23, Apr 2024
Indo-French Seminar at IIT Roorkee Culminates in Success, Fostering International Collaboration in Advanced Control Systems
Roorkee, India – April 23, 2024 – The Indian Institute of Technology Roorkee (IIT Roorkee) successfully concluded its Indo-French Seminar on “Advances in Robust Nonlinear Control for Uncertain Dynamic Systems: Theory and Applications,” held from April 15 to 19, 2024.
Hosted by the Department of Electrical Engineering at IIT Roorkee, in partnership with École Centrale de Nantes, France, the seminar brought together leading experts and participants from India and France to explore the latest developments in robust and nonlinear control methodologies.
The seminar featured insightful sessions covering various aspects of control theory, including sliding mode control, adaptive techniques, and event-triggered strategies, along with their practical applications in diverse fields such as energy systems and robotics.
Prof. Sohom Chakrabarty, Course Coordinator from IIT Roorkee, expressed his satisfaction with the event’s outcomes, stating, “The seminar served as a platform for interdisciplinary dialogue and knowledge exchange among researchers and industry professionals. It was heartening to witness the enthusiasm and engagement of participants in exploring advanced control systematic solutions to solve real-world challenges.”
Esteemed speakers from leading French institutions, including École Centrale de Nantes, University of Caen Normandy, INRIA Lille, and various Indian Institutes of Technology and universities, delivered expert lectures in dedicated technical tracks at the Indo-French Seminar hosted by IIT Roorkee. Topics ranged from robust nonlinear control methodologies to their practical applications, showcasing a diverse array of expertise and perspectives in the field of control systems and engineering.
Prof. Franck Plestan, French Coordinator from École Centrale de Nantes, expressed his happiness around the seminar, “IIT Roorkee provided a great atmosphere with high spirits among the participants. The discussions had been wonderful and we look forward to engaging in bilateral academic exchanges that would result in impactful engineering innovations for the future.”
The seminar concluded with a valedictory session graced by the presence of eminent dignitaries, including Prof. K. K. Pant, Director of IIT Roorkee, who emphasized the importance of international collaborations in advancing scientific research and technological innovation.
In his closing remarks, Prof. K. K. Pant, Director IIT Roorkee, said, “The Indo-French seminar exemplifies the spirit of collaboration and knowledge sharing that defines the academic community at IIT Roorkee. Such initiatives not only enhance our understanding of complex control systems but also pave the way for impactful research collaborations across borders.”
The success of the seminar underscores IIT Roorkee’s commitment to fostering academic excellence and facilitating global partnerships in pursuit of innovation and societal development.
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- By Rabindra
23, Apr 2024
Vattikuti Foundation Announces KS International Innovation Awards for Robotic Surgery
New Delhi, Michigan – April 23, 2024:The robotic surgery champion, Vattikuti Foundation, has announced the 2024 edition of its KS International Innovation Awards in Robotic Surgery. The scope of the multi-disciplinary technology competition has been expanded to cover two distinct tracks: Robotic Procedure Innovation and Technological Innovation.
The Robotic Procedure Innovation entries can be from Cardiac, General Surgery, Gynaecology, Head & Neck, Microsurgery, Organ Transplant, Orthopaedics, Plastic Surgery, Paediatrics, Urology, and other areas.
The entries for Technological Innovation will cover areas such as Artificial Intelligence, Imaging Modalities, Robotic Systems, Tele Surgery, Training Modalities, Virtual Reality, and others.
The competition, initiated in 2015, is open to robotic surgeons, medical school faculty, and students, presenting an opportunity for a close examination of technologies and procedures being used globally to improve patient outcomes.
The entries will be put through multiple rounds of judging by international faculty, with top winners being awarded cash prizes for Runner-up and First place. Additionally, the top-ranking submissions will also gain entry to the international People’s Choice Award competition, with surgeons, medical staff, nurses, students, and hospital administrators from the Americas, Africa, Asia, Asia Pacific, and Europe picking their choice.
