PitchBook年三季度碳与排放技术风险投资趋势

EMERGING TECH RESEARCHCarbon & EmissionsTech VC Trends VC activity across the Carbon & Emissions Tech ecosystem REPORT PREVIEWThe full report is available throughthe PitchBook Platform. Contents Carbon & emissions tech landscapeCarbon & emissions tech VC ecosystem market mapQuarterly analysisKey takeawaysVC activityAI themesConclusionsCarbon & emissions tech VC deal summary Institutional Research Group Analysis John MacDonaghSenior Research Analyst,Carbon & Emissions Tech and Clean Energy Tech DataOscar AllawayData Analystpbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana HansenandJenna O'Malley Published on November 11, 2025 For previous updates as well as our complete climatetech research, please see the designatedanalyst Carbon &emissions tech Carbon & emissions tech VC ecosystem market map Quarterly analysis Key takeaways •VC deal value in the carbon & emissions tech space rebounded to $3.5 billion in Q3 2025, a40.1% increase from Q2. However, this growth was driven by a resurgence in megadeals, not the •In Q3 2025, the built environment segment led in deal value at $1.5 billion, while the industrysegment led in deal count with 59 deals. These two segments significantly outpaced carbon •North America remains the top region for carbon & emissions tech VC, accounting for 55.9% ofYTD deal value and 46.3% of deal count. Europe also gained share, rising to 37.2% of deal value. VC activity Top segments, categories, and deals Quarterly deal activity in the carbon & emissions tech space grew to $3.5 billion across 187 deals inQ3 2025, representing a 40.1% increase from Q2 2025’s $2.5 billion. Despite the rise in deal value,deal count declined from 242 in Q2, continuing a trend of falling deal count throughout 2025, fromQ4 2024’s 341 deals to Q3 2025’s 187. The quarter’s 187 VC deals mark the lowest deal count in thecarbon & emissions tech space since Q3 2020. Much of the growth in deal value was driven by aresurgence in megadeals. Q3 saw 10 deals of $100 million or more, including three deals exceeding Examining deal activity in carbon & emissions tech segments, we have observed a trend acrossclimate tech in which investor focus is favoring applications with strong co-benefits to theiremissions reduction rather than those focused solely on decarbonization. Partially triggered by In Q3 2025, the built environment segment was the largest by deal value, with $1.5 billion across 51deals. However, the industry segment was the largest by deal count, at $1.2 billion across 59 deals.Compared to these two segments, the carbon tech and land use segments were substantiallysmaller, particularly in terms of deal value, at $0.5 billion and $0.4 billion, respectively. The strong Examining deal activity trends by stage, the breakdown of VC deal value in 2025 is similar to thatof 2024, with no stage shifting by more than 4% from 2024 to YTD 2025. Late-stage VC dealscontinue to account for the largest share of total deal value—37.5%—down slightly from 41.6% in TTM data shows similar but slightly different trends, with the industry segment being the largestby both deal value and count, at $5 billion across 353 deals, compared to the built environment QUARTERLY ANALYSIS •Climeworks—$162 million in late-stage VC funding.Climeworks’ first VC funding since its$639.7 million funding round in 2022, this funding will be used to continue the company’s The largest VC deals of Q3 2025 include: •Fermi—$350 million in Series C funding.The company focuses on developing US-basedphysical AI infrastructure, which encompasses a combination of conventional and clean energy Regions As of the end of Q3 2025, North America remains the dominant region for carbon & emissions techVC activity, accounting for $5.6 billion, or 55.9% of total deal value YTD, up from 53.8% in 2024.The region also led in deal count, with 328 deals, representing 46.3% of the global total. Europefollowed with $3.7 billion in deal value—37.2% of the YTD total—up from 33.9% in 2024, and 267 •Divergent—$290 million in Series E funding. Divergent develops digital manufacturingtechnologies, including AI-enabled design software, additive manufacturing, and robotic •Lyten—$200 million in late-stage VC funding.Materials technology company Lyten developsbattery technologies, additive manufacturing materials, and industrial sensors. In addition to the company’s Q3 VC funding, it also announced in August that it had entered into binding North America has accounted for the highest percentage of overall VC deal value in the carbon& emissions tech vertical every year from 2017 onward, except for 2023, when European VC deal •Aira—$174.6 million in early-stage VC funding.The company develops and sells a range ofheat pumps, with a primary focus on the residential market. Additionally, Aira offers home solar 1: “Lyten to Acquire All Remaining Northvolt Assets in Sweden and Germany,” Lyten, August 27, 2025.2: “Lyten Completes Acquisiti