Investments in the energy storage and smart grid globally grew 66 per cent year-on-year to record USD 25 billion in January-September period this year, according to a Mercom Capital report.
The funding includes those through venture capital, public market financing and debt financing.
"Total corporate funding for energy storage, smart grid, and efficiency companies in 9M 2022 was record USD 25 billion compared to USD 15.1 billion raised in 9M (January-September) 2021," the global clean energy consulting firm said in the report released on Wednesday.
During January-September 2022, the energy storage segment garnered USD 22 billion funding through 92 deals. This is 69 per cent higher compared to the USD 13 billion raised in 74 deals in the year-ago period.
The rest were made in smart grid and energy efficiency areas.
Raj Prabhu, CEO of Mercom Capital said, the investments will continue to rise, with energy storage companies poised to play a vital role in the transition from fossil fuels to renewables.
Among the transactions, ReNew Power has announced a partnership with twelve international lenders for external commercial borrowings for project finance loans totaling USD 1.1 billion. It will be used for ReNew's hybrid round-the-clock battery-enabled renewable project that will comprise wind farms, solar projects and battery storage systems.