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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-lunar-energy-secures-232-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Lunar Energy, a provider of integrated home battery systems and Virtual Power Plant (VPP) software, has </strong><a href="https://mercomcapital.com/home-battery-and-vpp-company-lunar-energy-secures-232-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $102 million in an oversubscribed Series D</strong> round led by B Capital and Prelude Ventures. This funding follows a previously unannounced $130 million Series C round led by Activate Capital, bringing the total to $232 million.</p>
<p><strong>Radiance Renewables, a clean energy firm backed by Eversource Capital, has </strong><a href="https://www.mercomindia.com/radiance-renewables-raises-100-million-from-danish-fund-fmo" target="_blank" rel="noopener"><strong>raised</strong></a><strong> about $100 million </strong>in equity funding from two major international investors — Impact Fund Denmark and the Dutch entrepreneurial development bank FMO. Impact Fund Denmark and FMO are investing $50 million each.</p>
<p><strong>Commercial electric mobility services provider Drivn has </strong><a href="https://www.mercomindia.com/e-bus-services-provider-drivn-gets-80-million-boost-from-nomura" target="_blank" rel="noopener"><strong>received</strong></a><strong> a commitment of up to $80 million in funding from financial services company Nomura.</strong> Founded in 2025, Drivn buys, owns, and leases electric buses and trucks for long-distance logistics and inter-city transport. This funding from Nomura will support the first phase of Drivn’s deployment of 1,000 electric buses and trucks.</p>
<p><strong>PowerBank Corporation, a North American company that develops and owns independent renewable and clean energy projects, has </strong><a href="https://mercomcapital.com/powerbank-raises-13-68-million-in-equity-offering/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> gross proceeds of $13.68 million</strong> through an equity offering. The company focuses on developing solar and battery energy storage system projects that sell electricity to a range of off-takers, including utilities, commercial entities, industrial clients, municipalities, and residential customers.</p>
<p><strong>Powerline, a startup providing software-based intelligence solutions for batteries, has </strong><a href="https://mercomcapital.com/battery-software-startup-powerline-closes-7-million-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $7 million in seed funding</strong>, led by MaC Venture Capital, with participation from LG Technology Ventures, J-Impact Fund, and other strategic investors across the energy ecosystem. Powerline is building the AI intelligence layer and digital testbeds for battery portfolios.</p>
<p><strong>Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and electric vehicles, has </strong><a href="https://mercomcapital.com/elong-power-holding-closes-7-6-million-public-offering/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of its $7.6 million</strong> underwritten public offering. Maxim Group served as the exclusive underwriter. Ortoli Rosenstadt acted as U.S. securities counsel to the company, while Pryor Cashman served as U.S. securities counsel to the underwriter in connection with the Offering.</p>
<p><strong>SunPower, a solar technology, services, and installation company, has </strong><a href="https://mercomcapital.com/sunpower-acquires-solar-panel-installer-cobalt-power-systems/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has closed its $12 million</strong> all-equity strategic acquisition of <strong>Cobalt Power Systems</strong>, a solar and energy storage systems installation company headquartered in Mountain View, California.</p>
<p><strong>Power Finance Corporation (PFC) has </strong><a href="https://www.mercomindia.com/pfc-acquires-majority-stake-in-rec-board-greenlights-merger" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> 52.63% of the Government of India’s stake in REC Limited, making REC a subsidiary of PFC.</strong> The PFC Board took note of the Union Budget 2026–27 announcement proposing the restructuring of public sector Non-Banking Financial Companies (NBFCs) and granted in-principle approval for the merger of PFC and REC, subject to requisite approvals, while ensuring that the merged entity remains a government company under applicable laws.</p>
<p><strong>Hero MotoCorp has </strong><a href="https://www.mercomindia.com/hero-motocorp-approves-investment-of-%E2%82%B92-75-billion-in-euler-motors" target="_blank" rel="noopener"><strong>approved</strong></a><strong> an additional investment of up to ₹2.75 billion (~$30.45 million) in Euler Motors.</strong> The investment is to be made in one or more tranches through a combination of primary infusion and/or secondary purchase. Euler Motors is an associate company of Hero MotoCorp, in which the company currently holds a 34.1% stake on a fully diluted basis.</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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-jupiter-secures-500-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Lunar Energy Secures $232 Million


