All the fundraising deals in the climate tech market (from Q2 2025 to Q2 2026)
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Climate tech companies announced 51 funding deals worth $6.03 billion between Q2 2025 and Q2 2026.
The climate tech market attracted its highest quarterly funding total in Q4 2025, mainly because Base Power raised $1 billion.
Energy technologies received more than half of all climate tech funding, led by fusion, nuclear power, geothermal energy, storage and grid infrastructure.
And if you want to better understand this new industry, you can download our pitch covering the climate tech market.
Insights
- Energy companies received $3.24 billion, or 53.6% of climate tech market funding, as investors supported fusion, nuclear power, geothermal energy and electricity infrastructure.
- The five largest climate tech rounds represented $3.20 billion, which was more than half of all funding announced during the five-quarter period.
- Q4 2025 raised the most capital, but Base Power alone represented 48.2% of the quarter's climate tech funding.
- Q2 2026 produced 14 deals, the highest quarterly deal count, while the average round fell to $54.2 million.
- The top three Q2 2026 deals represented 54.6% of quarterly funding, compared with more than 76% in every earlier quarter.
- Buildings received $1.41 billion, but Base Power represented about 71% of climate tech funding within the category.
- Fusion companies raised more than $1.65 billion across four deals, making commercial fusion one of the climate tech market's largest funding themes.
- Adaptation and carbon-removal companies completed several rounds, but the two areas together received only a small share of total climate tech funding.
This market map, featured in our climate tech market deck, highlights top companies and startups in the climate tech market
Summary table of the funding deals in the climate tech market (last 5 quarters)
We define the climate tech market as technologies whose main purpose is to reduce greenhouse gas emissions or help people, assets and ecosystems adapt to the impacts of climate change.
We include solutions across energy, mobility, buildings, industry, food and land use, carbon removal, and the digital and financial tools that directly enable these mitigation or adaptation outcomes.
We exclude broad ESG and sustainability tools, general environmental or social impact solutions without a clear climate focus, and consumer products whose climate impact is indirect, marginal or mainly marketing-driven.
You can also read our detailed analysis to understand how funding activity in the climate tech market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the climate tech market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Woodchuck | Uses AI and logistics to turn U.S. construction wood waste into biomass feedstock. | $3.75M | Q2 2025 |
| GDI | Produces silicon battery anodes that improve electric vehicle range and charging performance. | $11.5M | Q2 2025 |
| Glacier | Builds AI robots that identify and sort recyclable materials in U.S. waste facilities. | $16M | Q2 2025 |
| Mombak | Restores degraded Amazon land and sells verified carbon-removal credits from native forests. | $30M | Q2 2025 |
| Connected Kerb | Installs public electric vehicle chargers for UK drivers without private parking. | $83M | Q2 2025 |
| Fuse Energy | Supplies renewable electricity and develops low-carbon energy infrastructure, starting in the UK. | $100M | Q2 2025 |
| GRIDSERVE | Operates high-power electric vehicle charging hubs and motorway charging sites across the UK. | $127M | Q2 2025 |
| 1KOMMA5° | Sells home solar, batteries, heat pumps and smart-energy software across Europe and Australia. | $162M | Q3 2025 |
| Corintis | Develops liquid-cooling systems that reduce the energy used by chips and data centres. | $24M | Q3 2025 |
| Deftpower | Provides smart charging software for electric vehicle operators and fleets across Europe. | $13.5M | Q3 2025 |
| Aira | Manufactures, finances and installs residential heat pumps through a European service platform. | $174M | Q3 2025 |
| CuspAI | Uses generative AI to discover materials for carbon capture, storage and industrial decarbonization. | $100M+ | Q3 2025 |
| WAAT | Installs electric vehicle chargers in apartments, workplaces and commercial properties across Europe. | $108M | Q3 2025 |
| Terra CO2 | Produces lower-carbon materials that replace emissions-intensive ingredients used in cement. | $124M | Q3 2025 |
| Commonwealth Fusion Systems | Develops fusion reactors and superconducting magnets for commercial zero-carbon electricity. | $863M | Q3 2025 |
| HYDGEN | Builds compact electrolyzers that produce green hydrogen at industrial customer sites in Asia. | $5M | Q4 2025 |
