Mercom Capital: Financing for energy storage companies totaled $ 2.2 billion in Q1 2023
Post date: 19/04/2023 - 10:44
Advisory firm Mercom Capital Group has released its report on financing and mergers and acquisitions (M&A) in the energy storage and smart grid sectors for the first quarter (Q1) of 2023. According to the report, total corporate financing – including venture capital (VC) funding, debt financing and public market financing – in the energy storage sector was $ 2.2 billion across 27 deals, compared to $ 4.3 billion across 31 deals in Q1 2022. Year-over-year, financings declined significantly, with Mercom capturing $ 12.9 billion in 27 deals in Q1 2022. However, this included LG Energy Solution’s $ 10.7 billion IPO.
VC funding (including private equity and corporate venture capital) raised by energy storage companies in Q1 2023 totaled $ 1.1 billion in 19 deals, down eight percent year-over-year, and down 35 percent from the previous quarter with $ 1.7 billion in 22 deals.
The top five VC-funded battery storage companies in Q1 2023 were: Electriq Power ($ 300 million), Our Next Energy ($ 300 million), WeView ($ 87 million), NanoGraf ($ 65 million) and Caban Systems ($ 51 million).