PitchBook-2023年二季度碳排放技术报告（英）-2023

EMERGING

TECH

RESEARCHCa

rbon

&

Em

issionsTech

Repor

tVC

trendsandemergingopportunitiesQ2REPORTPREVIEWThefull

reportisavailable

throughthePitchBookPlatform.2023ContentsVertical

overview3Institutional

Research

GroupAnalysisQ22023timeline4JohnMacDonaghSeniorAnalyst,EmergingTechnologyCarbon&emissionstechlandscapeCarbon&emissionstechVC

ecosystemmarketmapVC

activity5john.macdonagh@6pbinstitutionalresearch@8DataAlyssaWilliamsSeniorDataAnalystEmergingopportunitiesVoluntary

carbonmarketsRecyclingtechnologySelectcompanyhighlightsNoveon17182021222426PublishingReportdesignedby

DrewSandersPublishedonAugust4,

20231Komma5°PartannaWe

areaddingPitchBookExitPredictorprobabilitiesto

ourEmergingTechnologyResearchreports.

PitchBook’sproprietaryVC

ExitPredictor

estimatestheprobabilitythatastartup,orVC-backed

company,

willsuccessfullyIPO,beacquired,ormerge.Thetoolisavailableexclusivelyto

PitchBooksubscribers.Q22023

Carbon

&EmissionsTech

ReportCONFIDENTIAL.

NOT

FOR

REDISTRIBUTION.

PG

2Q2

2023

timelineQ2

VC

dealco237total

dealsApril

11-9.5%QoQgrowthMay

3June

20PointsourcecarboncapturetechnologydeveloperSvante

raises$318.0millioninSeriesEfundinginadealledby

Chevron

TechnologyVentures.Thefundingwillbeusedto

accelerateSvante’s

hardwaremanufacturing.BuiltenvironmentenergysystemscompanyRedaptiveraises$250.0millioninSeriesEfundingfromCBREGroup,CPP

Investments,Honeywell,andLinse

Capital.Two

VCMstandardsorganizationsannounceacollaborationaimedatprovidingamarketintegrityframeworkfortheVCMthroughacombination16.7%YoY

growthofstandardsandguidance.431.3%YTD

growthin

dealcountQ2

VC

dealvApril

26May

17June

23$3.4Btotal

dealvalueANorwegiancarboncaptureprojectattheKlemetsrudTheUSDepartmentofEnergy1Komma5°,

aproviderofresidentialenergytechnologiesincludingheatpumps,solar,energystorage,electricvehicle(EV)charging,andenergymanagementsystems,raises$250.5millioninSeriesBfundinginadealledby

G2

Venture

Partners.announces$251.0millioninsupportfor12

carbontransportationandstorageprojectsacrosstheUS.Thisincludesseveralstoragehubsthatcanbeusedby

nearbycarboncaptureprojects,thusreducingWastePlantispausedforayeardueto

projectionsofcostoverruns,largelydrivenbyincreasedsupplycosts,

higher-than-expectedenergy

costs,-18.0%QoQgrowth-6.6%YoY

growthandcurrencyweakening.2transportandstoragecosts.318.8%2:

“Carbon

Capture

Project

in

Norway

Temporarily

Halted

by

High

Costs,”

Reuters,

Nora

Buli,

April

26,

2023.YTD

growthin

dealvalue3:

“Biden-Harris

Administration

Invests

$251

Million

to

Expand

Infrastructure

to

Support

CO2

Transport

and

Storage,”

E,

May

17,

2023.4:

“ICVCM

and

VCMI

Join

Forces

to

Operationalize

a

High-Integrity

Market

to

Accelerate

Global

Climate

Action,”

The

Integrity

Council,

June

20,

2023.Q22023

Carbon

&EmissionsTech

ReportCONFIDENTIAL.

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FOR

REDISTRIBUTION.

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4Carbon

&emissions

techlandscape121234CarbontechIndustry3BuiltenvironmentLanduse4Q22023

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&EmissionsTech

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5VC

activ

it

yVC

investment

in

carbon

&

emissionstech

hasbeen

somewhat

flat

for

the

pastfive

quarters,

thoughthe

VC

deal

value

of

$3.4

billion

fell

short

of

the

$3.9

billion

average

of

the

four

previousquarters

andsigns

of

growth

in

the

previous

twoquarters.