| Hullbot | Uses underwater robots to clean ship hulls and reduce maritime fuel consumption. | $16M | Q4 2025 |
| Stardust Solutions | Develops sunlight-reflection technology intended to temporarily reduce global warming. | $60M | Q4 2025 |
| Quilt | Designs connected heat pumps with room-level controls for homes in the United States. | $20M | Q4 2025 |
| Avnos | Builds direct-air-capture systems that remove carbon dioxide while producing water. | $17M | Q4 2025 |
| Antares | Develops nuclear microreactors for remote commercial, defence and space power applications. | $96M | Q4 2025 |
| Last Energy | Designs standardized small nuclear plants for industrial electricity and heat customers. | $100M | Q4 2025 |
| Radiant | Builds portable nuclear microreactors that can replace diesel generators at remote sites. | $300M+ | Q4 2025 |
| Base Power | Leases home batteries and connects them into a grid-supporting virtual power plant. | $1,000M | Q4 2025 |
| Fervo Energy | Develops enhanced-geothermal power plants using modern drilling and underground sensing technologies. | $462M | Q4 2025 |
| Rainbow Weather | Provides local AI weather forecasts and severe-weather intelligence to global business customers. | $5.5M | Q1 2026 |
| Redwood Materials | Recycles batteries and produces battery materials and second-life storage systems in North America. | $425M | Q1 2026 |
| Varaha | Develops soil, biochar and enhanced-weathering carbon-removal projects across Asia and Africa. | $20M | Q1 2026 |
| Sage Geosystems | Develops geothermal systems that generate electricity and store energy underground. | $97M | Q1 2026 |
| pHathom Technologies | Develops coastal systems that capture and permanently store industrial carbon dioxide. | $4M | Q1 2026 |
| Metiundo | Provides smart meters for heat, electricity and water use in German buildings. | $47.5M | Q1 2026 |
| tem | Connects businesses directly with renewable-electricity generators through an AI-powered marketplace. | $75M | Q1 2026 |
| Inertia Enterprises | Develops laser-driven fusion power plants for commercial zero-carbon electricity. | $450M | Q1 2026 |
| NuuEnergy | Operates software-supported heat-pump installation hubs across Germany. | $4.7M | Q1 2026 |
| DG Matrix | Produces power-routing equipment for grids, batteries, charging systems and data centres. | $60M | Q1 2026 |
| Spiro | Operates electric motorcycles and battery-swapping stations across African cities. | $50M | Q1 2026 |
| Reykjavik Geothermal | Develops utility-scale geothermal power and heating projects in Iceland and international markets. | $20M | Q1 2026 |
| Satellites on Fire | Uses satellites, cameras and AI to detect wildfires, initially in Latin America. | $2.7M | Q2 2026 |
| Living Carbon | Restores degraded North American land through carbon-removal reforestation projects. | $13M | Q2 2026 |
| CMBlu Energy | Manufactures non-lithium batteries for long-duration grid and industrial energy storage. | $58.5M | Q2 2026 |
| DISA Technologies | Uses cleaner mineral processing to recover materials and remediate mining waste. | $33M | Q2 2026 |
| Reel | Provides renewable-power procurement and trading software to European businesses and generators. | $17.6M | Q2 2026 |
| ECOncrete | Produces coastal concrete products that protect infrastructure and support marine biodiversity. | $14M | Q2 2026 |
| GridCARE | Uses AI and engineering to identify unused electricity transmission capacity in the United States. | $64M | Q2 2026 |
| D-CRBN | Uses electric plasma to convert captured carbon into reusable industrial materials. | $20.3M | Q2 2026 |
| Thea Energy | Develops simplified stellarator fusion systems for scalable and dispatchable clean electricity. | $100M | Q2 2026 |
| Focused Energy | Develops laser-driven fusion technology for commercial electricity production. | $240M | Q2 2026 |
| GPS Renewables | Builds renewable-gas plants that convert organic waste into fuel across Asian markets. | $74.3M | Q2 2026 |
| Endurance Energy | Develops offshore geothermal systems for baseload electricity near coastal demand centres. | $54M | Q2 2026 |
| Isometric | Certifies carbon-removal projects and operates a registry for verified climate assets. | $40M | Q2 2026 |
| MAKO | Produces aircraft coatings that reduce drag, fuel consumption and aviation emissions. | $28M | Q2 2026 |
In our climate tech market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the climate tech market changed over time?
Q4 2025 was the largest quarter, with $2.08 billion raised, but Base Power's $1 billion round created almost half of that total.
Q2 2025 was the smallest quarter, with seven deals raising $371.3 million and no round above $127 million.
