Battery storage cos gather USD 9.6bn of corp funding in H1 2021
Northvolt Ett battery "gigafactory" in Sweden - render.
Image by Northvolt.
Battery storage companies globally obtained USD 9.6 billion (EUR 8.15bn) in first-half (H1) corporate funding, including venture capital (VC) funding, public market and debt financing, for a 13-fold increase year-on-year.
The latest report by Mercom Capital Group shows a 720% jump in VC funding to USD 4.4 billion in the first half of 2021. This compares to just 536 million a year ago. The increase is mainly due to Swedish battery company Northvolt AB raising USD 2.75 billion in a private placement to build more battery cell production capacity, and Sila Nanotechnologies securing USD 590 million in a Series F round.
Mercom tracked nine battery storage M&A transactions in H1 2021, compared to eight in H1 2020. The value of most remained undisclosed.
Total global corporate funding in battery storage, smart grid, and efficiency companies grew by over 593% in H1 2021 to USD 10.4 billion.