Corporate funding in energy storage halves to $7 billion in Jan-Jun 2023: Mercom Capital

economictimes.indiatimes.com:

Mercom Capital. The segment attracted $ 15.8 billion during the same period in 2022, the research firm said in its latest report. The report comes at a time when various governments across the globe are aiming to increase storage of renewable energy as part of their green initiatives to meet their net zero goals. «Corporate funding into energy storage companies reached $ 7.1 billion in 59 deals in 1H (first half) 2023, a 55 per cent decrease YoY compared to $ 15.8 billion in 60 deals in 1H 2022,» it said. However, the corporate funding in energy storage bounced back in April-June or Q2 2023 with $ 4.9 billion raised in 32 deals, a 126 per cent increase quarter-over-quarter (QoQ). The funding during the Q2 was up 67 per cent year-over-year (YoY), the report said. The venture capital (VC) funding in energy storage in 1H 2023 was up 27 per cent with $ 3.8 billion in 43 deals compared to $ 3 billion in 48 deals in 1H 2022. The VC funding for energy storage companies was also up in Q2 2023 with $ 2.7 billion in 24 deals, a 148 per cent increase QoQ compared to $ 1.1 billion in 19 deals in Q1 2023.

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