Total corporate funding in energy storage, including from venture capital, public market, and debt financing, amounted to $2.2 billion in 27 deals in the first quarter of 2023, a drop of 83% year-over-year compared to $12.9 billion raised in 27 deals, according to Mercom’s Q1 2023 Energy Storage & Smart Grid Funding and M&A Report. The report noted that LG Energy Solution’s $10.7 billion IPO during the quarter contributed 83% of Q1 2022 funding and skewed funding totals.