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2025
Clean Energy VC Ecosystem Overview
March 24, 2025
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Resilient clean energy investment: Grid infrastructure technologies take the lead
Despite ongoing market headwinds, VC investment in clean energy technologies remained relatively stable in 2024, declining only 3.1% YoY to $17.9 billion. This minor dip marks a stark contrast to the steep 24.4% drop in 2023. While overall deal count fell by 4.2%, grid infrastructure technologies emerged as the clear winner, attracting $6.4 billion in VC funding—more than any other segment. Long-duration energy storage solutions like iron-air and liquid air batteries captured investor attention, with companies such as Form Energy and Highview Power leading the charge.
Regional investment trends also shifted notably. North America accounted for 43.8% of global clean energy VC deal value, its highest share since 2019, as Asia's portion declined significantly. Meanwhile, the exit market faced a severe downturn, with total VC exit value plummeting by 86.8% to just $1.1 billion.
As median deal sizes hold steady, early-stage clean energy valuations have taken a hit, dropping 50.7% to $21.9 million. However, late-stage pre-money valuations continue to rise, indicating a shift in investor confidence toward more mature, scalable technologies.
Table of contents
Resilient clean energy investment: Grid infrastructure technologies take the lead
Despite ongoing market headwinds, VC investment in clean energy technologies remained relatively stable in 2024, declining only 3.1% YoY to $17.9 billion. This minor dip marks a stark contrast to the steep 24.4% drop in 2023. While overall deal count fell by 4.2%, grid infrastructure technologies emerged as the clear winner, attracting $6.4 billion in VC funding—more than any other segment. Long-duration energy storage solutions like iron-air and liquid air batteries captured investor attention, with companies such as Form Energy and Highview Power leading the charge.
Regional investment trends also shifted notably. North America accounted for 43.8% of global clean energy VC deal value, its highest share since 2019, as Asia's portion declined significantly. Meanwhile, the exit market faced a severe downturn, with total VC exit value plummeting by 86.8% to just $1.1 billion.
As median deal sizes hold steady, early-stage clean energy valuations have taken a hit, dropping 50.7% to $21.9 million. However, late-stage pre-money valuations continue to rise, indicating a shift in investor confidence toward more mature, scalable technologies.
Table of contents
| Vertical overview | 3 |
| Clean energy VC deal summary | 5 |
| Clean energy landscape | 6 |
| Clean energy VC ecosystem market map | 7 |
| VC activity | 8 |
| Segment overview | 11 |
| Intermittent renewable energy | 12 |
| Dispatchable energy sources | 16 |
| Clean fuels | 21 |
| Grid infrastructure | 26 |
| Appendix | 30 |