Venture capital (VC) funding into battery storage, smart grid, and energy efficiency companies was up 54% in the first nine months (9M) of the year compared to the same period in 2018, according to Mercom Capital Group.
Global venture capital, private equity, and corporate venture capital funding into the sectors reached more than $2 billion up to Q3 according to the firm’s Funding and Mergers and Acquisitions (M&A) Activity report for the global battery storage sectors.
The $1 billion funding in Q2 to Swedish firm Northvolt— which plans to establish a European gigafactory with vehicle OEM Volkswagen Group— helped push VC funding for battery storage companies to $1.6 billion in 25 deals compared to $783 million in 38 deals during the first three quarters of last year.
Northvolt was the top funding deal, with Sila Nanotechnologies ($170 million), Energy Vault ($110 million), Romeo Power ($89 million) and Form Energy ($40 million) filling the other top five positions.
A total of 60 VC investors participated in battery storage funding in 9M 2019.
Battery storage M&A transactions remained the same as last year at 10 (two disclosed).