Venture-capital backing for cleantech companies developing battery-storage technology appears on the rise around the world with $714 million going into 30 deals last year, according to Mercom.
That’s nearly double the $365 million lured into 38 deals in 2016.
Companies with lithium-ion batteries raised two-thirds of the total with deal volume reaching eight last year compared with six a year earlier.
Eighty-six investors were active in the battery-storage sector.
Still, M&A in the space fell to six transactions, compared with 11 in 2016, Mercom said. The top deal with a disclosed valuation was Wartsila‘s $170 million purchase of software developer Greensmith Energy Management Systems.
The top funding deals last year included China-based Microvast Power Systems‘ $400 million financing, Battery Energy Storage Solutions‘ $66 million round, Forsee Power‘s $65 million raise, Advanced Microgrid Solutions‘ $34 million transaction and Primus Power‘s $32 million deal.
Action Item: To access the 2017 battery storage, smart grid and energy efficiency report from Mercom, go to http://bit.ly/2Fk0cDb
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