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Corporate funding for Smart Grid companies in 9M 2025 reached $2.8 billion in 68 deals, 40% higher year-over-year (YoY) compared to $2 billion in 53 deals in 9M 2024.

Venture capital (VC) funding for Smart Grid companies in 9M 2025 totaled $1.6 billion across 55 deals, a 14% YoY increase from $1.4 billion across 43 deals in 9M 2024.

Smart Charging companies received the most VC funding ($1.1 billion) in 9M 2025. Other top-funded categories included Grid Optimization, Distributed Generation and Integration companies, Data Analytics, and Demand Response companies.

The top Smart Grid VC funding deals in the first nine months of 2025 were: Believ, which raised $410 million; GRIDSERVE, which raised $135 million; WAAT, which raised $116 million; and Connected Kerb and Hubber, each raising $81 million.

Announced debt and public market financing for Smart Grid technology companies totaled $1.25 billion in 13 deals, an increase of 120% YoY compared to $568 million in 10 deals in 9M 2024.

A total of eight Smart Grid M&A transactions were announced in 9M 2025, compared to seven in 9M 2024.

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;
• Battery and storage funding deals;
• 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 89 companies and investors covered in this report. The report is 40 pages in length and contains 33 charts, graphs and tables.

Mercom’s comprehensive report covers deals of all sizes across the globe. Have questions about the report? Email us here.