Corporate funding for energy storage surges to $15.4b in H1

The amount fell for smart grid companies.

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.

renewable energy

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