What are the most valued startups in the climate tech market?

Last updated: 7 September 2026

Download our beautiful pitch about the climate tech market

market research pitch 2026 statistics climate tech market

In our climate tech market deck, you will find everything you need to understand the market

The climate tech market spans some of the most capital-intensive areas of innovation, from fusion energy and batteries to carbon removal, renewable power and industrial decarbonization.

This ranking tracks the most valuable climate tech startups using their latest reported, implied or estimated valuations, and we update the list every month.

The wide range of outcomes shows how differently capital is rewarded across climate technologies, with several multibillion-dollar leaders alongside companies that have experienced major valuation resets.

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 Crusoe Energy Systems, $26.0B–$31.0B
Second most valuable climate tech startup Helion Energy, $15.5B
Median climate tech valuation Approximately $1.05B
Share of climate tech valuation captured by the top 10 Approximately 47%
Top climate tech startup valuation vs. median Approximately 27x
Median climate tech valuation-to-capital-raised ratio Approximately 1.7x
Climate tech startups valued at $1B+ 53
Market map chart showing top companies and startups in the climate tech market

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 details 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 Crusoe Energy Systems AI data centers and cloud $26.0B–$31.0B Partial Confidence Active Raise Valuation Estimated $4.49B Strong Confidence
2 Helion Energy Commercial fusion power development $15.5B Full Confidence Announced Private Round Valuation Observed ~$1.5B Partial Confidence
3 Octopus Energy Renewable energy supply and generation $7.0B–$8.3B Partial Confidence Comparables-Based Estimate Estimated ~$1.1B Partial Confidence
4 Verkor Low-carbon EV battery manufacturing $6.0B–$8.5B Partial Confidence Implied Valuation from Raise Implied ~$3.4B Partial Confidence
5 Form Energy Multi-day iron-air grid batteries $5.0B–$8.0B Partial Confidence Implied Valuation from Raise Implied $2.17B Strong Confidence
6 TerraPower Advanced sodium nuclear reactors $5.5B–$7.5B Partial Confidence Implied Valuation from Raise Estimated $1.58B Strong Confidence
7 Redwood Materials Battery recycling and materials production $6.0B–$6.5B Strong Confidence Announced Private Round Valuation Observed ~$4.4B Partial Confidence
8 Commonwealth Fusion Systems Builds commercial fusion power systems $5.0B–$6.5B Strong Confidence Implied Valuation from Raise Implied $3.91B Strong Confidence
9 Fervo Energy Enhanced geothermal power generation $5.5B Full Confidence Public Market Cap Observed $1.36B* Partial Confidence
10 ROX Motor Extended-range electric SUVs $4.0B–$6.0B Partial Confidence Comparables-Based Estimate Estimated $1.43B Strong Confidence
11 BETA Technologies Electric aircraft and charging systems $4.8B Full Confidence Public Market Cap Observed ~$2.9B* Partial Confidence
12 Stegra Produces low-carbon green steel $3.5B–$5.0B Partial Confidence Implied Valuation from Raise Implied $14.14B Strong Confidence
13 Sunwoda Electric Vehicle Battery EV and energy-storage batteries $4.0B Full Confidence Announced Private Round Valuation Observed $1.8B Strong Confidence
14 Hithium Grid-scale energy storage batteries $3.5B–$4.3B Partial Confidence Comparables-Based Estimate Estimated $621M Strong Confidence
15 ProLogium Manufactures solid-state EV batteries $3.8B–$3.9B Strong Confidence IPO or Listing Range Valuation Observed $786M Strong Confidence
16 SVOLT EV batteries and energy storage $3.0B–$4.2B Partial Confidence Comparables-Based Estimate Estimated $3.2B Strong Confidence
17 Enpal Residential solar and energy systems $3.0B–$3.8B Partial Confidence Revenue or ARR Multiple Estimate Estimated ~$4.8B Partial Confidence
