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Battery storage, smart grid and efficiency companies raised over $536 million through venture capital in 2019

Battery storage, smart grid and efficiency companies raised over $536 million (Rs 3821.6 crore) in venture capital funding including private equity and corporate venture capital in 2019 in India, Mercom Capital Group has estimated.

Indian deals in 2019 included a venture capital funding for battery storage by two companies totalling $35.5 million. Log 9 Materials, a developer of aluminum fuel cell technology – raised $3.5 million from Exfinity Venture Partners and Sequoia Capital India while, LivGuard Energy Technologies – an automotive products to batteries company – raised $32 million from ChrysCapital and Ncubate.

Storage Project Funding included Greenko Energy Holdings (2.4 GW) – a renewable energy project developer – raising $495 million from an affiliate of General Insurance Corporation (GIC) and an entity that is ultimately wholly owned by the Abu Dhabi Investment Authority to develop two 1.2 GW storage projects in the states of Andhra Pradesh and Karnataka.

In smart grid venture funding Husk Power Systems – a distributed utility company that provides mini-grids to rural communities and businesses entirely from renewable energy sources – received $5 million in an amended funding round.

Global funding including venture capital, private equity, and corporate venture capital for battery storage, smart grid, and efficiency companies in 2019 was 18% lower at $2.3 billion compared to $2.8 billion raised in 2018.

Source
The Economic Times
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