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News analysis

Corporate Funding for Energy Storage Sector Totaled $11.7 Billion in Q1 2024

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Smart Grid companies raised $686 million in Q1 2024

AUSTIN, Texas–(BUSINESS WIRE)–#EV–Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and mergers & acquisition (M&A) activity for the Energy Storage and Smart Grid sectors for the first quarter (Q1) of 2024.

Get the report: https://mercomcapital.com/product/q1-2024-funding-ma-report-storage-grid/

Energy Storage

Corporate funding in Energy Storage came to $11.7 billion in 29 deals in Q1 2024, an increase of 432% year-over-year (YoY) compared to $2.2 billion in 27 deals in Q1 2023. In a quarter-over-quarter (QoQ) comparison, funding increased 216% compared to the $3.7 billion raised in 26 deals in Q4 2023.

Two very large debt deals contributed to 83% of Q1 2024 corporate funding.

CHART: Energy Storage Corporate Funding Q1 2023 – Q1 2024

Global VC funding for Energy Storage increased 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion in 19 deals in Q1 2023. Various IRA incentives for energy storage continue to drive investments into the sector.

CHART: Energy Storage Top 5 VC Funded Deals in Q1 2024

In Q1 2024, announced debt and public market financing in Energy Storage totaled $10.5 billion in six deals. In Q1 2024, funding increased 855% YoY.

In Q1 2024, there were eight mergers and acquisitions (M&A) transactions in the Energy Storage sector, compared to four in Q1 2023.

Six Energy Storage project M&A deals were transacted in Q1 2024, 50% lower compared to 12 in Q1 2023.

Smart Grid

Smart Grid corporate funding came to $686 million in 14 deals in Q1 2024, compared to $1.1 billion in 18 deals in Q1 2023.

CHART: Smart Grid Corporate Funding Q1 2023 – Q1 2024

Smart Grid VC funding increased 134% YoY in Q1 2024, with $656 million in 12 deals compared to $280 million in 14 deals in Q1 2023. A significant portion of funding in Q1 2024 went to smart charging companies.

CHART: Smart Grid Top 5 VC Funded Deals in Q1 2024

In Q1 2024, $30 million was raised in two public market financing deals compared to $777 million in Q1 2023.

In Q1 2024, there was one corporate M&A transaction.

Get the report: https://mercomcapital.com/product/q1-2024-funding-ma-report-storage-grid/

About Mercom Capital Group

Mercom Capital Group is an integrated communications, research, and media firm focused exclusively on clean energy markets in the U.S., Europe, India, and the Middle East. Our research division produces industry-leading market intelligence reports on solar, storage, smart grid, and hydrogen. Our exclusive quarterly global funding and M&A reports are the industry’s primary source for tracking funding activity in the sector. http://www.MercomCapital.com.

Sign up for Mercom’s clean energy reports: https://mercomcapital.com/clean-energy-reports/.

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Contacts

Wendy Prabhu

Mercom Capital Group

Tel: 1.512.215.4452

E-mail: media@mercomcapital.com

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