“The Vattikuti Foundation encourages teams of accomplished surgeons to prepare high-quality, digital submissions showcasing their most extraordinary surgical work employing the latest technological advances,” says Dr Mahendra Bhandari, CEO of Vattikuti Foundation.
The 2023 KS Innovation Awards attracted entries from 429 surgeons from 14 countries, submitting in 10 different specialties.
Entries can be submitted until July 15, 2024.
Submissions reflecting robotic and/or digital surgical procedures, products, and tools that improve patient outcomes by assisting surgeons pre-operatively, intra-operatively, or post-operatively are strongly encouraged. The Vattikuti Foundation seeks clinically relevant entries that show how new robotic technology is being used, capturing data predictive models before, during, and after an operation to improve patient outcomes as well as surgeon didactic and training skills.
The competition awards event and symposium—”Humans at the Cutting Edge of Robotic Surgery”—will be held in Jaipur, India in February 2025.
Select surgeons with innovative entries will have an opportunity to present and defend their work for knowledge transfer from experienced high-calibre surgeons to those who have embraced robotic technology in the recent past, aiming to offer state-of-the-art surgical care to patients in their specialty.
This competition is designed to be assessed in a fair, transparent, and unbiased manner while incorporating helpful ideas and hidden insights for the surgical community to learn from each other. Preference is given to complex surgical procedures, surgical innovations, and case series with well-analyzed outcomes data.
As part of Vattikuti Foundation’s capacity building outreach the Brady Urological Institute at Johns Hopkins University, Baltimore has announced its first Brady-Vattikuti Robotic Academy masterclass in Urology under guidance of the accomplished robotic surgeons.
The week-long masterclass beginning May 13 will cover several hours of live case observation, simulation sessions and proctor-led procedural training with experts, said the foundation.
23, Apr 2024
Start-ups and Auto-Tech majors Spearheading EV adoption & Sustainable Mobility Revolution
The surge in hybrid and electric vehicle sales in 2023 underscores a notable shift towards sustainable mobility, reflecting evolving consumer preferences. Hybrid car sales reached a record-breaking 82,607 units, surging over four times compared to 2022, while battery-operated electric car sales nearly doubled to 81,710 units. This marked the first instance where hybrid cars outsold electric cars annually, offering valuable insights into changing consumer trends in sustainable mobility.
Driving this transformation are innovative companies investing in advanced auto–tech features to enhance electric vehicle appeal. This includes the development of connected cars and integration of autonomous driving technologies, leveraging cutting-edge advancements like artificial intelligence, Internet of Things, and biometric systems. These efforts by companies dedicated to sustainable mobility and electric vehicle adoption are reshaping the automotive landscape, paving the way for a greener, more sustainable future.
We take a glance at start–ups playing a pivotal role in driving sustainable mobility and electric vehicle adoption nationwide..
Revfin stands out in several aspects—offering inclusive financial solutions to traditionally underserved and un-banked customers, spearheading the sustainable mobility movement.
Revfin’s collaboration with SUN Mobility is driving sustainable mobility in India. By offering innovative financing solutions for electric vehicles (EVs), particularly through the Battery-as-a-Service model, they’re making EVs more accessible and affordable. Their focus on inclusive finance, such as the ‘Stree Shakti’ program empowering women, and their use of AI-powered tools for quick loan processing, demonstrates their commitment to advancing EV adoption. With over 50,000 E-rickshaws financed and loans extended to over 10,000 women, Revfin is not only accelerating EV adoption but also promoting gender inclusivity and financial empowerment. Their emphasis on responsible lending, including IoT-equipped vehicles for monitoring, ensures sustainability in the EV ecosystem. Overall, Revfin’s initiatives are propelling India towards a greener and more inclusive future in transportation.
