Total corp funding for battery storage soars 136% Y/Y in 2020

Image by Northvolt (

January 21 (Renewables Now) - Battery storage companies across the world secured USD 6.6 billion (EUR 4.4bn) in total corporate funding in 2020, including debt financing, registering a 136% year-on-year jump.

The total was raised through 54 deals, shows new data by Mercom Capital Group.

Venture capital (VC) funding declined to USD 1.5 billion in 32 deals from USD 1.7 billion in the same number of deals a year back, with lithium-ion battery technology companies obtaining USD 649 million. The top performers on the scheme were Sweden-based Northvolt AB, which raised USD 600 million, the USD-200-million fundraising by QuantumScape, and Zenobe Energy, which bagged USD 198 million. A total of 105 VC investors took part in such deals last year, compared to 78 in 2019.

The announced debt financing rose to USD 5 billion in 22 deals last year, from USD 1.1 billion in 10 deals in 2019. Battery maker Northvolt got some USD 1.6 billion in loans, while US-based Plug Power received USD 1 billion.

The past year was closed with 19 merger and acquisition (M&A) deals in the battery storage field. The announced battery storage and storage-plus-solar deals M&A transactions were 24, against 11 from a year back.

Overall, total corporate funding for the battery storage, smart grid and energy efficiency sectors grew by 112% year-on-year in 2020 to USD 8.1 billion, according to Mercom’s report. This includes VC funding, public market and debt financing.

(USD 1.0 = EUR 0.825)

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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.

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