What are the fundraising trends in the climate tech market?
In our climate tech market deck, you will find everything you need to understand the market
SUMMARY
We analyzed publicly disclosed equity rounds raised by pure-play climate tech companies between January 2024 and May 2026. We only kept disclosed rounds of $300K or more, excluded debt, grants, project finance, acquisitions, SPAC transactions, and non-pure-play sustainability companies, and built the sample from 191 disclosed equity rounds across the 2024 full year, the 2025 full year, and year-to-date 2026.
The climate tech market is raising more capital, and the freshest period is especially strong. Full-year 2025 reached about $5.18B, up from about $3.53B in 2024, while January through May 2026 has already produced about $7.0B across 111 disclosed rounds.
The shape of the recovery changed between 2025 and 2026. In 2025, dollars rose while deal count fell from 50 to 30, which meant larger rounds were doing most of the work. So far in 2026, both capital and deal count are up, which makes the current acceleration broader and more credible.
Round sizes show why the 2026 climate tech market should not be read only through headline dollars. The average year-to-date 2026 round is about $63M, but the median is $20M, which means large infrastructure rounds still pull the average upward while the typical funded company raises much less.
Clean Energy Systems is the anchor category in the climate tech market. So far in 2026, it accounts for about 49% of capital and 44% of deals, supported by fusion, nuclear, geothermal, grid software, storage, smart metering, hydrogen, solar deployment, and distributed power systems.
Low Carbon Mobility is the clearest reacceleration category. Its capital share rose from about 7% in full-year 2025 to about 32% so far in 2026, but the activity is focused less on generic passenger EVs and more on aircraft, freight, heavy-duty vehicles, autonomous transport, marine transport, rail, and fleet infrastructure.
Carbon Removal Platforms, Building Decarbonization Tech, and Industrial Climate Tech are losing relative capital momentum. They are not disappearing, but the highest-conviction capital has shifted toward power, grid, mobility, and infrastructure-heavy categories with clearer demand urgency.
The climate tech market is becoming more global by deal count but remains concentrated by capital. North America represents about 45% of year-to-date 2026 deals and about 74% of capital, while Europe and Asia-Pacific together now represent more than half of disclosed deals but a much smaller share of dollars.
New company formation has reopened after a very selective 2025. First financings represent about 31% of year-to-date 2026 deals, compared with 6.7% in full-year 2025, but they capture only about 5.9% of capital, so formation is broader while large-check conviction remains concentrated.
The main interpretation is that the climate tech market has entered a more practical phase. Capital is flowing toward companies that solve urgent energy, industrial, transport, grid, and resilience constraints, while weaker climate narratives without deployment proof are receiving less attention.
This chart, featured in our climate tech market deck, breaks down market revenue by customer segment in the climate tech market
Is more or less capital going into the climate tech market?
More capital is going into the climate tech market, and the acceleration is unusually strong in the freshest period. From January through May 2026, climate tech companies raised about $7.0B across 111 disclosed equity rounds, compared with about $1.17B across 6 rounds over the comparable early-2025 period.
That means capital is running at roughly 6x the comparable 2025 pace, while deal count is running at more than 18x the comparable 2025 pace. The direct answer is clear: more capital is going into the climate tech market so far in 2026.
The cleaner full-year comparison also points upward, though less explosively. Full-year 2025 capital was about $5.18B, up from about $3.53B in 2024, an increase of roughly 47%. That matters because the 2026 surge is not happening after a completely dead prior year.
The important nuance is that the 2025 increase was not broad-based. Full-year 2025 had only 30 verified public equity rounds, down from 50 in 2024, while the average round size jumped from about $71M to about $173M and the median rose from $40M to $98M.
So far in 2026, the signal is different. The climate tech market is not only raising more money; it is also showing far more funded companies. That makes the 2026 recovery more credible than a one-deal rebound, while still leaving room for the usual year-to-date caveat that mega-round timing can distort full-year comparisons.
Is climate tech funding driven by more deals or larger rounds?
Climate tech funding is currently driven more by deal proliferation than by larger rounds. From January through May 2026, deal count rose from 6 over the comparable 2025 period to 111, while capital rose from about $1.17B to about $7.0B.
Capital increased sharply, but deal count increased much faster. Average round size fell from about $195M over the comparable early-2025 period to about $63M so far in 2026, and median round size fell from about $100M to $20M.
That distinction matters because it changes the market interpretation. A market driven mainly by larger rounds would suggest investors are backing a handful of obvious winners while ignoring the rest of the pipeline. The climate tech market so far in 2026 looks broader than that.
The full-year 2025 versus 2024 comparison told the opposite story. In 2025, deal count fell from 50 to 30 while total capital rose, so full-year 2025 funding activity was clearly driven by larger checks rather than more companies.
For deeper benchmarks on how climate tech deal sizes, medians, and round distributions are shifting, see our climate tech market deck. It breaks the funding cycle down with more data, updated comparisons, and category-level context.
Is climate tech capital moving toward later-stage or earlier-stage companies?
Climate tech capital is still weighted toward later-stage companies, but the direction of movement in 2026 is toward earlier-stage activity. So far in 2026, Seed, Series A, and unknown-stage early rounds captured about $3.03B, or 43% of disclosed capital, while Series B and later plus growth equity captured about $3.98B, or 57%.
That is still a later-stage majority, but it is much less extreme than full-year 2025. In 2025, Seed and Series A captured only about $300M, or 5.8% of capital, while Series B and later plus growth equity captured more than 94%.
The deal-count signal is even more clearly moving earlier. So far in 2026, Seed and Series A represent 76 of 111 deals, or about 68% of activity. In full-year 2025, Seed and Series A represented only 12 of 30 deals, or 40%.
The important caveat is that early-stage labels in climate tech can be misleading. A $450M Series A in fusion or nuclear does not behave like a conventional early-stage software round. It is early by company stage, but infrastructure-scale by capital need.
The best interpretation is that capital is not abandoning later-stage climate tech. Instead, investors are reopening earlier-stage risk budgets for categories they believe can become infrastructure-scale, especially clean energy systems, fusion, nuclear, grid infrastructure, mobility, and industrial bottlenecks.
