2026创新经济：气候科技行业研究报告 Sector Spotlight Climate Technology

INNOVATIONECONOMY

SectorSpotlight:ClimateTechnology

2026

Executivesummary

HeadofClimateTechnology:

RobertKeepers

HeadofClimateTechnology,CommercialBanking

Authors:

JulieTsang

InnovationEconomyInsightsAnalyst

NickCandy

HeadofInnovationEconomyInsights

VincentHarrison

InnovationEconomyInsightsAnalyst

Climatetechnology,orclimatetech,isakeydriverofthetransitiontoalow-carboneconomy,andventureactivitywithinthesectorremainssteady.Fundingcontinuestoflowintostartupsfocusedongridreliabilityandexpandingenergystorageaspowerdemandaccelerates.Thatdemandisrisingduetomultipleforces,includingeconomy-wideelectrificationandtherapidbuildoutofAIanddata-centerinfrastructure.Investorscontinuetoseekbatteryandgrid

modernizationtechnologiesasthey’refoundationaltoaflexibleandresilientenergysystem.Solutionsfocusedonthecriticalmineralssupplychainarealsogainingmomentum,reflectingtheirrelevancetothescalabilityofenergytransition.Later-stagefinancingremainsagatingfactor,especiallyascompaniesmovefrompilotstofirst-of-a-kind(FOAK)deploymentsand

ontocommercialscale.Wearededicatedtosupportingfoundersthatareworkingonclimateandsustainabilitysolutions.

-RobertKeepers

2

3

Contents

01Macrolandscape

02Climatetechtaxonomyandbackdrop

03Startupinvestmenttrends

04Financingthetransition

1

01

Macrolandscape

Demandforpowerisrising;renewablesareanimportantpartofthesolution

ELECTRICITYCONSUMPTIONCLIMBSASDATACENTERSSCALE

5,000TWh

4,500TWh

4,000TWh

3,500TWh

3,000TWh

2,500TWh

2,000TWh

ElectricityconsumptionElectricitynetgeneration

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026E

Annualelectricitynetgenerationandconsumption1

Incrementalelectricity-datacenters

Incrementalelectricity-other

20212022202320242025E2026E2027E

600TWh

500TWh400TWh300TWh200TWh

100TWh0TWh

Annualincrementalelectricitynetgeneration1,2

RENEWABLESEXPANDROLEINELECTRICITYGENERATION

CoalNaturalgasNuclearRenewablesPetroleumandother

27%

5,000TWh

4,000TWh

3,000TWh

2,000TWh

1,000TWh

0TWh

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026E

Annualelectricitynetgenerationbyenergysource3

SOLAR&STORAGE:AGROWINGSHAREOFADDITIONALCAPACITY

SolarBatterystorageWindNaturalgasCoalNuclearGeothermal

60GW50GW40GW

30GW

81%

20GW

10GW

0GW

202020212022202320242025

Netcapacityadditionsbyenergysource4

70GW

Afteradecadeofrelativelymuted

growth,U.S.electricityconsumptionisclimbing,drivenbythebuildoutofnewdatacentersalongsidethebroader

electrificationoftheU.S.economy.TheDOE5estimatesdatacenters(primarilyusedforAI)willdoubleelectricity

demandby2028.Energyproductionisrisingtomeetdemandwithsupply

increasinglymetbyrenewables.Recentlegislationisshapingoutcomes:IRA6

incentivesareboostingactivityinsolar,windandstoragesectorswhilenew

gasplantsfaceincreasedcompliancecosts.Tosupporttherenewables

expansion,gridmodernizationis

importanttomanagevariable

generationanddemandspikes.The

pathforwardisadualbuildout:moregenerationtoserverisingdemandandscalestoragewithgridupgradesto

ensuregridreliabilityandresilience.

Note:Figuresreflect

U.S.data

unlessotherwisenoted.1U.S.electricpowersector.2Cumulativeincrementalelectricitynetgenerationfrom2020onwards.3Renewablesincludeswind,solar,woodandwood-derivedfuels,landfillgas,solidwaste,otherwastebiomass,geothermaland

hydroelectric.4U.S.net

summercapacityadditions,whichisdefinedasthemaximumoutputthatgeneratingequipmentcansupplyatthetimeofsummerpeakdemand.5TheDOErepresentstheU.S.DepartmentofEnergy.6IRArepresentstheInflationReductionActof2022.

