State of Climate Tech Q3’24 Report

State ofClimate Tech Global | Q3 2024 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 TLDRState ofClimate Tech Your rundown onclimate techin Q3’24 $6M $275M $4.8B 3 -54% Median US dealsize showsresilience in 2024. Global climatetechfunding ata 4-yearlow. New unicornsemerge in Q3'24. Top deal goes toIndia’sFourthPartner Energy. Decline inM&Aexitsto 43 deals. Climate tech M&A dealsdropped by more than 50%QoQ toreachjust 43 deals—the fewestina quartersince Q3’20. After2quarters withoutany new unicorns, theclimate tech sector saw3companies reach $1B+valuations. Despite the global fundingslowdown, US median dealsizecomes in at$6Min2024 YTD, up from $4.3Min2023. Climate tech fundingdropped to $4.8B in Q3'24,its lowestquarterlylevelsince2020. The quarter’s largest deal—a$275M round for solarenergy company FourthPartner Energy—signaledgrowing investor interest inIndia’srenewable energyinfrastructure. Thisalsorepresents one ofthe sharpest quarterlydeclines in M&A activity inrecent years. These include US-based24M Technologies(valuedat $1.3B) and Altana AI($1B), as well as India-basedAtherEnergy($1.3B). Global dealcount fell to461 deals—down 27%quarter-over-quarter (QoQ)and reversingthereboundseen in Q2’24. European dealshavesimilarlygrown in size,with the median this yearat$4.9Mvs.$3.7Mlastyear. India-based companiessecured 5 of the top 10climate tech deals inAsia,with a focus oncleantechinfrastructure and mobility. See the data→ See the data→ See the data→ See the data→ See the data→ ContentsState of Climate Tech Global Trends Geographic Trends91 US92Silicon Valley98Canada102Asia108China114India118Japan122Europe126United Kingdom132Germany136Oceania140 Investment Trends7Unicorns30Exit Trends36Investors41 Collection Spotlights 45 Electric Vehicle Technology46Carbon Capture, Utilization,and Storage (CCUS)55Grid and Utility64Oil & Gas Tech73Renewable Energy82 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 Q3’24 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 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 Q3’24 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 Q3’24 State of Climate Tech|Global Trends|Investment Trends Annual median funding by deal stage Global: Top Series C deals in Q3’24 Global: Top Series E+ deals in Q3’24 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 Q3’24 State of Climate Tech|Global Trends|Unicorns Quarterly new unicorns by global region State of Climate Tech|Global Trends|Unicorns Global: Top unicorn births in Q3’24 State of Climate Tech|Global Trends|Unicorns Global: Top unicorns by valuation in Q3’24 Exit Trends Quarterly exits State of Climate Tech|Global Trends|Exit Trends Percent of quarterly exits by global region Global: Top M&A exits in Q3’24 State of Climate Tech|Global Trends|Exit Trends Global: Top SPACs in Q3’24 Investors State of Climate Tech|Global Trends|Investors Global: Top investors by company count in Q3’24 State of Climate Tech|Global Trends|Investors Global: Top VCs by company count in Q3’24 State of Climate Tech|Glo