This chart, featured in our climate tech market deck, compares the main business model options for carbon management platforms
Is the climate tech market maturing or still experimental?
The climate tech market is maturing, but it is not fully mature. It is a barbell market where mature scale-up financing coexists with a large experimental frontier.
The direct evidence is the 2026 stage mix. Series B and later plus growth equity still capture about 57% of capital, while Seed and Series A represent about 68% of deal count. That means most companies being funded are still relatively early, but most dollars still go to companies with more evidence, larger deployment needs, or stronger strategic validation.
The full-year 2025 comparison makes the maturity signal even clearer. In 2025, late-stage rounds dominated capital, first financings were only 2 of 30 deals, and first financings captured just 0.14% of capital. That was not an experimental market; it was a market backing known companies.
So far in 2026, experimentation has returned by count. First financings are 34 of 111 deals, or about 31% of activity, much higher than 6.7% in 2025 and 14% in 2024. But those first financings captured only about 5.9% of capital.
The strongest reading is that the climate tech market is maturing at the center and experimenting at the edge. The mature center is power, grid, nuclear, fusion, batteries, mobility, and industrial decarbonization. The experimental edge is carbon removal, early building decarbonization, adaptation tools, new materials, and climate software attached to emerging deployment models.
Are new startups still entering the climate tech market?
Yes, new startups are still entering the climate tech market, and the 2026 evidence is much stronger than the 2025 evidence. So far in 2026, 34 of 111 disclosed climate tech equity rounds were first financings, representing about 31% of deals.
That is a major increase from full-year 2025, when only 2 of 30 deals were first financings, and from full-year 2024, when 7 of 50 deals were first financings. The real signal is deal share, not capital share, because new startups rarely absorb the largest checks immediately.
In 2026 so far, first financings captured only about $414M, or 5.9% of capital. That is modest, but it is still far above the 2025 figure, when first financings captured only $7.45M, or 0.14% of capital.
The category pattern also matters. In 2026 so far, first financings are spread across Clean Energy Systems, Industrial Climate Tech, Building Decarbonization Tech, Climate Adaptation Solutions, Carbon Removal Platforms, and Low Carbon Mobility. That breadth suggests new-company formation is not confined to one fashionable niche.
For the broader category view across climate tech startups, first financings, and subcategory formation, see our full climate tech market report. It gives more context on which new company types are actually entering the market.
Are more investors entering the climate tech market?
Yes, more investors appear to be entering or re-entering the climate tech market, especially in the 2026 year-to-date period. The visible disclosed investor base has expanded sharply compared with the narrower public coverage in 2025.
The most relevant indicator is investor breadth. The 2026 dataset includes approximately 240 to 300 disclosed investor names and around 55 to 65 tier-1 investors, compared with at least 20 disclosed investors and at least 13 tier-1 investors in the 2025 public coverage.
The 2024 comparison is also useful. Full-year 2024 had about 82 disclosed investors and 33 unique tier-1 investors across 50 deals. So far in 2026, the climate tech market has already surpassed that visible investor breadth in only a few months.
The investor expansion is not just a raw-count story. The 2026 climate tech market includes specialist climate funds, generalist venture firms, infrastructure investors, sovereign or government-backed capital, corporates, strategics, defense-adjacent investors, industrial companies, airlines, utilities, automakers, energy companies, and hyperscaler-linked capital.
The strongest interpretation is that investor participation is widening, but not evenly. More investors are entering categories connected to power demand, electrification, energy security, industrial resilience, and transport infrastructure, while investor participation is not spreading equally into carbon removal, adaptation, or smaller building-efficiency companies.
This chart, featured in our climate tech market deck, illustrates yearly funding for climate tech startups
Are top investors getting more or less active in climate tech?
Top investors are getting more active in the climate tech market, but their activity is becoming more distributed rather than dominated by only one or two specialist funds. In 2024, Breakthrough Energy Ventures appeared in 9 deals and Lowercarbon Capital in 7 deals, making those two funds the clearest repeat-investor anchors.
In 2025, repeat activity in the public coverage was thinner, with Breakthrough Energy Ventures at 4 deals and Google and Mitsubishi at 2 each. So far in 2026, the list of repeat investors expands materially across climate specialists, generalists, strategics, and infrastructure-oriented investors.
The 2026 signal is not just that familiar climate specialists are returning. It is that top-tier generalists, corporates, and strategic investors are appearing repeatedly in climate-related infrastructure categories.
This matters because the climate tech market needs syndicate depth. Hardware-heavy and infrastructure-heavy companies cannot scale on seed funds alone. Repeat participation from top investors suggests there is enough conviction to support follow-on financing, technical diligence, and commercialization pathways.
The honest interpretation is that top investors are more active, but more disciplined. They are not funding climate as a generic theme. They are funding power, grid constraints, nuclear and fusion, electrified transport, industrial bottlenecks, data-center cooling, critical minerals, and infrastructure software.
Which climate tech subcategories are gaining momentum?
Clean Energy Systems and Low Carbon Mobility are the clearest subcategories gaining momentum in the climate tech market. So far in 2026, Clean Energy Systems accounts for about $3.46B, or 49% of capital, and 49 of 111 deals, or 44% of activity.
Clean Energy Systems is gaining momentum because the category combines breadth and capital depth. It is not just one giant fusion deal. The funded set includes fusion, nuclear, geothermal, grid software, energy storage, solid-state transformers, renewable-energy marketplaces, smart metering, solar deployment, hydrogen, and distributed power systems.
Low Carbon Mobility accounts for about $2.27B, or 32% of capital, and 24 deals, or 22% of activity. Its capital share rose from about 6.9% in full-year 2025 to about 32% so far in 2026, which is a major reallocation.
The funded mobility set is not a return to generic passenger EV enthusiasm. It is weighted toward aircraft, heavy-duty vehicles, autonomous transport systems, electric freight, logistics, ferries, tugboats, rail, and fleet infrastructure.
