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Private Market Battery Investment Themes SELECT BATTERY DEALS BY TIMING AND SIZE
Source: Pitchbook
2025 VC activity is dominated by Base Power’s $1B round, underscoring strong investor conviction in ESS deployment.
Materials (Si anode + second-life BESS) occupy the #2 and #3 spots, signaling sustained support for upstream critical supply chain capacity and more ESS deployment.
US companies captured the majority of top-10 VC checks, reinforcing the U.S. as the global center of battery investment momentum.
Capital alignment with U.S. national strategy: ESS + critical materials prioritized → grid reliability + supply chain security.
Midstream manufacturing missing from top-10 suggests it is increasingly financed via infrastructure + real-asset capital, not VC.
UK + China emerge as secondary hubs, with meaningful activity in minerals + services.
Investment into high performance markets emerging, including robotics, military, and aerospace applications.
Extracted from the PDF; charts and images may read imperfectly.
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