18 KoBold Metals AI-driven critical-mineral exploration $3.1B–$3.6B Strong Confidence Comparables-Based Estimate Estimated $1.21B Strong Confidence
19 GoodLeap Home-energy financing technology platform $2.5B–$4.0B Partial Confidence Revenue or ARR Multiple Estimate Estimated ~$1.8B Partial Confidence
20 Group14 Technologies Silicon battery materials manufacturing $2.2B–$3.5B Partial Confidence Proxy-Based Estimate Estimated ~$1.7B Partial Confidence
21 TAE Technologies Commercial fusion energy development $2.4B–$3.2B Partial Confidence IPO or Listing Range Valuation Implied ~$1.8B Partial Confidence
22 Climeworks Removes atmospheric carbon dioxide $1.9B–$3.2B Partial Confidence Announced Private Round Valuation Estimated $1.0B+ Partial Confidence
23 newcleo Lead-cooled advanced nuclear reactors $2.4B–$2.6B Strong Confidence IPO or Listing Range Valuation Observed $755M+ Partial Confidence
24 Star Charge EV charging and energy systems $2.3B–$2.5B Strong Confidence Proxy-Based Estimate Estimated $126M Strong Confidence
25 Sila Nanotechnologies Silicon-anode battery materials $2.2B–$2.5B Strong Confidence Announced Private Round Valuation Observed ~$1.6B Partial Confidence
26 Gokin Solar High-efficiency photovoltaic silicon wafers $2.1B–$2.5B Partial Confidence Comparables-Based Estimate Estimated $616M Strong Confidence
27 Inari Engineers higher-performing crop seeds $2.0B–$2.4B Strong Confidence Announced Private Round Valuation Observed $768M Strong Confidence
28 Solugen Bio-based industrial chemicals manufacturing $1.8B–$2.3B Partial Confidence Proxy-Based Estimate Estimated ~$857M Partial Confidence
29 Ola Electric Electric scooters and motorcycles $1.8B Full Confidence Public Market Cap Observed $1.57B Strong Confidence
30 OCSiAl Industrial single-wall carbon nanotubes $1.5B–$2.1B Partial Confidence Proxy-Based Estimate Estimated ~$290M Partial Confidence
31 NotCo AI-developed plant-based food products $1.5B–$2.0B Partial Confidence Revenue or ARR Multiple Estimate Estimated $425M+ Partial Confidence
32 Fox ESS Solar inverters and battery storage $1.5B–$2.0B Partial Confidence IPO or Listing Range Valuation Estimated $142M Strong Confidence
33 Pivot Bio Microbial nitrogen for crops $1.6B–$1.7B Strong Confidence Announced Private Round Valuation Observed $847M Strong Confidence
34 1KOMMA5° Home electrification and energy software $1.4B–$1.8B Strong Confidence Revenue or ARR Multiple Estimate Estimated $716M Strong Confidence
35 Greater Bay Technology Ultra-fast charging EV batteries $1.4B–$1.8B Partial Confidence Comparables-Based Estimate Estimated $157M Strong Confidence
36 WM Motor Battery-electric passenger vehicles $1.1B–$2.0B Low Confidence Proxy-Based Estimate Estimated $6.57B Strong Confidence
37 Sunfire Manufactures industrial hydrogen electrolyzers $1.2B–$1.8B Partial Confidence Implied Valuation from Raise Implied $1.26B Strong Confidence
38 Uplight Utility grid flexibility software $1.2B–$1.8B Partial Confidence Comparables-Based Estimate Estimated $27M equity Partial Confidence
39 TeraWatt Infrastructure Commercial fleet EV charging hubs $1.2B–$1.8B Partial Confidence Comparables-Based Estimate Estimated $1.10B Strong Confidence
40 Twelve Converts CO₂ into fuels $1.2B–$1.7B Partial Confidence Comparables-Based Estimate Estimated ~$917M Partial Confidence
41 Huasun Heterojunction solar cells and modules $1.2B–$1.7B Partial Confidence Comparables-Based Estimate Estimated $628M Strong Confidence
42 Apeel Sciences Plant-based produce shelf-life coatings $900M–$1.8B Low Confidence Proxy-Based Estimate Estimated ~$640M Partial Confidence
43 Amarenco Develops and operates renewable assets $1.1B–$1.6B Strong Confidence Implied Valuation from Raise Implied $1.86B Strong Confidence
44 Svante Industrial carbon-capture filter systems $1.0B–$1.4B Partial Confidence Comparables-Based Estimate Estimated ~$600M Partial Confidence
45 Infinium Produces ultra-low-carbon synthetic fuels $1.0B–$1.4B Partial Confidence Comparables-Based Estimate Estimated ~$269M+ Partial Confidence
