energy are key piece of the renewable energy equation.
This week, Instagrid, a Stuttgart maker of portable batteries to replace traditional diesel-powered generators, snagged $95 million in a Series C round led by Teachers’ Venture Growth, part of the Ontario Teachers’ Pension Plan. Morgan Stanley‘s climate-focused 1GT and existing investors also participated. The funding will help Instagrid expand into North America.
Separately, Recurrent Energy, a developer of solar and battery energy storage, got a $500 million equity injection from BlackRock via its Global Renewable Power Fund IV. BlackRock is looking to raise up to $7 billion for the fund, which launched last June. The war chest will help Recurrent, a subsidiary of Canadian Solar, expand its pipeline and continue its shift from a developer to a broad-based owner-operator of projects.
Earlier this month, NineDot Energy, a New York-based developer of community-scale battery storage, raised $225 million in equity from Manulife Investment Management and Carlyle.
Exits for clean tech companies have been scarce in recent months, but some oil and gas companies have seized the opportunity to snap up ventures that can help them transition. Led by Shell and BP, Big Oil drove cleantech M&A in 2023.
Last week, France’s TotalEnergies agreed to acquire Kyon Energy, a German developer of battery storage systems. The battery systems under development will boost the resilience of Germany’s grid, TotalEnergies said.