VC funding for storage rises to USD 125m in Q2 2016

Venture capital (VC) funding for battery and storage companies more than doubled to USD 125 million (EUR 113m) in the second quarter of 2016 from USD 54 million in the prior quarter.

VC funding was just slightly less than the USD 126 million recorded in Q2 2015, according to the latest report by Mercom Capital Group.

There were a total of 10 VC deals for battery and storage companies in April-June 2016, spread across six sub-technologies: lithium-ion batteries, sodium-based batteries, energy storage systems, lead-based batteries, energy storage management software and thermal energy storage.

Oxfordshire, England-based Nexeon Ltd raised the most -- USD 43.3 million, while Aquion Energy and Stem secured USD 33 million and USD 15 million, respectively.

Lithium-ion battery makers raised USD 51.3 million in three deals.

Thanks to Plug Power and FuelCell Energy the announced total debt and public market financing for the period grew to USD 65 million from USD 28.5 million in Q1 2016.

Earlier this week, French energy major Total SA (EPA:FP) completed its takeover bid for the shares in battery maker Saft Groupe SA (EPA:SAFT), a USD-1.1-billion deal that was struck in May and became the largest one for the quarter. In total, there were four M&A transactions for sector firms in Q2 2016.

(USD 1.0 = EUR 0.907)

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