Venture capitalists ploughed $850 million (£655m) into battery storage companies in 2018.

That’s according to a report published by the Mercom Capital Group, which shows this investment, spread across 49 deals, was a 19% increase from $714 million (£550m) spent on 30 deals the previous year.

It suggests total corporate funding for the sector totalled $1.3 billion (£1bn) last year, up a significant 46% year-on-year.

Through 2018, venture capitalist investors spent $236 million (£182m) on lithium ion-based battery technologies than they did on other types of battery chemistry.

Energy storage systems companies raised $193 million (£149m), with QuantumScape, Stem, sonnen, Sila Nanotechnologies and Ionic Materials leading the way.

Elsewhere, battery storage companies raised $490 million (£378m) in 11 deals in the debt and public markets, compared to $177 million (£136m) across 12 deals the year before.

Bloom Energy topped the list, raising $270 million (£208) in an Initial Public Offering, the year’s largest battery storage company public market financing.

Scientists say new graphene nanotechnology could provide an alternative to traditional battery chemistry.