Battery storage companies raised 159% more corporate funding in 2021 than in 2020, with funding activity reflecting the “significance of battery energy storage in the energy transition,” analysis group Mercom Capital has said.
Companies in the battery storage sector attracted US$11.4 billion in corporate funding in the first nine months of 2021, a 363% rise on the same period of last year.
AutoGrid has raised US$83.5 million in funding to scale up its virtual power plant (VPP) platform for distributed energy resources (DER) and Leap has raised US$33.5 million to scale and develop its DER software solution.
Tesla’s ability to offer rooftop solar, electric vehicles and home battery storage in one package could place the company in a strong position as an electricity retailer in Texas.
Energy Vault has become the latest startup with a novel, non-lithium battery energy storage technology to attract significant investment, raising US$100 million through a Series C funding round.
Companies in the battery storage industry raised US$9.6 billion in corporate funding during H1 2021, with European manufacturing startup Northvolt once again the biggest single recipient of venture capital (VC) investment.
TWAICE, a German battery analytics software company founded in 2018 which already counts Audi and Daimler as well as European energy utility companies amongst its customers, has raised US$26 million in a Series B funding round.
Corporate funding into the battery storage sector in the first quarter of this year totalled US$4.7 billion across 17 deals, a huge leap from the equivalent period of last year, according to a new report from Mercom Capital.
