Battery storage companies secured $1.3 billion in total corporate funding in 2018, including debt and public market financing, statistics by Mercom Capital Group LLC show. This compares to $890MM in total corporate funding from a year earlier.
Venture capital funding rose by 19% year-on-year to $850MM with 86 VC investors taking part compared to 73 in 2017.
The announced debt and public market financing in the battery storage field went up to $490MM ($177MM in 2017) California-based fuel cell company Bloom Energy Corp (NYSE:BE) carried out a $270MM initial public offering that ended up being the largest public market financing deal in 2018.
In 2018 there were 11 battery storage project funding deals with a total value of $434MM and 16 M&A transactions, comparing to 3 M&A transactions in 2017.
Additionally, 2018 also saw a jump in funding for both Smart Grid and Energy Efficiency companies.
Smart Grid companies raised $530MM in VC funding in 29 deals in 2018 (a 26% increase compared to the $422MM raised in 45 deals in 2017) with total corporate funding coming to $1.8 billion. VC funding for Energy Efficiency companies jumped to $1.5 billion in 23 deals in 2018 compared to $384MM in 38 deals in 2017.
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Lithium-ion based battery technology companies received the most funding with $236 million followed by Energy Storage Systems companies with $193 million. The top VC funded companies in 2018 were: QuantumScape with $100 million, Stem with $80 million, sonnen brought in $71 million, Sila Nanotechnologies raised $70 million, and Ionic Materials raised $65 million.