Global corp funding for battery storage jumps to USD 12.9bn in Q1

The Goderich A-CAES Facility in Ontario, Canada. Source: Hydrostor Inc.

April 25 (Renewables Now) - The global battery storage sector raised USD 12.9 billion (EUR 12bn) in corporate funding in the first quarter of 2022, marking a 174% year-on-year increase, according to a new report by Mercom Capital Group.

The total amount was secured in 26 deals and represented a surge of 222% when compared to the USD 4 billion raised in the preceding quarter.

Venture capital (VC) funding for battery storage companies amounted to USD 1.1 billion, coming from 21 deals, and compares to USD 1 billion in 14 deals in the year-ago period. Quarter-on-quarter, VC funding was down by 28%.

Mercom’s data shows that 76 VC investors carried out battery storage funding transactions in January-March. The biggest deal was Canadian long-duration energy storage specialist Hydrostor Inc’s USD-250-million preferred equity funding from businesses within Goldman Sachs Asset Management.

Among the other top VC funding deals in the sector were a USD-215-million raising by German electrolyser maker Sunfire GmbH and a funding round of USD 200 million for Factorial Energy, a US start-up developing solid-state batteries.

Mercom tracked five battery storage merger and acquisition (M&A) transactions in the first quarter and 13 project acquisitions. Their values were not disclosed.

Announced public market and debt financing in the sector surged by 216% on the year to USD 11.7 billion.

(USD 1.0 = EUR 0.928)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\