Record-breaking $92 Billion Pours into Energy Storage Industry

TLDR: The energy storage sector attracted record venture capital funding of $9.2 billion in 2023, a 59% increase from the previous year. However, the number of deals dropped from 96 to 86. Corporate funding, which includes venture capital investments, public market funding, and debt financing, saw a decline of 28% year-over-year. Lithium-ion-based battery technology companies secured the highest amount of venture capital funding, followed by battery recycling, nickel-based battery technology, energy storage downstream, and materials and components companies. In the smart grid sector, both corporate funding and venture capital funding decreased, driven by higher interest rates and challenges in various areas except for EV charging.