Global corp funding for battery storage soars to USD 11.4bn in 9mo

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.

(USD 1.0 = EUR 0.860)

Choose your newsletter by Renewables Now. Join for free!