State of Climate Tech Q2’24 Report

State ofClimate Tech Global | Q2 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 ContentsState of Climate Tech Global Trends Geographic Trends90 US91Silicon Valley97New York101Canada105Asia110China116India120Japan124Europe128United Kingdom134France138 Investment Trends7Unicorns30Exit Trends35Investors40 Collection Spotlights44 Electric Vehicle Technology45Carbon Capture, Utilization,and Storage (CCUS)54Grid and Utility63Oil & Gas Tech72Renewable Energy81 TLDRState ofClimate Tech Your rundown onclimate techin Q2’24 $3.9M 0 -20% -47% -89%YoY drop in Asiafunding. QoQdecline inclimate techfunding. Drop in $100M+mega-roundsQoQ. Climate techunicorn births inH1’24. Median early-stagedealsize in 2024YTD.Up 39% YTD. Climate tech mega-roundsdropped from 17 in Q1’24to 9 in Q2’24. The majorityof Q2’24’s mega-roundrecipients are focused onscaling operations andachieving full-scalecommercialization. Climate tech fundingdropped yet again in Asia.Climate tech startups inthe region raised a total of$0.4B in Q2’24, down 33%QoQand 89% YoY. Climate tech didn’t see anyunicorn births (privatecompanies reaching $1B+valuations) in Q2’24. Thismarked climate tech’ssecond straight quarterwithout any new unicorns. Climate tech fundingcontinued to drop in Q2’24.Companies in the spaceraised $4.9B in Q2’24,down 20%QoQand 44%YoY. The median late-stagedeal size is $38M in 2024YTD—down 16% fromfull-year 2023. In contrast, median early-stage size is up 39% YTD,suggesting that investorsare still willing to placebets where they seestrong early-stageopportunities. China suffered thesharpestfunding decline(-90%QoQ) amonghighlighted countries in theregion. India and Japanwatched funding fall by28% and 57%QoQ,respectively. Deal count, on the otherhand, climbedQoQ.However, itstill remainedwell below 2023’s quarterlytotals. For example, one of thequarter's largest deals($375M Series G) went tobattery materials developerSila, which plans to rampup silicon anodeproduction. This coincides with adecline in late-stage dealsizes—the median dealsize at that stage is $38Min 2024 YTD, down 16% vs.full-year 2023. See the data→ Seethe data→ See the data→ See the data→ See the data→ 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 Q2’24 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 Q2’24 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 Q2’24 State of Climate Tech|Global Trends|Investment Trends Annual median funding by deal stage Global: Top Series B deals in Q2’24 State of Climate Tech|Global Trends|Investment Trends Global: Top Series D deals in Q2’24 State of Climate Tech|Global Trends|Investment Trends Global: Top Series E+ deals in Q2’24 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 Q2’24 State of Climate Tech|Global Trends|Unicorns Quarterly new unicorns by global region State of Climate Tech|Global Trends|Unicorns Global: Top unicorns by valuation in Q2’24 Exit Trends Quarterly exits State of Climate Tech|Global Trends|Exit Trends Percent of quarterly e