June 3, 2025 | Big investments this month for fusion and solar energy—both solar cells and harnessing the sun’s actual light. But we also saw investments for battery swapping networks, vanadium redox flow batteries, and silicon anodes.
$36M: Series A for Fusion Energy
Fusion energy startup Realta Fusion (Madison, Wis.) has announced an oversubscribed $36 million Series A round to bring its compact, scalable, modular magnetic mirror fusion technology closer to commercialization. Future Ventures led the round with participation from Mayfield, GSBackers, SiteGround, Avila VC, and other investors. Existing Realta Fusion investors Khosla Ventures, Wisconsin Alumni Research Foundation, and TitletownTech also participated in the round. Realta Fusion’s device is a compact, scalable, modular (CoSMo) fusion energy system, which offers the lowest cost and shortest pathway to commercial fusion energy. Realta Fusion’s energy system is designed to deliver industrial heat and power on-site for a wide range of applications, including data centers, chemical plants, metal recycling, remote mining, and other heavy industry. The system is based on the compact magnetic mirror concept, in which extremely strong magnets trap super-heated hydrogen gas between two ends of a simple cylinder. Hydrogen atoms within the cylinder collide and fuse together, releasing massive amounts of carbon-free energy that can be delivered as heat or electricity.
$29M: Series B for Battery Swapping Networks in India
Battery swapping startup Battery Smart (New Dehli) has raised $29m in its ongoing Series B extension round. New York-based PE firm Rising Tide Energy led the round, which also saw participation from responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments. Battery Smart will use the capital to deepen its presence in existing cities and drive expansion into new markets. One of the biggest hurdles to EV adoption in India is the lack of charging infrastructure, which creates significant anxiety for those considering the switch. Battery swapping offers a solution by providing a simple, cost-effective, and efficient way to own an EV, eliminating the need for expensive battery purchases and extensive charging infrastructure. By building a dense network of swap stations, Battery Smart is ensuring EV users are within a 1 km radius of a station, with zero wait time.
$21M: Series B for Battery Simulation Software
Breathe Battery Technologies has secured $21 million in Series B funding and launched a major expansion of its product portfolio, transforming Breathe’s offerings from an embedded software solution to a comprehensive suite of battery simulation software, embedded software and battery services that support the full battery development journey. The round brings in new investor Kinnevik AB, with continued backing from Lowercarbon Capital and Volvo Cars Tech Fund. The funding will accelerate Breathe’s growth, expand its physics-based battery software capabilities, and more than double the size of its London laboratory, already the largest battery testing facility in the city.
$21M: Series B for Solar Power for Space Solar Cells
mPower Technology has secured over $21 million in Series B funding led by Razor’s Edge Ventures and joined by Shield Capital. The new funding will be used to further scale production capacity and continue the advancement of DragonSCALES, a completely flexible, interconnected mesh of miniature solar cells. Their growing roster of customers will be supported by mPower’s first high-volume automated manufacturing line which is located at mPower’s contract manufacturer Universal Instruments Corporation in Conklin, New York. This line dramatically expands throughput and will produce over 2 megawatts of DragonSCALES modules annually, a capacity greater than the total combined global production output of traditional gallium arsenide (III-V) solar module suppliers.
$20.5M: Series B for Vanadium Redox Flow Batteries
VFlowTech (Singapore) has successfully raised $20.5 million in its latest funding round. The investment was led by prominent venture capital firm Granite Asia, joined by new investors EDBI, MOL PLUS and PSA Ventures and alongside existing backers Antares Ventures, İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First. The funding will enable VFlowTech to scale manufacturing and deployment of its proprietary vanadium redox flow batteries (VRFBs); strengthen its AI-driven cloud energy management platform to optimize efficiency and unlock new revenue streams; and develop critical supply chains, including vanadium recycling, electrolyte innovation, and membrane advancements. VFlowTech’s AI-powered platform will introduce advanced smart grid functionalities to enable customers to optimize energy use, participate in energy trading, and enhance the ROI of energy storage systems.
$20M: Series A for Sunlight-as-a-Service
Reflect Orbital has raised a $20 million Series A to accelerate development of its satellite constellation to deliver sunlight on demand. The round was led by Lux Capital, with participation from Sequoia Capital and Starship Ventures. Reflect Orbital is building a constellation of satellites designed to reflect sunlight down to Earth for large-scale lighting and energy applications. This new funding will support team growth, scaled operations, and the company’s first space missions. Reflect’s first satellite will launch as early as Spring 2026, beginning with its limited “World Tour” lighting experiences in 10 iconic locations. From there, the company will expand to provide lighting for remote operations, defense, civil infrastructure, and energy generation. Reflect is actively contracting with customers after receiving over 260,000 applications for satellite-reflected sunlight from 157 countries last fall.
$11.5M: Series A for Silicon Anodes
Battery materials startup GDI (Rochester, NY) raised an additional $11.5 million in Series A funding to scale up production of silicon anodes for electric vehicle batteries in the United States and Europe. Additional funding was led by Helios Climate Ventures, Impact NY, and InnoEnergy and brings its total Series A raise to over $20 million. GDI says its anodes provide 30% more energy density than conventional graphite anodes and charge times of under 15 minutes for EVs. The company has already signed a joint-development agreement with an EV cell manufacturer, which should mean its anodes will be in battery cells in drones and medical devices within the next 24 to 30 months and in EVs on the road by 2030. The funding will help the company scale up production at its pilot plant in the Netherlands within the next 24 months to start providing anodes to battery manufacturers.