Source:

U.S.EnergyInformationAdministration

;

LawrenceBerkeleyNationalLaboratory

;

TheU.S.DepartmentofEnergy.

5

Electricalgridsareoverdueformajorupgradestohandledemand

GRIDHARDENING:RESILIENCY,RELIABILITY&MODERNIZATION

Over70%oftransmissionlinesareover25yearsold

Monitoring5.5millionUpdatesarenecessarytomilesoflinesisdifficulthandlemodern

electrificationdemands

RELIABILITY:OUTAGESAREGETTINGLONGER

2015201620172018201920202021202220232024

12

10

8

6

4

2

0

Totalhoursofpoweroutageanaveragecustomerexperiencesinayear(SAIDImetric)2

RESILIENCY:MOREMILESOFTRANSMISSIONLINESNEEDED

PertheDOE’sNationalTransmissionPlanningStudy,annualadditionsof5,000high-voltagemilesareneededtomeetgrowingdemand.

2,500

2,000

1,500

1,000

500

0

20152016201720182019202020212022202320242025

AlltransmissionlinesHighvoltagelines

Milesoftransmissionlinesaddedtothegridbyyear1

MODERNIZATION:NEWSUPPLYWILLCOMEFROMRENEWABLES

1,000GW

500GW

0GW

2015201620172018201920202021202220232024

Solar

StorageWind

Other(Hydro,Nuclear,Geothermal)

2,500GW

2,000GW

1,500GW

Totalcapacityofinterconnectionrequestsbacklogbyprojecttype(cumulativeGW)

Aselectricitydemandrisesamidthe

buildoutofdatacentersandbroader

electrificationefforts,thegridis

showingclearsignsofstrain.Despitetheurgentneedtoupdateaging

transmissionlines,constructionofnewlines(especiallymorereliablehigh

voltagelines)iswellbelowthelevel

necessarytokeepupwithdemand.

Gridsmustmanageagrowingshareofsupplycomingfromrenewables,whichoftenrequiresmoretimebecauseof

challengessuchaslongerdistances

betweenpowergenerationandend-

usefacilities—therisingbacklogof

interconnectionrequestshighlightsthisissue.Lookingahead,meetingthenextwaveofelectricitydemandwillrequiregridresilienceandstreamlined

processingandapprovalsforinterconnectionrequests.

Note:Figuresreflect

U.S.data

unlessotherwisenoted.1TransmissionlinesaddedaretransmissionprojectscompletedinFERCEnergyInstructureUpdates.2025onlyincludesJanuarytoSeptemberdata.2SAIDIisareliabilitymetricwhichstandsforSystemAverageInterruptionDurationIndexandismeasuredusingtheIEEEstandard.

Source:

FederalEnergyRegulatoryCommission(FERC)

;U.

S.DepartmentofEnergy

;

LawrenceBerkeleyNationalLaboratory.

6

7

Risingelectricitydemandandclimateriskspressurehouseholdfinances

THECOSTOFELECTRICITYKEEPSONRISING

30

25

20

1.2

1.1

1.0

CPI(inflation)AverageU.S.electricityprice

0.9

Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25

123

1.4

Manyfactorsarepushingupthecostofelectricityfasterthaninflation:

1.SpikesinLNGpricingin

1.4Nov.2021and2022.

2.Extremeweather

events,liketheTexasheatwaveinJuly2022.

1.33.Increasingelectricity

consumptionfromdata

centers.

1.5

CPIandaverageelectricityprice(indexedto1/1/2020)

THEFREQUENCYOF$1B+DISASTERSISINCREASING

SeverestormWinterstormDrought

Freeze

TropicalcycloneFlooding

Wildfire

15

10

5

0

2015201620172018201920202021202220232024

Billion-dollardisastersbytypeofdisaster1

HOMEINSURANCEPREMIUMSHIGHERINDISASTER-PRONEAREAS

26%higherthanthe

nationalaverage10%higherthanthe

nationalaverage

$0

SoutheastNortheastMidwestNorthern

GreatPlains

$2,321

Nationalaverage

$3,000

$2,500

$2,000

$1,500

$1,000

$500

SouthernGreatPlains

SouthwestNorthwest

2018-2022averagehomeownersinsurancepremiumbypolicy(highestriskcategory)byU.S.region

Electricitypriceshaveincreasedmorequicklythaninflationsince2020,risingnearly6%betweenSeptember2024and2025.Costlyweatherdisastersareconcentratedindenselypopulated

coastalregions,suchastheSouthandSoutheast.Theseweatherevents

contributetohigherelectricitypricesbecauseofinfrastructuredamage,

supplydisruptionandcostly

investmentsingridresilience.Thesecostsalsoaffectinsurancemarkets,

withpremiumsrisingindisaster-proneregionsduetoincreasedclaimsand

elevatedriskassessments,whichin

turndriveupreinsurancecosts.Gridmodernizationisimportanttohelp

moderatetheimpactofelectricity

prices,insurancepremiumsandotherexpensesassociatedwiththecost-of-living.