Climate Adaptation Solutions are also gaining some momentum from a low base. The category captured only $60M and 1 deal in full-year 2025, but so far in 2026 it has $285M across 8 deals. For more detail on category momentum, see our market report covering climate tech subcategories.
Which climate tech subcategories are losing momentum?
Carbon Removal Platforms, Building Decarbonization Tech, and Industrial Climate Tech are losing relative momentum in the climate tech market, though for different reasons. Carbon Removal Platforms show the sharpest loss of relative momentum.
Carbon Removal Platforms had 18% of deals and 8.8% of capital in 2024, 10% of deals and 4% of capital in 2025, and only 3.6% of deals and 0.6% of capital so far in 2026. The category is not disappearing, but it is clearly losing capital priority.
Building Decarbonization Tech is also losing relative momentum after a strong 2025. The category captured about $1.36B, or 26% of full-year 2025 capital, helped heavily by large rounds for Base Power, Aira, 1KOMMA5°, and Quilt. So far in 2026, it has about $269M, or only 3.8% of capital, across 10 deals.
Industrial Climate Tech remains strategically important but has lost capital leadership. In full-year 2024, it was the largest category, with about $1.25B and 35% of capital. In full-year 2025, it fell to about $805M and 16% of capital. So far in 2026, it has about $684M and 10% of capital.
The better interpretation is that the climate tech market is narrowing its highest-conviction capital around power and mobility. Categories that rely on slower adoption cycles, voluntary carbon markets, fragmented building retrofits, or industrial commercialization uncertainty are not gone, but they are receiving less of the market’s capital attention.
This chart, featured in our climate tech market deck, looks at First Solar’s strategy in climate tech
Which regions are gaining momentum in climate tech funding?
Asia-Pacific and Europe are gaining deal-count momentum in the climate tech market, while North America continues to dominate capital. So far in 2026, Asia-Pacific has 23 of 111 deals, or about 21% of activity, compared with only 2 of 30 deals in full-year 2025 and 3 of 50 deals in full-year 2024.
Asia-Pacific is also improving in capital share. So far in 2026, Asia-Pacific has about $746M, or 10.6% of capital, compared with only about $21M in full-year 2025 and about $154M in full-year 2024.
Europe is gaining in deal-count relevance compared with 2024, even if its capital share remains thinner. Europe has 36 of 111 deals so far in 2026, or about 32%, compared with 10 of 50 deals in 2024.
The regional signal is therefore split. Europe is a broad formation region, Asia-Pacific is the clearest rebound story, and North America remains the region where the largest climate tech rounds are most likely to happen.
For ongoing regional tracking across North America, Europe, Asia-Pacific, Latin America, Africa, and the Middle East, see our full market view on climate tech geography.
Which regions are losing momentum in climate tech funding?
North America is losing deal-share momentum in the climate tech market, but not capital leadership. Its deal share fell from 70% in 2024 to 50% in 2025 and then to about 45% so far in 2026.
However, North America is not losing capital momentum in any meaningful way. It captured about 78% of capital in 2024, about 80% in 2025, and about 74% so far in 2026. The right interpretation is not that North America is weakening; it is that other regions are contributing more early and mid-sized rounds while North America continues to host most of the mega-rounds.
Europe is losing capital share relative to full-year 2025. Europe captured 18% of 2025 capital and about 15% so far in 2026. That decline is not dramatic, but it confirms a familiar pattern: Europe produces many climate tech companies, but fewer very large private rounds.
Africa, Latin America, and the Middle East remain too thinly represented for strong momentum conclusions. Africa had one deal in 2024, none in the verified 2025 public equity coverage, and one so far in 2026. Latin America had one deal in each period. The Middle East had one $60M adaptation-related deal in 2025 and no year-to-date 2026 deals in the dataset.
The better interpretation is that no major region is collapsing, but capital intensity is becoming more unequal. North America is losing share of deals while retaining scale capital, Europe is holding activity but struggling to capture large checks, and Asia-Pacific is improving.
Is climate tech becoming more global or regionally concentrated?
The climate tech market is becoming more global by deal count, but it remains regionally concentrated by capital. So far in 2026, North America accounts for about 45% of deals, Europe 32%, and Asia-Pacific 21%.
That is a much more global deal-count distribution than 2024, when North America accounted for 70% of deals and Europe and Asia-Pacific together accounted for only 26%. The formation layer is clearly spreading.
Capital tells a different story. North America still captures about $5.2B of the $7.0B raised so far in 2026, or 74% of capital. Europe captures about 15%, Asia-Pacific about 11%, and all other regions combined less than 1%.
This split is important. A market can look global if many companies are being funded across regions, but still be regionally concentrated if the large checks cluster in one geography. That is exactly what the climate tech market looks like.
The strongest interpretation is that the climate tech market is becoming globally broader but not globally balanced. The next phase of maturity would require Europe and Asia-Pacific to convert higher deal formation into more $100M-plus rounds, and for Africa, Latin America, and the Middle East to appear in more than isolated cases.
This chart, featured in our climate tech market deck, shows how clean energy incentives have driven growth in the climate tech market over time
Is climate tech capital moving toward proven winners or new opportunities?
Climate tech capital is still moving mostly toward proven winners, but 2026 shows a meaningful increase in funding for new opportunities. The strongest indicator is first-financing capital share.
So far in 2026, first financings represent 31% of deals but only 5.9% of capital. That means new opportunities are entering the pipeline, but most capital is still going to follow-on companies.
The full-year 2025 evidence was much more winner-oriented. First financings were only 6.7% of deals and just 0.14% of capital. Full-year 2024 was also tilted toward proven companies, with first financings at 14% of deals and 7.7% of capital.
Stage mix confirms the same pattern. Seed and Series A deals are numerous so far in 2026, but late-stage and growth rounds still capture the majority of capital. The climate tech market is allowing more new opportunities into the funnel, but the large pools of money remain reserved for companies with technical validation, customer traction, infrastructure relevance, or strategic investor support.
Our deeper analysis of the climate tech market tracks these repeat raisers and new entrants over time, with more detail on which companies keep attracting follow-on capital and which new opportunities still need to prove they can raise again.
