VC Funding in Battery Storage Sector Up Almost 40% in 9M 2018

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VC funding for Battery Storage companies in 9M 2018 was $783 million; a total of 51 VC investors participated in Battery Storage funding

Global VC funding (venture capital, private equity, and corporate venture capital) for Battery Storage, Smart Grid, and Efficiency companies saw an increase of eight percent at $1.3 billion in 9M 2018, compared to the $1.2 billion raised in 9M 2017.

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Funding into Battery Storage companies increased by almost 40 percent during the 9M period, according to Mercom Capital Group’s new report.

Mercom  released its report on funding and mergers and acquisitions (M&A) activity for the Battery Storage, Smart Grid, and Energy Efficiency sectors for the third quarter (Q3) and first nine months (9M) of 2018  on Monday.

According to the report, total corporate funding (including venture capital funding, public market, and debt financing) in 9M 2018 was down with $3.3 billion raised compared to $3.7 billion raised in 9M 2017, an 11 percent decrease year-over-year (YoY).

The decline was due to lower funding activity in the Smart Grid and Efficiency categories as funding increased in Battery Storage.

Funding activity up in Battery Storage

VC funding for Battery Storage companies in 9M 2018 was 39 percent higher with $783 million raised compared to the $563 million in 9M 2017.

In Q3 2018, VC funding for Battery Storage, Smart Grid, and Efficiency companies increased to $469 million in 23 deals compared to $371 million in 28 deals in Q2 2018. Funding was 129 percent higher YoY compared to the $205 million raised in 29 deals in Q3 2017.

Top 5 VC deals in 9M 2018 include: $100 million raised by QuantumScape, $80 million raised by Stem, $71 million raised by sonnen, $70 million raised by Sila Technologies, and $65 million secured by Ionic Materials.

A total of 51 VC investors participated in Battery Storage funding in 9M 2018.

Announced debt and public market financing activity in the first nine months of 2018 ($446 million in eight deals) was 156 percent higher compared to the first nine months of 2017 when $174 million was raised in 11 deals.

Smart Grid and Energy Efficiency companies saw decline in VC funding

VC funding for Smart Grid companies in 9M 2018 was 31 percent lower with $264 million compared to the $380 million raised in 9M 2017.  Energy Efficiency companies also experienced an eight percent decline in VC funding in the same period – from $289 million in 9M 2017 to $265 million in 9M 2018.

However, Smart Grid and Energy Efficiency companies saw a significant growth of VC funding in Q3 2018.

VC funding for Smart Grid companies increased to $129 million in nine deals in Q3 2018 compared to $60 million in four deals in Q2 2018. The funding amount was 70 percent higher YoY compared to the $76 million raised in 14 deals in Q3 2017.

VC funding for Efficiency companies increased to $100 million in six deals in Q3 2018,compared to $67 million in six deals in Q2 2018. Funding was 113 percent higher YoY compared to $47 million raised in eight deals in Q3 2017.

Top 5 VC deals for Smart Grid and Energy Efficiency companies

Top 5 VC deals for Smart Grid in 9M 2018 include: $55 million raised by Smart Wires, $35 million raised by Volta Charging, $32 million raised by AutoGrid Systems, $31 million raised by Ample, and $27 million raised by Bidgely.

A total of 48 VC investors participated in Smart Grid funding in 9M 2018.

Top 5 VC deals for Efficiency in 9M 2018: $64 million secured by UrbanVolt, $61 million and $36 million raised by ecobee in two separate deals, $27 million secured by Carbon Lighthouse, and Arcadia Power’s $25 million.

A total of 54 VC investors participated in Energy Efficiency funding in 9M 2018.

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