The corporate funding at the global level for battery storage, smart grid and energy efficiency sectors saw over a two-fold jump to USD 19.5 billion in 2021, according to a report.
Corporate funding includes venture capital (VC) funding, public market and debt financing, global research firm Mercom Capital Group said in the report released on Thursday.
“Total corporate funding for the battery storage, smart grid, and energy efficiency sectors in 2021 globally was up by 140 per cent to USD 19.5 billion, compared with USD 8.1 billion in 2020,” the report said.
Total corporate funding in the battery storage sector stood at USD 17 billion in 101 deals during 2021. The funding raised in 2021 was the highest since 2014, and the deal count nearly doubled compared to 2020, it said.
The funding in the smart grid sector came to USD 2 billion in 38 deals, compared with USD 758 million in 2020.
In the energy efficiency segment, a total of USD 465 million was raised in 2021 compared with USD 791 million in 2020.
The US-based Mercom Capital Group is a global communications and research & consulting firm focused on cleantech. It reports on funding and merger & acquisitions in battery storage, smart grid, energy efficiency and solar.