Corporate funding in energy storage falls 31% to $15.2 bn: Mercom Capital

The global corporate funding in energy storage segment fell 31 per cent to USD 15.2 billion during the January-September 2023, the US-based Mercom Capital said on Thursday.

The segment had attracted USD 22 billion worth of investments during the nine month period last year, the research firm said in its latest report.

"Corporate funding in the energy storage sector was down 31 per cent in 9M (nine month) 2023, with USD 15.2 billion raised in 94 deals, compared to USD 22 billion in 93 deals in 9M 2022," it said.

However, during the July-September quarter the segment attracted USD 8.2 billion investment, up 32 per cent year-on-year over USD 6.2 billion raised in the same period of 2022.

The funding includes the venture capital, debt and public market financing modes.

In India, a lithium-ion battery manufacturer raised USD 2.4 million in pre-series A round funding, while public infrastructure finance company REC Ltd approved a funding of USD 730.8 million to Greenko to develop a 1,440 MW standalone pumped storage project.

Mercom delivers market intelligence on energy storage, smart grid, and solar besides advisory on new markets and strategic decisions.