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					</table>India added solar projects totaling 18 GW in the first half (1H) of 2025, a 31% year-over-year (YoY) increase from the same period last year, according to Mercom India Research’s newly released <a href="https://www.mercomindia.com/product/q2-2025-india-solar-market-update" target="_blank" rel="noopener">Q2 2025 India Solar Market Update</a>.
In the second quarter (Q2) of 2025, India added 11.3 GW of solar capacity, a 145.4% YoY increase from 4.6 GW and a 66.9% <a href="https://www.mercomindia.com/india-adds-7-gw-solar-capacity-q1-2025" target="_blank" rel="noopener">increase</a> from Q1 2025.
Solar accounted for 64% of new power capacity additions in Q2 2025.
In 1H 2025, solar project commissioning in India accelerated due to regulatory deadlines.
Developers aimed for partial commissioning before June 2025 to secure interstate transmission system (ISTS) charge waivers, supported by the rising demand from distribution companies (DISCOMs) for round-the-clock (RTC) power.
According to Priya Sanjay, Managing Director at Mercom India, the rush to commission projects before the expiry of the interstate transmission system charges waiver was the major driver behind solar capacity additions in Q2.
She added that the installations would have been higher if there were fewer challenges in securing modules compliant with domestic content requirements (DCR).
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83682 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1.png" alt="" width="940" height="316" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1.png 940w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-300x101.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-768x258.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-650x219.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-624x210.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-600x202.png 600w" sizes="auto, (max-width: 940px) 100vw, 940px" /></a>
Rajasthan, Gujarat, and Maharashtra led in large-scale solar capacity additions for the quarter, accounting for 33.7%, 27%, and 17.4% of installations, respectively.
About the future of vanilla solar projects, Sanjay said the extent of demand for vanilla projects will depend on the demand from DISCOMs. “One of the reasons for the likelihood of wind-solar hybrid projects to take the forefront is better utilization of land and transmission infrastructure for hybrid projects. If there is a smaller tariff gap between hybrid and vanilla projects, even DISCOMs may prefer offtake from hybrid projects.”
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83720 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart.png" alt="" width="955" height="456" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart.png 955w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-300x143.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-768x367.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-650x310.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-624x298.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-600x286.png 600w" sizes="auto, (max-width: 955px) 100vw, 955px" /></a>
“India’s solar installations surged in Q2 with over 11 GW added, making it one of the strongest quarters to date. Developers continue to face shortages of DCR-compliant modules, transmission and substation bottlenecks, and delays in power purchase agreement signings. At the same time, the market is transitioning toward storage, RTC, and hybrid projects to address grid challenges and curtailment risks. Without stronger domestic manufacturing output and balanced policy interventions, installations will remain under pressure and lag behind the expanding pipeline,” said Raj Prabhu, CEO at Mercom Capital Group
Utility-Scale Projects
Large-scale solar capacity rose by 20% YoY from 12.6 GW in 1H 2024.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83694 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9.png" alt="" width="1033" height="595" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9.png 1033w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-768x442.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-650x374.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-624x359.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-600x346.png 600w" sizes="auto, (max-width: 1033px) 100vw, 1033px" /></a>
As of June 2025, India&#8217;s cumulative installed solar capacity stood at 116.4 GW.
Large-scale projects accounted for nearly 86%, and rooftop solar accounted for almost 14% of the cumulative installations. Solar projects accounted for 24% of India&#8217;s total installed power capacity and over 49% of the total installed renewable energy capacity as of the end of June 2025.
Rajasthan, Gujarat, and Karnataka were the top three states in cumulative installations of large-scale solar projects, accounting for around 29%, 18%, and 13%, respectively.
As of June 2025, the top 10 states accounted for over 95% of cumulative large-scale solar installations.
Tenders and Auctions
As of June 2025, India&#8217;s large-scale solar project pipeline stood at almost 191 GW, with an additional over 131 GW of projects tendered and pending auction.
In Q2 2025, tenders issued for utility-scale solar capacity dropped by 65% YoY to 6.5 GW from 18.6 GW and 53.8% quarter-over-quarter (QoQ) from 14.1 GW, as the Ministry of New and Renewable Energy is yet to announce detailed quarterly targets or allocate capacities to implementing agencies, adding to the uncertainty
In 1H 2025, 20.6 GW of large-scale solar capacity tenders were announced, down 58.2% from 49.3 GW during the same period in 2024.
Sanjay noted that the drop was due to the confusion among developers on whether to account for ISTS waiver charges in the tariff. “Module availability remains another issue unaddressed.”
Auctions for utility-scale solar projects in Q2 2025 totaled 1.6 GW, down 75.2% from 6.7 GW from the same period last year and 74.1% QoQ from 6.4 GW.
In 1H 2025, 8.1 GW of utility-scale solar projects were auctioned, a 74% drop from 31.8 GW in 1H 2024.
With the issuance of the Approved List of Models and Manufacturers (ALMM) List II for cells, Sanjay sees a short-term supply crunch.
She said developers and manufacturers agree there will be a short-term supply shortage of modules manufactured using cells from ALMM-List II.
“Cell manufacturing plants take longer to come online compared to modules. Many existing cell manufacturing plants may not even be operating at their full production capacity, and the government should account for that when estimating the country’s cell manufacturing capacity.”
Sanjay said developers feel that the government should extend some leeway on a case-by-case basis.
Mercom&#8217;s Q2 2025 India Solar Market Update report is 94 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/q2-2025-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2025-india-solar-market-update</a>

