Adani Green Energy Only Asian Co. in Global Largescale Solar PV Developer Ranking By Mercom

Mercom Capital Group has recently released a Annual Global Report that includes a ranking of global solar developers based on operating, under-construction, and PPA-awarded (contracted) large-scale solar projects of one megawatt or more across multiple countries. To qualify for this ranking, developers must have projects in at least two countries.

India's Adani Green Energy Limited (AGEL), an Ahmedabad, Gujarat based renewable energy solutions company, has attained the position of the 2nd-largest global solar PV developer, in Mercom Capital Group's latest Annual Global Report.

According to the report, Adani Green's performance and contribution to the renewable energy landscape have earned it the second rank among the world's foremost solar PV developers. With an impressive total solar capacity of 18.1 GW encompassing operational, under-construction, and awarded (PPA-contracted) projects, Adani Green solidifies its significant position in the global solar energy sector. With a total capacity of 41.3 GW, France-based TotalEnergies emerged at the top.

Adani Green has solar PV projects in Vietnam and India. Some of the large-scale solar PV projects:

1. Kamuthi Solar Park, India (648 MW)
2. Jaisalmer, Rajasthan India (600 MW)
3. Karnataka, India (350 MW)
4. Bhadla Phase III Solar Park, India (300 MW)
5. Rajasthan NTPC ISTS Project, India (300 MW)

Pipeline Description:

Adani’s solar pipeline includes 9,239 MW projects under construction and 1,899 MW in preconstruction phase as of June 2023. The company’s solar project pipeline is entirely located in India. Under the manufacturing-linked project development tender floated by the Solar Energy Corporation of India, Adani is set to develop 8 GW of solar projects (four tranches of 2 GW each) between October 2023 and October 2026.

Mercom analysts utilized both primary and secondary research to compile this report. The key component of Mercom’s analysis is primary research gained from phone and e-mail interviews with company representatives. Additional analysis includes secondary research conducted by Mercom analysts. For the two companies that chose not to provide their data directly to Mercom, Mercom relied on the company’s  latest public information.

Top-10 Global Large-Scale Solar PV Developers 2022-23

Global Market Overview

• The global solar photovoltaics (PV) market had a banner year in 2022 with an estimated 191 gigawatts (GW) installed, a 22.1% increase year-over-year (YoY).
• China led capacity additions, with 86 GW installed. Installations were up 62.4% compared to nearly 53 GW in 2021 and added significantly to the worldwide growth in solar installations.
• The U.S. installed the second-highest solar energy capacity in 2022 with 17.6 GW. Installations fell 8.3% compared to over 19 GW in the prior year due to module supply uncertainty caused by the Anti-Circumvention Investigation and the Uyghur Forced Labor Protection Act. The Inflation Reduction Act, expected to provide an industry boost, was enacted in August 2022, though the effects weren't immediately evident.
• India witnessed the third-highest capacity additions with over 13 GW in 2022. Installations were up 29% YoY Much of the increase can be attributed to delayed projects with supply chain issues due to COVID-19 in the prior year Brazil and Germany rounded out the top five with 9.9 GW and 7.3 GW of capacity additions respectively, in 2022
• The top five markets combined accounted for over 70% of solar capacity installed in 2022
• The war in Ukraine compelled countries in Europe to develop aggressive solar energy goals and move quickly toward energy independence. In July 2022, Germany set a target of 215 GW by 2030; France set a new target of 100 GW by 2050, and the U.K. increased its solar target to 70 GW by 2035
• At the end of 2022, cumulative installed solar PV capacity surpassed 1 TW to reach an estimated 1,054 GW. China, the U.S., and Japan accounted for nearly 56% of capacity.

Note: Annual installation numbers are based on available data as of December 2022, considering that IRENA and most other global solar associations have released data only until 2022

The top 10 developers accounted for 145 GW of operational, under-construction, and awarded (PPA-contracted) solar projects during the reporting period. Of this, 49.5 GW of projects were operational, 29.1MW were under construction, and 66.2 GW were in pipeline (PPA-contracted).

Full Report – Here

AI-based Energy Efficiency Startup MinionLabs Wins Mercom India’s 1st-Ever Startup Pitch Competition

MinionLabs brings home coveted first-time award for its energy innovation

Mercom India named MinionLabs, an energy efficiency, and Internet of Things (IoT) company, the winner of its inaugural startup pitch competition at the 2023 Mercom India Renewables Summit held on April 26-27.

