PitchBook-風(fēng)險(xiǎn)投資于氣候技術(shù)（英）

Publishing

DesignedbyDrewSanders

PublishedonMarch5,2024

Contents

Keytakeaways

1

Verticalintroduction

2

ClimatetechVCecosystemmarketmap3

P

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EMERGINGTECHRESEARCH

VCInvestmentinClimateTech

2023VCinvestmentinclimatetechfell14.5%from2022totals

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,Institutional

ResearchandEditorial

PaulCondraHeadofEmergingTechnology

Research

InstitutionalResearchGroup

Analysis

JohnMacDonagh

SeniorAnalyst,Emerging

Technology

john.macdonagh@

Data

CollinAnderson

Keytakeaways

DataAnalyst

pbinstitutionalresearch@

?OverallVCinvestmentinclimatetechfell14.5%to$41.1billionin2023,reflectingamorechallengingenvironmentforVCinvesting.2021representsthehighpoint,with$51.0billionintotalVCdealvalue.

?QuarterlyVCdealactivityvariedsubstantiallyduringtheyear,reachingahighof$13.8billioninQ3beforefallingtoalowpointof$7.1billioninQ4—thelowestquartersinceQ22020.

?In2023,thelargestsegmentsbytotalVCraisedwerelow-carbonmobility,

industry,gridinfrastructure,andintermittentrenewableenergysources(solarandwind).

?RegulationandpolicycontinuetobecoredriversofVCactivityforclimate

tech,thoughhighpricesforenergyandfuelaswellasgrowingdemandsfromconsumersandinvestorsarealsoinfluential.

VCdealactivity

5

Climatetechdrivers

12

Note:ThisisthefreeeditionofpremiumcontentproducedbyourEmergingTechnologyResearchteam.Asaresult,partsofthisversionareblurredout.Thefullversionis

availableonlytoPitchBookclients.

1

PitchBookAnalystNote:VCInvestmentinClimateTech

Verticalintroduction

“Climatetech”isabroadterm,andexactdefinitionsofclimatetechnologiesandapplicationsvary.Thisnotecombinestwoanalyst-curatedverticals—carbon&

emissionstechandcleanenergy—andaddsclimate-relevantcategoriesfromthemobilityandfoodtechverticalstoprovideabroadviewoftheclimatetechspace.ThisanalystnoteisanupdatetoourQ22023AnalystNote:VCInvestmentin

ClimateTechnology,andassuch,wedefinetheclimatetechspaceastechnologiesthatacttomitigateclimatechangebyreducinggreenhousegasemissions.

Thisexcludescertainclimate-adjacentareassuchasland-andwater-pollutionremediation,water-usereduction,andclimateadaptationtechnologies.

ClimatetechVCdealactivitybyquarter

$18$16$14$12$10$8$6$4$2$0

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

201820192020202120222023*

Dealvalue($B)Dealcount

700

600

500

400

300

200

100

0

Source:PitchBook?Geography:Global?*AsofDecember31,2023

Thefollowingclimatetechsegmentsareincludedinthisnote:

?Carbontech:Carboncapture,utilization,andstoragetechnologies—includingpoint-sourcecarboncapture,directaircapture,andbiologicalcarbonremoval—pluscarbonaccountingsoftwareandcarbontradingtechnologies.

?Industry:Industrialdecarbonizationthroughalternativestopetrochemicals,low-carbonminingapproaches,low-carbonmetalproduction,and

recyclingtechnologies.

?Builtenvironment:Technologiesthatreducecarbonemissionsfromthebuiltenvironment,eitherduringconstructionorthroughimprovementstothe

postconstructionenergyefficiencyofbuildings.

?Landuse:Technologiestomonitorandreduceemissionsfromnonindustrialor

commercialland,includingtechnologiesthatofferfertilizeralternatives,emissionsleakdetection,andmonitoringoflandusechanges.

?Intermittentrenewableenergysources:Energygenerationtechnologiesreliantonsolarandwindenergy,includingbothhardwareandanalytics.

?Dispatchableenergysources:Cleanenergygenerationthroughgeothermal,hydropower,andnucleartechnologies.

?Cleanfuels:Generationoflow-carbonfuels,includinghydrogen,biofuels,andwaste-to-energy/fuelsandair-to-fuelapproaches.

