August 4, 2021

Smart electric vehicle charging firms enjoyed the funding collection schemes last year

2 min read

Mercom, which records investments in the smart grid and other industries, noted that last year the smart charging companies accepted $324 million in 13 deals. This amount is the highest in a total of $748 million and from a third of the total contracts in the smart grid industry. The next entity Is smart grid communications companies which received $119 million from six agreements and were followed by demand-oriented companies with $104 million from three deals. The leading vehicle charging company was ChargePoint from California. This company has also gone public to become the first in its line with branches in different continents according to its chief executive officer, Pasquale Romano.

The runners-up in this line of business is the Chinese charging infrastructure developer called Start Charge. The two companies contributed to a third of the vehicle charging funding recorded in this industry. This trend in the smart charging industry is a resumption of the values witnessed in the previous three years. However, in 2019 the value dropped because the companies were capitalizing on the next step forward in the expanding electric vehicle market and specifically the smart grid section. Analysts noted that the vehicle charging funding for smart grid companies rose by about 150% of the $300 million recorded in the previous year’s deals. Nevertheless, most of the mergers and acquisitions happened three days to 2020.

Other discoveries that generated this high funding include the battery storage sector which accounted for the 136% increase amounting to $6.6 billion in 54 contracts. Nevertheless, this sector had a $1.5 billion drop in 32 deals which had recorded highs in the previous year. In this industry, the lithium-ion-based battery technology companies generated the highest VC funding last year with Northvolt from Sweden recording the biggest values. The other sectors that contributed to this figure include energy storage systems, solid-state batteries, and flow battery companies. The total VC funding received by energy efficiency companies clocked $291 million for 16 agreements which is a drop from the $298 million recorded in the previous year for nine contracts.

Finally, there were nineteen merger and acquisition contracts in the battery storage section, nine more than this sector had recorded in 2019. The energy efficiency industry recorded five fewer contracts from the nine that had been witnessed in 2019. These statistics prove that the investors paid more attention to the battery development for electric vehicles because this technology demonstrated its profitability.

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