However, during the July-September quarter, the segment attracted $8.2 billion investment, up 32 per cent year-on-year over $6.2 billion raised in the same period of 2022
Global corporate investments in the energy storage sector declined by 31% to USD 15.2 billion in the January–September 2023 period, according to a report by the US-based firm Mercom Capital published on Thursday. In contrast, the sector had attracted investments amounting to USD 22 billion during the same nine-month period in the previous year.
Mercom's report noted, "Corporate funding in the energy storage sector was down 31% in the first nine months of 2023, with USD 15.2 billion raised in 94 transactions, compared to USD 22 billion in 93 deals in the same period in 2022."
However, during the July-September quarter, the energy storage sector saw an increase in investments, with USD 8.2 billion being raised, representing 32% year-on-year growth compared to the USD 6.2 billion raised during the same period in 2022. This funding encompassed various modes, including venture capital, debt financing, and public market financing.
In India, a lithium-ion battery manufacturer secured USD 2.4 million in pre-series A round funding, while the public infrastructure finance company REC Ltd. approved funding of USD 730.8 million for Greenko to develop a 1,440 MW standalone pumped storage project.
Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology, and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.