Solar Installations in India Jumped 31% YoY in 1H 2025

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					</table>Wind solutions provider <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a>’s net profit jumped year-over-year (YoY)  97.05% to ₹2.01 billion (~$23.90 million) in the second quarter (Q2) of the financial year (FY) 2024-25 from ₹1.02 billion (~$12.13 million).
The company’s revenue rose 48.42% to ₹21.21 billion (~$252.26 million) in Q2 from ₹14.29 billion (~$169.96 million) in the same period last year.
Suzlon’s Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 30.66% to ₹2.94 billion (~$34.96 million) from ₹2.25 billion (~$26.76 million).
The company’s order book stands at 5.1 GW. The commercial and industrial and captive and retail sectors accounted for 2.7 GW, central and state projects accounted for 1.2 GW , and public sector undertakings 1.2 GW.
Suzlon has a 20.9 GW global installed wind energy capacity. The company has an installed base of 15 GW in India and more than 9,900 turbines installed.
1H results
In the first half (1H) of FY25, the company’s revenue increased 49.31% YoY to ₹41.66 billion (~$495.49 million) from ₹27.9 billion (~$331.83 million).
The company’s net profit also soared 147.78% YoY to ₹5.03 billion (~$59.82 million) from ₹2.03 billion (~$24.14 million).
<img loading="lazy" decoding="async" class=" wp-image-72130 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-300x158.png" alt="" width="772" height="407" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-768x405.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-624x329.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-600x316.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart.png 1116w" sizes="auto, (max-width: 772px) 100vw, 772px" />
Suzlon  <a href="https://mercomindia.com/suzlon-wind-turbine-order-ntpc-green" target="_blank" rel="noopener">signed</a> a 1,166 MW  wind energy order from NTPC Green Energy to install a total of 370 wind turbine generators of S144 equipped with a Hybrid Lattice Tubular tower and a rated capacity of 3.15 MW each.
The company also executed definitive agreements to acquire a 76% stake in Renom Energy Services in two tranches from the Sanjay Ghodawat Group.
It <a href="https://www.mercomindia.com/suzlon-secures-turbine-order-from-jindal-renewables" target="_blank" rel="noopener">received</a> a 400 MW wind order from JSP Green Wind 1, a special-purpose vehicle of Jindal Renewables.
In Q1 FY25, Suzlon Energy <a href="https://mercomindia.com/suzlons-q1-2025-net-profit" target="_blank" rel="noopener">recorded</a> net revenue of ₹20.16 billion (~$241.02 million), a 50% YoY increase from ₹13.48 billion (~$161.16 million).
In Q4 FY24, the company’s total income <a href="https://www.mercomindia.com/suzlon-energys-q4-income-rises-as-order-book-swells" target="_blank" rel="noopener">reached</a> ₹21.79 billion (~$262 million), a 29.85% YoY increase from ₹17 billion (~$204.6 million).

