1. Q1 2024 smart grid venture capital funding reached $686 million, a 134% increase from the previous year.
2. The top five deals in Q1 2024 all revolved around EV charging companies.
3. Some notable deals included Electra raising €330 million, Powerdot raising $108 million, and Monta raising $87 million.
In the first quarter of 2024, smart grid venture capital funding reached $686 million across 14 deals, a significant increase from the previous year. The top five deals all focused on EV charging companies, according to Mercom Capital’s Q1 2024 Funding and M&A Report for Storage and Grid.
Electra, a Parisian startup, raised a massive €304 million in equity funding, aiming to deploy over 2,200 charging stations and 15,000 charging points across Europe by 2030. Powerdot, a Portuguese charge point operator, secured €108 million in funding to expand its charging infrastructure across Europe.
Copenhagen-based Monta closed an €80 million Series B round to simplify EV charging infrastructure deployment. Trojan Energy, an on-street EV charging specialist, secured a £26 million investment to continue growing their business and installing charging points in the UK. In India, BluSmart received a $25 million investment from bp ventures to expand their fleet of EVs and charging stations.
Overall, the focus on EV charging companies in the smart grid sector reflects a maturing market with growing investment opportunities. With the EU mandate for trans-European EV charging corridors by 2025, the market is expected to continue evolving with more fiscal opportunities opening up for these companies.