Note:Figuresreflect

U.S.data

unlessotherwisenoted.1Billion-dollardisastersareCPI-adjustedto2024.

Source:

U.S.BureauofLaborStatistics

;

U.S.EnergyInformationAuthority

;

NationalOceanicandAtmosphereAdministration

;

U.S.DepartmentofTreasury.

1

02

Climatetechtaxonomy

andbackdrop

9

Theclimatetechtaxonomyforresiliencyandadaptation

STARTUPSBUILDINGINTHESESELECTCLIMATETECHSUBSECTORSWILLPLAYACRITICALROLEINENERGYRESILIENCYANDNATIONALSECURITY

Grid

infrastructure

Batteryand

batterymaterials

Climateresiliencyandadaptation

Criticalminerals

extractionand

recycling

Thefocusonsectorsaddressingemergingglobaltrendsisdeliberatebecausethesesubsectorsencompassinnovativesolutionsthatmitigateoradapttoclimatechange.

•Gridandbatterytechnologies

strengthengridresiliency,supportingrobustinfrastructure.

•Climateresiliencyandadaptationtech

helpsbusinessesandpeoplebetterunderstandandacclimatetothe

changingenvironment.

•Criticalmineralsextractionand

recyclingtechisintegraltoprovidingasufficientsupplyforseveralcritical

climatetechnologies,includinglithium-ionbatteries.

ClimateIntuitionSeries

TheJ.P.Morgan

ClimateIntuition

thoughtleadershipserieshighlightsthe

impactofclimatechangeonstrategicdecision-making,rangingfromfuture-proofingportstotherecentshiftinglobalenergyandgeopoliticaldynamics.

The“Resilience:WhereClimateChangeandNationalSecurityMeet”paper1

underlinesthegrowingalignmentbetweenclimateandnationalsecurity.Threeofthemainthemesalignwiththesubsectorshighlightedinthisreport:

Climatechangeasastrategicthreatmultiplier:

Disasterresponse

Resourcemanagement

Resilientinfrastructure:

Decentralization

Disastervs.accessibilityerosion

Multi-useplanning

Informationgatheringandinterpretation:

Uncreweddatacollectionandsmarttechnologies

Dataprovenanceandcybersecurity

Note:1Forthefullpaper,referto

Resilience:WhereClimateChangeandNationalSecurityMeet

.

10

Dr.SarahKapnick

GlobalHeadofClimateAdvisoryCommercial&InvestmentBank

Climaterisk,financialexposureandtheshifttowardcleanenergyinnovation

COMPANIESTHATINCLUDEACUTE&CHRONICPHYSICALRISKINCLIMATERISKASSESSMENTS1

Electricutilities

Realestate

Utilitiesex.Electric

utilities

Materials

Consumerstaples

Industrials

Energy

Informationtechnologies

Financials2

Consumerdiscretionary

Communicationservices

Healthcare

94%

90%

92%

87%

90%

86%

89%

84%

87%

84%

84%

78%

83%

75%

82%

76%

80%

75%

80%

78%

78%

72%

74%

68%

AcutephysicalriskChronicphysicalrisk

68%-94%ofcompaniesincludeacuteandchronicphysicalriskinclimate

riskassessments

TOTALANNUALFINANCIALIMPACTONS&PGLOBAL1200COMPANIES3

Coastalflood

TropicalcycloneFluvialflood

Wildfire

Landslide

PluvialfloodDrought

WaterstressExtremeheat

$885B

$38B

$89B

$181B

$538B

$265B

$925B$696B

$1,641B

$82B

$192B$1,206B

$1,800B

$1,600B

$1,400B

$1,200B

$1,000B

$800B

$600B

$400B

$200B

$0B

2030s2050s2090s

$55B$134B

$300B

Bythe2050s,costswillreach$1.2T/yrwithutilitiesrepresentingthe

largestsectoroflosses($244B)