46 SFCC Hydrogen fuel-cell power systems $900M–$1.4B Low Confidence Proxy-Based Estimate Estimated $803M Strong Confidence
47 Palmetto Residential clean-energy platform and financing $900M–$1.3B Partial Confidence Comparables-Based Estimate Estimated $1.88B Strong Confidence
48 Yuze Semiconductor N-type photovoltaic silicon wafers $900M–$1.3B Low Confidence Comparables-Based Estimate Estimated $178M Strong Confidence
49 Xpansiv Environmental commodity market infrastructure $900M–$1.2B Partial Confidence Comparables-Based Estimate Estimated $615M Strong Confidence
50 Mainspring Energy Fuel-flexible linear power generators $1.0B–$1.1B Strong Confidence Announced Private Round Valuation Observed ~$1.04B Partial Confidence
51 Electra.aero Builds hybrid-electric ultra-short aircraft $800M–$1.3B Partial Confidence Implied Valuation from Raise Implied ~$116M Partial Confidence
52 Electric Hydrogen Large-scale green hydrogen electrolyzers $850M–$1.2B Partial Confidence Comparables-Based Estimate Estimated $600M+ Partial Confidence
53 Newlight Technologies Makes biomaterials from greenhouse gases $800M–$1.2B Partial Confidence Implied Valuation from Raise Implied $222M Strong Confidence
54 Spiber Fermentation-made protein materials $750M–$1.1B Partial Confidence Comparables-Based Estimate Estimated $1.07B Strong Confidence
55 TELD EV charging network operator $750M–$1.1B Partial Confidence Comparables-Based Estimate Estimated $193M Strong Confidence
56 Heart Aerospace Hybrid-electric regional passenger aircraft $750M–$1.0B Partial Confidence Implied Valuation from Raise Estimated $185M+ Partial Confidence
57 OVO Energy Residential energy supply and services $740M–$800M Strong Confidence Acquisition Value Estimated $256M Strong Confidence
58 Perfect Day Ferments animal-free dairy proteins $600M–$900M Partial Confidence Revenue or ARR Multiple Estimate Estimated $768M Strong Confidence
59 LanzaJet Sustainable aviation fuel technology $650M–$800M Strong Confidence Active Raise Valuation Observed ~$197M Partial Confidence
60 Heirloom Direct-air-capture carbon removal $650M–$800M Strong Confidence Announced Private Round Valuation Estimated ~$205M Partial Confidence
61 StoreDot Develops extreme-fast-charging EV batteries $600M–$800M Partial Confidence Comparables-Based Estimate Estimated $206M Strong Confidence
62 Einride Electric autonomous freight transportation $684M Full Confidence Public Market Cap Observed $802M Strong Confidence
63 UPSIDE Foods Produces cultivated meat from cells $500M–$800M Partial Confidence Comparables-Based Estimate Estimated $611M Strong Confidence
64 H55 Certified electric aircraft batteries $550M–$750M Partial Confidence Comparables-Based Estimate Estimated ~$105M Partial Confidence
65 Electra Low-carbon electrochemical iron production $500M–$650M Partial Confidence Announced Private Round Valuation Estimated ~$380M Partial Confidence
66 Monolith Clean hydrogen and carbon black $460M–$690M Partial Confidence Comparables-Based Estimate Estimated $1.65B Strong Confidence
67 Prometheus Fuels Makes fuels from captured CO₂ $400M–$700M Low Confidence Proxy-Based Estimate Estimated ~$116M Partial Confidence
68 CarbonCure Injects captured CO₂ into concrete $400M–$700M Partial Confidence Implied Valuation from Raise Estimated ~$97M Partial Confidence
69 Charm Industrial Removes carbon using biomass oil $450M–$650M Partial Confidence Comparables-Based Estimate Estimated ~$249M Partial Confidence
70 Aira Residential heat pumps and electrification $475M–$600M Strong Confidence Revenue or ARR Multiple Estimate Estimated ~$668M Partial Confidence
71 LIVEKINDLY Collective Global plant-based food portfolio $400M–$650M Low Confidence Comparables-Based Estimate Estimated $535M Strong Confidence
72 Impossible Foods Plant-based meat alternatives $400M–$500M Strong Confidence Proxy-Based Estimate Implied ~$2.0B Partial Confidence
