Report: Venture capitalists fall in love with battery storage
According to a report released by Mercom Capital, venture capital firms showered battery storage companies with money to the tune of US$714 million last year.
hirteen days before Valentine’s Day, Mercom Capital Group revealed that venture capitalists showed their undying love for battery storage companies last year.
According to a report released by the research company, venture capital firms showered battery storage companies with money to the tune of $714 million over 30 deals last year, nearly double the $356 million they raised over 38 deals in 2016.
In addition, overall funding rose from $540 million in 2016, to $890 million last year.
Downstream energy-storage companies received the single largest chunk of the money at $68 million, while lithium-based battery companies raised $65 million.
In addition to providing significantly more money in 2017, the diversity of funding sources also rose to 86 venture capitalists, from 62 in 2016.