Venture capital funding in battery storage companies fell 61 percent during the first half of this year compared with the same period of 2019, according to energy consulting and communications firm Mercom Capital.
Mercom’s global report showed that $536 million in capital flowed to 14 transactions from January to June 30. Last year, the VC investment sector topped $1.4 billion for energy storage deals, highlighted by Sweden’s Northvolt raising $1 billion to complete funding in June of that year.
This time around, QuantamScape, ProLogium Technology, Demand Power Group, Highview Power and Nanotech Energy attracted $445 million in successful venture funding altogether. The storage sector debt and public market financing totaled $180 million in the first half, a 67 percent dropped from 2019.
Mercom also kept track of and reported on venture funding, mergers and acquisitions for the smart grid and energy efficiency sectors. Overall, the global venture capital, private equity and corporate financing for those three sectors was down 38 percent year over year.
Smart grid companies performed the best at raising money or attracting deals. Big deals involving SmartRent, SmartWires and Urbint helped lift the sector more than 75 percent higher to $275 million.
Venture capital funding for energy efficiency companies dropped 77 percent in the first half compared with 2019, according to Mercom. The top deal was Juganu’s raising $18 million.