ARENQ, a prominent player in the sustainable mobility and electric vehicle (EV) sector, is making strides with its innovative approach and commitment to sustainability. Specializing in storage battery manufacturing and distribution, the company demonstrates a proactive stance in accelerating EV adoption nationwide. In a significant development, ARENQ is in strategic discussions to supply electric vehicles to a major eCommerce conglomerate, marking a milestone in their growth trajectory. This move not only underscores ARENQ’s commitment to innovation but also signals a broader shift towards embracing electric mobility.
Supported by a seasoned leadership team and a state-of-the-art R&D facility, ARENQ is leading the charge in developing solutions poised to transform not only the domestic market but also the global landscape. Collaborations with industry leaders like Lucas TVS highlight their commitment to advancing the EV segment, offering advanced motors and controllers to OEMs. As sustainability gains traction, ARENQ emerges as an influential player, reshaping the automotive market and contributing to a greener future.
Delta stands out as a key player in accelerating the cause of sustainable mobility and electric vehicle (EV) adoption in India.One of Delta’s significant contributions lies in its fast charging solutions, enabling full charging within 2-3 hours, thus facilitating convenient and efficient charging experiences for EV users.
Delta’s strategic partnerships further underscore its commitment to driving sustainable mobility. Collaborations with government organizations like MSEDL and BPCL establish Delta as a preferred partner for the Indian government and distribution agencies, facilitating the establishment of EV charging infrastructure across the country. Additionally, partnerships with industry giants like TATA Power for fleet operations and BluSmart for setting up charging hubs demonstrate Delta’s efforts to support various facets of the EV ecosystem, from individual users to fleet operators.
By providing reliable and efficient charging solutions, Delta empowers consumers to embrace electric vehicles with confidence, contributing to the broader goal of reducing carbon emissions and promoting sustainable transportation.
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Electric vehicle (EV) adoption and sustainable mobility are being spearheaded nationally by Sun Mobility. They are providing EV users with a seamless solution by circumventing the limits of the charging infrastructure with their inventive battery-swapping technology. Sun Mobility reduces range anxiety and encourages the wider use of electric vehicles by making battery swapping at automated stations simple and rapid.
Additionally, Sun Mobility reduces the environmental effect of electric transportation by incorporating renewable energy sources like solar power with their charging infrastructure. Their efforts to collaborate with government agencies, automakers, and other stakeholders are a testament to their commitment to sustainability. Sun Mobility is leading a major movement in the direction of a cleaner, greener future by promoting laws that are favorable of EV manufacturing, encouraging EV manufacturing, and spreading knowledge of the advantages of electric mobility.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy has emerged as a front-runner in India’s electric vehicle (EV) 2-wheeler segment, prioritizing sustainable mobility. The company’s flagship product, the Ather 450 electric scooter, quickly garnered attention for its performance and advanced features, setting a new standard in the market.
A key development was the establishment of the Ather Grid, a network of fast-charging stations, effectively addressing the critical concern of range anxiety and paving the way for wider EV adoption. Moreover, Ather Energy’s emphasis on indigenous technology development not only strengthened the domestic EV industry but also showcased India’s capabilities on the global stage.
Conclusion
The surge in hybrid and electric vehicle sales underscores a significant shift towards sustainable mobility, driven by innovative companies dedicated to advancing EV adoption nationwide. Start–ups like Revfin, ARENQ, and Ather Energy, alongside established players like Delta and Sun Mobility, are leading the charge by offering inclusive financial solutions, innovative battery technologies, efficient charging infrastructure, and collaborative initiatives with government agencies and industry stakeholders.
Together, they are reshaping the automotive landscape and paving the way for a greener, more sustainable future in transportation.
23, Apr 2024
India’s Drive Towards Eco-Friendly Construction Practices
Attributed to Smita Tiwari, Co-founder at Articlad
India has witnessed a construction boom in recent years as incomes rise and lifestyles evolve. Cities are expanding due to the overwhelming migration of people from rural areas to urban spaces, who come in search of a better standard of living. All of this is not only leading to space constraints and pressure on infrastructure but is also increasing the overall usage of energy to a very large extent. While development is essential, the environment cannot be depleted with every step. Sustainability in construction is the need of the hour.
