The $153.09m venture financing of Sun Cable was the power industry’s top venture financing deal as total deals worth $967.7m were announced globally in March 2022, according to GlobalData’s deals database.

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The value marked a decrease of 59.5% over the previous month of $2.39bn and a drop of 41% when compared with the last 12-month average, which stood at $1.64bn.

Comparing venture financing deals value in different regions of the globe, Europe held the top position, with total announced deals in the period worth $367.61m. At the country level, the US topped the list in terms of deal value at $254.66m.

In terms of volumes, North America emerged as the top region for power industry venture financing deals globally, followed by Asia-Pacific and then Europe.

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The top country in terms of venture financing deals activity in March 2022 was the US with 21 deals, followed by the China with ten and India with four.

In 2022, as of March, power venture financing deals worth $4.76bn were announced globally, marking an increase of 68.2% year on year.

power industry venture financing deals in March 2022: Top deals

The top five power industry venture financing deals accounted for 60.7% of the overall value during March 2022.

The combined value of the top five power venture financing deals stood at $587.52m, against the overall value of $967.7m recorded for the month.

The top five power industry venture financing deals of March 2022 tracked by GlobalData were:

1) Grok Ventures and Squadron Energy $153.09m venture financing deal with Sun Cable

2) The $150m venture financing of Allego by Apollo Global Management,Fisker,Hedosophia,Landis+Gyr Group and Meridiam Infrastructure Finance SAr.l

3) Balderton Capital (UK),Eight Roads Ventures,Schibsted Ventures and Summa Equity $100m venture financing deal with Tibber

4) The $94.43m venture financing of Sunfire by Blue Earth Capital and Copenhagen Infrastructure I KS

5) A/O Proptech,Angeleno Group,Fifth Wall Ventures,FootPrint Coalition,Obsidian Investment Partners and Wellington ManagementLLP $90m venture financing deal with Span.IO