Energy Storage Firms Raise USD 11.2B in 9M 2025: Mercom

Corporate Funding for Energy Storage Companies Totaled $11.2 Billion in 9M 2025, Reports Mercom Capital Group

India, 05th November, 2025: Mercom Capital Group, an integrated communications and research firm focused exclusively on clean energy markets, released its report on funding and merger and acquisition (M&A) activity for the Energy Storage sector for the third quarter (Q3) and the first nine months (9M) of 2025.

Corporate funding for Energy Storage companies in 9M 2025 reached $11.2 billion in 85 deals, 36% lower year-over-year (YoY) compared to $17.6 billion in 83 deals in 9M 2024.

Venture capital (VC) funding for Energy Storage companies in 9M 2025 came to $2.8 billion in 56 deals, a 4% increase YoY compared to $2.7 billion in 61 deals in 9M 2024.

Materials and Components providers received the most VC funding ($1.1 billion) in 9M 2025. Other top-funded categories included energy storage downstream companies, energy storage systems providers, lithium-based and sodium-based battery companies.

The Top Energy Storage VC funding deals in 9M 2025 were by: KoBold Metals, which raised $537 million; Group14 Technologies, which raised $463 million; green flexibility, which raised $411 million; and Base Power, Lyten, and Torus each raising $200 million.

Announced debt and public market financing for Energy Storage technology companies decreased 44% YoY with $8.4 billion in 29 deals in 9M 2025 compared to $15 billion raised in 22 deals in 9M 2024.

A total of 20 Energy Storage M&A transactions were announced in 9M 2025, up from 18 M&A transactions in 9M 2024.

There were 45 project M&A transactions involving Energy Storage companies announced in 9M 2025 compared to 22 transactions in 9M 2024.

Mercom Capital Group has also released its report on funding and merger and acquisition (M&A) activity for the Smart Grid sector for the third quarter (Q3) and the first nine months (9M) of 2025.

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.