To begin with, we need to understand the concept of sustainability.
It refers to the practice of building structures and using processes that are environmentally-friendly throughout a building’s life-cycle – right from the design stage to construction, maintenance, renovation and ultimately deconstruction. This approach is one that also takes into account the concerns of economy, utility, durability and living comfort.
The best part about sustainable construction is that it protects the environment, improves air and water quality, reduces waste and also conserves nature, all of these factors are very important for the future. There are certainly economic benefits too, like reducing fuel costs and improving the overall performance of the building. Additionally, sustainable construction practices improve comfort and health, and also help minimize strain on local infrastructure which is crucial in a country like India which is overpopulated.
Sustainable construction practices help counter climate change and global warming. These are the two factors that will shape the living conditions of future generations, as far as the environment is concerned. To sum it up, ‘green buildings’ are built with a holistic approach to design and construction. According to the definition by the Indian Green Building Council, a green building is one which uses less water, optimizes energy efficiency, conserves natural resources, generates less waste and provides healthier spaces for occupants, as compared to a conventional building.
Some key steps for putting sustainable construction principles into action:
Planning & Design
This is the first phase of the project. For the benefit of the future, it is at this phase that the general approach in India needs to take into account the sustainability aspect. At the planning and design stage, construction specialists need to inculcate innovative methods which will ultimately reduce the adverse effects of pollution and natural resource depletion. At this stage itself the aim should be to minimize the use of energy when the construction of the building is in its operational stage. The design should also account for the integration of systems like rainwater harvesting and waste management.
Use of Sustainable Materials
Construction involves a lot of materials, the usage and procurement of some of these are harmful for the environment. However, recently, many eco-friendly building materials have emerged in the industry to reduce the environmental impact of construction. Sustainable practices include increasing the use of eco-friendly materials like fly ash, bamboo and others that are not as harmful to the environment. Increasing the usage of manufactured sand and recycled aggregates lead to better energy efficiencies too. Additionally, the use of local materials helps reduce the carbon footprint associated with the transport of materials, in turn helping the environment.
It is merely impossible to imagine construction without concrete and hence it’s extremely crucial to make it as environmentally friendly as possible by using limestone supplements like clay slags, silica fumes, wood ash and most importantly using the old concrete debris itself as an aggregate while formulating.
Green is the way to go:
In recent years, our Government has joined hands with international and private green bodies to introduce initiatives and step up efforts to incentivise builders, businesses and households to build and live in responsible and sustainable societies. Local governments also offer many green certifications which are good for the practice of sustainability, as well as an attraction for homeowners. Builders can also help educate their teams and the masses about the importance of green buildings and build efficient communities.
All in all, it comes from understanding the value of biodiversity, and more importantly the importance of ecological preservation and longevity. Along with new innovations in this area and forming of partnerships, an active effort is extremely essential by the construction industry to adopt sustainable practices as they build for a better future.
23, Apr 2024
The Future of AI: 5 Key Trends to Watch
Artificial Intelligence (AI) is evolving at a rapid pace, shaping the way we live, work, and interact with technology. As we look ahead to the future of AI, several key trends are poised to drive innovation and transformation across industries.
1. AI in Meetings and Collaboration:
As work models continue to change and evolve, AI-powered tools like Fireflies.ai are revolutionizing the way meetings are conducted and notes are taken. AI notetaking assistants offer real-time transcription and summarization of meetings, making it easier for teams to capture important discussions and action items. By automating regular tasks such as note-taking, AI notetaking assistants free up valuable time for more meaningful collaboration and decision-making. This integration of AI in meetings enhances productivity and ensures that ideas/meaningful discussions are captured and shared effectively among team members.
