Companies from smart grid, storage and efficiency sectors raised USD 375 million (around Rs 2,500 crore) in venture capital funding during the first quarter of 2016, says a report.
According to global communications and consulting firm Mercom Capital Group Venture, capital funding including private equity and corporate venture capital for smart grid companies increased twofold this quarter with USD 110 million in 14 deals compared with USD 56 million in 12 deals in fourth quarter of 2015.
Mercom Capital Group released its report on funding and mergers and acquisitions (M&A) activity for the smart grid, battery/storage and energy efficiency sectors for the first quarter of 2016.
The report further said the year-over-year funding was down compared with Q1 2015, when the sector raised USD 185 million in 15 deals.
VC funding for Battery/Storage companies dropped 50 per cent with USD 54 million in 10 deals this quarter compared with USD 108 million in eight deals in Q4 2015. Year-over-year funding was lower compared to the USD 69 million in seven deals in Q1 2015.
Energy Efficiency technology companies raised USD 211 million in VC funding in 14 deals in first quarter compared with USD 185 million in 17 deals in Q4 2015 and USD 140 million in 15 deals in Q1 2015, it said.