Global investment in energy storage and smart grid firms soared during the first three months of the year, according to a new report from consultancy Mercom Capital Group that underlines the growing interest in smart technologies deemed critical to the deep decarbonisation of power grids.
The report on venture capital (VC) investment, corporate funding, and merger and acquisition (M&A) activity revealed a surge in investment across much of the sector.
Corporate funding in battery storage hit $299m across 12 deals during the first three months of the year, compared to $154m across six deals during the last quarter of 2017 and $80m of investment in the first quarter of 2017.
VC funding, including private equity and corporate venture capital, raised by battery storage companies jumped to $299m across 12 deals, a more than five-fold increase on the $58m raised in eight deals during the first three months of 2017.
Smart grid companies saw a similar surge in investment with corporate funding soaring from $164m in the first quarter of 2017 to $1.3bn across just nine deals this year.
VC funding for smart grid companies also increased 79 per cent quarter-on-quarter to $75m, although investment levels fell year-on-year.
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