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Energy storage VC funding up 59% YoY to $9.2b in 2023

This is supported by the Inflation Reduction Act’s investment tax credit and other incentives.

Venture (VC) capital funding in energy storage posted a record-high $9.2b investment in 86 deals, increasing by 59% year-on-year (YoY) in 2023, according to data from Mercom Capital Group.

In a statement, 

"Energy storage companies saw their highest VC funding in 2023, largely thanks to the Inflation Reduction Act's Investment Tax Credit and other incentives like manufacturing credits for battery components,” said Mercom CEO Raj Prabhu. 

“Despite this positive trend, M&A activity lagged due to high asset valuations, elevated interest rates, and investor caution," Prabhu added.

ALSO READ: India accelerates energy storage systems addition

The top energy storage VC funding deals were Zenober ($1.1b), Redwood Materials ($1b), SK On ($944m), Verkor ($905m), and HIthium ($622m).

Mercom said corporate funding in energy storage was at $19b across 120 deals, whilst corporate funding in energy storage firms in the fourth quarter reached $3.7b in 26 deals.

Last year, Mercom also said that announced debt and public market financing for energy storage firms was at $9.8b in 34 deals, with four companies going public.

A total of 15 energy companies and 28 projects with 8.7 gigawatts of capacity were acquired in 2023.

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