Battery storage, smart grid, energy efficiency firms raise $252 mn in VC funding in Q1 2020: Report
For battery storage, total corporate funding including venture capital (VC), debt, and public market financing was $244 million in nine deals compared to $635 million in 10 deals in Q4 2019
New Delhi: Battery storage, smart grid, and energy efficiency companies raised $252 million in the first quarter (Q1) of 2020, a 20 per cent increase from the $210 million raised in the same quarter last year, according to a recent report.
For battery storage, total corporate funding including venture capital (VC), debt, and public market financing was $244 million in nine deals compared to $635 million in 10 deals in Q4 2019.
“The funding was up 88 per cent year-over-year (y-o-y) compared to $130 million in nine deals in Q1 2019,” said the report titled ‘Q1 2020 funding and M&A report for storage, grid and efficiency’ by research firm Mercom Capital Group released on Monday.
According to the report, VC funding raised by battery storage firms in Q1 2020 was $164 million in six deals compared to $78 million in seven deals in Q1 2019. Quarter-over-quarter funding was also higher compared to $126 million in seven deals in Q4 2019.
The top VC-funded storage firms in this quarter were: Demand Power Group, Highview Power, Advano, ZincFive, and TWAICE. It added that 14 investors participated in the battery storage funding this quarter.
“Smart grids received $86 million total corporate funding in nine deals compared to $32 million in 16 deals in Q1 2019. VC funding for smart grid firms increased in Q1 2020 with $81 million in seven deals compared to $32 million in 15 deals in Q1 2019,” the report said.
According to the report, the top five VC-funded smart grid companies were Smart Wires, GridBeyond, Driivz, Leap, and BluWave-ai. It added that 22 investors participated in smart grid VC funding rounds this quarter.
“Total corporate funding in energy efficiency came to $7 million in three deals compared to $345 million in two deals in Q4 2019. In a y-o-y comparison, $155 million was raised in two deals in Q1 2019,” the report added.
VC funding raised by energy efficiency firms in Q1 2020 came to $7 million in three deals compared to $30 million in one deal in Q4 2019. In a y-o-y comparison, $100 million was raised in one deal in Q1 2019. It added that 8 investors participated in VC funding this quarter.
Source: energy.economictimes.indiatimes