VC

dealcount

shows

similar

trends,

with

a

modest

fallfrom

262

deals

in

Q1

to

237

in

Q2,

though

Q2’s

figure

is

only

slightly

below

the

average

of

246

fromthe

previous

four

quarters.

Pre-money

valuations

continue

to

rise,

up

to

$17.8

million

in

the

first

half

of2023

from

$16.5

million

in

2022,

whilst

the

mediandeal

size

is

similar

to

the

2022

median($4.5

millionin

H1

2023

vs

$4.4

million

in

2022).

Pre-money

valuations

have

been

consistently

higher

for

carbon

&emissionstech

companiesholding

patents,with

the

strongest

difference

occurringin

2022

when

themedianpre-money

valuation

for

companiesholding

patents

was$30.0

million,

comparedto

anoverallmedianof

$16.5

million.

Thus

far

in

2023,

North

American

VC

investment

in

carbon

&

emissionstechaccounts

for

66.8%

of

total

deal

value—the

highest

percentagesince

2018.Carbon&emissionstechmedianVC

pre-moneyvaluation

($Mcompaniesholdingpatentsversusoverall$35$30.0$30$28.0$17.8$25$20$16.5Q2

2023

saw

similar

total

deal

value

into

the

three

largestsegments:

carbon

technologies,industrialdecarbonization,

andbuilt

environment

decarbonization—all

within

4%

of

$1.0

billion.

This

marksa

departure

from

thepattern

in

the

last12

months,

in

which

the

industry

segmentsaw

significantlyhigher

VC

deal

value

than

carbon

tech

andbuilt

environment.This

is

a

result

of

robust

investment

intocarbon

tech

(though

still

behind

a

strong

Q1

2023),

lower

investment

into

industrial

decarbonization,and

a

solidquarterfor

built

environment

decarbonizationtechnologies,which

saw

thesecond-strongest

quarter

on

record,

after

Q1

2022.$15$10$5$0201820192020202120222023*The

carbon

tech

segment

received

particularly

strong

investment

into

point

source

carbon

capturetechnologies,

with$345.0

millionin

VC

deal

value

marking

a

new

high-water

mark

for

the

category.

Similarly,building

energy

efficiency

and

heating

&

cooling

technologies

both

saw

record

quarterly

VC

deal

value,

at$544.0

million

and

$286.7

million,

respectively.

Much

of

this

deal

value

came

from

particularly

large

deals,including

Svante’s

$318.0

million

Series

E

in

the

point

source

carbon

capture

category,

Redaptive’s

$250.0million

Series

E,

and

1Komma5°’s

$232.1

million

Series

B,

both

in

the

building

energy

efficiency

category.WithpatentsOverallSource:PitchBook

•

Geography:Global

•

*As

ofJune30,2023CONFIDENTIAL.

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FOR

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8Q22023

Carbon

&EmissionsTech

ReportVC

ACTIVITYKey

carbon&emissionstechangelandseeddeals*Post-moneyvaluation

($M)CompanyClose

date

(2023)CategoryStageDeal

value

($M)Lead

investor(s)VDePolyJune27May

3Recycling

-polymersGreenconstructionSeedSeedSeedSeedSeedSeedSeedSeedSeedSeed$13.8$12.0$11.8$10.0$9.0$7.1$60.5$190.0N/ABASFVenture

Capital,WingmanVenturesN/A13.4xN/AN/AN/A1.4xN/AN/AN/AN/APartannaAugmentaMagratheaQuiltN/AJune21June7May

16April

28May

30May

18May

31May

11GreenconstructionEclipse

VenturesCapricornInvestmentGroup,VoLoEarthVenturesGreenmining$28.0$28.0$32.0N/AHeating&coolingGradientVentures,

Lowercarbon

CapitalTynt

TechnologiesCUR8

EarthCO280Building

energyefficiencyCarbonfintech&consumerCarbonfintech&consumerBiologicalcarbonremovalN/AGV$6.6$6.1N/AN/AN/AN/AMyno$4.9$4.9N/ACarbonfintech&consumer,ecosystemhealth&monitoringOCELLN/ASource:PitchBook

•

Geography:Global

•

*As

ofJune30,2023Q22023

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&EmissionsTech

ReportCONFIDENTIAL.

