California-based Element Energy has raised US$111 million of equity and debt for its proprietary battery management system (BMS) for first and second life battery storage.
UK-headquartered developer-investor Zenobē Energy and US recycling specialist Redwood Materials made the biggest VC-funded deals for energy storage companies in the first nine months of 2023.
Sodium-ion battery technology firm Peak Energy has emerged from stealth, with US$10 million in funding and a management team comprising ex-Northvolt, Tesla, Enovix and SunPower executives.
California-based FranklinWH Energy Storage has secured a US$25 million Series B to scale up its residential battery and energy management software offering in the US and Puerto Rico.
Germany-based flow battery company VoltStorage has been granted a venture debt loan of €30 million (US$33 million) by the European Investment Bank (EIB), guaranteed by the European Commission.
Corporate funding activity into battery storage companies in the first quarter of 2023 fell considerably year-on-year and quarter-on-quarter, according to research from Mercom Capital.
