Corporate funding for energy storage surges to $15.4b in H1
The amount fell for smart grid companies.
More capital is being invested in energy storage companies as corporate funding for these businesses increased by 117% to $15.4b in the first half (H1) of the year from $7.1b in the same period last year, according to Mercom Capital Group.
In its Energy Storage and Smart Grid Funding and M&A report for H1, Mercom said the number of corporate funding deals for energy storage increased to 64 from 59 last year. Venture capital (VC) funding also increased 37% to $2.4b, with 130 VC investors participating in energy storage funding in the second quarter (Q2).
Announced debt and public market financing for energy storage companies in the first six months totaled $13b in 16 deals, a 294% surge from last year, Mercom said.
There were 14 merger and acquisition transactions in H1 compared to eight a year ago, it added.
Meanwhile, corporate funding for smart grid declined 11% to $1.6b in the same period. This was despite an increase in the number of deals to 36 from 33.
VC funding for smart grid firms increased 22% to $1.2b with 53 investors participating in VC funding in Q2 alone.
Announced debt and public market financing for smart grid technology companies totaled $321m in seven deals in 1H 2024 compared to $839m in the same period last year.