Is the climate tech market becoming winner-takes-most?
The climate tech market is winner-takes-most in capital terms, but less winner-takes-most in company formation. So far in 2026, the top 10 deals capture about 49% of all capital, while the bottom half of deals captures only about 7.7%.
That is a concentrated market. But the largest deal captures only about 9.3% of capital, and the top 3 deals capture about 22%, which is less concentrated than full-year 2025.
The 2025 comparison is critical. In full-year 2025, the top 10 deals captured about 81% of capital, the top 5 captured about 64%, and the largest deal alone captured 19%. That was a much more winner-takes-most year.
So far in 2026, concentration remains high but has moderated. The market has many more deals, a lower median round size, and a broader set of funded companies. That suggests the climate tech market is not becoming more winner-takes-most in a straight line.
The practical takeaway is simple. Climate tech funding headlines should always be read with top-10 share, median round size, and bottom-half capital share nearby. Without those numbers, the market can look broader than the capital distribution actually is.
Is the next wave of climate tech winners becoming visible?
The next wave of climate tech winners is becoming visible, especially where repeat investor activity, strategic participation, large check sizes, and multiple comparable companies appear together. Clean Energy Systems and Low Carbon Mobility currently meet that test better than carbon removal or adaptation.
In Clean Energy Systems, the winner set is forming around firm power, grid hardware, nuclear, fusion, geothermal, storage, distributed power, and infrastructure software. The category has both deal breadth and capital depth, which makes it more convincing than a category driven by one isolated round.
In Low Carbon Mobility, the next wave looks less like consumer EVs and more like hard-to-electrify transportation. Aircraft, heavy-duty vehicles, freight, ferries, tugboats, rail, autonomous systems, and fleet infrastructure are absorbing larger checks because they connect climate impact to real transport bottlenecks.
The next wave is less clear in Carbon Removal Platforms and Climate Adaptation Solutions. Carbon removal has strong climate logic but weaker current funding momentum, while adaptation is improving from a low base but remains much smaller than mitigation categories tied to energy and mobility.
For more context on the new cohort of climate tech startups and the signals that separate durable companies from one-off experiments, see our climate tech market report.
As this chart shows, and as featured in our climate tech market deck, search interest in climate change has continued to rise
Is the climate tech funding landscape fragmenting or consolidating?
The climate tech funding landscape is fragmenting in exploration but consolidating in conviction. More companies, investors, regions, and subthemes are active in 2026, but the largest capital allocations still cluster around power, grid, mobility, and infrastructure-heavy decarbonization.
On the fragmentation side, year-to-date 2026 has 111 disclosed rounds, 34 first financings, broader investor participation, and more visible activity across North America, Europe, and Asia-Pacific. That is a much wider formation base than full-year 2025.
On the consolidation side, the top 10 rounds still capture about 49% of capital, and Clean Energy Systems plus Low Carbon Mobility together represent roughly 82% of year-to-date dollars. Investors are exploring many climate themes, but they are concentrating serious dollars in fewer conviction clusters.
The right way to describe the current state is asymmetric. The climate tech market is fragmenting at the company-formation layer while consolidating around the infrastructure problems investors believe are most urgent: firm power, grid capacity, electrified transport, industrial resilience, and deployment-ready hardware.
Where is investor attention shifting in climate tech?
Investor attention in the climate tech market is shifting toward hard physical constraints. The most important themes are firm power, grid capacity, data-center energy demand, transport electrification, industrial reliability, and infrastructure resilience.
Compared with full-year 2025, the biggest attention shift is toward Low Carbon Mobility. The category rose from about 6.9% of capital in 2025 to about 32% so far in 2026, with the funded set heavily weighted toward aircraft, autonomous transport, freight, electric commercial vehicles, marine transport, rail, logistics, and fleet infrastructure.
Compared with full-year 2024, the biggest loss of attention is Industrial Climate Tech. It was the largest capital category in 2024 at about 35%, fell to about 16% in 2025, and is about 10% so far in 2026.
Carbon Removal Platforms are also losing attention. Their capital share declined from about 8.8% in 2024 to 4% in 2025 and 0.6% so far in 2026, which suggests investors are demanding harder proof on permanence, measurement, cost curves, buyer demand, and project execution.
The strongest answer is that investor attention is moving away from broad decarbonization storytelling and toward urgent infrastructure problems. For real-time tracking of how attention is moving across climate tech categories, see our full climate tech market report.
All the funding deals in the climate tech market from 2024 to Apr 2026
The table below lists every disclosed funding round in the supplied climate tech dataset from January 2024 through April 2026, covering companies across clean energy systems, industrial climate tech, carbon removal, building decarbonization, low-carbon mobility, and climate adaptation.
Each row shows the company, the fundraising date, what the company does, its category, the funding stage, the round size, the region, whether it was a first financing or a follow-on, the tier-1 investor if any, and the announcement source. For the broader investability view, see our climate tech market deck.
