Exowatt Secures $70 Million in Series A Funding

Exowatt, a company specializing in thermal energy storage solutions, recently closed a significant Series A funding round, securing a total of $70 million. The funding was led by Felicis, a distinguished venture capital firm based in Silicon Valley. Of the $70 million raised, $35 million was obtained through debt financing provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million was raised through equity.

In parallel, REC, a prominent state-owned infrastructure finance company, successfully raised an impressive ₹50 billion (~$586 million) by issuing bonds. This encompassed ₹30 billion (~$352 million) in five-year bonds at a competitive 6.97% coupon rate and ₹20 billion (~$234.6 million) in ten-year bonds with a 6.86% coupon rate. Notably, the bonds received top credit ratings from esteemed credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.

Furthermore, Lodestone Energy, a developer of solar projects, was able to secure an additional NZD50 million (~$30 million) in equity funding to support the development of utility-scale solar projects. The funding primarily came from existing shareholders, with some participation from new investors. This supplementary funding built upon the NZD50 million (~$30 million) already raised in 2024, amounting to a total of NZD100 million (~$60 million) to be utilized for the expansion of solar projects.

In the realm of smart energy management and battery storage solutions, iwell successfully closed a funding round amounting to €27 million (~$31 million), with Meridiam leading the round alongside Invest-NL and Rabobank as co-investors. This funding will facilitate iwell’s expansion into new markets across Europe and globally.

Additionally, OnePlanet Solar Recycling, a company specializing in advanced materials recovery from end-of-life solar panels, secured $7 million in seed financing led by Khasma Capital. OnePlanet has been working on the development of the River City Project, a significant industrial-scale initiative with a focus on producing high-grade critical materials such as silicon, aluminum, copper, and silver through recycling processes.

Overall, these recent funding developments highlight the continued growth and innovation within the clean energy sector. The influx of investments into companies like Exowatt, REC, Lodestone Energy, iwell, and OnePlanet underscores the increasing importance and potential of sustainable energy solutions in today’s evolving landscape.