2026年一季度气候技术风险投资趋势（英）2026

EMERGING TECH RESEARCH Climate TechVC Trends VC activity across the climate tech ecosystem REPORT PREVIEWThe full report is availablethrough the PitchBook Platform. Contents Institutional Research Group John MacDonaghSenior Research Analyst, Carbon & Emissions Techand Clean Energy Tech Quarterly analysis4 Oscar AllawaySenior Data Analyst pbinstitutionalresearch@pitchbook.com Published on May 14, 2026 Climate tech Quarterly analysis Key takeaways VC activity Overall VC deal activity •Q1 2026 was a strong quarter for climate tech VC, with deal value reaching $14.3 billion—thehighest since Q3 2023—driven by large transactions. Deals of $100 million or more accounted for Climate tech VC deal value reached $14.3 billion in Q1 2026, the highest quarterly total since Q32023 and a continuation of the recovery that has built steadily since Q2 2025’s $9.4 billion. Largertransactions are driving most of the growth. Q1 2026 saw three climate tech deals of $1 billion or more,accounting for 26.3% of the quarter’s total deal value and up from two such deals in Q4 2025, whichrepresented 18.5% of that quarter’s total. The three quarters prior to Q4 2025 recorded no $1 billion- •Europe led regional deal value for the first time on record, posting $6.6 billion against NorthAmerica’s $5.5 billion, though the shift is heavily influenced by three $1 billion-plus deals raised by •Median deal size and post-money valuation in Q1 2026 both exceeded historical annual figures, at$8.1 million and $34.3 million, respectively, continuing multiyear upward trends. Both figures are •AI use cases and adoption have expanded within climate tech and are no longer constrained tospecific applications and technology segments, a pattern that reflects both the maturation of AI This growth relative to 2025 is likely heavily influenced by changing geopolitical conditions anda more stable policy and regulatory environment in the US. European appetite to reduce energyconsumption—and thus energy dependence—continues, though it is too early to tell how the Iran war •The conflict in Iran introduces both headwinds and tailwinds for climate tech: near-term supplychain disruption for hardware-dependent verticals, alongside reinforcement of the investment QUARTERLY ANALYSIS Deal count in Q1 2026 reached 538, a 10% increase QoQ and a break from the steady decline thatran from 869 deals in Q4 2023 to 489 in Q4 2025. Whether this represents an inflection point or asingle-quarter deviation from the longer trend is not yet clear. Of the climate tech segments, the three venture growth: Venture growth’s share declined from 23.6% in full-year 2025 to 17.2% in Q1 2026,while early-stage VC rose from 25.6% to 32.9% over the same period. Pre-seed/seed activity remained Top deals and segments Medians continued to rise, though with only one quarter of 2026 data, each median is based on fewerdeals than prior years and could shift as the year progresses. Median deal size reached $8.1 millionin Q1 2026, the highest on record and up from $4.4 million in 2024, with annual increases averaging The three largest deals of Q1 2026 were the only deals that exceeded $1 billion: •Low Carbon Materials raised $1.5 billion in a later-stage VC round. The UK-headquartered companydevelops low-carbon additives for concrete, offering two core products: one based on biochar and Region and stage trends •Cloover raised a $1.2 billion Series A. The Germany-headquartered company offers a range ofresidential energy technologies, including insulation, energy-efficient HVAC systems, heat pumps, Europe accounted for the largest share of Q1 2026 climate tech VC deal value at $6.6 billion, a shiftfrom the historical pattern in which North America has led every full year on record. North Americafollowed with $5.5 billion and Asia with $2.1 billion. Europe’s position at the top of the regional ranking •Kraken Technologies raised $1 billion in a later-stage VC round. The UK-based company developsan operating system for utilities, enabling optimization of energy systems and management of The built environment segment recorded the largest QoQ growth in deal value, rising 63.1% from$2.3 billion in Q4 2025 to $3.7 billion in Q1 2026. The two $1 billion-plus deals in this segment—Low Late-stage VC continued to account for the largest share of deal value at 45.3% in Q1 2026, consistentwith previous years. Late-stage VC has led every year by total deal value except 2018, when early-stage growth was largely driven by megadeals. Low-carbon mobility, which has historically posted high dealvalue, and dispatchable energy sources followed as the next-largest segments. Dispatchable energysources, which includes nuclear and geothermal, has seen strong deal value in recent quarters; thepast five quarters (Q1 2025 to Q1 2026) are the largest on record, outside of Q4 2021, which included AI themes AI is dispersed throughout climate tech dealmaking in Q1 2026, spanning both technologies th