MinionLabs earned the distinction with its full-suite smart-metering system that dynamically improves the efficiency of electricity usage. The company’s AI-based advanced machine learning platform identifies anomalies, energy waste, cost-saving measures, operational efficiency, and policy violations and sends actionable notifications to help homeowners and businesses save upwards of 45% on their electricity bills.

The company emerged from a field of India’s most promising clean energy startups that participated in the pitching competition. The event added a new dimension to the Mercom India Renewables Summit, a flagship annual conference where industry leaders converge to discuss the future of clean energy in India.

“Mercom’s clean energy startup competition was designed to showcase the best young companies in support of the government’s self-reliant manufacturing initiatives, which will require the country’s entrepreneurs to invent, innovate and develop new technologies in India,” said Raj Prabhu, CEO of Mercom Capital Group. “All ten finalists inspired the judges with their dynamism, creative solutions to important problems, and desire to solve some of the biggest challenges as the country transitions towards renewable energy sources,” said Prabhu.

The Mercom India Renewables Summit gave the ten startups a unique opportunity to showcase their innovative products to key players across the renewable energy industry, including potential investors, customers, and partners. The event is an important initiative from Mercom India to promote technology, innovation, and entrepreneurship in India’s renewable energy sector.

Finalists for the competition were selected from a pool of applicants from across India that pitched their ideas to an expert panel of judges featuring renewable energy sector leaders. The judges included Shishir Garemalla, Head of International BD at PV Evolution Labs; Sunil Cavale, Investment Associate at Speciale Invest; Aswani Chaitanya, VP and founder at Capital-A; and Sumeet Singh, Partner at Climate Angels.

After winning the competition, MinionLabs was awarded prizes that included:

• Two free passes for a six-day online Entrepreneurship Acceleration training program from the India Energy Storage Alliance Academy
• One year of access to select courses on IESA Academy’s online e-learning portal
• An advertising and marketing package from Mercom

The other nine finalists were Xefficient, SundayGrids, SuryaLogix, Centaur Automotive, GoVidyouth Mobility, RenKube, TriNano, Electrik Bee, and Sheru. The strong lineup is a testament to the vibrant startup ecosystem emerging in India’s clean energy industry that is leveraging cutting-edge technologies and applying innovative business models to drive India’s transition towards a cleaner, more sustainable energy future.

For more information on the first-time pitch competition and other news from the 2023 Mercom India Renewables Summit, visit https://www.mercomindia.com.

About Mercom Communications India

Mercom Communications India, a subsidiary of the US-based Mercom Capital Group, is a clean energy research and communications firm recognized worldwide for its expertise in Indian cleantech markets. Established in Bengaluru, India, Mercom has provided market intelligence and research services for clean energy organizations across India since early 2009. For more information, visit http://www.mercomindia.com.

Mercom Launches 1st CleanTech Startup Pitch Competition at India Renewables Summit 2023

Mercom India, a clean energy research and communications firm, will be hosting its first startup pitch competition for cleantech companies, bringing together the most innovative startups in India’s clean energy industry. The competition will be held at the Mercom India Renewables Summit on April 27, 2023, at 10:30 am in New Delhi.

This competition will be open to Indian entrepreneurs or companies with a great cleantech idea or who have developed an early-stage technology that will further India’s energy transition.

The deadline to submit an entry is March 31, 2023.

Eligibility criteria for the competition include:

• The startup must own a product or innovation that contributes to clean energy.
• Company is not older than seven years.
• Company has never previously sponsored Mercom India Summit
• Company should have raised less than $10 million in capital
• Product/solution should be in the pre-commercialization phase
• Company should be based in India

Additional details can be found at: https://mercomindia.com/event/renewables-summit-2023/start-up-pitch/

Ten companies will be selected from the entries and shortlisted to present their ideas during the conference.

Priya Sanjay, Managing Director at Mercom India, commented, “this competition is the first of its kind in the Indian cleantech sector, and we expect to see a range of companies with disruptive technologies that will further the nation’s energy transition and net zero ambitions. The Renewables Summit is the ideal venue to not only evaluate new technologies but is also a great way to get new innovative companies and technologies the exposure they need in front of the industry’s investors and decision-makers.”

