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Funding and M&A Roundup: Return Secures $348 Million; enspired Extends Series B to $47 Million

Return Secures €300 Million Growth Investment from APG

Energy storage firm Return has secured €300 million (~$348 million) in growth equity from APG, which invested on behalf of its pension fund client ABP. This funding round grants APG a minority share in Return and will accelerate the company’s battery energy storage deployment across Europe.

Alongside the investment, Return and APG have established a long-term strategic partnership to deliver flexible and reliable energy solutions. The collaboration will emphasize portfolio balancing, renewable energy flow optimization, and easing grid congestion across European power markets.

Enspired Expands Series B Round to Over €40 Million

Battery energy storage optimization specialist Enspired has extended its Series B funding round beyond €40 million (~$47 million). The extension includes new backing from Future Energy Ventures and continued support from existing investors—Zouk Capital, EnBW New Ventures, Banpu NEXT, PUSH VC, and 360 Capital. This follows Enspired’s earlier €25.5 million (~$27.5 million) Series B announcement in May 2024.

Allye Energy Raises $2.5 Million in Seed Round

U.K.-based clean-tech company Allye Energy, which designs modular and intelligent battery storage systems, has raised $2.5 million in seed funding. The round was led by existing investors Elbow Beach and Alpha Future Funds. The mix of equity and debt financing will be used to expand manufacturing capacity and launch commercial-scale deployment of its smart energy storage platform.

TACC Secures Rs 12.3 Billion Credit Facility for Battery Material Plant

In India, The Advanced Carbons Company (TACC)—a subsidiary of the LNJ Bhilwara Group—has received a Rs 12.3 billion (~$139.93 million) credit line from the State Bank of India. The funding will finance the construction of a lithium-ion battery-grade graphite anode manufacturing plant in Dewas, Madhya Pradesh. In its initial phase, the facility will produce 20,000 metric tons (MT) of active anode material annually, with plans to scale up to 100,000 MT. TACC also intends to commercialize graphene and related derivatives, aiming for annual production exceeding 4,000 MT.

Refex Green Power to Divest Stake in Flaunt Solar Energy

The board of Refex Green Power, a wholly owned subsidiary of Refex Renewables and Infrastructure, has approved the sale of its 74% stake in step-down subsidiary Flaunt Solar Energy. The transaction will occur at face value equal to cost—Rs 74,000 (~$837)—paid in cash. This translates to Rs 10 (~$0.11) per share, based on a recent stock exchange disclosure indicating a negative equity fair value for Flaunt Solar Energy.