2023 climate tech venture investment trends

enJanuary 11, 2024

Catalyst with Shayle Kann

Podcast Summary

Climate tech investment market decline by 30% in 2023: The climate tech investment market saw a significant decrease of 30% in 2023 compared to the previous year, but optimism remains due to policy tailwinds and past capital influxes.
The climate tech investment market in 2023 experienced a significant decline of 30% compared to the previous year, reaching $32 billion in venture growth funding globally. This downturn was influenced by both the macroeconomic environment and the realization that the peak of the market had been reached in 2021 and 2022. Despite this decline, climate tech investment still saw meaningful reasons for optimism due to policy tailwinds and an influx of capital in recent years. Overall, 2023 represented a wait-and-see approach in the climate tech investment landscape. It's important to note that this decline aligns with the overall trend in venture capital as well.
Venture capital market decline, climate tech relatively insulated: Climate tech experienced marginal decrease in 2023, contrasting 39% decline in tech overall. Fewer mega rounds led to less deal activity in dollars, emphasizing the need for redefining success in climate tech.
The venture capital market saw a significant decline in 2023, with tech as a whole down 39%. However, climate tech was relatively insulated, experiencing only a marginal decrease. This trend can be attributed to the fewer large growth rounds and mega deals compared to earlier years. While deal activity remained relatively stable with a 3% decline, the absolute dollar amount declined due to the lack of mega rounds. This highlights the need to reconsider the definition of success in venture capital for climate tech, where graduating out of venture and securing project finance or debt for larger projects could be more valuable than continuously raising large growth rounds. The trend of large private rounds has dried up substantially, leading to fewer exits as well. Overall, the market shift affects all stages, but the impact may not be universal.
Macro downturn causes bifurcation in venture capital, including climate tech: The macroeconomic downturn resulted in a significant decrease in late-stage venture and growth investments, while early-stage investment saw a smaller decline. Early stage investors are pulling back, leading to smaller rounds and longer fundraising processes. Companies are also raising extensions or bridge rounds to extend their runway.
The macroeconomic downturn in 2023 led to a significant bifurcation between early stage and later stage investments in the venture capital market, including climate tech. Late-stage venture and growth investments dropped by 30%, while early-stage investment saw a 41% decrease in dollar activity compared to 2022. This is the first time since tracking the space that Series A investment has dropped. Early stage investors are also pulling back, leading to smaller rounds and longer fundraising processes. This trend towards smaller rounds may be more realistic for companies, as they focus on achieving milestones and avoiding overvaluation. Additionally, many companies are raising extensions or bridge rounds to extend their runway and avoid facing a potential valuation downtick in the market. Overall, this shift in the venture capital landscape may lead to a more sustainable fundraising environment for both founders and investors.
Decline in Food and Land Use Investments in Climate Tech: Investments in food and land use sectors of climate tech saw a significant drop off in 2023 due to a distaste for the sector, with notable bankruptcies and poor performance in public markets, such as Beyond Meat, and the indoor agriculture sector experiencing a drying up of investments.
The investment landscape in climate tech saw a significant drop off in 2023, particularly in the sectors of food and land use, and alternative proteins. Despite climate tech being a broad and comprehensive field, these sectors historically accounted for a large portion of investments. However, the trend was more pronounced than the data suggests, as many bridge rounds and extensions, which are not often announced, may be missing from the dataset. The decline in food and land use investments can be attributed to a distaste for the sector, with notable bankruptcies and poor performance in public markets, such as Beyond Meat, contributing to the trend. Additionally, the indoor agriculture sector, which had previously received significant funding, also saw a drying up of investments. It's important to note that separating the viable companies from those that are not performing well is crucial in these sectors.
Steel sector sees breakthrough year in climate tech funding: The steel sector experienced significant growth in 2023 due to large funding rounds for companies like h2GreenSteel and Boston Metal, while sectors like emissions reporting faced market oversaturation and potential overfunding.
The climate tech industry underwent significant shifts in 2023, with some sectors experiencing growth while others saw a decline. The industry sector, specifically steel, had a breakthrough year due to large mega rounds, such as those raised by h2GreenSteel and Boston Metal. These companies were able to secure substantial funding due to having projects already in motion and receiving significant public financing. On the other hand, sectors like emissions and sustainability reporting faced market oversaturation and potential overfunding, leading to a down year compared to previous periods. Overall, the climate tech industry continues to evolve, with new innovations and investments shaping its future.
Decrease in climate tech sector exits in 2023: 50% fewer exits in 2023 compared to the prior year, mainly due to fewer SPACs, but acquisitions and IPOs still occurred, including Carbon Engineering's $1 billion acquisition by Oxy.
The climate tech sector, particularly in the carbon accounting space, has seen a decrease in exit activity in 2023, with 50% fewer exits compared to the prior year. This was mainly due to the decline in SPACs, but acquisitions and a few notable IPOs still occurred. The acquisition of Carbon Engineering by Oxy for $1 billion was a significant event in the space. However, the number of bankruptcies and companies that went out of business did not significantly increase as expected. Overall, the sector is showing signs of green shoots but is still in a wait-and-see phase as the market figures out the potential opportunities and outcomes.
