Finance

Investment Landscape Overview Battery investments encompass a wide wide array of sub verticals, including chemistries, production equipment, software, battery facilities, and more. Throughout 2024, certain key trends emerged:

VC FUNDING AMOUNT

SLOWER FUNDRAISING ENVIRONMENT 2024 saw a slower pace for VC/PE funding, driven by fewer megarounds, which were a dominant feature from 2020 to 2023. PUBLIC AND PRIVATE FUNDING SOURCES FOR INFRASTRUCTURE Large debt and grant funding supported the growth of battery infrastructure. Notable debt raises in 2024 included, Northvolt ETT ABʼs €5bn green offering in Jan, Verkor €1.3bn offering in May, and ACC €4.4bn offering in Feb. Additionally, government loans and grant programs continue to provide attractive terms for capital intensive investments. Notable transactions include the DOEʼs $9.6bn loan to BlueOval SK, the €1.5bn EU grant to ProLogium, and the €900mm subsidy offered by the german government / EU to Northvolt Drei.

NUMBER OF VC ROUNDS

MACROECONOMIC TRENDS AND RECENT DEVELOPMENTS Across 2024, the battery investment landscape has been shaped by macroeconomic factors including the current interest rate environment, governmental support, and geopolitical tension. Company specific tensions emerged as management teams focus on balance sheet health given slower industry growth lead to weaker P&L. 1 Annualised as of July 4th Source: https://dealroom.co/guides/fbc-uk-battery-study-2024

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