2. Advancements in Natural Language Processing (NLP):
NLP continues to be a driving force behind many AI applications, enabling machines to understand and interpret human language more accurately than ever before. With advancements in NLP, AI-powered virtual assistants and chatbots can provide more natural and intuitive interactions, enhancing user experiences and customer satisfaction. The ability of NLP to analyze text data at scale facilitates sentiment analysis, language translation, and context understanding, enabling organizations to derive actionable insights and make data-driven decisions.
3. AI-Powered Automation and Robotics:
Automation and robotics are now in various industries, streamlining processes, and increasing efficiency. From manufacturing to logistics, AI-driven automation is optimizing workflows and reducing human error. The integration of AI algorithms with robotics enables autonomous decision-making and adaptive behavior, allowing the system/processor to complete the complex tasks with precision and efficiency. By leveraging machine learning algorithms, AI-powered automation systems can adapt to changing conditions and learn from experience, leading to continuous improvement and optimization of processes over time.
4. Ethical AI and Responsible Innovation:
With the growing influence of AI in decision-making processes, there is a heightened focus on ethical considerations and responsible AI development. Organizations are adopting ethical AI frameworks and guidelines to ensure that AI technologies are developed and deployed in a manner that respects human rights, diversity, and societal values. Principles such as transparency, fairness, and accountability are essential for building trust and maintaining responsible innovation in AI. By prioritizing ethical considerations, organizations can mitigate the risks associated with AI and maximize the benefits for society.
5. Personalized User Experiences with AI:
AI is enabling more personalized and tailored user experiences across various platforms and applications. By analyzing vast amounts of data, AI-driven personalization engines can deliver targeted content, products, and services, enhancing customer engagement and loyalty. Personalized recommendations, customized interfaces, and adaptive user interfaces are transforming the way users interact with digital platforms, leading to higher conversion rates and increased customer satisfaction.
23, Apr 2024
Experience the Culinary Charms of Kolkata at The Melting Pot, InterContinental Chennai Mahabalipuram Resort
Embark on a culinary journey to Kolkata, the ‘City of Joy,’ at The Melting Pot, InterContinental Chennai Mahabalipuram Resort, from April 26th to April 28th, 2024. This special event promises to showcase the rich culinary heritage of Kolkata, offering a delightful selection of traditional Bengali dishes.
Guests can indulge in a variety of authentic delicacies, including Khati Roll with Chicken, Radhuni Murgh Tikka, Kathal aur Aloo ka Subzi, Kosha Mangsho, Rosogollas, Macher Jhol, and aromatic Biryanis. Each dish is carefully prepared to capture the essence of Kolkata’s vibrant culinary scene.
The ambiance of The Melting Pot will be transformed to reflect the lively streets of Kolkata, creating an immersive experience for guests. Don’t miss the unforgettable culinary experience that celebrates the flavours and culture of Kolkata.
For reservations, please contact The Melting Pot at 89 39 865 105.
23, Apr 2024
foundit becomes the Official Talent Partner of the Badminton World Federation (BWF]
Mumbai 23rd April 2024 – foundit, a leading talent platform in APAC & the Middle East, today announced its partnership with the Badminton World Federation (BWF). This strategic collaboration aims to amplify foundit’s brand presence while championing the spirit of excellence embodied by badminton players worldwide.
The partnership was unveiled during a global virtual media meet in the presence of Sekhar Garisa, CEO foundit, Saurabh Srivastava, CMO found it, Thomas Lund, Secretary General, BWF, Owen Leed, Director of Commercial and Communications, BWF. As the governing body for badminton, BWF oversees prestigious events such as the Thomas and Uber Cup, Sudirman Cup, and World Tour Events, boasting a global fan base exceeding 700 million.
