Energy storage corporate funding hits $17.6 billion in nine months of 2024

Corporate funding for energy storage companies in the first nine months of 2024 reached $17.6 billion in 83 deals on the back of strong debt and public market financing, according to data released by Mercom Capital Group in its latest energy storage and smart grid funding and merger and acquisitions (M&A) report.

This represents a 15% increase year-over-year compared to $15.2 billion in 94 deals over the same period in 2023.

Venture capital (VC) funding for energy storage companies amounted to $2.7 billion in 61 deals, which represents a 69% decrease year-on-year compared to $8.6 billion in 68 deals in nine months of 2023.

Lithium-based battery companies received the most VC funding ($778 million) in the respective period. Other top funded categories included battery recycling, metal-hydrogen batteries, sodium-based battery companies, and materials and components providers.

The top 5 energy storage VC funding deals in the nine months of 2024 were: Sila Nanotechnologies, which raised $375 million; EnerVenue Holdings, which raised $308 million; Natron Energy, which raised $189 million; Ascend Elements, which brought in $162 million; and, Antora Energy, which raised $150 million.

Announced debt and public market financing for energy storage companies in the first nine months of the year came to $15 billion in 22 deals, a 125% year-on-year increase compared to $6.6 billion in 26 deals in the same period in 2023.

A total of 18 energy storage M&A transactions were announced in 2024, up from 11 M&A transactions in the firtst nine months of 2023.

The number of project M&A transactions was the same, with 22 transactions in both 9M 2023 and 9M 2024.