Suzlon Energy’s Net Profit Rises 97% YoY in Q2 FY2025

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					</table>Spain-based renewable energy company EDP Renewables (<a href="https://www.edpr.com/" target="_blank" rel="noopener">EDPR</a>) reported a net profit of €265 million (~$270 million) in the first half (1H) of 2022, an 87% year-over-year growth.
EDPR&#8217;s revenues reached €1,237 million, a 45% YoY growth, or an increase of €381 million (~$389 million) from the previous year.
The company recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of €976 million (~$996 million), a 49% YoY growth.
This performance, supported by the 16% increase in generation compared to last year, was driven by additional installed capacity and stronger renewable resources.
EDPR has 1.8 GW of wind and 1.3 GW of solar capacity under construction as of June 22.
Installed capacity increased to 13.8, with Europe and North America representing 40% and 51% of the portfolio, respectively. EDPR&#8217;s portfolio comprises 12.2 GW of wind onshore and 1.3 GW of solar.
EDPR generated 17.8 TWh of clean energy in the 1H 2022, an increase of 16% YoY, avoiding 11 million tons of CO2 emissions, with Europe and North America representing 36% and 57% of total generation output, respectively.
In Europe, generation increased 10% compared to last year, impacted by higher installed capacity and a stable renewable resource.
In North America, the output is up 12% interannually, reflecting better renewable resources in the U.S. and Canada. In South America, production increased 111% compared to the previous year, driven by higher installed capacity in Brazil, partially offset by lower renewable resources.
In June, EDPR <a href="https://mercomindia.com/edp-renewables-invest-1-58-billion-develop-offshore-wind/" target="_blank" rel="noopener">announced</a> that it would invest €1.5 billion (~$1.58 billion) in Ocean Winds through a 50:50 joint venture with global energy company Engie. The investment is part of the company&#8217;s strategic partnership announced in 2021 to accelerate energy transition through offshore wind.
Earlier this year, EDPR said it would <a href="https://mercomindia.com/daily-news-wrap-up-nhpc-hdfc-securitization-deal/" target="_blank" rel="noopener">acquire</a> a 91% stake in Sunseap and announced the closure of its S$1.1 billion (~$795 million) deal with the solar energy system developer. The company is mulling an investment of S$10 billion (~$7.2 billion) in 2030 to create an industry-leading clean energy hub for the Asia-Pacific region, with a portfolio including nearly 10 GW of clean projects.

