2018 has been a good year so far for battery storage. Not only is the U.S. residential storage market booming, but an extension of the Self Generation Incentive Program (SGIP) in California is paving the way for ongoing growth over the next five years.
But even before the SGIP extension passed, the dollars were flowing into energy storage. According to Mercom Capital’s 9M & Q3 2018 Funding and M&A report for Storage, Smart Grid and Efficiency, in the first nine months of 2018 funding increased in two key categories for battery storage.
According to the report, venture capital funding for battery storage increased 39% during the first nine months of 2018 to $469 million in 23 deals, while debt and public market financing grew 156% to $446 million.
By contrast the volume in project funding deals fell sharply, however Mercom Capital CEO Raj Prabhu says that this likely reflects the limited information about funding levels for battery projects more than anything else.
“Not everybody goes out and discloses information,” Prabhu told pv magazine.
The top five VC deals for battery storage in the first nine months of 2018 were all above $60 million each:
- $100 million raised by QuantumScape
- $80 million raised by Stem
- $71 million raised by sonnen
- $70 million raised by Sila Technologies
- $65 million raised by Ionic Materials
Battery storage is already showing market momentum, and this is only expected to increase when wholesale markets begin to open to the technology via FERC Order 841.
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: email@example.com.
Are these storage uses Vanadium Redox Flow Batteries? How much energy is lost in the store / recover cycle or what is the efficiency? Are there any prospects of VRFB for consumer use at home with photo-voltaic systems to get off the grid? Do you anticipate marketing any consumer VRFB like Elon Musk does with his Li-ion batteries?
The vast majority of batteries being deployed are lithium ion, not flow batteries.
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.