What are the most valued startups in the climate tech market?
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This page tracks the most valuable startups across the climate tech market, from fusion energy and battery materials to carbon removal, clean aviation and sustainable food.
We update this climate tech startup ranking every month as new funding rounds, public market values, acquisitions and operating data become available.
The current dataset includes 80 companies with a combined estimated valuation of approximately $176.0B.
And if you want to better understand this new industry, you can download our pitch covering the climate tech market.
A quick summary table
| Metric | Value |
|---|---|
| Most valuable climate tech startup | Helion Energy, $15.5B |
| Second most valuable climate tech startup | Stegra, $10.6B–$15.9B |
| Median climate tech startup valuation | Approximately $1.33B |
| Share of climate tech valuation captured by the top 10 | Approximately 47.7% |
| Top climate tech valuation versus median | Approximately 11.7 times |
| Median climate tech valuation-to-capital-raised ratio | Approximately 3.2 times |
| Climate tech startups valued at $1B+ | 49 |
This market map, featured in our climate tech market deck, highlights top companies and startups in the climate tech market
Top startups in the climate tech market ranked by valuation
Here is an updated table that ranks the top startups in the climate tech market based on their latest reported or estimated valuations.
If you want more detaild about their fundraising activity, you can check our list of the startups who have raised the most funding in the climate tech market.
| # | Startup Name | What They Do | Current Valuation ($) | Valuation Confidence Level | Valuation Type | Evidence Status | Total Funding ($) | Funding Confidence Level |
|---|---|---|---|---|---|---|---|---|
| 1 | Helion Energy | Commercial fusion power | $15.5B | Full Confidence | Announced Private Round Valuation | Observed | $1.5B | Partial Confidence |
| 2 | Stegra | Fossil-free green steel | $10.6B–$15.9B | Partial Confidence | Implied Valuation from Raise | Implied | $3.6B | Strong Confidence |
| 3 | Octopus Energy | Renewable energy retail platform | $9.0B–$11.0B | Strong Confidence | Announced Private Round Valuation | Estimated | $2.6B | Strong Confidence |
| 4 | GoodLeap | Sustainable home financing marketplace | $7.0B–$11.0B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $1.6B | Partial Confidence |
| 5 | Fervo Energy | Enhanced geothermal power development | $7.8B | Full Confidence | Public Market Cap | Observed | $872M | Strong Confidence |
| 6 | Commonwealth Fusion Systems | Commercial fusion power | $5.8B–$8.6B | Strong Confidence | Implied Valuation from Raise | Implied | $2.9B | Strong Confidence |
| 7 | Redwood Materials | Battery recycling and materials | $6.0B–$6.5B | Strong Confidence | Announced Private Round Valuation | Observed | $2.2B | Strong Confidence |
| 8 | TerraPower | Advanced nuclear reactor development | $4.5B–$7.0B | Partial Confidence | Implied Valuation from Raise | Implied | $830M | Full Confidence |
| 9 | TAE Technologies | Hydrogen-boron fusion energy | $4.3B–$5.2B | Partial Confidence | Proxy-Based Estimate | Estimated | $1.3B | Partial Confidence |
| 10 | Northvolt | European lithium battery manufacturing | $4.0B–$5.0B | Low Confidence | Acquisition Value | Estimated | $6.8B | Partial Confidence |
| 11 | Group14 Technologies | Silicon battery materials | $3.6B–$5.3B | Partial Confidence | Implied Valuation from Raise | Implied | $1.1B | Strong Confidence |
| 12 | Form Energy | Iron-air grid batteries | $3.5B–$4.8B | Partial Confidence | Implied Valuation from Raise | Implied | $1.2B | Strong Confidence |
| 13 | Star Charge | EV charging systems | $3.0B–$5.0B | Low Confidence | Revenue or ARR Multiple Estimate | Estimated | $126M | Partial Confidence |
| 14 | BETA Technologies | Electric aircraft systems | $3.9B | Full Confidence | Public Market Cap | Observed | $2.6B | Partial Confidence |
| 15 | ProLogium | Solid-state EV batteries | $3.4B–$4.2B | Partial Confidence | IPO or Listing Range Valuation | Estimated | $576M | Partial Confidence |
| 16 | Sila Nanotechnologies | Silicon battery anode materials | $3.0B–$3.8B | Partial Confidence | Proxy-Based Estimate | Estimated | $1.4B | Partial Confidence |
| 17 | KoBold Metals | AI-powered critical-mineral exploration | $3.0B–$3.4B | Strong Confidence | Announced Private Round Valuation | Estimated | $1.2B | Strong Confidence |
| 18 | TELD | EV charging network | $2.0B–$4.0B | Low Confidence | Comparables-Based Estimate | Estimated | $193M | Strong Confidence |
| 19 | Newcleo | Nuclear waste-fueled modular reactors | $2.5B–$3.1B | Strong Confidence | Announced Private Round Valuation | Estimated | $755M | Partial Confidence |
| 20 | Enpal | Home solar subscriptions | $2.2B–$2.5B | Partial Confidence | Announced Private Round Valuation | Estimated | $655M | Partial Confidence |
