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Mercom Capital Group reports that this is the second highest annual funding result after 2022. Venture capital funding for energy storage decreased by 60%. Corporate funding for smart grid companies, meanwhile, decreased by 27% compared to 2023. In its Q4/FY2024 report on financing and M&A activity in the energy storage and smart grid sectors, Mercom Capital Group highlights that corporate financing for energy storage companies reached $19.9 billion, up 5% year-on-year, while corporate financing for smart grid companies in 2024 amounted to $2.4 billion, down 27% compared to 2023. Mercom Capital Groups report says corporate funding for energy storage companies in 2024 marks the second-highest annual funding result since Mercom began tracking the data in 2010, with the highest coming in 2022, when $26.4 billion was raised across 124 deals. Regarding agreements, there were 116 in 2024, compared to 120 in 2023. It also finds that venture capital funding for energy storage fell 60% year-over-year, totaling $3.7 billion in 84 deals, compared to $9.2 billion in 86 deals in 2023. Meanwhile, announced debt and public market financing for energy storage reached $16.2 billion across 32 deals in 2024, a 65% increase from the previous year. Lithium-ion battery technology companies received the most venture capital funding in 2024. Other categories with the most funding included materials and components suppliers, iron-air battery suppliers, battery recycling companies, and metal-hydrogen battery companies. The top five energy storage venture funding deals in 2024 were Form Energy, which raised $405 million; Sila Nanotechnologies, which raised $375 million; EnerVenue Holdings, which raised $308 million; Natron Energy, which raised $189 million; and Ascend Elements, which raised $162 million. Smart grids Mercom Capital Groups report, which can be viewed here , also notes that corporate funding for smart grid companies in 2024 amounted to $2.4 billion, a 27% decrease compared to 2023. Venture capital funding for smart grid companies grew 13% year-over-year, reaching $1.7 billion across 56 deals. Four of the top five smart grid venture capital deals in the first nine months of 2024 were by EV charging companies, including Electra ($330 million), Powerdot ($108 million), FLO ($100 million) and Monta ($87 million). |