2

Nonbatterystorage

Analytics&gridmanagement

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PitchBookAnalystNote:VCInvestmentinClimateTech

Gridinfrastructure

Intermittentrenewableenergysources

Batterystorage

Solarphotovoltaic

aexeme

Solarthermal

Wind

StatePower

InvestmentHenan

NewEnergy

TianjinFuhuan

neuheat

ALAEROS

VCactivity

VCinvestmentintoclimatetechfellforthesecondyearinarow,down14.5%from$48.1billionin2022to$41.1billionin2023.2022dealvaluefell5.7%fromthepeakof$51.0billionin2021,whichitselfrepresentsasignificantspikefrom2020’s$25.2billionintotaldealvalueforclimatetech.Thisfallindealvalueintheclimatetech

spaceisnotunexpectedconsideringbroaderVCtrends,anditisalsoasmaller

declinethanhasbeenseenintheVCspaceoverall—from2022to2023,North

AmericanVCdealvaluefell29.6%,1whileEuropeandealvaluefell45.6%.2Deal

countshaveremainedstableforthepastthreeyears,with2023’sdealcountof2,312fallingjustunderthethree-yearaverageof2,349.2023sawclimatetechdealvaluesomewhatevenlysplitbetweenNorthAmerica,Asia,andEurope,whichaccountedfor36.8%,31.7%,and29.3%,respectively—broadlysimilartothegeographic

breakdownin2022.MuchofthedeclineinclimatetechVCdealvaluefrom2022

to2023wasseeninearly-stageandventure-growthdeals,whichfell24.8%and

34.5%YoY,respectively.Bycontrast,late-stagedealvalueremainedstable,only

falling0.6%YoY,andpre-seed/seeddealvalueincreased16.2%.Medianpre-moneyvaluationshaverisento$23.8million,growing12.1%YoY,andmediandealvalue

increased4.1%to$5.2millionfrom2022to2023.

Exitactivityintheclimatetechspaceremainsmuted,falling50.5%from$18.7

billionin2022to$9.3billionin2023.Exitactivityin2022and2023issubstantiallylowernexttotherecord-highpointof$106.4billionin2021.Exitactivityisweightedstronglytowardcertainsegments—84.1%of2021’srecordexitactivitywasfrom

low-carbonmobilitycompanies.

QuarterlyclimatetechVCdealvaluewasvariedin2023,reaching$13.8billioninQ3—thethirdhighestquarteronrecordafterQ3andQ42021—beforefallinginQ4to$7.1billion,thelowestquarterlyvaluesinceQ22020.Q3’sstrongdealvalueis

partlydrivenbyahighnumberoflargedeals,with26dealsabove$100million.Ofthese26deals,5wereabove$500million.

1:SeeourQ42023PitchBook-NVCAVentureMonitorforanoverviewofactivityacrosstheentireVCmarket.

2:Seeour2023AnnualEuropeanVentureReportforfurthercoverageofVCactivityinEurope.

5

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PitchBookAnalystNote:VCInvestmentinClimateTech

In2023,thelargestsegmentsintheclimatetechverticalwere:

?Low-carbonmobility:$8.9billionraisedacross335deals.

?Industry:$8.7billionraisedacross333deals.

?Gridinfrastructure:$5.7billionraisedacross230deals.

?Intermittentrenewableenergysources:$5.6billionraisedacross227deals.

Lookingatindividualcategories,solarphotovoltaictechnologiessecuredthehighestVCfundingintheclimatetechspaceat$5.4billion,thoughinvestmentinthe

categoryfell11.0%YoY.Themanufacturing&chemicalscategoryfollowedthis,with$4.1billionofdealvalue—anincreaseof34.3%from2022.GrowthinthiscategoryispartiallydrivenbyverylargedealsforH2GreenSteel,Verkor,andRedwood

Materials.ThecategorieswiththelargestYoYincreaseindealvalueinclude

greenmining,whichsawlargedealsfromBostonMetal,CornishLithium,and

KoBoldMetals,andmetalrecycling,includingmagnet-recyclingcompanyNoveonMagnetic’s$125.0millionSeriesB.

50VCdealsforclimatetechcompaniesin2023exceeded$150million,andofthese,nineexceeded$500million.The10largestdealsof2023arebestrepresentedby

thelow-carbonmobilityandindustrycategories,withfourdealseachinthetop10.ThethreelargestdealsoftheyearwereH2GreenSteel’s$1.6billionSeriesB2,Verkor’s$1.6billionSeriesC,3andAESC’s$1.0billionSeriesB.

2023climatetechVCdealactivitybysegment*

335

333

372

.

$8,865.6

$8,659.1

230

$5,651.2

227

$5,619.2

151

.

$3,282.5

$3,172.2

296

.

$2,882.4

232

●

$2,773.7

71

.

