Global venture capital funding in energy storage, smart grid and energy efficiency rose to USD 1.3 billion during January-March 2021, registering a whopping 410 per cent year-on-year growth, a report released on Friday said.
According to the report by Mercom Capital Group, the said segments had saw a combined funding of USD 252 million in same period of 2020.
The venture capital (VC) funding (including private equity and corporate venture capital) raised by battery storage companies in Q1 or January-March quarter of 2021 came to USD 994 million in 13 deals compared to USD 164 million in six deals in Q1 2020, it said.
The report said 33 VC investors participated in battery storage funding during the said quarter.
The VC funding for smart grid companies increased 254 per cent in the first quarter of 2021 to USD 287 million in 10 deals, compared with USD 81 million in seven deals a year ago, it said. Twenty-eight investors participated in smart grid VC funding rounds, it added.
During the quarter under review, the energy efficiency VC funding round saw single participation. The segment saw a funding of USD 5 million, down from USD 7 million raised in three deals in the year-ago period.
Mercom Capital Group is a global communications and research and consulting firm focused on cleantech.
It delivers market intelligence, funding and merger and acquisition (M&A) reports covering battery storage, smart grid and energy efficiency, and solar. It also advises companies on new market entry, custom market intelligence, and strategic decision-making.