Through this collaboration with BWF, foundit aims to tap into the excitement and passion surrounding badminton, one of the most followed and played sports. This partnership will enhance foundit’s brand presence and enable it to connect with a diverse audience of job seekers and employers across various industries. foundit will be the Official Talent Partner for 20 significant championships throughout the year, including the highly anticipated Thomas & Uber Cups, All England Open, Malaysia Open, Singapore Open, and the India Open.
Speaking about the partnership, Sekhar Garisa, CEO of foundit, emphasized the shared values of agility, perseverance, and pursuit of excellence that unite badminton players and foundit. “This partnership is a testament to foundit’s unwavering commitment to enabling and connecting the right talent with the right opportunities. Badminton’s immense popularity in our core markets, particularly among young professionals, makes this partnership a powerful tool for engaging with the millions of job seekers and recruiters across the markets,” he added.
Commenting on the association, Thomas Lund, Secretary General/COO, BWF, said, “We are thrilled to partner with foundit, a leading talent platform that shares our passion for excellence and talent development. Badminton is a sport built on dedication, hard work, and the pursuit of success — values that resonate deeply with foundit’s mission. By joining forces, we aim to inspire individuals to reach their full potential and make a lasting impact in their careers.”
foundit further aims to partner with grassroots academies and badminton players from India and Southeast Asia, reflecting its dedication to nurturing talent from grassroots to elite levels. By effectively leveraging these associations, foundit aims to inspire individuals to achieve their full potential in professional pursuits.
23, Apr 2024
BOULT’s Next Chapter Coming Soon: Set to Enter New Product Category
New Delhi, 23rd April 2024 – BOULT, India’s fastest-growing wearable tech brand, is set to redefine the audio space once again with the launch of a new category of products. This will mark a significant milestone for the brand as it will be the first time that BOULT is diversifying beyond the wearable segment.
As BOULT’s first foray into this new segment, this debut collection will symbolize the brand’s commitment to pushing boundaries and enhancing the audio experience for consumers nationwide. Designed with precision engineering and cutting-edge technology, the devices promise to elevate home entertainment to unparalleled heights.
With a legacy of excellence in audio craftsmanship, the new segment is meticulously engineered to deliver immersive soundscapes that bring movies, music, and gaming to life. From thunderous bass to crisp highs. Each device is crafted to deliver a captivating auditory experience that grips the senses and transforms any living space into a personal theatre.
Crafted to perfection, these sleek devices deliver premium sound quality, ensuring an immersive audio experience like never before..
Stay tuned as BOULT prepares to unveil the future of home entertainment. Prepare to immerse yourself in sound like never before.
23, Apr 2024
Nium Appoints Banking Industry Expert, Alexandra Johnson, to Scale Global Banking and Payment Operations as Chief Payments Officer
SAN FRANCISCO – 23rd April 2024 – Nium, the leader in real-time cross-border payments, today announced the appointment of Alexandra Johnson as the company’s first Chief Payments Officer. With this newly-created position, Nium sets itself up to closer align itself with partners across the payments ecosystem. Johnson will work across Nium’s markets, leading the Global Banking and Payment Operations teams. She will report into Prajit Nanu, Co-Founder and CEO of Nium.
In her role as Chief Payments Officer, Johnson will oversee strategy, day-to-day activities, and the evolution of Nium’s payments network team. She will manage and grow the Nium payments network, applying best practices and regulatory policies globally, and will work with the Risk and Compliance teams in each market to enhance frameworks, build new relationships, and build upon the existing strength of the existing financial network of Nium.
Her wealth of knowledge and expertise in the banking and payments space will support Nium’s global and vertical business growth.
“Fostering and growing our network is one of the most critical aspects of building Nium,” said Nanu. “Alex’s experience in the world of banking and payments is invaluable and I’m excited to see her tackle this role head on and contribute to the growth of the business.”
Johnson added, “I am ready and excited for the opportunity to level up the already stellar network that exists at Nium and deliver innovative and market-leading solutions to our customers across the globe.”
