'Energy efficiency tech, smart grid cos, raise $435 mln'

Companies engaged in smart grid, battery storage and energy efficiency technology sectors raised USD 435 million globally through venture capital funding in the first three months of 2017, says a report.
The venture capital funding includes both private equity and corporate venture capital, according to Mercom Capital Group.
In the three months ended March, energy efficiency technology companies increased their venture capital funding to USD 213 million.
The venture capital funding for battery storage firms stood at USD 58 million during the first quarter.
Mercom Capital, a global clean energy communications and consulting firm, said such funding for smart grid companies rose to USD 164 million in the three months ended March.

"Smart grid, battery storage and efficiency companies raised USD 435 million in venture capital funding (including private equity and corporate venture capital)," it said in a release.
At current exchange rates, the amount translates to around Rs 2,794 crore.