Corporate funding, including venture capital funding, public market, and debt financing, for battery storage, smart grid, and energy efficiency sectors in Q3 2020 nearly tripled to $3.2 billion compared with $1.2 billion in Q2.

Funding grew multiple times compared to the $365 million raised in 20 deals in the same quarter last year, according to a Mercom Capital Group report.

Despite Covid-19, total corporate funding for the battery storage, smart grid, and energy efficiency sectors in in the nine months was 75 per cent higher with $4.7 billion ($2.7 billion).

Global venture capital funding increased in Q3 to $1.1 billion in 22 deals compared with $605 million in 26 deals in Q2. Funding was higher by 249 per cent YoY ($309 million raised in 17 deals).

Global VC funding for battery storage, smart grid, and efficiency companies in the nine months was slightly down with over $1.9 billion YoY ($2.1 billion). Corporate funding for battery storage companies totalled $3.5 billion in 35 deals, up 62 per cent ($2.2 billion in 32 deals).

Corporate funding in Q3 2020 came to $2.8 billion in 16 deals ($472 million in 10 deals in Q2);VC funding for battery storage companies was up 78 per cent, at $661 million in seven deals ($372 million in 8 deals).

In 9M of 2020, funding was 25 per cent lower at $1.2 billion in 21 deals ($1.6 billion in 25 deals).

Smart grid VC funding in Q3 2020 was $368 million in 11 deals ($194 million in 14 deals in Q2) and $39 million in six deals YoY; and $643 million was raised in 32 deals, up 231 per cent YoY ($194 million raised in 28 deals).

VC funding for energy efficiency technology companies increased in Q3, with $48 million raised in four deals ($40 million raised in four deals in Q2) $61 million in three deals in same quarter in 2019; and in the first nine month period $95 million was raised in 11 deals, 65 per cent lower YoY ($268 million, in eight deals).

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