The global corporate funding in the energy storage sector more than doubled to $15.4 billion during the January-July period, according to Mercom Capital.
The investments include Venture Capital (VC) funding, debt financing, and public market financing, the US-based research firm said in its latest report.
"Corporate funding for energy storage companies in the first half of 2024 reached $15.4 billion across 64 deals, up 117 percent over $7.1 billion in 59 deals in H1 2023, driven by a strong first quarter," said the 'Funding and M&A Report for Storage & Grid'.
VC funding for energy storage companies in H1 2024 came to $2.4 billion in 48 deals, a 37 percent increase compared to $3.8 billion in 43 deals in H1 2023, Mercom said.
Advertisement
Lithium-ion-based battery companies received the most VC funding in H1 2024. Other top-funded categories included Battery Recycling, Metal-Hydrogen Batteries, Materials and Components providers, and Sodium-based battery companies, the report said.
The debt and public market financing for energy storage companies reached $13 billion across 16 deals in the first half of 2024, registering a 294 percent increase from the $3.3 billion raised through 16 deals during the same period in 2023.
In the first half of 2024, there were 14 M&A transactions, an increase from the eight recorded during the same period in 2023.
Further, the report said corporate funding for smart grid companies in the first half of 2024 totalled $1.6 billion in 36 deals, which is an 11 percent decrease compared to the $1.8 billion raised in 33 deals in the same period of 2023.
Advertisement
In the domestic energy storage segment, Maxvolt Energy raised $1.5 million from angel investors to introduce fast-charging lithium-ion batteries and build recycling plants.
While in the smart grid in India, Battery Smart, Relux Electric and Husk Power Systems raised $65 million, $29.93 million and $4 million, respectively.
Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology, and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.
Just one email a week