Energy storage corporate funding nears $20bn in 2024

Mercom Capital Group reported the second highest annual funding result for energy storage sector, after 2022. Venture capital backing fell 60% from 2023 but debt and public sector financing went up by 65% year-on-year.
Image: Mercom Capital Group

Corporate finance for energy storage companies rose 5% in 2024, year-on-year, to $19.9 billion, according to Mercom Capital Group data.

In its fourth-quarter 2024 finance and merger and acquisition report analyzing the energy storage and smart grid sectors, Mercom stated the 2024 corporate funding level for energy storage companies was the second highest since it began tracking the figure, in 2010, trailing only the $26.4 billion raised across 124 deals in 2022. The year 2024 saw 116 deals, down from 120 in 2023.

Mercom found venture capital funding for energy storage fell 60% year on year, to $3.7 billion from 84 deals, versus $9.2 billion from 86 deals in 2023.

Debt and public sector finance for energy storage reached $16.2 billion from 32 deals in 2024, a 65% year on year increase.

Lithium-ion battery technology companies received the most venture capital funding in 2024 with materials and component suppliers, iron-air battery makers, battery recycling companies, and metal-hydrogen battery businesses also popular.

The top five energy storage venture funding deals in 2024 involved iron air battery business Form Energy, which raised $405 million; silicon anode maker Sila Nanotechnologies, which registered $375 million; metal-hydrogen battery business EnerVenue Holdings, which banked $308 million; sodium-ion battery company Natron Energy, which raised $189 million; and second-life battery materials business Ascend Elements, which garnered $162 million.

Smart grids

Mercom’s report also noted corporate funding for smart grid companies in 2024 amounted to $2.4 billion, down 27% from 2023.

Venture capital funding for smart grid companies grew 13%, year on year, to $1.7 billion from 56 deals.

Four of the top five smart grid venture capital deals in the first nine months of 2024 were by electric vehicle charging companies Electra, which secured $330 million; Powerdot, which raised $108 million; FLO, which banked $100 million; and Monta, which bagged $87 million.

From pv magazine LatAm.

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