Corporate Funding for Energy Storage Companies Totaled $17.6 Billion in 9M 2024, Reports Mercom Capital Group

Mercom Capital Group, an integrated communications and research firm focused exclusively on clean energy markets, released its report on funding and merger and acquisition (M&A) activity for the Energy Storage and Smart Grid sectors for the third quarter (Q3) and the first nine months (9M) of 2024.

Energy Storage

Corporate funding for Energy Storage companies in 9M 2024 reached $17.6 billion in 83 deals, a 15% increase year-over-year (YoY) compared to $15.2 billion in 94 deals in 9M 2023.

CHART: Energy Storage Corporate Funding 9M 2020 – 9M 2024

Venture capital (VC) funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease YoY compared to $8.6 billion in 68 deals in 9M 2023.

Lithium-based Battery companies received the most VC funding ($778 million) in 9M 2024. Other top funded categories included Battery Recycling, Metal-Hydrogen Batteries, Sodium-based Battery companies, and Materials and Components providers.

The Top 5 Energy Storage VC funding deals in 9M 2024 were: Sila Nanotechnologies, which raised $375 million; EnerVenue Holdings, which raised $308 million; Natron Energy, which raised $189 million; Ascend Elements, which brought in $162 million; and Antora Energy, which raised $150 million.

Announced debt and public market financing for Energy Storage companies in 9M 2024 came to $15 billion in 22 deals, a 125% increase YoY compared to $6.6 billion in 26 deals in 9M 2023.

A total of 18 Energy Storage M&A transactions were announced in 9M 2024, up from 11 M&A transactions in 9M 2023.

The number of project M&A transactions was the same, with 22 transactions in both 9M 2023 and 9M 2024.

Smart Grid

Corporate funding for Smart Grid companies in 9M 2024 totaled $2 billion in 53 deals, 33% lower YoY compared to $3 billion raised in 48 deals in 9M 2023.

CHART: Smart Grid Corporate Funding 9M 2020 – 9M 2024

VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher YoY than the $1.2 billion raised in 37 deals in 9M 2023.

The Top 5 Smart Grid VC funding deals in 9M 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 $568 million in 10 deals in 9M 2024 compared to $1.7 billion in 11 deals in 9M 2023.

In 9M 2024, there were seven Smart Grid M&A transactions compared to eight transactions in 9M 2023.

To get a copy of the report, visit: https://mercomcapital.com/product/9m-q3-2024-funding-ma-report-storage-grid/

Mercom Capital Group | http://www.nercomcapital.com