Corporate Funding In Energy Storage Industry Surges Over 5 Fold To $12 Billion In Jan-Mar: Mercom

Corporate funding in the energy storage industry globally has registered a growth of over 5 fold to $11.7 billion in the first quarter of 2024. The sector had attracted $2.2 billion investments in the January-March period in 2023, the US-based research firm said in a report on Tuesday.

On a quarter-on-quarter basis, the funding was around 4 times higher from $3.7 billion raised in October-December or Q4 period of 2023, the report said.

"The promise of new battery technologies continues to attract venture capital to energy storage. Energy storage represents the key to the next wave of the energy transition," Raj Prabhu, CEO Mercom Capital said.

Prabhu further said that, "Lithium-ion currently dominates the market, but a need for long-duration energy storage remains unmet, which has created an opening for startups looking to develop new kinds of storage technologies. We can only go so far with the intermittent energy resources we're depending on right now."

As per the report, In India, battery materials producer LOHUM has secured an investment of $54 million from a clutch of investors through the venture capital funding route.

BluSmart, an integrated EV ride-hailing, and charging company, has received a VC funding of $25 million.

In the domestic debt funding segment, Husk Power Systems secured an investment totalling $20 million from European Investment Bank.

Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology, and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.