Submissions will be accepted until March 31, 2023. To submit your entry, visit: https://mercomindia.com/event/renewables-summit-2023/startup-registration-2023/

About Mercom India

Mercom India, a subsidiary of the U.S.-based Mercom Capital Group, is a clean energy research and communications firm recognized worldwide for its expertise in Indian cleantech markets. With offices in Bengaluru and Delhi, Mercom India Clean Energy Insights has been publishing industry news and providing research services for clean energy organizations across India since 2009. Mercom India Events is a thought leadership platform for clean energy professionals looking to forge a cleaner future. For more information, visit: https://mercomindia.com

India Adds 3 GW of Solar in Q1 2022, a 50% Increase Year-Over-Year

In Q1 2022, India added over 3 GW of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021. Year-over-year (YoY) installations rose by 50% compared to the 2 GW added in Q1 2021, according to the newly released Q1 2022 India Solar Market Update by Mercom India Research.

During Q1 2022, 2.7 GW of large-scale solar was installed, a quarter-over-quarter (QoQ) increase of 23% and a 53% YoY increase.

Large-scale solar accounted for 85% of the installations, and rooftop accounted for the remaining 15% during the reporting period.

India’s cumulative installed solar capacity now stands at 52 GW.

According to the report, while 2021 was the most significant year for the Indian solar industry, with over 10 GW of installations, 2022 is slated to be an even stronger year.

There is still a lot of ambiguity around projects impacted by the Great Indian Bustard (GIB). To protect the critically endangered bird, the Supreme Court earlier said that transmission lines running through the priority areas of the GIB need to be either underground or have bird diverters installed. A Committee has been formed to review cases individually and provide their feedback to the Apex Court. This process is taking time and will likely affect project development this year.

“The uncertainty around the Great Indian Bustard case in Rajasthan is the only issue standing in the way of 2022 being another record year for solar installations. Everything depends on the Supreme Court ruling and how quickly it is resolved. A little push from the government can help India surpass the 60 GW large-scale solar installation target set for 2022, which will be a great achievement,” said Raj Prabhu, CEO of Mercom Capital Group.

Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations, with over 10 GW installed as of March 2022, and accounts for 24% of the total installations in the country.

In Q1 2022, Rajasthan and Gujarat were the top states for solar, accounting for 52% and 18% of installations, respectively, followed by Karnataka with 6%. 

Multiple implementing agencies announced about 5 GW of tenders in Q1 2022, a decrease of 52% YoY compared to over 10 GW announced in Q1 2021. Tender activity in Q1 2022 declined by about 18% QoQ compared to nearly 6 GW released in Q4 2021.

With the BCD applicable from the second quarter (Q2) of 2022 on solar cells and modules, this quarter saw a significant increase in solar module imports, noted the report. In Q1 2022, developers procured almost 10 GW of solar modules and stockpiled them ahead of the advent of Basic Customs Duty (BCD), which took effect on April 1, 2022. Several developers tried to commission their projects before the BCD came into effect. They wanted to avoid paying the additional duty and claim the amount later due to the cumbersome regulatory process.

 
In Q1 2022, India added 4.6 GW of total power capacity, with most new installations coming from solar power. Solar accounted for 68% of new power capacity during the quarter, the largest share captured by solar in any given quarter.

 
Key Highlights from Mercom India Research's Q1 2022 India Solar Market Update:

• In Q1 2022, India added over 3 GW of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021.
• Large-scale solar accounted for 86% of the installations, and rooftop solar for the remaining 14%.
• India’s cumulative installed solar capacity now stands at 52 GW.
• In Q1 2022, renewable energy sources accounted for about 81%.
• Solar accounted for 68% of new power capacity during the quarter.
• In Q1 2022, Rajasthan and Gujarat were the top states for solar installations.
• Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations.

Mercom's India Solar Q1 2022 report is 116 pages and covers all facets of India's solar market. For the complete report, visit: https://mercomindia.com/product/q1-2022-india-solar-market-update

Mercom Communications India, a subsidiary of U.S.-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian cleantech markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009. For more information, visit: https://www.mercomindia.com

The country has a utility-scale projects development pipeline of over 54 GW. Another 33 GW of projects tendered are awaiting auction.