| Company | Date | What they do | Category | Stage | Deal size | Region | First/Follow-on | Tier 1 investor(s) | Source |
|---|---|---|---|---|---|---|---|---|---|
| Blue Energy | Apr 2026 | Financeable prefabricated nuclear power plants. | Clean Energy Systems | Series A | $380M | North America | Follow-on | Engine, At One | CTVC |
| Bubble Robotics | Apr 2026 | Autonomous underwater monitoring. | Climate Adaptation Solutions | Seed | $5M | Europe | First financing | Episode 1, Norrsken | CTVC |
| Cloneable | Apr 2026 | AI automation for infrastructure operations. | Clean Energy Systems | Seed | $5M | North America | First financing | Congruent | CTVC |
| Decade Energy | Apr 2026 | Logistics electrification services. | Low Carbon Mobility | Series A | $26M | Europe | Follow-on | SET Ventures, Ananda | CTVC |
| Exergy3 | Apr 2026 | Ultra-high-temperature energy storage. | Clean Energy Systems | Seed | $14M | Europe | First financing | None identified | CTVC |
| First Light Fusion | Apr 2026 | Inertial fusion energy. | Clean Energy Systems | Series C | $34M | Europe | Follow-on | IP Group, UKAEA | CTVC |
| Humble | Apr 2026 | Autonomous electric freight hauling vehicles. | Low Carbon Mobility | Seed | $24M | North America | First financing | Eclipse, EIP | CTVC |
| Renewable Metals | Apr 2026 | Alkali-based recycling for critical minerals. | Industrial Climate Tech | Series A | $9M | Asia-Pacific | Follow-on | CEFC, Investible | CTVC |
| Rivan Industries | Apr 2026 | Synthetic fuel developer. | Low Carbon Mobility | Series A | $34M | Europe | Follow-on | Plural, IQ Capital | CTVC |
| Zūm | Apr 2026 | Energy-saving operations and logistics software. | Low Carbon Mobility | Growth Equity | $100M | North America | Follow-on | TPG Rise | CTVC |
| Aliste Technologies | Apr 2026 | Home automation energy software. | Building Decarbonization Tech | Seed | $3M | Asia-Pacific | First financing | None identified | CTVC |
| Critical Loop | Apr 2026 | Industrial power solutions. | Clean Energy Systems | Series A | $26M | North America | Follow-on | Climate Capital | CTVC |
| Glydways | Apr 2026 | Autonomous transportation system. | Low Carbon Mobility | Series C | $170M | North America | Follow-on | Khosla, Suzuki, Mitsui | CTVC |
| NanoTech Materials | Apr 2026 | Insulative and fireproof coatings. | Building Decarbonization Tech | Series A | $29M | North America | Follow-on | Milliken | CTVC |
| Nova Fusion | Apr 2026 | Modular nuclear fusion reactor. | Clean Energy Systems | Seed | $103M | Asia-Pacific | First financing | Alibaba, Hillhouse, Gaorong | CTVC |
| Sharing Energy | Apr 2026 | Distributed solar energy provider. | Clean Energy Systems | Series C | $5M | Asia-Pacific | Follow-on | Dai-ichi Life | CTVC |
| Slate Auto | Apr 2026 | Electric vehicle manufacturer. | Low Carbon Mobility | Series C | $650M | North America | Follow-on | TWG Global | CTVC |
| Sora Fuel | Apr 2026 | DAC-to-SAF technology. | Carbon Removal Platforms | Seed | $15M | North America | First financing | Engine, Inspired | CTVC |
| Also | Apr 2026 | Electric mobility solutions. | Low Carbon Mobility | Series C | $200M | North America | Follow-on | Greenoaks, DoorDash | CTVC |
| Astranova Mobility | Apr 2026 | EV fleet asset management. | Low Carbon Mobility | Series A | $7M | Asia-Pacific | Follow-on | ADB, Trucks VC | CTVC |
| Nirova | Apr 2026 | Anaerobic digester optimization. | Clean Energy Systems | Seed | $3M | North America | First financing | Unknown | CTVC |
| Plume | Apr 2026 | Energy renovation platform. | Building Decarbonization Tech | Seed | $4M | Europe | First financing | Collaborative Fund, Kima, AENU | CTVC |
| Satellites on Fire | Apr 2026 | Real-time forest-fire detection. | Climate Adaptation Solutions | Seed | $3M | Latin America | First financing | Draper, Dalus | CTVC |
| SmartD Technologies | Apr 2026 | SiC motor drives. | Industrial Climate Tech | Series A | $11M | North America | Follow-on | SE Ventures, Desjardins | CTVC |
| Soma Energy | Apr 2026 | AI energy intelligence platform. | Clean Energy Systems | Seed | $7M | North America | First financing | RRE, Haystack | CTVC |
| Bacancy Systems | Apr 2026 | Embedded electronics and power systems for e-mobility, charging and rail. | Low Carbon Mobility | Series A | $4M | Asia-Pacific | Follow-on | None identified | CTVC |
| EnerVenue | Apr 2026 | Nickel-hydrogen energy storage systems. | Clean Energy Systems | Series B | $300M | North America | Follow-on | HKIC | CTVC |
| Euler Motors | Apr 2026 | Electric commercial vehicle manufacturer. | Low Carbon Mobility | Growth Equity | $47M | Asia-Pacific | Follow-on | Lightrock, Blume, Hero | CTVC |
| Helix Earth Technologies | Apr 2026 | Advanced HVAC retrofit devices. | Building Decarbonization Tech | Seed | $12M | North America | First financing | None identified | CTVC |
| TerraSpark | Apr 2026 | Space-based solar power generation. | Clean Energy Systems | Seed | $6M | Europe | First financing | Daphni | CTVC |
| ThinkLabs AI | Apr 2026 | AI digital twins for grid operations. | Clean Energy Systems | Series A | $28M | North America | Follow-on | EIP, GE Vernova, Edison | CTVC |
| Valar Atomics | Apr 2026 | Nuclear energy/modular reactor developer. | Clean Energy Systems | Series A | $450M | North America | Follow-on | notable strategic/defense-tech angels | CTVC |
| Voltify | Apr 2026 | Battery-powered energy systems for freight rail. | Low Carbon Mobility | Seed | $30M | North America | First financing | Fortescue, Aleph | CTVC |