FOSSILFUELVS.CLEANENERGYPATENTSBYCOUNTRY

SouthAfrica36130

Mexico207267

Hungary33355

HongKong9415

Turkey33526

Singapore239675

Brazil389738

Russia1,173

Israel61

India820Switzerland200

Denmark245

Canada1,854Sweden320

ChineseTaipei132

1,625

1,647

1,682

2,528

3,105

4,460

5,797

10,104

UnitedKingdom2,332

France3,220Korea1,574

Germany3,273

JapanSaudiArabia447

Norway1,170

1101001,00010,000100,000

10,251

16,663

40,843

42,284

Fossilfuelpatents

Emergingenergytechnologypatents4

3,349

1,663

1,192

Australia2391,121

U.S.25,3565,696

69,982

72,742

91,781

Logscale

China

Emergingenergytechnologypatentsdominateinnovationfor

commercializationworldwide

Note:1AsofMarch3,2025;Resultsbasedonresponsesfromparticipatingcompaniesinthe2024CSAassessedonthetopicsofclimateriskmanagementandfinancialrisksofclimatechange.Thesamplesizesare3,200companiesassessedonclimateriskmanagementand2,655companiesassessedonthefinancialrisksofclimatephysicalhazards.2Financialimpactforthefinancialssectordoesnotreflectportfolioexposure.3UnderSSP2-4.5(amediumclimatechangescenario)thatcontemplatesstrongmitigation,inwhichtotalgreenhousegasemissionsstabilizeatcurrentlevelsuntil2050andthendeclineto2100.Thisscenarioisexpectedtoresultinglobalaveragetemperaturesrisingby2.7C(2.1C-3.5C)bytheendofthecentury.)No

inflationassumptionsareappliedandresultsarepresentedinnominal2024prices.4Includesstorage,industryenergyefficiencyorsubstitution,e-mobility,buildingenergyefficiency,solar,hydrogenandfuelcells,wind,bioenergy,vehiclefuelefficiency,renewableenergyintegrationinbuildings,grid,nuclear,otherrenewables,carboncaptureandstorage,renewables,energyefficiency,agricultureenergyefficiency,andair-rail-marine.

Source:

S&PGlobalSustainable1

;

2025S&PGlobal

;

IEA

.

11

Spotlight:Theracetosecurecriticalminerals

CRITICALMINERALDEMANDISSURGING

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Copper

GraphiteNickelLithiumCobalt

REE

2021202420302040

Selectcriticalmineralsglobaldemand(indexedto2021)1

SUPPLYSHORTFALLSESTIMATEDTOCONTINUE

LithiumCopperNickelCobaltGraphiteREE0%

-5%

-10%

-15%

-20%

-25%

-30%

2021202420302040

Selectcriticalmineralsglobalshortfallasashareoftotaldemand1,2

INCOMBINATION,THERELATIVEIMPORTANCEANDACCESSIBILITYOFCRITICALMATERIALSVARIES

Mineralavailabilityandprocurementease

GraphiteNeodymium(REE)

Prase(m)iumDysprosium(REE)

Cobalt

Lithium

NearcriticalCritical

Nickel

Mineralimportancetothefutureofenergy

1.52.02.53.03.54.04.5

3.5

3.0

2.5

Copper

2.0

U.S.criticalityassessmentinthemediumterm:Importancetoenergyandsupplyrisk3

Asglobaladoptionofenergytechnologiesaccelerates,demandforcriticalmineralsisestimatedtooutpacesupplygrowththrough2040.Theanticipatedsupplyshortfallisparticularlypronouncedincopper,cobaltandREE,withshortfallestimatestoreach25%ormoreby2040.Inthisenvironment,U.S.criticalmineralsupplychainsrequiresignificantreinforcementtomitigatesupplyriskandbolsternational

security.TheU.S.remainshighlyreliantonimports,whichislargelydrivenbytheconcentrationofcriticalmineralproductioninChina,Chile,Australia,DemocraticRepublicoftheCongo,IndonesiaandBrazil.

Note:1Selectcriticalmineralsarecopper,graphite,nickel,lithium,cobaltandrareearthelements(REE).Supply,demandandshortfallestimatesarefromtheInternationalEnergyAgency(IEA).2Shortfalliscalculatedasprojectedsupplyminusdemand.3IntheU.S.criticalityassessment,importancetoenergyfactorsinenergydemandandsubstitutabilitylimitations.Supplyriskfactorsinbasicavailability,competingtechnologydemand,political,regulatoryandsocialfactors,codependenceonothermarkets,andproducerdiversity.