Climate tech industry faces survival of the fittest: Despite significant investments and revenue, several climate tech companies have shut down or effectively shut down due to inflationary pressures, higher interest rates, and supply chain disruptions. Only those able to build projects and deliver on time over the long term are expected to succeed.
The climate tech industry has seen several companies shut down or effectively shut down this year, despite having significant investments and revenue. Proterra, a notable example, went bankrupt despite being a real business with real revenue and having successfully completed a SPAC. The reasons for these failures include inflationary pressures, higher interest rates, and supply chain disruptions. These challenges have put the market in a more realistic position, allowing only the fittest companies to survive. The decline in the industry is expected to continue, but with the hope that inflation and interest rates will decrease next year, allowing surviving companies to breathe and focus on delivering projects over the long term. Additionally, there have been some acquisitions of struggling companies at lower valuations. Overall, the climate tech industry is facing a period of survival of the fittest, with only those able to build projects and deliver on time over the long term expected to succeed.
Historically underfunded sectors like energy and heavy industry are seeing increased investor interest: Despite receiving less funding, sectors like energy and heavy industry contribute a larger share of emissions. New investor focus and policy tailwinds are driving interest in industrial decarbonization solutions like hydrogen, heat pumps, green steel, and cement.
While transportation has historically been the most overfunded sector in climate tech, receiving 30% of venture and growth investment since 2020 despite accounting for only 15% of total emissions, sectors like energy and heavy industry, which contribute 34% and 24% of emissions respectively, have been underfunded. However, there are signs of a shift in investor focus towards industrial decarbonization, with excitement for solutions like industrial heat, heat pumps, green steel, and cement. Additionally, policy tailwinds are pushing more investor interests into these sectors. Energy, which is often seen as a solved problem by new investors, is actually much larger and more complex than many realize, with only 20% of final energy consumption in the US being electricity. The relative maturity of renewables and the availability of nuclear power have led some to believe that energy is solved, but the reality is that there are still many venture-grade opportunities in energy innovation, particularly in areas like hydrogen and energy storage.
Climate tech industry maturing with repeat investors focusing on specific areas: Repeat investors are increasingly focusing on energy storage and industrial decarbonization in the maturing climate tech industry, with the US and Europe leading the way, and California and the UK as key regions.
The climate tech industry is maturing, with more repeat investors entering the space and focusing on specific areas of innovation, such as energy storage and industrial decarbonization. The number of unique investors in climate tech has declined, particularly among those who dipped their toes in the water but never fully committed. The US and Europe continue to dominate the climate tech ecosystem, with the US accounting for about 50% of investment and Europe around 30%. California and the UK are leading regions within these continents, each accounting for around 19% and 10% of companies, respectively. These trends suggest that climate tech is no longer just a trend, but a serious and growing industry with a clear focus on reducing emissions and addressing climate change.
Climate tech landscape differs across regions: California leads in long-duration energy storage and hydrogen, Europe focuses on climate management, Southeast Asia and India on micro mobility and battery swapping, Texas emerging as a hub, Northern Europe driving industrial decarbonization
The climate tech landscape varies significantly across different geographies. While traditional hard tech companies like long-duration energy storage and hydrogen dominate in California, Europe sees a higher concentration of climate management companies due to regulatory incentives and supportive policies. In contrast, Southeast Asia and India focus on micro mobility and battery swapping. Regions like Texas, with emerging hubs in Austin and Houston, are expected to see increased investment in the coming years. Additionally, Northern Europe, with its significant share of overall funding, is poised to drive industrial decarbonization in Europe with the implementation of CBAM. The case for Houston as a hub for climate tech lies in its talent pool, access to customers and partners, and competitive labor costs.
Europe's climate policies driving decarbonization, significant climate tech investment expected in 2024: Europe's strict climate policies will push industries towards decarbonization, leading to significant climate tech investment in 2024. The transition from venture and growth investment to larger asset classes is a crucial marker for success.
Europe's strict climate policies will push industries towards decarbonization, impacting them heavily. The climate tech investment market is expected to remain significant in 2024, with more clarity on rules and regulations. However, the graduation of climate tech from venture and growth investment into larger asset classes is a crucial marker for success. Kim Zhu, co-founder and CEO of Sightline Climate, believes 2024 could be an inflection point for this transition. The conversation also touched upon the wait-and-see attitude of investors and founders in 2023, and the potential impact of macroeconomic factors on climate tech investment. For more insights, check out Sightline Climate's report and subscribe to their weekly Climate Tech VC newsletter.

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Energy Minute: The Next Step to Net Zero is Hourly Tracking

How can companies better work towards meeting their clean energy adoption goals?

This episode is about obtaining the best available data to inform your energy decisions. Tracking energy and by extension, carbon data by the hour provides granular-level insights you can’t get from a monthly utility bill. By switching from monthly to hourly emissions reporting, energy procurement and ESG/sustainability teams gain a deeper understanding of their firm’s carbon mix—consumption versus energy sources—and can monitor their decarbonization progress more effectively.

Tune in to learn more about how using more granular hourly data can help close the gaps in your company’s energy load.

The Decarbonization Race

enOctober 17, 2022