Global corp funding for battery storage surges to USD 17bn n 2021

Northvolt Ett battery "gigafactory" in Sweden - render. Image by Northvolt.

January 27 (Renewables Now) - Battery storage companies across the world have secured USD 17 billion (EUR 15bn) in total corporate funding last year, registering a 159% surge in annual terms, according to a new report by Mercom Capital Group.

The total was achieved in 101 deals. The overall amount of the raised funds is the highest since 2014, while the number of deals almost doubled from the 2020 count.

Venture capital (VC) funding for battery storage companies came at USD 8.8 billion, secured in 81 deals, and compares with only USD 1.6 billion in 32 deals in 2020. The major contributors to this growth are lithium-ion battery technology companies, which accounted for the bulk of the VC funding raised last year.

Some of the top VC funding deals in the sector were the USD-2.75-billion private placement of Swedish battery company Northvolt AB backing the construction of additional battery cell production capacity, and deals of Chinese battery manufacturer SVOLT that brought it USD 2.58 billion. US-based Sila Nanotechnologies secured USD 590 million in a Series F round.

Mercom tracked 24 battery storage merger and acquisition (M&A) transactions in 2021. Their value remained undisclosed.

Total global corporate funding, including VC funding, public market and debt financing, for the battery storage, smart grid and efficiency markets jumped by 140% year-on-year to USD 19.5 billion.

(USD 1.0 = EUR 0.883)

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