Total Corporate Funding in Solar Sector Soared 91% with $27.8 Bn in 2021, a 10-Year High, Reports Mercom Capital Group

Over 68 GW of large-scale solar projects were acquired in 2021

Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its annual report on funding and merger and acquisition (M&A) activity for the solar sector in 2021.

Total corporate funding across the globe in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $27.8 billion, a 91% increase compared to the $14.5 billion raised in 2020. Corporate funding in 2021 was the highest in ten years.

To learn more about Mercom’s 2021 Solar Funding and M&A Report, visit: https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report

"2021 was the best year for solar corporate funding as well as mergers and acquisitions since 2010. Financing activity bounced back strongly following a COVID-19-affected 2020. There was more money than ever chasing deals and more demand than supply of attractive companies and assets as organizations and funds look to fulfill their ESG and clean energy mandates,” said Raj Prabhu, CEO of Mercom Capital Group.

Global venture capital and private equity funding in the solar sector in 2021 came to $4.5 billion, a 281% increase compared to the $1.2 billion in 2020. This is the highest amount of VC funding for the solar sector since 2010. There were 11 VC funding deals of over $100 million apiece in 2021.

Of the $4.5 billion in VC funding raised in 58 deals in 2021, $3.9 billion (89%) went to 43 Solar Downstream companies. Balance of System companies raised $219 million; Concentrated Solar Power companies bought in $108 million; Solar PV companies raised $91 million; Solar Service Providers raised $35 million; and Thin-Film technology companies raised $18 million.

The top VC funded companies in 2021 were GoodLeap (formerly Loanpal), a residential solar loan provider, which raised $1.6 billion in two separate transactions of $800 million each, followed by Silicon Ranch Corporation, which brought in $775 million, Aurora Solar, which raised $250 million, Nexamp, with $240 million, Enpal with $175 million, and GameChange Solar, which raised $150 million.

There were 154 VC and PE investors that participated in funding deals in 2021, with seven involved in multiple rounds.

Public market financing in 2021 totaled $7.5 billion, which was 49% higher compared to $5.1 billion in 2020. The largest deal was by Shoals Technologies Group, a provider of BOS components for solar projects, which raised $2.2 billion through its IPO. Ten solar companies went public through IPOs and SPACs in 2021.

In 2021, announced debt financing came to $15.8 billion, a 91% increase compared to $8.3 billion raised during 2020. Record securitization activity was a key contributor to the rise in debt financing activity during 2021, with $3.7 billion in 13 deals.

M&A activity in the solar sector soared with 126 transactions in 2021 - the highest number of deals ever recorded. Most of the transactions involved Solar Downstream companies. The largest transaction in 2021 was Adani Green Energy Limited (AGEL), which acquired a 100% stake in SB Energy India at an enterprise valuation of approximately $3.5 billion.

There were 280 large-scale solar project acquisitions in 2021 compared to 231 transactions in 2020. In 2021, the sector also saw the most project acquisition activity in terms of gigawatts, with more than 69 GW changing hands compared to 40 GW in 2020.

367 companies and investors are covered in this 131-page report, which contains 108 charts, graphs, and tables.

To learn more about Mercom’s 2021 Solar Funding and M&A Report, visit: https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report

About Mercom Capital Group

Mercom Capital Group, llc, is a global communications and consulting firm focused exclusively on clean energy and financial communications. Mercom’s consulting division advises cleantech companies on new market entry, custom market intelligence, and overall strategic decision making. Mercom’s consulting division also delivers highly respected industry market intelligence reports covering Solar Energy and Battery Storage/Smart Grid/Efficiency. Our reports provide timely industry happenings and ahead-of-the-curve analysis specifically for C-level decision making. Mercom’s communications division helps clean energy companies and financial institutions build powerful relationships with media, analysts, government decision makers, local communities, and strategic partners. For more information about Mercom Capital Group, visit: http://www.mercomcapital.com. To get a copy of Mercom’s popular market intelligence reports, visit: http://eepurl.com/cCZ6n

VC funding

Oorja Development Solutions - an off-grid solar services provider - secured $1 million in seed funding from Schneider Electric Energy Access Asia (SEEAA).

Debt funding

Virescent Renewable Energy Trust (VRET) - a renewable energy infrastructure investment trust (InvIT) from KKR’s Virescent Infrastructure - raised ₹21.5 billion (~$288.4 million) through listed non-convertible debentures and long-term debt financing.

