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Funding via venture capital route into India's energy storage industry has registered a 59% growth while the overall investments in the segment reported a 28% decline, Mercom Capital stated in a report on Wednesday. The corporate funding in 2023 including $9.2 billion funding through Venture Capital (VC), $9.8 billion through debt and public market financing, the research firm said.
VC/PE funding in the energy storage space in 2023 was the highest-ever compared to the $5.8 billion raised in 2022. However, the total corporate funding in the energy storage industry in 2023 was 28% lower against $26.4 billion in 2022, the 'Mercom Annual and Q4 Funding Report' said.
"Energy storage companies saw their highest VC funding in 2023, largely on account of the (USA's) Inflation Reduction Act's Investment Tax Credit and other incentives like manufacturing credits for battery components. The Merger and Acquisition (M&A) activity lagged due to high asset valuations, elevated interest rates, and investor caution," Raj Prabhu, CEO of US-brd Mercom Capital Group, said.
Lithium-ion-brd battery technology companies received the most VC funding in 2023. Other top-funded categories included battery recycling, nickel-brd battery technology, energy storage downstream, and materials and components companies. In India, Graphite India (GIL) has entered into a definitive transaction to invest ₹50 crore in compulsory convertible preference shares of GODI Energy, and BatX Energies raised $5 million in pre-series A funding.
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.
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