Equity funding for cleantech and sustainability-focused startups saw a significant decline in the first half of 2024, allocating approximately $9.6 billion, a 61% decrease from the latter half of the previous year and a 10% drop from the same period last year. Industries related to cleantech were less affected during the post-2021 downturn compared to other sectors. Despite the drop in equity investments, debt-based project financing surged, with companies like Northvolt and H2 Green Steel securing substantial funds. Battery supply chains and recycling attracted notable investments, with Sila Nanotechnologies and Ascend Elements raising significant rounds. Electric vehicle charging and hydrogen energy ventures continued to garner interest, with investments flowing into companies like Electra, FLO, Hysata, and Koloma. However, the pace of IPOs and M&A in the cleantech sector remains slow, with some potential for a warmer exit climate next year as well-funded private companies prepare for IPOs.
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