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11VC

ACTIVITYKey

carbon&emissionstechearly-stageVC

deals*Post-moneyvaluation

($M)CompanyClose

date

(2023)CategoryStageDeal

value

($M)Lead

investor(s)V1Komma5°INCA

RenewtechPixxelJune23April

26May

11Heating&coolingSeriesBSeriesBSeriesBSeriesASeriesASeriesASeriesBSeriesASeriesA$232.1$39.6$29.5$27.4$27.0$22.2$20.0$16.8$15.4$990.6N/AG2Venture

PartnersTheNewYork

Family

OfficeAlphabetN/AN/A1.6x4.8xN/AN/AN/AN/AN/AN/AManufacturing&chemicalsClimate/EarthdataDirectair

capture$185.0$115.0N/AAtlasApril

25April

25May

19May

24April

11April

20April

13N/ACyclic

MaterialsOxCCURecycling

-metalsBMW

iVentures,

EnergyImpactPartnersCleanEnergyVenturesInovia

CapitalCarbonutilizationN/ANovistoCarbonaccounting/analyticsDirectair

captureN/ANoyaN/ACollaborative

Fund,

UnionSquareVenturesLowercarbon

CapitalAzoraCapitalNovalithAbatableGreenminingN/ACarbonfintech&consumerEarly-stageVC

$14.6N/ASource:PitchBook

•

Geography:Global

•

*As

ofJune30,2023Q22023

Carbon

&EmissionsTech

ReportCONFIDENTIAL.

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FOR

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12SELECT

COMPANY

HIGHLIGHTS:

1KOMMA5°Currently,thecompanyoperatesmultipleEuropeanlocations,includinginGermany,Sweden,andFinland,andithasrecentlyexpandedinto

Denmarkthroughtheacquisitionof

Viasol.Expansioninto

Spain,Italy,

Austria,andSwitzerlandisplannedby

theendof

2023.InOctober2022,1Komma5°

acquiredAustraliansolarandbatterycompanyNatural

Solar,followedby

theJanuary2023acquisitionof

Australia-basedsolarinstallerSolaray,signalingthestartof

1Komma5°’sexpansionoutsideof

Europe.InterestinhomeenergyefficiencyandgenerationishighinbothEuropeandNorth

America,drivenby

increasingdesireto

reduceemissions,plusitspotentialto

mitigatehighelectricityprices—whichisparticularlyrelevantgiventhetrendsinelectricitypricesin2022.Further,asEVs

becomemorepopular,consumersareseekingwaysto

integratetheminto

theirhomeenvironmentwithoutdramaticallyincreasingtheirelectricitycosts.Founded2021Total

raised$470.4M

over

fourdealsFirst

institutionalroundUndisclosedEmployees1,300Lastfinancing$232.1MinaSeriesBPost

moneyvaluation$1.0BPitchBook’sVC

ExitPredictor

gives1Komma5°

a98%probabilityof

asuccessfulexit,witha54%probabilityof

IPOanda44%probabilityof

anexitviaM&A.

1Komma5°’s

opportunityscoreishigh,at94%,indicatingacomparativelyhighexpectedreturnoninvestment.OverviewLeadership1Komma5°

developsandprovidesresidentialclimatetechnologies,includingahomeenergymanagementsystem,integratedheatpumps,plusrooftopsolar,

energystorage,andEV

charginghardware.HeadquarteredinGermany,

1Komma5°

focusesonEuropeanmarkets,providingflexibleinstallationsbasedontheclient’sneedsandhome.•

CEO:PhilippSchröder•

CFO:MichaGrüber•

COO:PhilipLiesenfeld•

CTO:BarbaraWitternberg•

CRO:SaschaKoppe•

CPO:JannikSchallQ22023

Carbon

&EmissionsTech

ReportCONFIDENTIAL.

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24PitchBook

Data,Inc.John

Gabbert

Founder,CEONizarTarhuni

VicePresident,InstitutionalResearchPaulCondraHeadofEmergingTechnologyResearchAbout

PitchBookAdditional

researchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaIndustr

y

and

Technolog

yAliJavaheriali.javaheri@EmergingSpacResearchBrendanBurkebrendan.burke@InternetofThingsInformationSecurityArtificialIntelligence&MachineLearningRobertLerobert.le@InsurtechIndependent,objective,

andtimely

market

intelCryptoAaronDeGagneaaron.degagne@MedtechAs

theprivatemarketscontinueto

growincomplexityandcompetition,it’sessentialforinvestorsto

understandtheindustries,sectorsandcompaniesdrivingtheassetclass.JohnMac