Companies focused on smart grid, energy storage and energy efficiency raised $1.3 billion in venture capital funding in 2016, according to Mercom Capital Group.
Energy efficiency companies led the field, raising $528 million, followed by smart gird firms, which raised $389 million, and battery storage companies, which raised $365 million.
Overall, however, VC funding for the three sectors was down compared with 2015, when $1.67 billion in venture capital funding flowed into those three sectors. Debt and public market funding for the three sectors, on the other hand, was up in 2016, hitting $4.58 billion, compared with $2.8 billion in 2015.
Mercom’s full year results reflect a trend noted when the consulting and communications firm reported on third quarter funding for smart gird, battery storage and energy efficiency companies.
In that report, Mercom noted that funding activity slowed to $102 million, from $433 million in the second quarter.
Read more (Utility Dive)