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					</table><p>Integrated home battery systems and virtual power plant (VPP) software provider, <a href="https://www.lunarenergy.com/" target="_blank" rel="noopener">Lunar Energy</a>, has raised $102 million in a Series D funding round led by B Capital and Prelude Ventures.</p>
<p>Lunar Energy will utilize the funding to expand its hardware and software products. It will also use the funding to scale its AI-driven distributed power software platform, Lunar Gridshare. Lunar Energy said this platform is managing major distributed resources/VPP programs in the U.S.</p>
<p>The company had earlier raised $130 million in an unannounced Series C funding round led by Activate Capital. Funding from these two rounds totaled $232 million.</p>
<p>These funding rounds also included participation from DCVC, Piva Capital, Leitmotif, Sunrun, Itochu Corporation, and Q Capital Partners.</p>
<p>Lunar Energy is managing 650 MW of distributed energy devices.</p>
<p>The company’s major clients include residential solar and battery storage provider Sunrun, which utilizes the Gridshare platform for its distributed power plants in multiple markets, such as New England, Hawaii, and Puerto Rico. The platform is also used by non-profit electricity procurement entity, California Community Choice Aggregators, to develop and deploy new distributed power programs across the state.</p>
<p>Lunar Energy’s clients also include utilities and retailers in Europe and Asia.</p>
<p>The company said its VPP earned customers an average of $464 per customer. It also claimed that the software provided customers with an additional $338  in savings compared to a standard home battery operating mode.</p>
<p>Venture capital investment in energy storage gained momentum in 2025, rising 30% year over year to $4.8 billion across 75 deals, even as total corporate funding for the sector declined 19% to $16.2 billion, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage.</a></p>
<p>Overall corporate funding totaled $16.2 billion across 119 deals in 2025, down from $19.9 billion raised through 116 deals in 2024. Despite the decline in total capital raised, deal activity increased 3% during the year, indicating continued investor engagement in the sector.</p>


VPP Software Provider Lunar Energy Raises $232 Million


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					</table><p>United States-based residential solar, battery storage, and energy services company <a href="https://www.sunrun.com/" target="_blank" rel="noopener">Sunrun</a> swung to a loss in the fourth quarter (Q4) of 2023, hurt by lower sales, higher interest expense, and a non-cash investment charge.</p>
<p>The company reported a net loss of $350.1 million in Q4 2023 versus net income of $63 million in Q4 2022. Excluding the $58.6 million non-cash charge related to its investment in <a href="https://www.lunarenergy.com/" target="_blank" rel="noopener">Lunar Energy</a>, the Nasdaq-listed company recorded a loss of $291.5 million.</p>
<p>Total quarterly revenue decreased 15% year-over-year (YoY) to $516.6 million from $609.2 million last year. The decline was driven by a 47% drop in solar energy systems and product sales revenue, from $366.9 million to $195 million.</p>
<p>Meanwhile, customer agreements and incentives revenue rose 33% to $321.6 million, compared to $242.3 million last year. This resulted from Sunrun’s strategic shift towards a greater mix of solar subscriptions versus direct purchase agreements.</p>
<p>However, beyond the top-line numbers, Sunrun posted positive metrics related to its transition to a solar subscription-focused business model. Installations accelerated, with 227.1 MW of solar capacity installed in Q4, up 18% from 209.6 MW last year. Storage deployments also grew substantially, with 219.7 MWh of capacity installed in Q4, a 154% increase from 86.6 MWh in the same period last year.</p>
<p>The company added 30,005 customers in the quarter, with total customers reaching 933,275, up 17% YoY. During the quarter, it launched a pilot to offer customers the ability to renew their subscription agreements early and extend the price protection.</p>
<p>The company also announced a preferred retail partnership with home improvement retailer <a href="https://www.lowes.com/" target="_blank" rel="noopener">Lowe’s</a>. Sunrun said it is staffing more than 260 Lowe’s stores in 10 states with its representatives to guide customers in accessing residential solar.</p>
<p><strong>Full Year 2023</strong></p>
<p>Sunrun’s full-year (FY) net loss widened significantly in 2023, primarily due to a $1.2 billion goodwill <a href="https://www.mercomindia.com/sunrun-loss-driven-by-goodwill-impairment-charges" target="_blank" rel="noopener">impairment charge</a> taken in Q3 due to a decline in its stock price, which has fallen by 35% in the past 12 months.</p>
<p>Net loss attributable to shareholders was $1.6 billion in 2023, compared to net income of $173.4 million in 2022. Excluding the impairment charge, it was $387.8 million.</p>
<p>Meanwhile, the total FY revenue decreased 3% to $2.26 billion, from $2.32 billion in 2022. The decline was largely due to a 20% drop in solar energy systems and product sales revenue, from $1.34 billion to $1.07 billion, partially offset by a 21% rise in customer agreements and incentives revenue, from $983 million to $1.19 billion. Higher revenue and operating expenses costs also contributed to the decline.</p>
<p>According to the Lawrence Berkeley National Laboratory, new residential solar installations in the U.S. had a median size of 7.2 kW in 2022, a significant <a href="https://www.mercomindia.com/reduced-cost-residential-solar-growth-in-the-us" target="_blank" rel="noopener">jump</a> from the 2.4 kW seen in 2000, thanks to cost reductions and improved module efficiencies.</p>


Sunrun Swings to Q4 Loss Weighed by Lower Sales and High-Interest Rates

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