Global corp funding for battery storage jumps to USD 15.4bn in H1

Global corporate funding in the energy storage sector soared by 117% year-on-year in the first half of 2024, reaching USD 15.4 billion (EUR 14.19bn), shows the latest report by Mercom Capital Group.

The report contains data collected from 333 companies and investors and tracks corporate funding, including venture capital (VC) funding and mergers and acquisitions (M&A). According to the statistics, the funding raised in the first six months of this year was registered in 64 transactions, compared to 59 deals that brought USD 7.1 billion in the year-ago period.

VC funding in energy storage slipped by 37% in annual terms and amounted to USD 2.4 billion, coming from 48 deals. The top contributor to the overall financing was Sila, a battery materials company, which secured USD 375 million in a Series G funding for the Moses Lake facility. EnerVenue, a provider of metal-hydrogen batteries, came next in the ranking with its raising of USD 308 million, followed by Natron Energy and a deal that provided it with USD 189 million for its sodium-ion battery production technology.

Announced debt and public market financing for energy storage companies in January-June amounted to USD 13 billion in 16 deals, marking a significant increase from the USD 3.3 billion registered a year back.

A total of 14 energy storage companies changed their ownership, up from eight companies in the year-ago period. Meanwhile, the number of projects with new owners declined from 19 to 13.

(USD 1.0 = EUR 0.9212)

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