Missing spark: Corporate funding for battery storage,smart grid, energy efficiency companies down in 2019
At $2.3 billion, global VC funding that flowed into battery storage, smart grid and energy efficiency companies in 2019 was down 18% compared with $2.8 billion in 2018.
Funding pattern
According to a report by Mercom Capital, total corporate funding — including venture capital funding, public market and debt financing — in the battery storage, smart grid and energy efficiency sectors in 2019 was down by 22 per cent at $3.8 billion compared with $4.9 billion in 2018.
In 2019, VC funding for battery storage companies increased by 103% to $1.7 billion in 32 deals compared with $850 million raised in 49 deals in 2018. This increase was primarily due to Northvolt’s $1 billion deal in Q2 2019.
