Led by the $78m venture financing of Tesseract Energy, power industry cross-border venture financing deals with a total value of $345.5m were announced in Europe in Q3 2022, according to GlobalData’s deals database. 

The value marked a decrease of 77.1% over the previous quarter and a drop of 55.7% when compared with the last four-quarter average of $780.6m. 

Europe held a 26.8% share of the global power industry cross-border venture financing deal value that totalled $1.3bn in Q3 2022. With an 8.1% share and deals worth $104.7m, Germany was the top country in Europe’s cross border venture financing deal value across the power industry. 

In terms of deal activity, Europe recorded 22 cross-border deals during Q3 2022, marking a decrease of 21.4% over the previous quarter and a rise of 7.3% over the last four-quarter average. Germany recorded five deals during the quarter.

The combined value of the top five power cross border venture financing deals stood at $222.63m, against the overall value of $345.5m recorded for the quarter. 

The top five power cross border deals of Q3 2022 tracked by GlobalData were: 

1. Accel, Balderton Capital, BoxGroup, Chris Sacca, Creandum, John Doran, Lakestar Advisors, Lowercarbon Capital, Martin Mignot, Nico Rosberg, Ribbit and Tom Stafford’s $78m venture financing deal with Tesseract Energy 
2. The $50.4m venture financing of Quantron by Ballard Power Systems and Neuman & Esser GmbHKG 
3. Breakthrough Energy Ventures, Deutz and Vaekstfonden’s $36.9m venture financing deal with Blue World Technologies 
4. The $29.9m venture financing of Elestor by EIT InnoEnergy, Enfuro Ventures, Equinor Energy Ventures, Invest-NL, Koninklijke Vopak and Somerset Capital Partners 
5. Air Liquide Venture Capital, Siparex Group and TiLT Capital Partners’s $27.5m venture financing deal with Orcan Energy