TLDR:
– Energy storage industry saw a 117% increase in corporate funding in H1 2024
– Storage deal volume reached $15.4 billion in the first six months of 2024
The energy storage industry received a significant boost in corporate funding in the first half of 2024, with a 117% year-over-year increase totaling $15.4 billion across 64 deals. This growth was mainly driven by debt and public market financing, which surged by 294%, offsetting a 37% decrease in venture capital funding. The smart grid industry, on the other hand, experienced an 11% decline in funding to $1.8 billion raised in 33 deals. Despite the challenges posed by high interest rates and uncertain economic conditions, the energy storage sector demonstrated resilience and growth, driven by technological advancements and supportive policy frameworks. The second half of 2024 is expected to continue this momentum, with rising investor interest in non-lithium battery technologies and battery recycling. This growth is further supported by key policy measures like the U.S. Inflation Reduction Act and California’s NEM 3.0 net billing tariff.