| Applied Atomics | Mar 2026 | Co-located nuclear power plants. | Clean Energy Systems | Seed | $8M | North America | First financing | None identified | CTVC |
| Claros | Mar 2026 | Data-center power management platform. | Clean Energy Systems | Seed | $30M | North America | First financing | General Catalyst, Systemiq | CTVC |
| Cocoon Carbon | Mar 2026 | Low-carbon building materials. | Building Decarbonization Tech | Series A | $15M | Europe | Follow-on | 2150, SOSV | CTVC |
| Entrix | Mar 2026 | Energy storage optimization platform. | Clean Energy Systems | Series A | $50M | Europe | Follow-on | Allianz, AENU | CTVC |
| Leapting | Mar 2026 | Solar PV cleaning and installation robot. | Clean Energy Systems | Series A | $15M | Asia-Pacific | Follow-on | Capital Today | CTVC |
| Miraterra | Mar 2026 | Soil measurement solutions. | Industrial Climate Tech | Seed | $12M | North America | First financing | At One, S2G | CTVC |
| Pranos Fusion | Mar 2026 | Compact tokamak fusion. | Clean Energy Systems | Seed | $7M | Asia-Pacific | First financing | Ankur, pi Ventures | CTVC |
| Scalvy | Mar 2026 | Distributed power delivery service. | Clean Energy Systems | Series A | $14M | North America | Follow-on | Azolla, Climate Capital | CTVC |
| AgZen | Mar 2026 | Precision spraying technology. | Climate Adaptation Solutions | Series B | $10M | North America | Follow-on | DCVC, Syngenta, Astanor | CTVC |
| Arc Boats | Mar 2026 | Electric tugboat manufacturer. | Low Carbon Mobility | Series C | $50M | North America | Follow-on | Eclipse, a16z, Menlo, Lowercarbon | CTVC |
| Candela | Mar 2026 | Electric ferry manufacturer. | Low Carbon Mobility | Series C | $35M | Europe | Follow-on | CalPERS, EQT, IFC | CTVC |
| GridBeyond | Mar 2026 | AI energy optimization platform. | Clean Energy Systems | Series D+ | $14M | Europe | Follow-on | Samsung Ventures, ABB, EDP | CTVC |
| Rubi Laboratories | Mar 2026 | CO2-to-textiles. | Industrial Climate Tech | Seed | $8M | North America | First financing | H&M, Talis | CTVC |
| Sequestra | Mar 2026 | CO2 sequestration technology. | Carbon Removal Platforms | Seed | $4M | Europe | First financing | None identified | CTVC |
| Airmo | Mar 2026 | Satellite GHG emissions monitoring. | Climate Adaptation Solutions | Seed | $6M | Europe | First financing | Antler, Ananda | CTVC |
| Amelia | Mar 2026 | Solar construction quality-control automation. | Clean Energy Systems | Seed | $6M | Europe | First financing | Sabadell | CTVC |
| Coral | Mar 2026 | Rebate financing platform. | Clean Energy Systems | Seed | $8M | North America | First financing | Accion, Blackhorn | CTVC |
| Dat Bike | Mar 2026 | Electric motorbike manufacturer. | Low Carbon Mobility | Series B | $4M | Asia-Pacific | Follow-on | None identified | CTVC |
| Heliup | Mar 2026 | Solar photovoltaic solutions. | Clean Energy Systems | Series A | $19M | Europe | Follow-on | BNP Paribas | CTVC |
| Hyperscale Power | Mar 2026 | Solid-state transformer technology. | Clean Energy Systems | Seed | $6M | Europe | First financing | Vsquared, World Fund | CTVC |
| MGA Thermal | Mar 2026 | Thermal energy storage. | Clean Energy Systems | Series A | $12M | Asia-Pacific | Follow-on | Main Sequence | CTVC |
| Newtrace | Mar 2026 | Electrolyzer technology for green hydrogen. | Clean Energy Systems | Seed | $6M | Asia-Pacific | First financing | Surge, Aavishkaar | CTVC |
| Zeron Truck | Mar 2026 | Intelligent heavy-duty electric truck manufacturer. | Low Carbon Mobility | Series A | $175M | Asia-Pacific | Follow-on | NIO Capital, Blue Lake | CTVC |
| Gropyus | Mar 2026 | Sustainable homes developer. | Building Decarbonization Tech | Series C | $116M | Europe | Follow-on | Vonovia | CTVC |
| Micopower | Mar 2026 | SOFC hydrogen specialist. | Clean Energy Systems | Seed | $27M | Asia-Pacific | First financing | Meritz | CTVC |
| Oxa | Mar 2026 | Autonomous driving software and services. | Low Carbon Mobility | Series D+ | $103M | Europe | Follow-on | National Wealth Fund, NVentures, bp Ventures | CTVC |
| Photoncycle | Mar 2026 | Residential renewable energy systems. | Clean Energy Systems | Series A | $17M | Europe | Follow-on | NordicNinja | CTVC |
| PlasmaLeap Technologies | Mar 2026 | Zero-emissions chemical reactor. | Industrial Climate Tech | Series A | $20M | Asia-Pacific | Follow-on | Gates Foundation, Yara | CTVC |
| Renewable Iron Fuel Technology / RIFT | Mar 2026 | Iron-fuel heat generation. | Industrial Climate Tech | Series B | $96M | Europe | Follow-on | PGGM, Invest-NL | CTVC |
| Reykjavik Geothermal | Mar 2026 | Geothermal power producer. | Clean Energy Systems | Series B | $20M | Europe | Follow-on | None identified | CTVC |
| SHINE Technologies | Mar 2026 | Nuclear fusion developer. | Clean Energy Systems | Growth Equity | $240M | North America | Follow-on | Fidelity, Oaktree | CTVC |
| UniverCell | Mar 2026 | Custom battery-cell manufacturer. | Clean Energy Systems | Series B | $35M | Europe | Follow-on | DCTF, EIC | CTVC |
| Zeno | Mar 2026 | Battery-as-a-service for two-wheelers. | Low Carbon Mobility | Series A | $20M | Africa | Follow-on | Lowercarbon, Congruent | CTVC |
| DG Matrix | Feb 2026 | Solid-state transformer developer. | Clean Energy Systems | Series A | $60M | North America | Follow-on | Engine, ABB, Chevron, Clean Energy Ventures | CTVC |
| Heron Power | Feb 2026 | Solid-state transformer developer. | Clean Energy Systems | Series B | $140M | North America | Follow-on | a16z, BEV, EIP | CTVC |
| Kilter | Feb 2026 | Autonomous weeding robot. | Industrial Climate Tech | Series A | $8M | Europe | Follow-on | Kubota, Nufarm | CTVC |
