Thirteen days before Valentine’s Day, Mercom Capital Group revealed that venture capitalists showed their undying love for battery storage companies last year.
According to a report released by the research company, venture capital firms showered battery storage companies with money to the tune of $714 million over 30 deals last year, nearly double the $356 million they raised over 38 deals in 2016.
In addition, overall funding rose from $540 million in 2016 to $890 million last year.
Downstream energy-storage companies received the single largest chunk of the money at $68 million, while lithium-based battery companies raised $65 million.
In addition to providing significantly more money in 2017, the diversity of funding sources also rose from 86 venture capitalists from 62 in 2016.
Interestingly, the announced debt and public market financing for battery storage stayed nearly flat, raising $177 million in 12 deals compared to $175 million generated by eight deals in 2016.
In 2017, battery storage, smart grid and energy efficiency companies raised a combined $1.5 billion, up from the $1.3 billion raised in 2016.