| 21 | Inari | AI-designed crop seeds | $2.0B–$2.4B | Strong Confidence | Announced Private Round Valuation | Observed | $720M | Partial Confidence |
| 22 | Verkor | Low-carbon battery cells | $2.0B–$2.3B | Partial Confidence | Proxy-Based Estimate | Estimated | $1.3B | Partial Confidence |
| 23 | Mainspring Energy | Flexible onsite linear power generators | $1.7B–$2.5B | Partial Confidence | Implied Valuation from Raise | Implied | $776M | Partial Confidence |
| 24 | OCSiAl | Manufactures graphene nanotube additives | $1.8B–$2.3B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $5M | Partial Confidence |
| 25 | Solugen | Bio-based chemical production | $1.8B–$2.2B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $603M | Partial Confidence |
| 26 | Sunfire | Green hydrogen electrolyzers | $1.6B–$2.3B | Partial Confidence | Implied Valuation from Raise | Implied | $387M | Partial Confidence |
| 27 | Apeel Sciences | Produce shelf-life coatings | $1.5B–$2.2B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $640M | Partial Confidence |
| 28 | Pivot Bio | Microbial nitrogen fertilizer | $1.5B–$2.1B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $618M | Full Confidence |
| 29 | Svante | Industrial carbon-capture filtration systems | $1.3B–$2.0B | Partial Confidence | Comparables-Based Estimate | Estimated | $470M | Partial Confidence |
| 30 | Arcadia | Energy data and community solar | $1.4B–$1.8B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $566M | Partial Confidence |
| 31 | Greater Bay Technology | Fast-charging EV batteries | $1.3B–$1.8B | Strong Confidence | Announced Private Round Valuation | Estimated | $150M | Partial Confidence |
| 32 | Prometheus Fuels | Atmospheric CO₂-derived synthetic fuels | $1.3B–$1.7B | Partial Confidence | Comparables-Based Estimate | Estimated | $24M | Partial Confidence |
| 33 | Electra | Low-temperature clean iron production | $1.2B–$1.8B | Partial Confidence | Implied Valuation from Raise | Implied | $214M | Partial Confidence |
| 34 | Infinium | Produces low-carbon synthetic fuels | $1.2B–$1.8B | Partial Confidence | Implied Valuation from Raise | Implied | $69M | Partial Confidence |
| 35 | Climeworks | Direct air carbon removal | $1.1B–$1.8B | Partial Confidence | Implied Valuation from Raise | Implied | $953M | Partial Confidence |
| 36 | Fox ESS | Energy storage inverters | $1.2B–$1.7B | Strong Confidence | Announced Private Round Valuation | Estimated | $141M | Full Confidence |
| 37 | Twelve | CO₂-derived fuels and chemicals | $1.2B–$1.6B | Partial Confidence | Announced Private Round Valuation | Estimated | $387M | Strong Confidence |
| 38 | Perfect Day | Animal-free dairy proteins | $1.2B–$1.6B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $750M | Partial Confidence |
| 39 | Aira | Residential heat-pump systems | $1.1B–$1.6B | Partial Confidence | Implied Valuation from Raise | Implied | $440M | Strong Confidence |
| 40 | Amarenco | Develops and operates solar assets | $1.1B–$1.6B | Partial Confidence | Revenue or ARR Multiple Estimate | Estimated | $523M | Partial Confidence |
| 41 | StoreDot | Fast-charging EV batteries | $1.1B–$1.5B | Partial Confidence | Comparables-Based Estimate | Estimated | $206M | Strong Confidence |
| 42 | Heirloom | Limestone-based direct air capture | $1.0B–$1.5B | Strong Confidence | Implied Valuation from Raise | Implied | $203M | Strong Confidence |
| 43 | 1Komma5° | Residential electrification and energy software | $1.0B–$1.3B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $609M | Partial Confidence |
| 44 | Spiber | Fermentation-derived sustainable textile materials | $1.0B–$1.3B | Partial Confidence | Announced Private Round Valuation | Estimated | $490M | Full Confidence |
| 45 | Oxford PV | Perovskite tandem solar technology | $900M–$1.3B | Partial Confidence | Comparables-Based Estimate | Estimated | $100M | Partial Confidence |
| 46 | Uplight | Utility customer energy software | $900M–$1.3B | Low Confidence | Acquisition Value | Estimated | $30M | Low Confidence |
| 47 | NotCo | AI plant-based foods | $800M–$1.2B | Partial Confidence | Announced Private Round Valuation | Estimated | $466M | Partial Confidence |
| 48 | Palmetto | Residential clean-energy financing platform | $900M–$1.1B | Strong Confidence | Revenue or ARR Multiple Estimate | Estimated | $560M | Partial Confidence |
| 49 | Ample | Automated electric-vehicle battery swapping | $900M–$1.1B | Strong Confidence | Comparables-Based Estimate | Estimated | $301M | Partial Confidence |
| 50 | Electric Hydrogen | Industrial green-hydrogen electrolyzers | $800M–$1.1B | Partial Confidence | Announced Private Round Valuation | Estimated | $602M | Full Confidence |
| 51 | ZeroAvia | Hydrogen-electric aircraft powertrains | $800M–$1.0B | Strong Confidence | Comparables-Based Estimate | Estimated | $264M | Partial Confidence |