73 Turntide Technologies Electrification systems and smart motors $350M–$550M Partial Confidence Comparables-Based Estimate Estimated $525M Strong Confidence
74 Boston Metal Electrolyzes metals without carbon emissions $430M–$450M Strong Confidence Announced Private Round Valuation Observed $500M+ Partial Confidence
75 AIWAYS Electric passenger vehicle manufacturer $390M–$430M Strong Confidence IPO or Listing Range Valuation Implied $331M Strong Confidence
76 Arcadia Utility data and climate software $320M–$450M Strong Confidence Comparables-Based Estimate Estimated $650M Strong Confidence
77 Oxford PV Perovskite-silicon tandem solar cells $300M–$450M Partial Confidence Comparables-Based Estimate Estimated ~$158M Partial Confidence
78 Sublime Systems Makes electrochemical low-carbon cement $300M–$450M Partial Confidence Comparables-Based Estimate Estimated ~$121M Partial Confidence
79 Hozon Auto Neta electric vehicle manufacturer $250M–$450M Low Confidence Proxy-Based Estimate Estimated $5.10B Strong Confidence
80 HysetCo Operates hydrogen mobility infrastructure $280M–$400M Partial Confidence Implied Valuation from Raise Implied ~$217M+ Partial Confidence
81 ZeroAvia Develops hydrogen-electric aircraft propulsion $338M Full Confidence Announced Private Round Valuation Observed ~$403M Partial Confidence
82 Brimstone Produces deeply decarbonized cement $250M–$400M Partial Confidence Comparables-Based Estimate Estimated ~$72M Partial Confidence
83 Plenty Indoor vertical strawberry farming $250M–$350M Strong Confidence Announced Private Round Valuation Implied ~$1.0B historical Low Confidence
84 Nature's Fynd Microbial alternative protein foods $200M–$400M Low Confidence Proxy-Based Estimate Estimated ~$513M Partial Confidence
85 H2Pro Produces hydrogen using E-TAC electrolysis $220M–$380M Low Confidence Comparables-Based Estimate Estimated ~$122M Partial Confidence
86 Mosa Meat Produces cultivated beef from cells $250M–$300M Strong Confidence Announced Private Round Valuation Estimated ~$155M Partial Confidence
87 CarbonCapture Builds modular direct-air-capture systems $120M–$200M Partial Confidence Announced Private Round Valuation Estimated ~$128M Partial Confidence
88 Ascend Elements Recycles batteries into cathode materials $150M–$160M Strong Confidence Acquisition Value Observed $1.70B Strong Confidence
89 Clean Planet Waste plastics into circular fuels $45M–$55M Strong Confidence Implied Valuation from Raise Implied Undisclosed Low Confidence
90 Nexii Building Solutions Manufactures low-carbon building systems $15M–$40M Low Confidence Proxy-Based Estimate Estimated $140M Strong Confidence
91 Northvolt Sustainable lithium-ion battery manufacturing $0M–$50M Low Confidence Proxy-Based Estimate Estimated ~$14.3B Partial Confidence
92 Our Next Energy LFP batteries and energy storage $20M–$30M Strong Confidence Announced Private Round Valuation Observed $610M Strong Confidence
93 Enovate Motors Premium electric passenger vehicles $0M–$50M Low Confidence Proxy-Based Estimate Estimated $1.3B Strong Confidence
94 First Mode Hybrid mining decarbonization systems $18M Full Confidence Acquisition Value Observed $209M Strong Confidence
95 Rad Power Bikes Consumer electric bicycles $15M Full Confidence Acquisition Value Observed $329M Strong Confidence
96 Volocopter Electric vertical takeoff aircraft $11M–$12M Strong Confidence Acquisition Value Observed $565M Strong Confidence
97 Meati Foods Makes mycelium-based meat alternatives $4M–$15M Low Confidence Acquisition Value Estimated ~$374M Partial Confidence
98 Bowery Farming Indoor vertical farming technology $0M–$10M Low Confidence Proxy-Based Estimate Estimated ~$725M Partial Confidence
99 Ample Automated EV battery swapping $0M–$10M Low Confidence Proxy-Based Estimate Estimated ~$330M Partial Confidence
100 Infarm Operated modular vertical farms $0M–$5M Low Confidence Proxy-Based Estimate Estimated ~$602M Partial Confidence
Chart comparing the 2026 size of the climate tech market with other markets of similar size