| SatVu | Feb 2026 | High-resolution thermal data collector. | Climate Adaptation Solutions | Series A | $41M | Europe | Follow-on | NATO Innovation Fund, Lockheed Martin, Molten | CTVC |
| Statiq | Feb 2026 | EV charging network. | Low Carbon Mobility | Series A | $18M | Asia-Pacific | Follow-on | Shell Ventures, YC | CTVC |
| Utility Global | Feb 2026 | Blue hydrogen / industrial decarbonization platform. | Industrial Climate Tech | Series D+ | $100M | North America | Follow-on | Ara, APG | CTVC |
| Zero Homes | Feb 2026 | Digital home-upgrade assessment software. | Building Decarbonization Tech | Series A | $17M | North America | Follow-on | Prelude, FJ Labs | CTVC |
| nuuEnergy | Feb 2026 | Heat-pump installer. | Building Decarbonization Tech | Seed | $5M | Europe | First financing | HTGF | CTVC |
| Alva Energy | Feb 2026 | Nuclear project developer. | Clean Energy Systems | Series A | $33M | North America | Follow-on | 8VC, Playground | CTVC |
| Capalo AI | Feb 2026 | Battery trading and optimization platform. | Clean Energy Systems | Series A | $13M | Europe | Follow-on | Heartcore, Inventure | CTVC |
| Hades Mining | Feb 2026 | Sustainable mining technology. | Industrial Climate Tech | Seed | $18M | Europe | First financing | HV Capital, Headline | CTVC |
| Inertia | Feb 2026 | Laser-based commercial fusion energy. | Clean Energy Systems | Series A | $450M | North America | Follow-on | Bessemer, GV, Threshold | CTVC |
| Mitra EV | Feb 2026 | Commercial fleet electrification platform. | Low Carbon Mobility | Series A | $14M | North America | Follow-on | None identified | CTVC |
| Neara | Feb 2026 | Infrastructure digital-twin modeling software. | Clean Energy Systems | Series D+ | $64M | Asia-Pacific | Follow-on | TCV, EQT, Partners Group | CTVC |
| Skyryse | Feb 2026 | Aviation automation. | Low Carbon Mobility | Series C | $300M | North America | Follow-on | Baron, Atreides | CTVC |
| Tem | Feb 2026 | Renewable energy marketplace. | Clean Energy Systems | Series B | $75M | Europe | Follow-on | Lightspeed, Atomico, Allianz, Voyager | CTVC |
| metiundo | Feb 2026 | Smart metering. | Clean Energy Systems | Series A | $48M | Europe | Follow-on | Octopus Energy | CTVC |
| Avalanche Energy | Feb 2026 | Compact fusion reactor developer. | Clean Energy Systems | Series A | $29M | North America | Follow-on | Founders Fund, Lowercarbon, Toyota Ventures | CTVC |
| Bedrock Robotics | Feb 2026 | Autonomous construction technology. | Industrial Climate Tech | Series B | $270M | North America | Follow-on | CapitalG, 8VC, Eclipse | CTVC |
| Forerunner | Feb 2026 | Flood-risk management platform. | Climate Adaptation Solutions | Series B | $26M | North America | Follow-on | Wellington | CTVC |
| Lunar Energy | Feb 2026 | Home energy storage. | Clean Energy Systems | Series D+ | $102M | North America | Follow-on | B Capital, DCVC, Prelude | CTVC |
| Newcleo | Feb 2026 | Nuclear reactor developer. | Clean Energy Systems | Series A | $85M | Europe | Follow-on | CERN pension fund | CTVC |
| Powerwave | Feb 2026 | Wireless power transmission. | Clean Energy Systems | Series A | $6M | Asia-Pacific | Follow-on | Incubate Fund, MUFG, SMBC | CTVC |
| R3 Robotics | Feb 2026 | Robotic battery recycling for EV components. | Industrial Climate Tech | Series A | $17M | Europe | Follow-on | EIC Fund | CTVC |
| Recupere Metals | Feb 2026 | Advanced copper recycling. | Industrial Climate Tech | Seed | $6M | Europe | First financing | Norrsken | CTVC |
| Tomorrow.io | Feb 2026 | Weather and climate resilience platform. | Climate Adaptation Solutions | Growth Equity | $175M | North America | Follow-on | HarbourVest | CTVC |
| pHathom Technologies | Feb 2026 | Carbon capture and durable ocean storage. | Carbon Removal Platforms | Seed | $3M | North America | First financing | None identified | CTVC |
| Applied EV | Feb 2026 | Autonomous/electric vehicle control systems. | Low Carbon Mobility | Series B | $40M | Asia-Pacific | Follow-on | sovereign/government-backed | CTVC |
| Co-reactive | Feb 2026 | CO2 mineralization for cement. | Industrial Climate Tech | Seed | $8M | Europe | First financing | HTGF | CTVC |
| Gigablue | Feb 2026 | Ocean-based carbon removal. | Carbon Removal Platforms | Series A | $20M | North America | Follow-on | None identified | CTVC |
| GlassPoint | Feb 2026 | Industrial solar thermal systems. | Industrial Climate Tech | Series A | $20M | North America | Follow-on | None identified | CTVC |
| Redwood Materials | Feb 2026 | Lithium-ion battery recycling platform. | Industrial Climate Tech | Growth Equity | $75M | North America | Follow-on | Goldman Sachs, Google | CTVC |
| Standard Nuclear | Feb 2026 | Advanced nuclear fuel developer. | Clean Energy Systems | Series A | $98M | North America | Follow-on | a16z, Chevron Technology Ventures, StepStone | CTVC |
| XFuel | Feb 2026 | Low-carbon marine fuels producer. | Low Carbon Mobility | Series A | $20M | Europe | Follow-on | SOSV, USV | CTVC |
| Zanskar | Feb 2026 | Geothermal exploration and development platform. | Clean Energy Systems | Series C | $115M | North America | Follow-on | USV, Lowercarbon, Obvious | CTVC |
| metergrid | Feb 2026 | Tenant electricity and energy management. | Clean Energy Systems | Series A | $12M | Europe | Follow-on | SET Ventures | CTVC |
INSIGHTS
The insights below come from reviewing publicly disclosed equity rounds in the climate tech market between January 2024 and May 2026, including the 2024 full-year dataset, the 2025 full-year dataset, and the 2026 year-to-date dataset.
