9M and Q3 2023 Funding and M&A Report for Storage and Grid

9M and Q3 2023 Funding and M&A Report for Storage and Grid


A combined $9.8 billion

VC Funding was raised in 9M 2023

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Click here to download our 9M and Q3 2023 Funding and M&A Executive Summary on Energy Storage and Smart Grid.

Mercom found that in the first nine months (9M) of 2023, $9.8 billion was raised in VC funding by Energy Storage and Smart Grid companies compared to $6.5 billion in 9M 2022.


Energy Storage VC Funding 9M 2019-9M 2023

Energy Storage

VC funding in Energy Storage in 9M 2023 was up by 115% YoY with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.

A total of 89 VC investors participated in Energy Storage funding in 9M 2023.

In 9M 2023, 11 Energy Storage companies were acquired, compared to 23 in 9M 2022.

Smart Grid

VC funding in Smart Grid companies in 9M 2023 decreased 52% YoY, with $1.2 billion
compared to $2.5 billion raised in 9M 2022.

A total of 51 VC investors participated in Smart Grid funding in 9M 2023.

In 9M 2023, there were eight (8) Smart Grid M&A transactions compared to 18 in 9M 2022.

Mercom Capital Group’s Energy Storage and 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;
  • Smart Grid funding deals;
  • Energy Efficiency 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 177 companies and investors covered in this report. The report is 107 pages in length and contains 80 charts, graphs, and tables.