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

  • Climate tech valuations remain highly concentrated. The ten largest companies represent roughly 47% of the combined midpoint valuation in this ranking, despite the dataset covering 100 businesses across many different climate technologies.
  • Star Charge is an unusual capital-efficiency outlier in the climate tech market. Its roughly $2.4B midpoint valuation is about nineteen times its $126M of disclosed funding, far above most infrastructure-heavy peers.
  • Battery companies show some of the widest outcome dispersion in climate tech. Sunwoda and ProLogium retain valuations near $4B, while Our Next Energy and Ascend Elements are worth only a small fraction of the capital raised.
  • ProLogium has turned approximately $786M of funding into a $3.8B–$3.9B valuation, while Sunwoda reached a similar valuation after raising $1.8B. The comparison highlights sharply different capital requirements even within advanced batteries.
  • Inari and Pivot Bio have a combined midpoint valuation of roughly $3.85B after raising about $1.62B. Agricultural biologicals can therefore create substantial climate tech value without the financing intensity of factories, grids or energy infrastructure.
  • Public markets have compressed several former growth stories. Ola Electric is valued only modestly above cumulative funding, while Einride's $684M market capitalization is already below the roughly $802M that Einride has raised.
  • Capital-intensive climate tech can produce severe downside asymmetry. Ascend Elements raised about $1.7B before reaching an acquisition value near $155M, while Our Next Energy's roughly $25M valuation equals only about 4% of funding.
  • Failed commercialization can erase years of venture value. First Mode, Rad Power Bikes and Volocopter raised more than $1.1B combined, yet their current or acquisition values total only about $45M.
Chart showing First Solar’s strategy in the climate tech market

This chart, featured in our climate tech market deck, looks at First Solar’s strategy in climate tech

A few words 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 private companies do not disclose their valuation, while others operate in capital-intensive sectors where financing structures can make simple comparisons difficult.

To build this 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 climate tech 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, installed capacity, production scale or customer traction, 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 commercial deployments, manufacturing progress, customer contracts, hiring growth, investor quality or product traction.

These comparisons are particularly important in climate tech because the market includes very different business models, from software and energy services to battery factories, fusion companies, carbon removal projects and industrial technologies.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by public market values, transaction data, strong operating metrics and comparable company analysis.

We also carefully evaluate the age of every data point. Recent information carries more weight, while older climate tech valuations are treated cautiously and adjusted conservatively when necessary.

Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.

Because valuation data is not always fully public, each climate tech 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.

Funding confidence is evaluated separately. Exact disclosed funding totals receive more weight than approximate totals, historical figures or funding amounts that mix equity with other forms of financing.

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.

Chart showing the projected CAGR of the climate tech market

This chart, featured in our climate tech market deck, illustrates yearly funding for climate tech startups

Related blog posts

- The full range of business models in the climate tech market

Who is the author of this content?

NEW MARKET PITCH TEAM

We track new markets so founders and investors can move faster

We build living “market pitch” documents for emerging markets: from AI to synthetic biology and new proteins. Instead of digging through outdated PDFs, random blog posts, and hallucinated LLM answers, our clients get a clean, visual, always-updated view of what’s really happening. We map the key players, deals, regulations, metrics and signals that matter so you can decide faster whether a market is worth your time. Want to know more? Check out our about page. You can also follow us on Instagram or on Facebook.

How we created this content 🔎📝

At New Market Pitch, we kept seeing the same problem: when you look at a new market, the data is either missing, paywalled, or buried in 300-page reports that feel like they were written in the 80s. On the other side, LLMs and random blog posts give you confident answers with no sources, and sometimes they just make things up. That’s not good enough when you’re about to invest real money or launch a company.

So we decided to fix the experience. For each market we cover, we build a structured database and update it on a regular basis. We track funding rounds, fund memos, M&A moves, partnerships, new products, policy changes, and the real activity of startups and incumbents. Then we turn all of that into a clear “market pitch” that shows where the opportunities are and how people actually win in that space.

Every key data point is checked, sourced, and put back into context by our team. That’s how we can give you both speed and reliability: fast coverage of new markets, without the usual guesswork.

Back to blog