Energy Storage Companies Raise $15.4 Billion in Corporate Funding in 1H 2024

Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and merger & acquisition (M&A) activity for the Energy Storage and Smart Grid sectors for the second quarter (Q2) and first half (1H) of 2024.

Corporate funding for energy storage companies in the first half of 2024 reached $15.4 billion across 64 deals, marking a 117% increase year-over-year compared to $7.1 billion in 59 deals in the first half of 2023, driven by a strong first quarter.

To get a copy of the report, visit: https://mercomcapital.com/product/1h-q2-2024-funding-ma-report-storage-grid/

VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease YoY compared to $3.8 billion in 43 deals in 1H 2023.

The Top 5 Energy Storage VC funding deals in 1H 2024 were; Sila, which raised $375 million; EnerVenue, which brought in $308 million; Natron Energy, which raised $189 million; Ascend Elements, which raised $162 million and, Antora Energy, which raised $150 million.

Lithium-ion-based battery companies received the most VC funding in 1H 2024. Other top funded categories included Battery Recycling, Metal-Hydrogen Batteries, Materials and Components providers, and Sodium-based battery companies.

Announced debt and public market financing for Energy Storage companies in 1H 2024 came to $13 billion in 16 deals, a 294% increase YoY compared to $3.3 billion in 16 deals in 1H 2023.

In the first half of 2024, there were 14 M&A transactions, up from eight in the first half of 2023.

Meanwhile, the first half of 2024 saw 13 energy storage project M&A transactions, down from 19 in the same period of 2023.

Smart Grid 

Corporate funding for Smart Grid companies in 1H 2024 totaled $1.6 billion in 36 deals, 11% lower YoY compared to $1.8 billion raised in 33 deals in 1H 2023.

Boosted by investments in Smart Charging companies, VC funding across all Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY than the $986 million raised in 26 deals in 1H 2023.

The Top 5 Smart Grid VC funding deals in 1H 2024 were: Electra, which raised $330 million; Powerdot, which raised $108 million; FLO, which raised $100 million; Monta, which raised $87 million; and Battery Smart, which raised $65 million.

Announced debt and public market financing for Smart Grid technology companies totaled $321 million in seven deals in 1H 2024 compared to $839 million in the same number of deals in 1H 2023.

In 1H 2024, there were three Smart Grid M&A transactions compared to six transactions in 1H 2023.

Mercom Capital | https://mercomcapital.com/