EDP Renewables Net Profit Rises by 87% YoY to $270 Million

Total corporate funding (including venture capital funding, public market, and debt financing) for Energy Storage, Smart Grid, and Efficiency companies in 1H 2022 was up significantly year-over-year (YoY) with $17 billion compared to $10.4 billion raised in 1H 2021.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency">https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency</a>
<a href="https://cms.mercomindia.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2021-1H-2022.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-10556" src="https://cms.mercomindia.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2021-1H-2022-1024x301.jpg" alt="Energy Storage, Smart Grid, Efficiency Corporate Funding 1H 2021-1H 2022" width="900" height="265" /></a>
Global VC funding (venture capital, private equity, and corporate venture capital) for Energy Storage, Smart Grid, and Efficiency companies come in 20% lower in 1H 2022 with $3.9 billion compared to $4.9 billion in 1H 2021. One large deal in Q2 2021 contributed to the difference.
In Q2 2022, VC funding for Energy Storage, Smart Grid, and Efficiency companies increased to $2.4 billion in 34 deals compared to $1.6 billion in 37 deals in Q1 2022. Funding amounts were 34% lower YoY compared to the $3.6 billion raised in 28 deals in Q2 2021.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022.jpg"><img loading="lazy" decoding="async" class="aligncenter size-large wp-image-10567" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022.jpg" alt="Energy Storage, Smart Grid, and Efficiency Top VC Funded Deals in 1H 2022" width="625" height="469" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022.jpg 1227w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-300x225.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-768x576.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-650x487.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-624x468.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-600x450.jpg 600w" sizes="auto, (max-width: 625px) 100vw, 625px" /></a>
Energy Storage
In 1H 2022, $15.8 billion was raised in corporate funding from 57 deals, 64% higher compared to $9.6 billion raised in 43 deals in 1H 2021.
Corporate funding in energy storage is on pace to be the highest ever in 2022. A higher share of financing activity in energy storage has steadily shifted from VC funding to public and debt funding as a significant number of companies have gone public over the past two years.
VC funding in Energy Storage in 1H 2022 was down significantly with $2.9 billion in 45 deals compared to $4.4 billion in 34 deals in 1H 2021. One large funding deal in Q2 2021 contributed to the difference.
The Top 5 VC funding deals in 1H 2022 were: Eolian, which raised $925 million, Group 14 Technologies with $400 million, Hydrostor with $250 million, Sunfire with $215 million, and Factorial Energy, which raised $200 million. A total of 165 VC investors participated in Energy Storage funding in 1H 2022.
Announced debt and public market financing activity in the first half of 2022 ($12.8 billion in 12 deals) spiked compared to the first half of 2021 when $5.2 billion was raised in nine deals.
There were 16 announced Energy Storage project funding deals in 1H 2022, bringing in a combined $3.8 billion compared to $1.2 billion in six deals in 1H 2021.
In 1H 2022, there were a total of 13 (six disclosed) Energy Storage M&amp;A transactions compared to nine transactions (two undisclosed) in 1H 2021.
Smart Grid 
VC funding in Smart Grid companies in 1H 2022 was 58% higher with $731 million compared to the $463 million raised in 1H 2021.
In Q2 2022, VC funding for Smart Grid companies increased to $419 million in eight deals compared to $312 million in 12 deals in Q1 2022. Funding amounts were 138% higher YoY compared to $176 million raised in seven deals in Q2 2021.
The Top 5 VC funding deals in 1H 2022 were: Arcadia with $200 million, Freewire Technologies with $125 million, Tibber with $100 million, Span with $90 million, and GridX with $40 million.
Announced debt and public market financing for Smart Grid companies came to $307 million in four deals in 1H 2022 compared to $8 million in one deal in 1H 2021.
In 1H 2022, there were a total of 10 Smart Grid M&amp;A transactions (two disclosed) compared to 11 transactions (all undisclosed) in 1H 2021. 
Efficiency
VC funding for Energy Efficiency companies in 1H 2022 was $269 million compared to the $5 million raised in 1H 2021.
Two Energy Efficiency companies raised $160 million in VC funding in Q2 2022 compared to $109 million in four deals in Q1 2022. In a YoY comparison, an undisclosed amount was raised in one deal in Q2 2021.
There were no debt or public market financing deals for Energy Efficiency technology companies in 1H 2022. In 1H 2021, $343 million was raised in one deal.
In the first half of 2022, there were no M&amp;A transactions. In 1H 2021, there was one disclosed M&amp;A transaction for $300 million.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency">https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency</a>

Corporate Funding into Energy Storage, Smart Grid, and Efficiency Companies Increase with $17 Billion in 1H 2022

