State of Climate Tech 2024 Report

State ofClimate Tech Global | 2024 recap Global data and analysis on dealmaking, funding,and exits by private market climate tech companies Makesmartertech decisions. Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights. ▮▮▮▮IIIITry our platform–free!Sign up for a free trial “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram TL;DRYour rundown onclimate techin 2024 -40% 61% 284 7 Out of 10 high-potentialclimate tech markets arefocused on grid, nuclear. Drop in global climatetech funding year-over-year (YoY). Climate tech M&A exitsin 2024. The lowestcount since 2020. YoY drop in deals toelectric vehicle techstartups. Within climate tech, marketstargeting the grid and powergeneration show the strongestgrowth potential, according to CBInsights Mosaic startup healthscores. Global climate tech funding fell by40% YoY, with mega-roundfunding falling by 47% over thesame period. After years of steady growth,electric vehicle (EV) tech dealactivity plunged 61% YoY in 2024—its steepest decline on record. In 2024, climate tech M&A exitsfell by 25% YoY to hit 284—thelowest count since 2020. As skepticism toward ESGinitiatives grows, some companiesappear to be placing lower priorityon climate tech acquisitions thatwere previously consideredstrategic imperatives. However, the space still sawnotable mega-rounds. Thisincluded deals to playersmodernizing the power grid,drawing participation from techgiants racing to secure cleanenergy for computinginfrastructure. This points to broader challengesin the sector, like lower consumerdemand for EVs and increasedcapital costs for scalingmanufacturing operations. This momentum is driven in partby the massive energy demands(and expected continued demand)of AI data centers. See the data→ See the data→ See the data→ See the data→ TL;DRState ofClimate Tech Climate tech funding continues to retreat Disclosed global equity funding, including funding from $100M+ mega-rounds TL;DRState ofClimate Tech Grid tech and nuclear markets are gaining momentum amidsurge in AI data center energy demands Based on median Mosaic score (a measure of private company health)by market* TL;DRState ofClimate Tech Electric vehicle tech deals plunge 61%—the steepest decline on recordDisclosed global equity deal count TL;DRState ofClimate Tech Climate tech M&A exits hit lowest count since 2020Disclosed climate tech M&A exit count ContentsState of Climate Tech Global Trends Geographic Trends107 US108Silicon Valley116Boston120Canada124Asia132China140India144Japan148Europe152United Kingdom160Germany164France168 Investment Trends11Unicorns35Exit Trends40Investors47 Collection Spotlights51 Electric Vehicle Technology52Carbon Capture, Utilization,and Storage (CCUS)63Grid and Utility74Oil & Gas Tech85Renewable Energy96 Global Trends Investment Trends State of Climate Tech|Global Trends|Investment Trends Annual equity funding & deals State of Climate Tech|Global Trends|Investment Trends Quarterly equity funding & deals State of Climate Tech|Global Trends|Investment Trends Funding & deals by global region in Q4’24 State of Climate Tech|Global Trends|Investment Trends Percent of quarterly deals by global region State of Climate Tech|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Climate Tech|Global Trends|Investment Trends Annual average & median deal size State of Climate Tech|Global Trends|Investment Trends Annual median deal size by global region State of Climate Tech|Global Trends|Investment Trends Annual median deal size by investor group State of Climate Tech|Global Trends|Investment Trends Annual mega-round funding & deals State of Climate Tech|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Climate Tech|Global Trends|Investment Trends Mega-round funding & deals by global region in Q4’24 State of Climate Tech|Global Trends|Investment Trends Quarterly mega-round deals by global region State of Climate Tech|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding State of Climate Tech|Global Trends|Investment Trends Annual percent of deals by deal stage State of Climate Tech|Global Trends|Investment Trends Regional deal share by deal stage in Q4’24 State of Climate Tech|Global Trends|Investment Trends Annual median funding by deal stage State of Climate Tech|Global Trends|Investment Trends Unicorns State of Climate Tech|Global Trends|Unicorns Quarterly new & total unicorns (private companies valued at $1b+) State of Climate Tech|Global Trends|Unicorns New & total unicorns by global region in Q4’24 State