| 52 | Turntide Technologies | Efficient motors and electrification systems | $750M–$1.0B | Partial Confidence | Comparables-Based Estimate | Estimated | $485M | Partial Confidence |
| 53 | Electra.aero | Hybrid-electric short-takeoff aircraft | $750M–$950M | Strong Confidence | Implied Valuation from Raise | Implied | $188M | Partial Confidence |
| 54 | Newlight | Converts greenhouse gases into biomaterials | $650M–$950M | Partial Confidence | Implied Valuation from Raise | Implied | $220M | Partial Confidence |
| 55 | Boston Metal | Electrolysis for low-carbon metals | $650M–$900M | Strong Confidence | Implied Valuation from Raise | Implied | $427M | Partial Confidence |
| 56 | Charm Industrial | Bio-oil carbon removal | $600M–$850M | Partial Confidence | Implied Valuation from Raise | Implied | $125M | Partial Confidence |
| 57 | Livekindly | Global plant-based food portfolio | $550M–$850M | Partial Confidence | Comparables-Based Estimate | Estimated | $535M | Strong Confidence |
| 58 | LanzaJet | Alcohol-to-jet sustainable aviation fuel | $650M–$700M | Strong Confidence | Active Raise Valuation | Observed | $102M | Partial Confidence |
| 59 | Sublime Systems | Electrochemical low-carbon cement | $500M–$750M | Partial Confidence | Implied Valuation from Raise | Implied | $121M | Partial Confidence |
| 60 | Nature’s Fynd | Fermented fungi-based food proteins | $450M–$750M | Low Confidence | Comparables-Based Estimate | Estimated | $463M | Full Confidence |
| 61 | H55 | Electric aircraft propulsion systems | $450M–$700M | Partial Confidence | Implied Valuation from Raise | Implied | $96M | Partial Confidence |
| 62 | Our Next Energy | Electric-vehicle and storage batteries | $400M–$700M | Low Confidence | Comparables-Based Estimate | Estimated | $325M | Partial Confidence |
| 63 | UPSIDE Foods | Produces cultivated meat from cells | $400M–$650M | Low Confidence | Comparables-Based Estimate | Estimated | $608M | Strong Confidence |
| 64 | Heart Aerospace | Hybrid-electric regional aircraft | $400M–$600M | Partial Confidence | Announced Private Round Valuation | Estimated | $154M | Strong Confidence |
| 65 | Impossible Foods | Plant-based meat alternatives | $430M–$500M | Partial Confidence | Proxy-Based Estimate | Estimated | $1.9B | Strong Confidence |
| 66 | HysetCo | Hydrogen vehicles and fueling stations | $350M–$500M | Partial Confidence | Implied Valuation from Raise | Implied | $217M | Strong Confidence |
| 67 | H2Pro | High-efficiency green hydrogen electrolysis | $250M–$450M | Low Confidence | Comparables-Based Estimate | Estimated | $101M | Partial Confidence |
| 68 | CarbonCure | Mineralizes CO₂ inside concrete | $250M–$350M | Partial Confidence | Announced Private Round Valuation | Observed | $162M | Partial Confidence |
| 69 | Brimstone | Carbon-negative cement manufacturing | $180M–$300M | Low Confidence | Comparables-Based Estimate | Estimated | $60M | Full Confidence |
| 70 | Mosa Meat | Produces cultivated beef | $140M–$220M | Partial Confidence | Implied Valuation from Raise | Implied | $154M | Strong Confidence |
| 71 | Einride | Electric autonomous freight technology | $178M | Full Confidence | Public Market Cap | Observed | $564M | Strong Confidence |
| 72 | CarbonCapture | Modular direct air capture | $120M–$180M | Partial Confidence | Announced Private Round Valuation | Observed | $88M | Partial Confidence |
| 73 | Infarm | Operated urban vertical farms | $40M–$50M | Strong Confidence | Acquisition Value | Observed | $502M | Partial Confidence |
| 74 | Plenty | Indoor vertical farming systems | $25M–$60M | Low Confidence | Proxy-Based Estimate | Estimated | $941M | Strong Confidence |
| 75 | Nexii Building Solutions | Low-carbon modular building panels | $23M | Full Confidence | Acquisition Value | Observed | $113M | Low Confidence |
| 76 | Clean Planet | Develops hydrogen-based industrial heat | $15M–$30M | Low Confidence | Active Raise Valuation | Estimated | $3M | Partial Confidence |
| 77 | Meati Foods | Produces mycelium-based meat | $10M–$30M | Low Confidence | Acquisition Value | Estimated | $356M | Strong Confidence |
| 78 | First Mode | Zero-emission mining truck systems | $15M | Full Confidence | Acquisition Value | Observed | $209M | Full Confidence |
| 79 | Bowery Farming | Indoor vertical farming | $0M–$20M | Low Confidence | Proxy-Based Estimate | Estimated | $472M | Partial Confidence |
| 80 | Ascend Elements | Recycles batteries into cathode materials | $0M–$20M | Low Confidence | Proxy-Based Estimate | Estimated | $995M | Strong Confidence |
This chart, featured in our climate tech market deck, compares the 2026 size of the climate tech market with other markets of similar size
Key valuation trends in the climate tech market
Insights
- The ten largest climate tech startups represent approximately 47.7% of the dataset’s total valuation, showing that capital and strategic value remain concentrated in a small number of infrastructure-scale companies.
