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Corporate funding for Smart Grid companies, including venture capital (VC) funding, debt, and public market financing, totaled $3 billion across 67 deals in the first nine months of 2026, a 7% year-over-year (YoY) increase compared to $2.8 billion raised across 68 deals in 9M 2025.

VC funding for Smart Grid companies declined 31% YoY, with $1.1 billion raised across 52 deals in 9M 2026 compared to $1.6 billion raised across 55 deals in 9M 2025.

Data Analytics companies accounted for the largest share of VC funding in 9M 2026, raising $265 million, followed by Smart Charging companies with $263 million and Smart Grid Communications companies with $238 million.

The top Smart Grid VC funding deals in 9M 2026 were SPAN with $163 million, Emerald AI with $150 million, an additional $75 million investment in SPAN from Eaton, Verse with $54 million, and metiundo with $48 million.

Announced debt and public market financing for the Smart Grid sector totaled $1.9 billion across 15 deals in 9M 2026, a 52% YoY increase compared to $1.25 billion raised across 13 deals in 9M 2025.

Smart Grid corporate M&A activity increased 38% YoY to 11 transactions in 9M 2026, compared to eight transactions in 9M 2025. Smart Charging companies accounted for five transactions, followed by Advanced Meter Infrastructure companies with three.

Mercom Capital Group’s Smart Grid Funding and M&A Reports are comprehensive high-quality reports delivering superior insight, market trends and analysis. These reports help bring clarity to professionals in the current financial landscape of the smart grid industry.

The Quarterly Funding and M&A Reports contain quarter-over-quarter (QoQ) information on market activity displayed in easy-to-digest charts, graphs and tables, as well as data-driven analysis covering:

• Venture capital funding deals including top investors, QoQ trends, and a breakdown of charts and graphs by stage;
• VC funding by technology;
• Debt and other funding deals;
• Mergers and Acquisitions (M&A) including QoQ trends, with charts and graphs by technologies;
• New cleantech funds;

This report also contains comprehensive lists of all announced deals and transactions during the quarter, including:

• VC deals and investors;
• M&A transactions and acquirers;
• New cleantech funds.

There were 173 companies and investors covered in this report. The report is 52 pages in length and contains 34 charts, graphs and tables.

This report is sold under a 2026 subscription which includes all four quarters (Q1, Q2, Q3, Q4 and Annual).