Global corporate funding in the energy storage sector surged by 117% year-on-year in the first half of 2024, reaching USD 15.4 billion (EUR 14.19bn), according to a report by Mercom Capital Group. The report, which tracked corporate funding including venture capital (VC) and mergers and acquisitions (M&A), collected data from 333 companies and investors.
The report noted that the funding raised in the first six months of the year was achieved through 64 transactions, compared to 59 deals totaling USD 7.1 billion in the same period last year. “The funding raised in the first six months of this year was registered in 64 transactions,” the report stated.
Despite the overall increase, VC funding in energy storage fell by 37% year-on-year, amounting to USD 2.4 billion from 48 deals. The top contributor was Sila, a battery materials company, which secured USD 375 million in Series G funding for its Moses Lake facility. EnerVenue, a provider of metal-hydrogen batteries, followed with USD 308 million, and Natron Energy raised USD 189 million for its sodium-ion battery production technology.
Announced debt and public market financing for energy storage companies totaled USD 13 billion in 16 deals from January to June, a significant rise from USD 3.3 billion in the same period last year.
Additionally, the ownership of 14 energy storage companies changed hands, up from eight in the year-ago period. Conversely, the number of projects with new owners decreased from 19 to 13.