Project funding

The Indian Renewable Energy Development Agency (IREDA) - disbursed a loan of ~₹11 billion (~$146.4 million) to Vector Green Energy, an independent power producer focused on solar and wind energy.

CleanMax Solar - a rooftop solar developer, received $34 million in funding from the Danish Investment Fund for Developing Countries (IFU).

REC Limited, a public infrastructure finance company involved in financing power projects, signed an agreement with Germany-based KfW Development Bank to avail official development assistance (ODA) loan of $169.5 million. REC will utilize the proceeds of the ODA loan to part-finance solar generation projects in India at competitive interest rates.

Corporate M&A

Reliance New Energy Solar, the green energy arm of Reliance Industries, signed an agreement with Shapoorji Pallonji and Company to acquire a 40% stake in Sterling and Wilson Solar, a solar engineering, procurement, and construction company, through a combination of primary investment, a secondary purchase, and an open offer.

Reliance New Energy Solar acquired REC Solar Holdings from China National Bluestar Group for $771 million.

Project M&A

France-based solar developer Technique Solaire acquired a 34 MW ground-mounted solar project in Uttar Pradesh from the Jakson Group and businessman Ravi Goyal.

Ayana Renewable Power signed a deal to acquire a 100% equity stake in a 250 MW solar PV project developed and operated by ACME Solar Holdings.

Virescent Renewable Energy Trust acquired a 49 MW solar portfolio from five special purpose vehicles (SPVs) of Focal Energy for ₹3.54 billion (~$46.7 million).

India Adds 4,578 MW of Solar in 1H 2021, Surpassing Installations in All of CY 2020

Solar’s share of new power capacity additions was the highest ever in the first half of any year

August 31, 2021 – India added 2,488 megawatts (MW) of solar in the second quarter (Q2) of the calendar year (CY) 2021, a 19% increase quarter-over-quarter (QoQ), compared to 2,090 MW installed in Q1 2021, according to Mercom India Research’s newly released Q2 2021 India Solar Market Update. Solar installations were up 1,114% year-over-year (YoY) compared to 205 MW added in Q2 2020 when COVID crippled the sector. Solar capacity additions in India in Q2 2021 were the highest in a quarter since Q2 of 2018.

In 1H 2021, India added 4,578 MW of solar, a 251% increase compared to the same period of last year. Installations exceeded 3.2 GW of solar installed in all of CY 2020.

According to the report, installations were significantly higher than the previous quarter despite various state level lockdowns because of the second wave of COVID. The lockdowns were very targeted, and the industry was well prepared this time around, which minimized the effect on solar projects.

“Even with a strong quarter, the industry continues to battle uncertainties around higher component costs and logistical issues. With duties and import restrictions, purchasing quality solar components at the best price will be the biggest challenge for the industry going forward as solar system costs ticked up for the fourth quarter in a row,” said Raj Prabhu, CEO of Mercom Capital Group. “The demand for building large-scale projects is extremely high, while auctions have slowed down. The government focus has shifted towards building domestic manufacturing capacities.”

Considering the industry fared much better during the second wave of COVID-19, Mercom is increasing its forecast by 23% in the medium-case scenario to approximately 8-9 GW in CY 2021. A detailed forecast with analyses is included in the report.

The report pointed out that solar module average selling prices have risen for an unprecedented five quarters in a row and could continue rising for another couple of quarters. Chinese polycrystalline modules were up 23% year-over-year. Freight charges have been climbing with no signs of recovery in the short term.

According to the report, at the end of Q2 2021, cumulative solar installations reached 43.6 GW.

India’s large-scale solar project development pipeline stands at 52.8 GW, along with 28 GW of projects tendered and pending auction at the end of Q2 2021.In Q2 2021, Rajasthan and Gujarat were the top states for solar, followed by Uttar Pradesh and Andhra Pradesh. The top ten states accounted for 95% of installations in the quarter.

With the focus of the solar sector in India shifting towards domestic manufacturing, local producers are ramping up capacities for modules and cells. An auction under the PLI program is anticipated any time soon.

“Although component costs continue to rise, low bids in auctions have fallen recently, with developers taking a win-at-all-costs approach due to a lack of new projects reaching auction fast enough for developers to sustain their operations,” said Prabhu.