$1,596.7

140

$1,569.4

Low-carbon

mobility

Industry

Grid

infrastructure

Intermittent

renewable

energy

Cleanfuels

Sustainable

food

Carbontech

Built

Environment

Dispatchable

energy

sources

Landuse

Dealvalue($M)Dealcount

Source:PitchBook?Geography:Global?*AsofDecember31,2023

3:Thisdealincludes$648.5millionindebtfinancing.

6

$51.0

$48.1

$41.1

832

$25.1

$15.6

$9.2

96

59

46

19

$8.6

25

12

$0.4

$23.1

$18.7

$9.2

$3.1

PitchBookAnalystNote:VCInvestmentinClimateTech

ClimatetechVCdealactivity

2,3802,3522,312

1,587

1,248

1,091

$17.7

2017201820192020202120222023*

Dealvalue($B)Dealcount

Source:PitchBook?Geography:Global?*AsofDecember31,2023

ClimatetechVCexitactivity

116

$106.4

2017201820192020202120222023*

Exitvalue($B)Exitcount

Source:PitchBook?Geography:Global?*AsofDecember31,2023

ShareofclimatetechVCdealvaluebyregion

100%90%80%70%60%50%40%30%20%10%

0%

2017201820192020202120222023*

NorthAmerica

Europe

Asia

MiddleEast

Africa

Oceania

Restofworld

Source:PitchBook?Geography:Global?*AsofDecember31,2023

7

PitchBookAnalystNote:VCInvestmentinClimateTech

MedianclimatetechVCdealvalue($M)bystage

$10.0

$5.4

$2.5

$12

$10

$8

$6

$4

$2

$0

2017201820192020202120222023*

Pre-seed/seedEarly-stageVCLate-stageVC

Source:PitchBook?Geography:Global?*AsofDecember31,2023

Median2023climatetechVCpre-moneyvaluation($M)bystage

$55.0

$22.7

$9.8

$60

$50

$40

$30

$20

$10

$0

2017201820192020202120222023*

Pre-seed/seedEarly-stageVCLate-stageVC

Source:PitchBook?Geography:Global?*AsofDecember31,2023

Medianclimatetechventure-growthdeal

value($M)

$16.2

$30

$25

$20

$15

$10

$5

$0

2017201820192020202120222023*

Source:PitchBook?Geography:Global?*AsofDecember31,2023

Medianclimatetechventure-growthpre-moneyvaluation($M)

$140

$120

$100

$80

$60

$40$50.5

$20

$0

2017201820192020202120222023*

Source:PitchBook?Geography:Global?*AsofDecember31,2023

8

PitchBookAnalystNote:VCInvestmentinClimateTech

Keyclimatetechpre-seed/seedVCdealsin2023*

Company

Closedate

Segment

Dealvalue($M)

Leadinvestor(s)

NeoFusion

May19

Dispatchableenergysources

$216.6

N/A

HunanHighstar

November8

Gridinfrastructure

$41.2

N/A

Exodigo

January18

Builtenvironment

$41.0

10D,ZeevVentures

RCBNanotechnologies

October1

Industry

$29.1

N/A

TypeOneEnergy

February17

Dispatchableenergysources

$28.8

BreakthroughEnergy,DoralEnergyTechVentures,TDKVentures

GWDEnergy

May26

Intermittentrenewableenergy

$28.7

N/A

ZhongjingxinNewEnergy

June21

Low-carbonmobility

$28.1

N/A

On.Energy

December15

Gridinfrastructure

$25.0

UltraCapital

Isometric

July18

Carbontech

$25.0

LowercarbonCapital,PluralPlatform

Elecq

November2

Low-carbonmobility

$20.6

ShunweiCapital

Keyclimatetech

early-stageVC

dealsin2023*

Source:PitchBook

?Geography:Global?*AsofDecember31,2023

Company

Closedate

Segment

Dealvalue($M)

Leadinvestor(s)

H2GreenSteel

September7

Industry

$1,629.2

AltorEquityPartners,GIC(Singapore),Hy24,JustClimate

ZEEKRAutomobile

February13

Low-carbonmobility

$750.0

AmnonShashua,YuexiuFinancialHoldings

AVATRTechnology

August31

Low-carbonmobility

$414.8

N/A

AtlasAgro

August14

Landuse

$325.0

MacquarieBank

HUMARA

December15

Industry

$305.5

N/A

HuaSunEnergy

January19

Intermittentrenewableenergy

$291.1

CNBMInvestment

AmbientFuels

May2

Cleanfuels

$250.0

Generate

1KOMMA5

June23

Intermittentrenewableenergy

$232.1

G2VenturePartners

QingdianSolar

May9

Intermittentrenewableenergy

$217.5

BeijingEnergyTongxinInvestment,HefeiIndustryInvestmentGroup

Numbat

October16

Gridinfrastructure,low-carbonmobility

$148.2

DALDeutscheAnlagen-Leasing

Source:PitchBook?Geography:Global?*AsofDecember31,2023

9

PitchBookAnalystNote:VCInvestmentinClimateTech

Keyclimatetechlate-stageVCdealsin2023*

Company

Closedate

Segment

Dealvalue($M)

