Powering forward: the battery sector enjoys strong period of M&A activity
Battery and energy storage Spot On
The battery sector is continuing to enjoy strong M&A activity this year, in line with the broader market, on the back of key factors such as the expanding energy transition and growing demand for flexible energy storage solutions.
In our latest Spot On, our specialist Frank de Hek delves into recent trends across this industry, including the roles being played by both traditional companies and newcomers in driving deals forward, along with the external and internal consolidation forces that are impacting battery-related M&A. The report also features a round-up of recent transactions, which highlight how the battery sector is entering a new phase of growth, and an overview of transactions connected to the energy transition that Oaklins has closed.
In line with the broader M&A market, overall deal activity in the battery sector has remained strong over the past few years. The market continues to evolve rapidly, showing sustained momentum toward the end of 2025 and into early 2026. This trend is consistent with Oaklins’ experience, as we completed multiple energy and battery-related transactions in 2025. Looking ahead, we expect activity to continue to be strong as consolidation, vertical integration and the need for capital drive strategic dealmaking across the value chain. Both strategic and financial investors are seeking scale, supply security and technological differentiation, while policy support and decarbonization targets continue to attract long-term capital into the sector.FRANK DE HEK, MANAGING PARTNER, OAKLINS NETHERLANDS
Three case studies further reflect Oaklins’ growing levels of expertise when it comes to advising and supporting deals across the energy market. One of these studies refers to the dual-track equity and debt funding round carried out by iwell, a pioneer in developing modular BESS and EMS solutions for the commercial & industrial sector — we talked to the company’s co-founder and CEO, Jan Willem de Jong about this process, as well as the experience of working with Oaklins, the knock-on effects of the deal, and the advice he would give others considering a capital raise.
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