When tracking the quarter-to-quarter capital flows of money into the solar industry, it can be easy to forget that the raw numbers represent a series of distinct and separate events.
This is easier when the events in question cause the numbers to balloon in a given quarter, as the Microvast Power’s $400 million dollar funding round did for the battery storage industry in the second quarter of 2017.
As documented in Mercom Capital’s Q2 2017 Battery Storage, Smart Grid and Efficiency Funding & M&A report, Microvast’s funding round not only made up the vast majority of the $422 million in venture capital funding for battery storage start-ups during the quarter, but the bulk of the $480 million that such companies raised in the first half of the year.
Funding for Microvast, which has headquarters in Texas and China and makes batteries and battery chargers for electric vehicles including electric busses, came from CITIC Securities, CDH Investment and National Venture Capital.
However, other battery finance deals were also high during the quarter. Q2 saw seven debt and public market deals for battery storage companies, totaling $107 million – more than four times the total during Q1, and bringing the total of such funding in the first half of 2017 to more than double the first half of 2016.
Additionally, there was one battery storage project fund during the first half of 2017 for $152 million, as opposed to three such deals in the first half of 2016 which raised $195 million.
Additionally, Mercom reports three M&A transactions involving battery storage companies in the first half of 2017.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.