Climate tech funding fell by 39.7% from Q1 2026 to Q2 2026, but Q2 2026 funding was still 104.5% higher than in Q2 2025.
Without the largest one or two rounds in each quarter, climate tech funding was much more stable. Q2 2026 also showed stronger breadth because funding was spread across more companies.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 7 | $371.3M | The quarter had fewer deals and no climate tech round larger than $127 million. |
| Q3 2025 | 8 | $1,568.5M | Commonwealth Fusion Systems contributed 55.0% of the quarter's climate tech funding. |
| Q4 2025 | 10 | $2,076.0M | Base Power, Fervo Energy and Radiant drove a record quarter for climate tech funding. |
| Q1 2026 | 12 | $1,258.7M | Fusion and battery circularity created most of the quarter's climate tech funding. |
| Q2 2026 | 14 | $759.4M | The deal count reached a five-quarter high, while funding became less concentrated. |
| Total | 51 | $6,033.9M | The climate tech market raised more than $6.03 billion across the five quarters. |
This chart, featured in our climate tech market deck, looks at First Solar’s strategy in climate tech
Which startups in the climate tech market raised the largest rounds over the last months?
These startups raised the most recently in the climate tech market:
- Base Power raised $1 billion to manufacture batteries, enter more electricity markets and install its home-energy systems across the United States.
- Commonwealth Fusion Systems raised $863 million to complete its SPARC fusion machine and continue designing its first commercial fusion power plant.
- Fervo Energy raised $462 million to build Cape Station and expand drilling for additional geothermal power projects.
- Inertia Enterprises raised $450 million to develop powerful lasers, build a fusion demonstration system and grow its engineering team.
- Redwood Materials raised $425 million to expand recycled battery-material production and deploy second-life batteries for data centres and electricity grids.
- Radiant raised more than $300 million to build a reactor factory and manufacture its first portable Kaleidos nuclear systems.
- Focused Energy raised $240 million to build larger fusion lasers, test advanced targets and continue planning a commercial pilot plant.
- Aira raised $174 million to expand European heat-pump installations, manufacturing capacity, local operations and customer financing.
- 1KOMMA5° raised $162 million to enter new markets, complete acquisitions and grow its connected home-energy platform.
- GRIDSERVE raised $127 million to add charging capacity, improve motorway sites and develop more Electric Forecourts across the UK.
And, yes, we do cover most of them in our our beautiful pitch about the climate tech market.
You may also want to check our ranking of the most funded startups in the climate tech market as well as our list of the most valued startups.
This chart, featured in our climate tech market deck, illustrates yearly funding for climate tech startups
Is the climate tech market shifting toward smaller or bigger deals?
The average climate tech funding round was about $118.3 million across the full five-quarter period.
The quarterly average ranged from $53.0 million in Q2 2025 to $207.6 million in Q4 2025. The average changed sharply because several quarters included one very large energy or infrastructure round.
Without the largest climate tech deals, the market would show a steadier pattern of medium-sized commercial and growth rounds.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 7 | $53.0M | 0 | 3 |
| Q3 2025 | 8 | $196.1M | 0 | 6 |
| Q4 2025 | 10 | $207.6M | 0 | 6 |
| Q1 2026 | 12 | $104.9M | 0 | 5 |
| Q2 2026 | 14 | $54.2M | 0 | 6 |
| All quarters | 51 | $118.3M | 0 | 26 |
This chart, featured in our climate tech market deck, compares the main business model options for carbon management platforms
How concentrated was funding activity in the climate tech market?
Climate tech funding was highly concentrated in Q3 and Q4 2025, when the largest three deals represented 76.4% and 84.9% of quarterly funding. Large energy-infrastructure projects require more capital than most software or early-stage climate companies.
Funding became more balanced in Q2 2026, when 14 climate tech deals were completed and the top three represented only 54.6% of the quarterly total.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 7 | 34.2% | 83.5% | 100.0% |
| Q3 2025 | 8 | 55.0% | 76.4% | 100.0% |
| Q4 2025 | 10 | 48.2% | 84.9% | 100.0% |
| Q1 2026 | 12 | 35.8% | 77.2% | 99.3% |
| Q2 2026 | 14 | 31.6% | 54.6% | 93.8% |
| All quarters | 51 | 16.6% | 38.5% | 69.7% |
This chart, featured in our climate tech market deck, breaks down market revenue by customer segment in the climate tech market
Which categories in the climate tech market received the most funding?