Before joining Nium, Johnson was the Head of New Product Development & Innovation in Global Transaction Services (GTS) at Bank of America where she led a team responsible for exploring new technologies and concepts, that drove greater efficiencies, security, and advancement of treasury solutions. Before Bank of America, she led Global Go-to-Market, Commercialization, and Partnerships at JP Morgan for its foreign exchange product, where she oversaw product design, partnerships, pricing, and strategy for the bank’s multiple market-leading cross-currency solutions. Before this, she led network implementation and strategy at Hyperwallet, a member of the PayPal group of companies. She sits on the board of Bottomless Closet, a non-profit supporting disadvantaged NYC-based women in entering the workforce and achieving success. She holds an MBA from George Washington University and dual bachelor’s degrees from Michigan State University.
23, Apr 2024
Solar Sector Sees $8.1 Billion in Corporate Funding in Q1 2024, Reports Mercom Capital Group
April 23, 2024 – Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the global solar sector in the first quarter of 2024.
Total corporate funding into the solar sector in Q1 2024 came to $8.1 billion in 41 deals, a 4% decline year-over-year (YoY) compared to the $8.4 billion raised in 42 deals in Q1 2023. Funding increased 47% quarter-over-quarter (QoQ) compared to the $5.5 billion raised in 37 deals in Q4 2023.
“The solar sector is experiencing peak uncertainty and a challenging investment climate. The sector is grappling with multiple hurdles, including the likelihood of prolonged high-interest rates, higher labor and construction costs due to inflation, and supply chain issues, coupled with trade disputes and tariffs,” commented Raj Prabhu, CEO of Mercom Capital Group. “Although a crash in Chinese module prices has spurred demand, it has made investments in manufacturing projects unattractive, even with incentives. VC investments were down, and M&A activity continues to be subdued. Given the current market conditions, it wouldn’t be surprising if the recovery is delayed further in conjunction with rate cuts.”
Global VC funding for the solar sector in Q1 2024 came to $406 million in 13 deals, an 81% decline YoY compared to $2.1 billion raised in 18 deals in Q1 2023. Funding declined 68% QoQ compared to the $1.3 billion raised in 19 deals in Q4 2023.
The top VC-funded companies in Q1 2024 were: ENVIRIA, which raised $200 million; Soly, with $32 million; HDM Solar, with $13 million; Ecofy, with $11 million; and Hohm Energy, with $8 million.
Of the $406 million in VC funding raised in 13 deals during Q1 2024, 70% went to solar downstream companies, with $283 million in 10 deals. In Q4 2023, solar downstream companies raised $914 million in 14 deals (72% of total VC funding). In a YoY comparison, solar downstream companies accounted for 63% of VC funding in Q1 2023, bringing in $1.3 billion in 10 deals.
Public market financing in the solar sector totaled $1.4 billion in six deals in Q1 2024, a decline of 39% YoY compared to $2.3 billion raised in seven deals in Q1 2023. However, QoQ funding increased by 627% compared to $195 million raised in three deals in Q4 2023, which was a very weak quarter.
Announced debt financing for the solar sector in Q1 2024 totaled $6.2 billion in 22 deals, a 59% increase YoY compared to Q1 2023, when $3.9 billion was raised in 17 deals. QoQ debt financing increased 55%, with $4 billion raised in 15 deals in Q4 2023.
A total of 21 solar M&A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&A deals in Q1 2023.
Solar downstream companies led M&A activity with 18 transactions, followed by one balance of system, manufacturer, and one service provider company.
Almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Investment firms and funds were the most active acquirers in Q1 2024, with over 4.4 GW of projects acquired. They were followed by project developers and independent power producers, which acquired 3.5 GW of projects. Electric utilities acquired 1.3 GW of projects, and oil and gas majors acquired 309 MW of projects. Telecommunications companies, integrated energy trading companies, insurance companies, and other undisclosed acquirers acquired the rest.
There were 274 companies and investors covered in this 97-page report, which contains 66 charts, graphs, and tables.
