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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-terawatt-technology-closes-series-c-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>TeraWatt Technology, a lithium-ion battery manufacturer, has </strong><a href="https://mercomcapital.com/terawatt-technology-closes-series-c-funding-round/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the final close of its Series C funding round</strong>. The company has not disclosed the total funding amount. The final close attracted new investors, including Japan Green Investment for Carbon Neutrality, Kyuden International Corporation, JERA, through its corporate venture capital arm, JERA Ventures, and ITOCHU Technology Ventures, with JERA Ventures investing approximately $10 million in the company.</p>
<p><strong>Envision Energy, a manufacturer of wind turbines, energy storage systems, and green hydrogen products, has </strong><a href="https://mercomcapital.com/envision-energy-secures-500-million-to-support-global-expansion/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $500 million</strong> vendor financing agreement with BBVA Corporate &amp; Investment Banking to support its global expansion across Europe, Asia, and Latin America. The vendor financing program is designed with a flexible structure, offering diversified financing instruments, extended payment terms, and optimized working capital solutions.</p>
<p><strong>Power infrastructure manufacturer Om Power Transmission‘s ₹1.5 billion (~$15.98 million) initial public offering (IPO) was </strong><a href="https://www.mercomindia.com/om-power-transmission-ipo-oversubscribed-2-37-times" target="_blank" rel="noopener"><strong>oversubscribed</strong></a><strong> 2.37 times at the end of the bidding window on March 13, 2026.</strong> The price band was set between ₹166 (~$1.76) and ₹175 (~$1.86) per equity share with a face value of ₹10 (~$0.106). The IPO saw bids for 14.25 million shares out of the 6 million shares on offer. Non-institutional investors led demand, with the portion receiving 5.09 times the bids, followed by the qualified institutional buyers’ portion at 2.57 times the bids, and retail individual investors at 1.1 times the bids.</p>
<p><strong>WorkOnGrid, an AI-native operations intelligence platform for power, water and gas utilities, has </strong><a href="https://www.mercomindia.com/workongrid-raises-%E2%82%B9225-million-to-scale-data-intelligence-for-power-utilities" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹225 million (~$2.43 million)</strong> in a funding round led by Transition VC. The funding round also saw participation from the Indian Angel Network. The funds will be used to scale WorkOnGrid’s global go-to-market efforts, enhance its AI and machine learning capabilities, and build international infrastructure.</p>
<p><strong>Mortenson, a provider of energy and infrastructure solutions, </strong><a href="https://mercomcapital.com/mortenson-acquires-energy-management-controls-firm-nor-cal-controls/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Nor-Cal Controls</strong>, a controls systems provider specializing in energy management control systems for solar, battery energy storage, and microgrid applications. Nor-Cal Controls develops and provides open-architecture control systems that are central to the operation of energy assets, enabling direct interaction with the electrical grid for power storage, dispatch, and management.<strong> </strong></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-ma-roundup-enervenue-secures-300m-series-b-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: TeraWatt Technology Closes Series C Funding Round


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					</table><p>Gujarat-based power infrastructure manufacturer <a href="https://ompowertransmission.com/" target="_blank" rel="noopener">Om Power Transmission</a>&#8216;s ₹1.5 billion (~$15.98 million) initial public offering (IPO) was oversubscribed 2.37 times at the end of the bidding window on March 13, 2026.</p>
<p>The price band was set between ₹166 (~$1.76) and ₹175 (~$1.86) per equity share with a face value of ₹10 (~$0.106).</p>
<p>The IPO saw bids for 14.25 million shares out of the 6 million shares on offer.</p>
<p>Non-institutional investors led demand, with the portion receiving 5.09 times the bids, followed by the qualified institutional buyers’ portion at 2.57 times the bids, and retail individual investors at 1.1 times the bids.</p>
<p>The shares are likely to be listed on the BSE and NSE on April 17, 2026.</p>
<p><a href="https://beelinemb.com/" target="_blank" rel="noopener">Beeline Capital Advisors</a> was book running lead manager for this transaction.</p>
<p>Om Power has an order book of ₹7.45 billion (~$79.39 million) as on December 31, 2025. It comprises transmission line engineering, procurement, and construction (EPC) projects worth ₹5.19 billion (~$55.3 million), substation EPC projects worth ₹1.69 billion (~$18 million), underground cabling projects worth ₹290.95 million (~$3.1 million), and operation and maintenance projects worth ₹274.06 million (~$2.9 million).</p>
<p>In its draft red herring prospectus, the company said that the majority of its projects were awarded through a competitive bidding process. It won ₹5.63 billion (~$59.99 million) worth of projects by participating in tenders as of December 31, 2025.</p>
<p>The net proceeds from the IPO will be utilized up to ₹112.09 million (~$1.19 million) towards the funding of capital expenditure requirements of the company to purchase machinery and equipment, up to ₹250 million(~$2.66 million) towards pre-payment/re-payment in part or in full, of certain outstanding borrowings availed by the company, and up to ₹550 million (~$5.86 million) towards funding long-term working capital requirements of Om Power.</p>
<p>According to the Central Electricity Authority, India targeted <a href="https://www.mercomindia.com/india-eyes-137500-ckm-grid-expansion-to-support-900-gw-renewables-by-fy-2036" target="_blank" rel="noopener">expanding</a> its power transmission network by 137,500 circuit km of lines and 827,600 MVA of substation capacity, at an estimated cost of ₹7.93 trillion (~$84.33 billion), to support 900 GW of non-fossil fuel capacity by the financial year 2035-36.</p>
<p>To boost domestic manufacturing of transmission infrastructure, CEA <a href="https://mercomindia.com/cea-pushes-for-localization-of-power-transmission-and-distribution-components" target="_blank" rel="noopener">identified</a> 73 items used in the power transmission and distribution sector to formulate a comprehensive localization strategy based on criticality, feasibility, and industry readiness.</p>


Om Power Transmission IPO Oversubscribed 2.37 Times

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