Equity funding for European startups manufacturing energy storage hardware has reached over €2bn, according to new research from Avnet Silica.
The analysis found that 46.7% of the total was raised in the past three years and 84.4% in the past five.
Battery energy storage firms secured €331.8m, with €236m going to lithium-based technologies.
Redox flow developers raised €76.1m, while vanadium flow companies attracted grant and post-IPO support.
Mechanical storage led with €696.7m, including €339m for Highview Power and €200.5m for Energy Vault.
Thermal storage companies raised €105.9m.
Supercapacitor, hydrogen and power-to-x developers secured €146.5m.
EV charging with integrated storage received €435.5m, while €259.4m went into the supply chain.
Two startups raised €19m for battery recycling.
“While there are some well-established players leading the way in energy storage, it’s exciting to see startups offering solutions to the multitude of energy storage challenges that exist within different industries,” said Harvey Wilson, senior manager industrial vertical markets EMEA at Avnet Silica.
“There’s the challenge of EV charging in locations that can’t be easily powered by the grid,” he added.
“There’s a need for portable energy in temporary locations, such as events and construction sites,” stated Wilson.
“It’s also exciting to see startups focusing on the next-generation of materials, components and battery chemistry.”