Venture capital (VC) funding for energy storage ventures in the US reached $9.2bn in 2023, representing a 59% year-over-year increase, according to Mercom Capital. The figure was raised through 86 deals, compared to 96 deals and $5.8bn the previous year. Lithium-ion based battery technology companies were the main beneficiaries of VC funding, followed by battery recycling firms, nickel-based battery technology companies, energy storage downstream businesses, and materials and components firms. Mercom also noted that corporate funding in the energy storage sector, which includes VC and private equity funds, dropped by 28% YoY to $19bn. Redwood Materials, Zenobe, SK On, Verkor, and Hithium were the top five VC funding deals in 2023.
Surging 59% YoY: Unleashing the Power of Venture Capital
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