VC funding for battery storage at USD 58m in Q1

The first quarter of 2017 saw a drop in venture capital (VC) funding for battery storage companies to USD 58 million (EUR 53.6m) from USD 156 million in the fourth quarter of 2016, Mercom Capital Group said today.

Year-over-year there was a slight increase from the USD 54 million raised in the first quarter in 2016.

The number of VC funding deals in first quarter of 2017 was eight, compared to nine in the preceding quarter and 10 in the prior-year period.

The company that raised the most was Primus Power with USD 32 million, it was followed by NRStor with USD 8.4 million, Ioxus with USD 6.5 million and Faradion with USD 3.95 million.

There were two debt and public market financing transactions in the sector, the same number as in the final quarter of 2016, but their volume was down to USD 22 million from USD 55 million.

With respect to mergers and acquisitions (M&A), there was one deal in the first quarter of 2017, compared to two in both the preceding and year-ago quarters.

(USD 1.0 = EUR 0.923)

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