Global corp funding for battery storage soars to USD 11.4bn in 9mo
Northvolt Ett battery "gigafactory" in Sweden - render.
Image by Northvolt.
October 25 (Renewables Now) - Battery storage companies across the world secured USD 11.4 billion (EUR 9.8bn) in total corporate funding in the first nine months of 2021, achieving an all-time high, shows a new report by Mercom Capital Group.
The total, achieved in 73 deals, was 244% higher than the figure from the year-ago period when only USD 3.5 billion was raised in 35 deals during the spread of the COVID-19 pandemic.
Venture capital (VC) funding for battery storage companies amounted to a record-high of USD 5.9 billion, coming from 59 deals. This compares to just USD 1.2 billion in 21 deals a year back. 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.
A total of 223 investors took part in VC funding in the battery storage sector in January-September.
Mercom tracked 15 battery storage merger and acquisition (M&A) transactions in the first nine months of 2021, compared to 11 deals a year before. Their value remained undisclosed.
Total global corporate funding, including VC funding, public market and debt financing, for battery storage, smart grid and efficiency companies jumped by 184% year-on-year to USD 13.5 billion.
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.