Total corporate funding (including venture capital funding, public market, and debt financing) for Battery Storage, Smart Grid, and Efficiency companies in 1H 2021 was up exponentially year-over-year (YoY) with $10.4 billion compared to $1.5 billion raised in 1H 2020 when the market was affected by COVID-19.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency</a>
&nbsp;
<a href="https://cms.mercomindia.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2020-1H-2021-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-8798" src="https://cms.mercomindia.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2020-1H-2021-1.png" alt="Battery Storage, Smart Grid, Efficiency Corporate Funding 1H 2020-1H 2021" width="791" height="242" /></a>
Global VC funding (venture capital, private equity, and corporate venture capital) for Battery Storage, Smart Grid, and Efficiency companies come in 468% higher in 1H 2021 with $4.9 billion compared to $858 million in 1H 2020. Investments continue to rise as battery storage companies are poised to play a vital role in the transition from fossil fuels to renewables.
In Q2 2021, VC funding for Battery Storage, Smart Grid, and Efficiency companies increased with $3.6 billion in 28 deals compared to $1.3 billion in 24 deals in Q1 2021. Funding amounts were 493% higher YoY compared to the $605 million raised in 26 deals in Q2 2020. The increase in funding activity was primarily due to a multi-billion dollar deal in the Battery Storage sector this quarter.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-8796" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021.png" alt="Battery Storage, Smart Grid, and Efficiency Top VC Funded Deals in 1H 2021" width="493" height="469" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021.png 493w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021-300x285.png 300w" sizes="auto, (max-width: 493px) 100vw, 493px" /></a>
Battery Storage
In 1H 2021, $9.6 billion was raised in corporate funding from 41 deals compared to the $716 million raised in 19 deals in 1H 2020. After the corporate funding cratered in Q1 2020 due to the COVID-19 effect, funding levels have improved every quarter since, as the economy and the financial activity bounced back.
VC funding in Battery Storage companies in 1H 2021 was up significantly with $4.4 billion in 33 deals compared to $536 million in 14 deals in 1H 2020. Northvolt&#8217;s $2.75 billion funding round in Q2 2021 was a big part of the funding increase.
The Top 5 VC funding deals in 1H 2021 were: Northvolt, which raised $2.75 billion, Sila Nanotechnologies, which raised $590 million, SES, which secured $139 million, EnergyNest, which secured $132 million, and Solid Power, which raised $130 million. A total of 106 VC investors participated in Battery Storage funding in 1H 2021.
Announced debt and public market financing activity in the first half of 2021 ($5.2 billion in eight deals) spiked compared to the first half of 2020, when $180 million was raised in five deals.
There were five announced Battery Storage project funding deals in 1H 2021, bringing in a combined $781 million compared to $26 million in five deals in 1H 2020.
In 1H 2021 there were a total of nine (two disclosed) Battery Storage M&amp;A transactions compared to eight transactions (all undisclosed) in 1H 2020.
Smart Grid 
VC funding in Smart Grid companies in 1H 2021 was 68% higher with $463 million compared to the $275 million raised in 1H 2020.
In Q2 2021, VC funding for Smart Grid companies decreased with $176 million in seven deals compared to $287 million in 10 deals in Q1 2021. Funding amounts were 9% lower YoY compared to $194 million raised in 14 deals in Q2 2020.
The Top 5 VC funding deals in 1H 2021: Volta Charging raised $125 million; Mainspring Energy raised $95 million, FreeWire Technologies received $50 million, Wallbox raised $40 million, and Voltus raised $31 million.
Announced debt and public market financing for Smart Grid companies came to $8 million in one deal in 1H 2021 compared to $10 million in three deals in 1H 2020.
In 1H 2021, there were a total of 11 Smart Grid M&amp;A transactions (all undisclosed) compared to six transactions (all undisclosed) in 1H 2020.
Efficiency
VC funding for Energy Efficiency companies in 1H 2021 was 89% lower with $5 million compared to the $47 million raised in 1H 2020.
One Energy Efficiency company raised an undisclosed amount of VC funding in Q2 2021 compared to $5 million in one deal in Q1 2021. In a YoY comparison, $40 million was raised in four deals in Q2 2020.
Announced debt and public market financing activity in the first half of 2021 ($343 million in one deal) was 31% lower compared to 1H 2020, when $500 million was raised in one deal.
In 1H 2021 there was one Efficiency M&amp;A transaction ($300 million) compared to one transaction ($1.4 billion) in 1H 2020.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency</a>

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