Leadinvestor(s)

Verkor

September14

Gridinfrastructure,industry

$1,567.1

MacquarieGroup

EnvisionAESC

June30

Low-carbonmobility

$1,000.0

N/A

RedwoodMaterials

August29

Industry

$997.2

CapricornInvestmentGroup,GoldmanSachsAssetManagement

Hithium

June30

Gridinfrastructure

$629.0

BeijingFinancialStreetCapitalOperationCenter,ChinaLifePrivateEquity

AscendElements

September5

Industry

$542.0

DecarbonizationPartners,QatarInvestmentAuthority,TemasekHoldings

EcoCeres

January12

Cleanfuels

$400.0

N/A

ElectricHydrogen

April6

Cleanfuels

$380.6

EnergyImpactPartners,FifthWall,FortescueFutureIndustries,MicrosoftClimateFund

Libode

April11

Low-carbonmobility

$374.7

N/A

JuniperGreenEnergy

September13

Intermittentrenewableenergy

$350.0

Vitol

Astronergy

July24

Intermittentrenewableenergy

$277.4

ChaoxiCapital

Keyclimatetech

venture-growth

dealsin2023*

Source:PitchBook

?Geography:Global?*AsofDecember31,2023

Company

Closedate

Segment

Dealvalue($M)

Leadinvestor(s)

NetaAuto

August29

Low-carbonmobility

$969.4

N/A

Xpansiv

January11

Carbontech

$525.0

BankofAmerica,Blackstone,TheGoldmanSachsGroup

Nexamp

May31

Intermittentrenewableenergy

$400.0

MitsubishiUFJFinancialGroup,U.S.Bank

Newlight

August3

Carbontech

$271.2

GenZero

Redaptive

May3

Builtenvironment

$250.0

N/A

XEnergy

December5

Dispatchableenergysources

$235.0

N/A

CornishLithium

September8

Industry

$212.6

N/A

Lyten

September12

Low-carbonmobility

$200.0

PrimeMoversLab

Infinitum

November1

Low-carbonmobility

$200.0

JustClimate

Ynsect

April16

Sustainablefood,landuse

$175.0

N/A

Source:PitchBook?Geography:Global?*AsofDecember31,2023

10

PitchBookAnalystNote:VCInvestmentinClimateTech

KeyclimatetechVCexitsin2023*

Company

Closedate

Segment

Exitvalue($M)

Acquirer(s)

REPTBATTERO

December18

Gridinfrastructure

$5,066.4

N/A

CarbonEngineering

August15

Carbontech

$1,100.0

OccidentalPetroleum

GaNSystems

March2

Gridinfrastructure

$830.0

InfineonTechnologies

VIA

January31

Low-carbonmobility

$630.0

Ideanomics

Paguld

July14

Intermittentrenewableenergy

$587.2

N/A

WeiliTransmission

August8

Intermittentrenewableenergy

$268.1

N/A

EVPassport

October12

Low-carbonmobility

$200.0

NorthleafCapitalPartners

BorealisFoods

February1

Sustainablefood

$150.0

OxusAcquisition

EnergyPv-tech

February22

Intermittentrenewableenergy

$94.1

SoochowSecuritiesCompany

SurpassSunElectric

March3

Gridinfrastructure

$59.8

BorgWarner

Source:PitchBook?Geography:Global?*AsofDecember31,2023

TopVCinvestorsin2023climatetechcompaniessince2017*

Investor

Dealcount

ClimateCapital

168

SOSV

165

LowercarbonCapital

109

EnergyImpactPartners

82

CPTCapital

73

BlueHorizonCorporation

72

CollaborativeFund

70

AlumniVentures

67

PreludeVentures

67

ShellVentures

61

Source:PitchBook?Geography:Global?*AsofDecember31,2023

TopVC-backedclimatetechcompaniesbytotalVCraisedtodate*

Company

Segment

VCraisedtodate($M)