- The climate tech market’s headline capital recovery is real, but the quality of the recovery changed between 2025 and 2026. In 2025, dollars rose while deal count fell. So far in 2026, both dollars and deal count rose, which makes the current acceleration broader and more credible.
- The most important 2026 signal is not the $7.0B total; it is the combination of 111 deals and a $20M median round. That pairing suggests a reopened pipeline rather than a single mega-round masking a frozen market.
- The climate tech market remains capital-concentrated even when activity broadens. The top 10 rounds still absorb about 49% of capital so far in 2026, so deal count alone overstates how widely financial conviction is distributed.
- Average round size is a poor measure of typical company health in this market. The 2026 average round is about $63M, while the median is only $20M, which means a few large infrastructure rounds continue to pull the average far above the typical deal.
- The 2025 market was the most winner-takes-most period across the three years. Top 10 rounds captured about 81% of full-year capital in 2025, compared with 55% in 2024 and 49% so far in 2026.
- First financings are the best indicator of startup formation, but capital share is the best indicator of investor conviction. In 2026, first financings are 31% of deals but only 5.9% of capital, which means formation has returned but conviction remains concentrated elsewhere.
- Clean Energy Systems has become the climate tech market’s anchor category because it combines high deal share with high capital share. A category with 44% of deals and 49% of capital is not just benefiting from one outlier; it is structurally central.
- Low Carbon Mobility is the most important 2026 reacceleration category. Its capital share jumped from about 7% in 2025 to about 32% so far in 2026, indicating a shift back toward transportation, but focused on hard-to-electrify segments rather than generic passenger EVs.
- Carbon Removal Platforms are losing their funding premium. The category’s capital share fell from 8.8% in 2024 to 4% in 2025 and 0.6% so far in 2026, implying that investors are demanding harder proof before funding carbon removal at scale.
- Building Decarbonization Tech’s 2025 strength was highly dependent on a few large companies. Once the 2026 period lacks an equivalent to Base Power’s $1B round, the category’s capital share falls sharply.
- Industrial Climate Tech remains strategically important but has lost capital leadership. The category led 2024 with 35% of capital, then fell to 16% in 2025 and 10% so far in 2026, suggesting investor focus has shifted from industrial decarbonization breadth to power and mobility bottlenecks.
- The climate tech market increasingly rewards demand certainty over emissions purity. Categories tied to power demand, grid constraints, transport electrification, energy security, and industrial reliability receive larger checks than categories relying mainly on climate-benefit narratives.
- The market is becoming more global at the formation layer. North America’s deal share fell from 70% in 2024 to 45% so far in 2026, while Europe and Asia-Pacific together now represent more than half of disclosed deals.
- The market is not becoming globally balanced at the capital layer. North America still captures about 74% of year-to-date 2026 capital, which means the largest checks remain highly regionally concentrated.
- Europe’s recurring pattern is breadth without proportional capital depth. Europe has about 32% of 2026 deals but only about 15% of capital, confirming that European climate tech formation is strong while late-stage financing remains thinner.
- Asia-Pacific is the clearest regional momentum story. Its deal share rose from 6% in 2024 and 6.7% in 2025 to about 21% so far in 2026, while its capital share rose to about 11%.
- The funding market is becoming a barbell. Seed and Series A deals are numerous, but large capital pools still concentrate in Series B and beyond or in unusually large Series A infrastructure rounds.
- Series A labels in climate tech can be misleading. A $300M-plus Series A in nuclear, fusion, mobility, or infrastructure does not behave like a conventional early-stage software round.
- The strongest climate tech companies are increasingly judged by deployment credibility. Technical novelty matters, but the biggest checks go to companies with a plausible route to infrastructure, customers, manufacturing, permitting, or strategic adoption.
- Strategic investors are not decorative in this market. Participation from utilities, industrial companies, automakers, airlines, energy majors, defense-linked buyers, and hardware strategics often signals commercialization relevance that financial investors alone cannot validate.
- Climate software is financeable when attached to physical bottlenecks. Grid operations, energy optimization, metering, weather intelligence, infrastructure digital twins, and power-market software are more credible than generic sustainability dashboards.
- Adaptation is still structurally underfunded relative to climate risk. Even with 8 deals and $285M so far in 2026, adaptation remains far smaller than mitigation categories tied to energy and mobility.
- The most defensible conclusion across all evidence is that the climate tech market has entered a more practical phase. Capital is flowing toward companies that solve urgent energy, industrial, transport, and resilience constraints, while weaker climate narratives without deployment proof are receiving less attention.
This chart, featured in our climate tech market deck, shows how personal carbon tracking app technology has evolved over time
OUR METHODOLOGY TO BUILD THIS TRACKER
We built this climate tech funding tracker by reviewing publicly disclosed equity rounds raised by pure-play climate tech companies between January 2024 and May 2026. A company counts as pure-play when more than 80% of its activity is dedicated to reducing greenhouse gas emissions, enabling low-carbon systems, or helping people, assets, infrastructure, or ecosystems adapt to climate impacts.
We applied four filters to build the dataset. First, we only included equity rounds, so grants, debt, project finance, structured financings, acquisitions, SPAC transactions, and business combinations were excluded unless the raw data explicitly treated them as equity rounds. Second, we only counted rounds of $300K or more. Third, we only kept pure-play climate tech companies, which means we excluded broad ESG software, generic sustainability tools, non-climate data-center infrastructure, general AI or robotics companies, and companies whose climate activity did not represent more than 80% of their business. Fourth, every entry had to be confirmed by a direct company announcement, press release, tier-1 media report, specialized industry source, or relevant regional publication.
We excluded undisclosed-amount rounds because including them would distort dollar-based metrics such as total capital, average round size, category share, region share, and concentration ratios. We kept disclosed-amount deals even when the stage was unknown, and we used the month and year of the announcement for timing. The 2026 dataset is year-to-date through May 2026, so it should be read as a fresh but incomplete signal rather than a full-year market census.
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