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.
Malta Inc, developer of a grid-scale electro-thermal energy storage technology, has closed a Series B funding round, raising US$50 million from investors that include Facebook co-founder Dustin Moskovitz.
Energy storage system integrator Powin Energy has gained equity investment which the company claimed will allow it to significantly improve its integrated software and hardware platform.
The amount of corporate funding coming into the global battery storage industry in 2020 was more than double the amount the previous year, with over US$6.5 billion raised last year compared to around US$2.8 billion in 2019.
Long-duration energy storage startup Form Energy has confirmed details of its recently reported Series C investment round, with Bill Gates’ Breakthrough Energy Ventures among continuing investors.
Venture capital (VC) funding in battery storage companies in the third quarter of 2020 was up 78% on the previous quarter, while total corporate funding in the sector for the first nine months of the year rose by 62% compared to the same period in 2019.
Funding into battery storage companies fell dramatically in the first half of 2020 compared to last year’s equivalent period, according to the latest reporting from Mercom Capital.
