Global venture capital (VC) investments in battery storage, smart grid, and energy efficiency companies more than halved to $210 million in 23 deals during the first quarter of 2019, says a new report.

VC funding deals in these sectors amounted to $472 million in the first quarter of 2018, according to a quarterly report by research and consulting firm Mercom Capital, released on Tuesday.

Total corporate funding into the sectors—including debt and public market financing—decreased during the quarter with $317 million in 27 deals compared to $1.6 billion in 32 deals in the fourth quarter of 2018. The figure also dipped on a year-on-year basis from $1.7 billion raised in 26 deals in the first quarter of last year.

The report pointed out that the energy efficiency companies had the largest share in the total fundraising with $100 million, followed by the batteries storage companies that raised $78 million and smart grid companies which received $32 million in funding.

Total corporate funding—including VC, debt, and public market financing—in battery storage also decreased from last year. Battery storage funding, during the quarter, came to $130 million in nine deals compared to $299 million raised in 12 deals in first quarter of 2018.

Utility and oil/gas companies like Tokyo Electric Power, Total Energy Ventures, Chevron Technology Ventures, Centrica, and Shell Ventures were the biggest investors of the year. While four acquisitions were made by utility and, oil and gas companies in the first quarter.

Meanwhile, smart grid and the energy efficiency companies suffered the most. VC funding for smart grid companies decreased in the first quarter with $32 million in 15 deals compared to $266 million in nine deals in the fourth quarter of 2018. While in the first quarter of 2018, $75 million was raised in seven deals.

“The decrease in funding was largely due to Charge Point’s $240 million deal in the fourth quarter,” the report said.

Total corporate funding in energy efficiency sector also came to $155 million in two deals compared to $1.3 billion in eight deals in the fourth quarter of 2018. While, $104 million was raised in five deals in the first quarter of 2018.

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