Battery storage, smart grid, and energy efficiency companies received venture capital funding worth over USD 1 billion globally in the first half of this year, says a Mercom Capital Group report.
New Delhi: Battery storage, smart grid, and energy efficiency companies received venture capital funding worth over USD 1 billion globally in the first half of this year, says a Mercom Capital Group report.
According to the global clean energy communications and consulting firm, in the January-June period of this year, USD 1.03 billion was raised by battery storage, smart grid, and energy efficiency companies compared to USD 807 million in the comparable period last year.
There was just one deal involving an Indian company - ION Energy - a stealth startup building a layer of infrastructure for energy storage systems - raised an undisclosed amount of angel funding from a group of investors including: Sushil Jiwarajka, Aakrit Vaish, Swapan Rajdev and others.
VC funding (including private equity and corporate venture capital) for battery storage companies in the first half of 2017 stood at USD 480 million by way of 18 deals compared to USD 179 million raised in 20 deals in the year ago.
Smart grid companies raised USD 304 million in 22 deals in the first half of this year compared to USD 331 million raised in 29 deals in the first six months of last year.
VC funding into energy efficiency technology companies worth USD 242 million was raised in 20 deals in January-June 2017 compared to USD 297 million raised in 23 deals in first half of 2016.
On a quarter on quarter basis, VC funding for battery storage companies jumped to USD 422 million in 10 deals in April-June this year compared to USD 58 million in eight deals in January-March 2017 due to very large funding deal.
VC funding for smart grid companies in Q2 2017 came to USD 139 million in eight deals compared to USD 164 million in 14 deals in Q1 2017.
VC funding into energy efficiency technology companies fell significantly to USD 29 million in six deals in Q2 2017 compared to the USD 213 million in 14 deals in Q1 2017, the report said.
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