According to the report, solar’s share of new capacity additions was the highest ever in the first half of any year, accounting for 53% of all power capacity added in 1H 2021. Renewables as a whole, including wind and hydro, made up close to 71% of capacity additions in the first half of 2021.

Key Highlights from Mercom India Research’s Q2 2021 India Solar Market Update

• In Q2 2021, India added 2,488 MW of solar, an increase of 19% compared to 2,090 MW installed in Q1 2021. YoY installations rose by 1,114% compared to 205 MW in Q2 2020
• In 1H 2021, India added 4,578 MW of solar, a 251% increase compared to the same period last year
• The cumulative installed solar capacity in India was about 43.6 GW at the end of Q2 2021
• The large-scale solar project pipeline in India stands at 52.8 GW, with 28 GW tendered and pending auctions at the end of Q2 2021
• Mercom forecasts installations of approximately 8-9 GW for CY 2021
• Solar’s share of new power capacity additions was the highest ever in the first half of any year
• Investments in the solar sector were up 120% compared to Q1 2021

Mercom India’s Q2 2021 report is 92 pages and covers all facets of India’s solar market. For the complete report, visit: https://mercomindia.com/product/q2-2021-india-solar-market-update/

About Mercom Communications India

Mercom Communications India, a subsidiary of U.S.-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian cleantech markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009. For more information, visit: http://www.mercomindia.com

Digital Health Shatters Funding Records with $15 Bn and 136 M&A Transactions in 1H 2021, Reports Mercom Capital Group

Sphygmomanometer

Mercom Capital Group, llc, a global communications and research firm, released its report on funding and mergers and acquisitions (M&A) activity for the Digital Health sector for the second quarter (Q2) and first half (1H) of 2021. Mercom's comprehensive report covers deals of all sizes from across the globe.

Global VC funding for Digital Health companies in 1H 2021 shattered all previous 1H funding records, with $15 billion. Funding activity was up by 138% during 1H 2021, compared to $6.3 billion raised in 1H 2020.

Corporate funding into digital health companies, including VC, public market financing, and debt, totaled $19 billion in 1H 2021.

In Q2 2021, Digital Health companies raised a record $7.7 billion in 195 deals, a 7% increase quarter-over-quarter (QoQ) compared to $7.2 billion raised in 179 deals in Q1 2021. Year-over-year (YoY) funding was up by 175% compared to $2.8 billion in 161 deals in Q2 2020.

50 digital health companies raised $100 million or more in 1H 2021.

"The digital health sector had a spectacular first half of 2021. Venture investments in digital health during 1H 2021 have already surpassed funding raised in all of 2020 and is the largest amount raised in a single year since 2010. Telehealth again led funding activity, accounting for almost 30% of the funding raised in 1H 2021. An even more impressive data point in the first half of the year was the record M&A activity, which has been flat in previous quarters despite the funding surge. A record 12 companies went public during the first six months of the year," said Raj Prabhu, CEO of Mercom Capital Group.

Digital Health consumer-centric companies accounted for 69% of the funding in Q2 2021, raising $5.3 billion in 129 deals, while practice-centric companies accounted for 31%, raising $2.4 billion in 66 deals.

The top-funded Digital Health VC funded categories in 1H 2021 were: Telemedicine with $4.2 billion, Wellness with $1.7 billion, mHealth Apps with $1.6 billion, Analytics with $1.5 billion, and Clinical Decision Support with $1.1 billion.

Telemedicine companies raised $4.2 billion in 105 deals in 1H 2021, a 147% increase in YoY compared to $1.7 billion raised in 79 deals in 1H 2020.

Top categories that received funding in Q2 2021 included Telemedicine with $2.2 billion, Wellness with $1.1 billion, mHealth Apps with $667 million, Analytics with $565 million, Practice Management Solutions with $480 million, and Clinical Decision Support with $434 million.

Early round venture capital funding (Seed, Series A) came to $1.6 billion in 1H 2021. Most of the VC funding in early rounds went into Telemedicine, mHealth Apps, and Data Analytics companies.

Seven hundred and seven (707) investors participated in funding deals in Q2 2021 compared to 547 investors in Q1 2021. General Catalyst led Digital Health financing activity during Q2 2021 with 11 funding rounds. Oak HC/FT and Optum Ventures each made six investments, and another 100 investors made two or more investments during Q2 2021.

