Over $175 million in transactions as 360 Energy Solar receives funding & other news from cleantech firms
Endow | Weekly Sustainable Investment Round-Up
360 Energy Solar Gains $100 Million Investment from Stellantis to Enhance Renewable Initiatives
360 Energy Solar, an Argentine-based solar power producer, has received a significant boost, with Stellantis acquiring a 49.5% stake for $100 million. This investment enhances the renewable energy capabilities at Stellantis’ Argentinian facilities, including the Ferreyra and El Palomar plants, which currently utilise 360's La Rioja solar power plant.
The collaboration will focus on developing new solar plants, installing large-scale solar storage systems, and producing hydrogen energy. This initiative is part of Stellantis' broader strategy to increase energy self-sufficiency, demonstrated by its investments in renewable energy projects across Argentina, the US, and Europe. It aims for 100% solar power usage in its Michigan facilities by 2026. https://bit.ly/4b0urOk
MGA Thermal Advances in Renewable Energy with $5.7 Million Funding Round
MGA Thermal, an Australia-based company specialising in thermal energy storage, has secured an additional $5.7 million in funding, raising the total for the recent round to $14 million and overall funds to approximately $28.8 million. Supported by returning investors Main Sequence, Melt Ventures, and new investor JEKARA, this funding will help MGA Thermal scale up and enhance the industrial capabilities of its Miscibility Gaps Alloy (MGA) Thermal Blocks and Thermal Energy Storage (TES) systems.
The investment underlines the ongoing need for decarbonisation in mining, mineral processing, and manufacturing industries. Recently, MGA Thermal paused to refine its technology following insights gained during the commissioning of a demonstration unit, a step CEO Mark Croudace described as crucial for future developments. https://bit.ly/3W9tgrZ
SWTCH Energy Secures $27.2 Million in Series B Funding to Expand EV Charging Solutions
SWTCH Energy ("SWTCH"), a Canada-based provider of electric vehicle (EV) charging solutions for multi-tenant buildings in North America, has announced a $27.2 million Series B funding round led by Blue Earth Capital, with participation from Alantra’s Energy Transition Fund, Klima, Active Impact Investments, and GIGA Investments Corp. This funding will support SWTCH's continued expansion of its charging network, which has grown tenfold since its Series A, enhancing its innovative SWTCH Control™ energy management system and other EV charging solutions.
These advancements address deployment challenges in new and ageing multifamily buildings, including upfront costs, limited electrical capacity, and charger reliability. With the new capital, SWTCH aims to meet the growing demand for multifamily EV charging, driven by rising EV sales and changes in building codes and zoning ordinances, ensuring that every building or driver is included in the transition to EVs. https://bit.ly/44aErT6
Ivy Energy Raises $18 Million in Series A to Expand Solar Solutions for Multi-Tenant Properties
Ivy Energy, a US-based innovator in clean energy technology, has secured $18 million in Series A funding to enhance its Virtual Grid Cloud software to accelerate the adoption of onsite solar energy in multi-tenant real estate. Led by SolarEdge, the funding round includes significant contributions from GreenSoil PropTech Ventures, American Family Insurance Institute for Corporate and Social Impact (AmFam Institute), Legacy Capital Ventures, Enki Solar Investments, and Unit Leader.
Ivy Energy's platform uniquely addresses the split incentive barrier in shared properties, enabling property owners to hedge against utility inflation and increase asset value while providing tenants with cost savings and environmental benefits. This capital infusion will allow Ivy Energy to expand its technological and geographic footprint, bringing innovative energy management solutions to a market segment traditionally underserved by onsite renewable energy. https://bit.ly/4d287WJ
Eocycle Technologies Secures $25 Million to Expand Distributed Wind Energy in North America and Europe
Eocycle Technologies, a Canada-based leader in distributed wind turbine production, has received $25 million in financing to expand its market presence in the US Midwest, Great Plains, and Europe. The financing round, led by Export Development Canada and supported by the Fonds de Solidarité FTQ and Investissement Québec, will boost Eocycle's production of 25 kW and 90 kW wind turbines.
These turbines, ideal for farms and commercial facilities, connect to the power grid, allowing excess power to be sold back, enhancing financial returns for users. The funds will increase staff by over 50% and improve sales, production, customer service, and ongoing R&D to optimise turbine efficiency. This strategic move aims to meet the growing demand for renewable energy and capitalise on the potential of distributed wind, which could meet over half of the US's annual electricity consumption. https://bit.ly/44dWcB8
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