气候技术领域的风险投资（英）2025

EMERGING TECH RESEARCHVC Investment in Climate Tech PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Climate tech VC deal value falls for the thirdconsecutive year James UlanDirector of EmergingTechnology Research PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Analysis John MacDonaghSenior Research Analyst,Carbon & Emissions Tech andClean Energy Techjohn.macdonagh@pitchbook.com Key takeaways DataOscar AllawayData Analyst •Climate tech VC deal value continues to fall:Climate tech VC investment fell forthe third consecutive year in 2024, reaching $37.8 billion—down 37.6% from thevertical’s 2021 peak. Relative to 2023 deal activity, 2024’s deal value fell 21.7%while deal count fell by a more modest 11.3%. Some of this decline is in line withbroader VC deal activity trends. pbinstitutionalresearch@pitchbook.com PublishingDesigned byChloe Ladwig •North America remained the largest market for climate tech VC in 2024,outpacing Europe and Asia with $16 billion in deal value:The North Americaninvestment was marked by uneven growth, with segments such as dispatchableenergy and hydrogen infrastructure seeing gains while others like lithiumbatteries declined sharply. Published on June 24, 2025 Contents •Data from early 2025 suggests similar deal activity to that of 2024:Q1 2025VC deal value, at $9 billion, held somewhat steady relative to the 2024 quarterlyaverage, though deal count dropped 13.6%. Q1’s deal value, however, wasdominated by a few large fusion and nuclear energy deals. Large deals continueto shape annual totals. In 2024, 72 deals exceeded $100 million, with low-carbonmobility and grid infrastructure leading in high-value rounds. •Supply chain and policy risks continue to impact investment priorities:Tariffsand global supply chain instability are creating challenges for climate techdevelopment and adoption, particularly for US-based companies reliant onnondomestic mineral supply chains. For some specific areas within climate tech,these challenges are more of a tailwind, driving interest in technologies such asthose for alternative mineral sourcing and nonlithium battery chemistries. •AI applications within climate tech continue to develop:AI applications aregrowing in climate tech, from optimizing battery performance and the predictivemaintenance of energy infrastructure to automating waste sorting and validatingcarbon credit projects. Falling costs for high-granularity aerial and satellitedata—commonly used in the climate tech space—are increasing demand for AIdata processing. Vertical overview “Climate tech” is a broad term, and exact definitions of climate technologies andapplications vary. Many see climate tech as the successor of “cleantech 1.0,” whichis defined as the period of rising and then falling VC investment into climate changemitigation and adaptation technologies from 2006 to 2011. Others use climate techand cleantech interchangeably, though even these definitions will vary with thetechnologies and segments involved, with some rigidly conforming to coverageof mitigation technologies while others include adaptation-focused tech andadjacent areas such as water tech, soil pollution remediation, and the like. Thisnote combines two analyst-curated verticals—carbon & emissions tech and cleanenergy—and adds climate-relevant categories from the mobility tech and foodtechsectors to provide a broad view of the climate tech space. This analyst note is anupdate to ourQ1 2024 Analyst Note: VC Investment in Climate Tech, and as such, wedefine the climate tech space as inclusive of the following segments: •Carbon tech:Carbon capture, utilization, and storage technologies—includingpoint-source carbon capture, direct air capture, and biological carbon removal—plus carbon accounting software and carbon trading technologies. •Industry:Industrial decarbonization through alternatives to petrochemicals, low-carbon mining approaches, low-carbon metal production, recycling technologies,and technologies that improve industrial efficiency and energy management. •Built environment:Technologies that reduce carbon emissions from thebuilt environment either during construction or through improvements to thepostconstruction energy efficiency of buildings. •Land use:Technologies to monitor and reduce emissions from nonindustrialor commercial land, including technologies that offer fertilizer alternatives,emissions leak detection, monitoring of land-use changes, and soilpollution remediation. •Intermittent renewable energy sources:Energy generation technologies relianton solar and wind energy, including energy generation hardware, structuralsupport technologies, sensing and monitoring solutions, and analytics. •Dispatchable energy sources:Low-carbon energy gener