A record 1,254 investors participated in 1H 2021, compared to 921 investors in 1H 2020.

The Top VC deals in 1H 2021 included $540 million raised by Noom, $500 million raised by Roman, $360 million raised by Keep, and $300 million each raised by Capsule, KRY, and Hinge Health.

Twenty-one different countries recorded Digital Health VC funding deals in Q2 2021. Companies in the United States recorded the most VC funding deals with 148.

Sixteen (16) Digital Health products received FDA/CE approvals in Q2 2021 and 279 since Q1 2017.

In 1H 2021, a total of 136 Digital Health M&A transactions were announced compared to 83 in 1H 2020. This is the highest number of M&A transactions recorded in the first half of any year. In Q2 2021, there were 73 M&A transactions compared to 63 M&A transactions in Q1 2021.

Telemedicine companies led M&A activity in 1H 2021 with 25 transactions, followed by Practice Management Solutions companies with 20 transactions. Analytics, Clinical Decision Support, and mHealth Apps each recorded 10 M&A transactions during 1H 2021.

Notable M&A transactions in 1H 2021 were: 

1. Microsoft's acquisition of Nuance for $19.7 billion, 
2. Optum's acquisition of Change Healthcare for $13 billion, 
3. Datavant's acquisition of Ciox Health for $7 billion, 
4. KKR's acquisition of Therapy Brands for $1.5 billion, 
5. Boston Scientific's acquisition of Preventice Solutions for $925 million.

This report is 126 pages in length, contains 70 charts, graphs, and tables, and covers 1,052 investors and companies.

To learn more about the report, visit: https://mercomcapital.com/1h-q2-2021-healthcare-it-digital-health-funding-and-ma-report-form

Mercom Capital Group, llc, is a global communications and consulting firm focused on Digital Health (Healthcare IT), cleantech, and financial communications. Mercom also delivers highly respected industry market intelligence reports covering Digital Health. Our reports provide timely industry happenings, ahead-of-the-curve analysis for C-level decision making and help with fundraising strategies for companies and uncover potential funding opportunities for investors. Mercom's communications division helps companies and financial institutions build powerful relationships with media, analysts, government decision-makers, local communities, and strategic partners. For more information about Mercom Capital Group, visit: http://www.mercomcapital.com. To get a copy of Mercom's popular weekly market intelligence reports, visit: http://www.mercomcapital.com/digitalhealthsubscribe

Winners of Mercom India Solar Awards 2021 Revealed

Mercom India, a subsidiary of U.S.-based Mercom Capital Group and leading clean energy communications and consulting firm, announced the winners of the Solar 2021 Awards at its inaugural Solar Summit. There were seven award categories, and winners were chosen based on project innovation, challenges overcome, uniqueness, and impact on the community, economy, and the environment.

“We’re honored to recognize the best solar projects built in India last year,” said Raj Prabhu, Mercom Capital Group CEO and Co-Founder. “The winning projects displayed great vision, innovation and were engineered to overcome tough challenges, and all this was achieved in a tough pandemic year when resources and labor were hard to come by."

Mercom India Solar Awards 2021 winners include:

• Best Large-Scale Project – Engie Solar India
• Best C&I Project (Rooftop) – Orb Energy
• Best C&I Project (Ground Mount) – Amp Energy India
• Best Engineered Project – ILIOS Power
• Best Off-Grid Project – U-Solar Clean Energy
• Best Residential Project – Novergy Energy Solutions Pvt. Ltd.
• Best Hybrid Project – CleanMax Solar

The Mercom India team took weeks to sort through a flood of nominations. Companies from anywhere in the world were allowed to apply but for projects developed in India only. Nominations were also accepted from the participant and third-party vendors and suppliers. A panel of Mercom experts selected the winners.

"We are excited to announce winners of the 2021 Mercom Awards. These are companies making a meaningful contribution to the solar industry’s success with their Solar PV projects", said Priya Sanjay, managing director at Mercom India.

The awards were presented on the second day of the Mercom India Solar Summit 2021 on Friday, April 9. Mercom India award categories will be expanded next year to cover the broader green energy and several other important categories.

About Mercom India

Mercom India, a subsidiary of US-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian renewable energy markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009. For more information, visit: http://www.mercomindia.com