According to a Marcom Capital analysis, worldwide investments in energy storage and smart grid increased 66% year on year to $25 billion from January to September of this year. The funding sources include venture capital, public market financing, and debt financing.

“Total corporate finance for energy storage, smart grid, and efficiency companies in 9M 2022 was reported at $25 billion, compared to $15.1 billion raised in 9M (January-September) 2021,” the global renewable energy consultancy business stated in a study issued on Wednesday.

Between January and September 2022, the energy storage industry received $22 billion in investment through 92 agreements. This is 69% more than the $13 billion raised in 74 deals in the same period last year.

The remaining investments were in smart grid and energy efficiency.

Mercom Capital CEO Raj Prabhu stated that investment will continue to climb, with energy storage businesses ready to play a critical part in the transition from fossil fuels to renewables.

ReNew Power has formed a collaboration with twelve internal lenders for external commercial borrowings totaling $1.1 billion for project financing loans. It will be utilised for ReNew’s hybrid battery-enabled renewable project, which will include wind farms, solar projects, and a battery storage systems.