Northvolt

Industry

$5,667.5

NetaAuto

Low-carbonmobility

$3,591.8

SVOLT

Gridinfrastructure

$3,231.3

GACAion

Low-carbonmobility

$2,965.4

CommonwealthFusionSystems

Dispatchableenergysources

$1,999.0

H2GreenSteel

Industry

$1,988.5

Verkor

Gridinfrastructure,

industry

$1,955.5

ImpossibleFoods

Sustainablefood

$1,862.5

RedwoodMaterials

Industry

$1,815.8

SUNWODAEVB

Low-carbonmobility

$1,615.4

Source:PitchBook?Geography:Global?*AsofDecember31,2023

11

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PitchBookAnalystNote:VCInvestmentinClimateTech

Climatetechdrivers

ClimatetechnologyisnotimmunetothewidertrendsthathaveinfluencedVC

overall.Thespacehasbeenaffectedbychallengingmacroeconomicconditions,includinghighinterestratesandlowerfundraisingactivity.Whiletheclimatetechspaceisverybroad,andmanyareaswithinithavetheirownuniquedrivers,thereareafewareasthathavestronginfluenceacrossclimatetechnologies.

Regulationandpolicy

Regulationandpolicyarestillcriticalforinvestmentinclimatetech.Thoughcertainclimatetechapplicationssuchasrenewableenergy,buildingenergyefficiency,

andelectricvehiclesofferbenefitsoutsideoftheiremissionsreduction,many

Guidancecontinuesto

technologiesinthespaceareultimatelydependentonsupportspecificallyfor

emergeonhowbestto

accessthesupportand

decarbonization.Regulationandpolicysupportforclimatetechisstronginkey

geographies.IntheUS,morethanayearafterthesigningoftheInflationReductionAct(IRA),guidancecontinuestoemergeonhowbesttoaccessthesupportand

incentivesthattheInflation

incentivesthattheIRAprovides.4,5Thisremainsacoreenablerofclimatetech

ReductionActprovides.

deployment,andthusinvestmentintechnologydevelopment.

Europeanregulationsimilarlyincentivizesclimatetechdeployment,thoughit

leansmoreheavilytowardacompliance-basedapproach,asopposedtotheUS’

incentives-basedsupport.TheEU’sEmissionsTradingSystem(ETS)setsacapon

thecarbonemissionsforcertainindustrysectors,andissuesallowancestomarketparticipants.Thosethatemitmorethantheirheldallowancesmustpurchasemore,andthoseemittinglesscanselltheirallowancestoothermarketparticipants.By

reducingthenumberofallowanceseachyear,overallemissionsarereduced,as

companiesotherwisemustpurchasecreditsfromanannuallydecreasingsupply.

Lastyear,allowancepricesreachedarecordhighofover€100.6ThecurrentETS

doesnotcoversomesectorssuchasthebuiltenvironmentandroadtransport

sectors,andasecond“ETSII”isplannedtocovertheseadditionalsectors,with

initialreportingstartingin2025andfulloperationsbeginningin2027.7Further,theEUhasbeguntointroduceaCarbonBorderAdjustmentMechanism(CBAM),whichwillworktoprevent“carbonleakage”(wherehigh-carbonprocessesaremovedoutoftheregion,ratherthandecarbonized)byplacingapriceonthecarbonemissionsofcertaingoodsimportedintotheEU.TheCBAM’sintroductionisalsobeingphasedin,withthefirstreportingrequirementsstartinginJanuary2024andthefullsystembecomingoperationalin2026.8

4:“IRSProvidesAdditionalGuidanceforAdvancedEnergyProjects,”InternalRevenueService,May31,2023.

5:“U.S.DepartmentoftheTreasury,IRSReleaseGuidancetoBuildoutU.S.CleanVehicleChargingInfrastructure,”U.S.DepartmentoftheTreasury,January19,2024.

6:“EUCarbonHits100EurosTakingCostofPollutingtoRecordHigh,”Reuters,SusannaTwidale,KateAbnett,andNinaChestney,February21,2023.

7:“ETS2:Buildings,RoadTransportandAdditionalSectors,”EuropeanCommission,n.d.,accessedFebruary23,2024.

8:“CarbonBorderAdjustmentMechanism,”EuropeanCommission,n.d.,accessedFebruary23,2024.

12

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PitchBookAnalystNote:VCInvestmentinClimateTech

Awarenessandenergycostreduction

Consumertechnologiessuchasresidentialenergysystemsandelectricvehiclesarealsoaffectedbyagrowingdemandfromconsumersforwaystoreducetheircarbonfootprints.9Awarenessofclimatechangeanditsimpacts