Energy received $3.24 billion, or 53.6% of all climate tech funding, because fusion, nuclear, geothermal and grid projects require large amounts of development capital. The energy category also included 19 deals, more than any other category.
Buildings received $1.41 billion, or 23.3% of climate tech funding, but Base Power contributed $1 billion of that amount. Heat-pump companies represented most of the remaining buildings funding.
Industrial climate tech received $757.6 million, or 12.6% of funding, led by Redwood Materials and Terra CO2. Investors focused on battery materials, low-carbon cement, recycling and cleaner industrial inputs.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Energy | 19 | $3,236.4M | Fuse Energy ($100M), Commonwealth Fusion Systems ($863M), HYDGEN ($5M), Antares ($96M), Last Energy ($100M), Radiant ($300M+), Fervo Energy ($462M), Sage Geosystems ($97M), tem ($75M), Inertia Enterprises ($450M), DG Matrix ($60M), Reykjavik Geothermal ($20M), CMBlu Energy ($58.5M), Reel ($17.6M), GridCARE ($64M), Thea Energy ($100M), Focused Energy ($240M), GPS Renewables ($74.3M), Endurance Energy ($54M) |
| Buildings | 6 | $1,408.2M | 1KOMMA5° ($162M), Aira ($174M), Quilt ($20M), Base Power ($1,000M), Metiundo ($47.5M), NuuEnergy ($4.7M) |
| Industrial climate tech | 9 | $757.6M | Woodchuck ($3.75M), GDI ($11.5M), Glacier ($16M), Corintis ($24M), CuspAI ($100M+), Terra CO2 ($124M), Redwood Materials ($425M), DISA Technologies ($33M), D-CRBN ($20.3M) |
This chart, featured in our climate tech market deck, shows how personal carbon tracking app technology has evolved over time
Who are the biggest investors in the climate tech market?
Breakthrough Energy Ventures participated in four deals covering fusion, cement, geothermal energy and battery materials, with the related rounds raising about $1.46 billion.
Lowercarbon Capital participated in four deals across reforestation, renewable electricity, climate intervention and carbon-removal certification, with the related rounds raising about $230 million.
Galvanize Climate Solutions participated in three deals covering geothermal energy, home heating and cleaner mineral processing, with the related rounds raising $515 million.
Google participated in two large energy deals involving fusion and geothermal power, with the related rounds raising $1.33 billion.
Energy Impact Partners participated in two grid and building-infrastructure deals, with the related rounds raising $111.5 million.
Future Energy Ventures participated in two electricity-market deals involving renewable procurement and grid capacity, with the related rounds raising $81.6 million.
Climate Capital participated in two energy-hardware deals involving fusion power and advanced power electronics, with the related rounds raising $160 million.
Barclays Climate Ventures participated in two deals involving long-duration batteries and resilient coastal infrastructure, with the related rounds raising $72.5 million.
Union Square Ventures participated in two deals involving reforestation and portable nuclear power, with the related rounds raising more than $330 million.
Mitsubishi group entities participated in two deals involving electric vehicle charging and battery materials, with the related rounds raising $138.5 million.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Breakthrough Energy Ventures | 4 | $1,460.5M | Commonwealth Fusion Systems, Terra CO2, Fervo Energy, GDI |
| Lowercarbon Capital | 4 | $230M | Mombak, Fuse Energy, Stardust Solutions, Isometric |
| Galvanize Climate Solutions | 3 | $515M | Fervo Energy, Quilt, DISA Technologies |
| 2 | $1,325M | Commonwealth Fusion Systems, Fervo Energy | |
| Union Square Ventures | 2 | $330M+ | Mombak, Radiant |
| Climate Capital | 2 | $160M | Thea Energy, DG Matrix |
| Mitsubishi group entities | 2 | $138.5M | GRIDSERVE, GDI |
| Energy Impact Partners | 2 | $111.5M | Metiundo, GridCARE |
| Future Energy Ventures | 2 | $81.6M | Reel, GridCARE |
| Barclays Climate Ventures | 2 | $72.5M | CMBlu Energy, ECOncrete |
This chart, featured in our climate tech market deck, shows how clean energy incentives have driven growth in the climate tech market over time
Related blog posts
- A complete overview of climate tech funding deals
- The startups that have raised the most funding in climate tech
- How strong is fundraising in the climate tech market right now?