- Helion Energy and Commonwealth Fusion Systems have a combined midpoint valuation of about $22.7B, more than five times their combined funding, despite commercial fusion power remaining pre-revenue.
- Fervo Energy’s $7.8B valuation is almost nine times its $872M funding, making enhanced geothermal energy one of the strongest capital-efficiency stories among major climate tech platforms.
- Redwood Materials has a valuation midpoint of approximately $6.3B, nearly three times its funding, which suggests battery recycling can command manufacturing-scale valuations rather than commodity-processing multiples.
- Fox ESS and StoreDot raised approximately $347M combined but hold a combined midpoint valuation of about $2.8B, highlighting the premium attached to differentiated battery and energy-storage technology.
- Heirloom’s estimated $1.25B midpoint is more than six times its $203M funding, showing that direct air capture companies can achieve unicorn valuations before reaching conventional industrial scale.
- Vertical farming has produced the dataset’s clearest capital destruction. Plenty, Infarm and Bowery Farming raised about $1.9B combined but retain less than $100M in combined midpoint valuation.
- Alternative-protein outcomes are highly divided. Impossible Foods retains an estimated value near $465M, while Meati Foods and Bowery Farming hold only nominal value after raising more than $800M combined.
- Einride’s $178M public valuation is less than one-third of the company’s $564M funding, illustrating how public markets can price climate mobility companies more strictly than private investors.
- The climate tech market rewards companies that control strategic bottlenecks, including energy distribution, critical minerals, fusion, geothermal power and battery materials, more consistently than consumer-facing climate brands.
This chart, featured in our climate tech market deck, looks at First Solar’s strategy in climate tech
A few word about our methodology
As you can see, we built a database that ranks startups in the climate tech market based on their current valuation.
Estimating climate tech startup valuations is not always straightforward. Many companies do not publicly disclose their valuation, and the available information can vary widely depending on the company, technology and development stage.
To build this climate tech ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.
Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed companies, or official acquisition prices.
When a climate tech company is publicly listed, we use its current market capitalization as the reference valuation.
If a company was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.
When a climate tech startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.
In some cases, we also estimate valuations using operating metrics such as revenue, ARR, contracted project capacity, customer traction or commercial production, combined with valuation multiples from comparable climate tech companies.
When direct financial data is not available, we may rely on carefully selected comparable startups and other signals such as hiring growth, investor quality, project development, strategic contracts or product traction.
All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by strong operating metrics and comparable company analysis.
We also carefully evaluate the age of every data point. Recent information carries more weight, while older data is treated cautiously and adjusted conservatively when necessary.
Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.
Because climate tech valuation data is not always fully public, each startup in the ranking is assigned a confidence level based on the reliability, recency and consistency of the available evidence.
Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.
When confidence is lower, we take a more conservative approach by widening the valuation range. This helps reflect the uncertainty and increases the probability that the true valuation falls within the estimated range.
This reflects how we conduct all our research, including the work behind our report covering the climate tech market.
In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.
If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.
Finally, know that we update the dataset once per month, so come back here if you need fresh information.
This chart, featured in our climate tech market deck, illustrates yearly funding for climate tech startups
Related blog posts
- The latest news in the climate tech market
- What are the latest funding developments in climate tech?
- What has changed recently in the climate tech market?
- The evolution of funding activity in climate tech
- The main fundraising trends in climate tech
- How big is the climate tech market today?
- The full range of business models in the climate tech market
