2025年第三季度清洁能源VC趋势（英）2025

EMERGING TECH RESEARCH Clean EnergyVC Trends VC activity across the clean energy ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Clean energy landscape3 Institutional Research Group Clean energy VC ecosystem market map4 Analysis Quarterly analysis5 John MacDonaghSenior Research Analyst,Carbon & Emissions Tech and Clean Energy Techjohn.macdonagh@pitchbook.com Clean energy VC deal summary24 Data Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew SandersandJenna O’Malley Published on October 30, 2025 Clean energylandscape Intermittent renewable energy sourcesDispatchable energy sourcesClean fuelsGrid infrastructure Clean energy VC ecosystem market map This market map is an overview of venture-backed or growth-stage companies that had received venture capital or other notable private investments as of Q2 2025.Click to view the latest interactive map on the PitchBook Platform. Quarterly analysis VC activity Q3 2025 saw $3 billion in VC deal value invested in clean energy technologies, down 40.7%from $5 billion in Q2 2025 but still 26.5% higher than the $2.3 billion recorded in Q1 2025—a lowpoint for clean energy VC deal value since 2020. Deal count decreased to 170 in Q3, continuinga downward trend from a peak of 315 deals in Q4 2023. From Q2’s 192 deals, this represents aquarterly decline of 11.5%. Looking at annual deal values, as of the end of Q3, 2025 is on trackto see $13.7 billion in VC deal value in the clean energy space, which would represent a fall of25.7% relative to 2024’s $18.4 billion. Though Q3 2025 was relatively weak from a VC deal valueperspective, the low YTD deal value for 2025 is more heavily influenced by the multiyear lowpoint of Q1 2025. This was driven by investor wariness from uncertainty around US tariffs and thepotential modification or removal of Biden-era policies supporting climate tech deployment. Thisuncertainty has mostly abated, and while the regulatory, policy, and supply chain environmentfor many clean energy spaces is weaker now than it was prior to 2025, the higher clarity willlikely provide confidence to clean energy investors. Additionally, datacenter energy demands areincreasing investor interest in energy generation and storage technologies, clean or otherwise. By the end of Q3 2025, early-stage VC deals accounted for 24.1% of overall deal value, down from29% across 2024, while later-stage VC accounted for 40.8% at the end of Q3, down from 43.4%the previous year. Deal value from pre-seed/seed deals remains consistent, up to 5.2% from 5%in Q3, and venture-growth deal value accounts for 29.9% of overall VC deal value in the space,representing a larger component of overall deal value than it has in any other quarter on record.Q3 2025 only featured five deals of $100 million or more, compared with nine such deals in Q2. Inaddition, only one deal from Q3 exceeded $500 million, compared with a total of two deals fromthe previous quarter. Across Q3 2025, the 13 deals of $50 million or more accounted for $1.9 billion,or 64.8% of the quarter’s total clean energy VC deal value. Top segments, categories, and deals Looking at trailing 12-month data, dispatchable energy sources led with $7.1 billion in VC dealvalue but had the fewest deals at 105. Grid infrastructure followed with $4.7 billion across 321deals. Intermittent renewables accounted for $2.7 billion over 222 deals, and clean fuels totaled$1.6 billion across 168 deals. For Q3 2025 specifically, dispatchable energy sources remained thelargest segment by deal value at $1.3 billion across 28 deals, followed by grid infrastructure with$1 billion across 64 deals. Next was intermittent renewable energy at $0.6 billion across 46 deals,and clean fuels was last at $0.3 billion across 36 deals. Notable deals in Q3 2025 included five deals above $100 million, raised by the following startups: •X-energy:The developer of small modular reactors and nuclear fuel raised $779.1 million inSeries C1 funding, though the main tranche from this deal landed in January 2025. •Torus:The company’s $200 million in early-stage VC funding will be used to continuedevelopment of combined flywheel and chemical-battery energy storage systems. •Sunsave:Solar developer Sunsave raised $152.2 million in a Series A via a combination ofdebt and equity financing. The company focuses on residential solar in the UK, offering asubscription-based model. •Avalanche Energy:The developer of nuclear fusion reactors raised $100 million in Series Bfunding. Avalanche Energy’s reactors are intended for energy production in addition to high-energy neutron production for sensing, testing, and materials science purposes. •Aalo Atomics:The company raised $100 million in Series B funding to develop small-modular-reactor technology. At present, Aalo is focusing on datacenter applications, with plans to serveother commercial and industrial needs in the fut