Source:

InternationalEnergyAgency

;

U.S.EnergyInformationAuthority

;

U.S.GeologicalSurvey

.

1

03

Startupinvestmenttrends

13

Climatetechventurefundingpersistsamidstlowerdealvolume

FUNDINGKEEPSFLOWINGWHILEDEALCOUNTFALLS

1,744

1,8301,822

$16.8B

$30.7B

$21.6B

$13.4B

$14.3B

$17.6B

1,496

1,451

1,151

202020212022202320242025

Capitalinvested——Dealcount

Climatetechinvestmentactivity1

LATER-STAGEDEALSIZESGROWASINDUSTRYMATURES

$98M

$50M

$64M

$40M

$45M

$8M

$11M

$12M

$11M

$14M

$13M

$20M

$27M

$34M

$33M

$35M

$28M

$30M

$2M

$2M

$2M

$3M

$3M

$3M

SeedSeriesASeriesBSeriesC

202020212022202320242025

Climatetechmediandealsizebyseries2,3

LATER-STAGEDEALSINCREASEASASHAREOFTOTALDEALS

4%

11%

24%

57%

2024

6%

12%

25%

52%

2020

3%

11%

24%

59%

2023

5%

11%

27%

53%

2022

6%

16%

23%

51%

2025

7%

12%

26%

50%

2021

SeedSeriesASeriesBSeriesCSeriesDSeriesE+

Climatetechdealsbyshareofalldealsbyyear1,2

CRITICALMINERALSBREAKSOUTASACATEGORY

AllU.S.venture

39%Climate

26%

9%

8%6%

Batterytech

50%tech

36%26%

20%

37%

0%Criticalminerals

100%

70%

DERs

34%

25%31%

Grid

technology

18%16%

19%

-12%

20%

Mainstreambatterytech

Adaptationtech

86%

90%

77%

3%

-21%

64%

61%

62%

56%

1%

-14%

14%10%

100%

26%

29%

13%

Changeinventuredealcountfrom2020foryears2021-2025,forselectsubsectorsandniches

Climatetechfundingrosein2025evenasthenumberofdealsfell,which

mirrorsthebroaderventuremarket.

Theshareofdealshasmovedlater

stage,onesignthecategoryis

maturing.Dealsizeshaveremained

fairlyconsistent,exceptforSeriesC

dealswhichroseduetolargerdeals

beingraisedbybatterytechnologyandmineralexplorationcompanies.The

mainbreakoutcategoryhasbeen

criticalminerals,whichhasseentheamountofdealsdoublesince2020.Inaddition,adaptationtechhasbuckedthebroaderventuremarkettrend,andmorerecentlythemainstreambatterynichehasstartedtobecomemore

activeafteraslightslumpin2023.

Note:Figuresreflect

U.S.data

unlessotherwisenoted.1Allclimatetechincludesbatteryandgridtech,cleanmobilityandcharginginfrastructure,foodandagriculturetech,builtenvironment,industrialtech,carbontech,andadaptationandwatertech.2Onlydealswithdisclosedseriesdatawereincluded.3Logscaledusedforeaseofinterpretation.

Source:PitchBook.DatahasnotbeenreviewedbyPitchBookanalysts.

14

Balancingtheload:Gridtechunlocksflexibilitytomanagedemand

2025GRIDTECHINVESTMENTHITSANALL-TIMEHIGH

Capitalinvested

$0.0B

202020212022202320242025

VPPs&DERMSDERsGridintelligenceTransmissiontech

$86M$340M

$570M

$1.4B

$2.5B

$2.0B

$1.5B

$1.0B

$0.5B

Ventureactivityforgridtechstartupsbysubsector1

STARTUPSWORKINGON‘DERS’RAISELARGERROUNDS

202120232025

ClimatetechGridtechDERsGridintelligenceTransmissiontech

$7M

$6M

$5M

$4M

$3M

$2M

$1M

$0M

Mediandealsizeforclimatetech,gridtechandselectsubsectors2,4

ASGRIDTECHSTARTUPSGROW,CAPITALNEEDSACCELERATE

GridtechClimatetech

AllventureGridtechClimatetech

AllventureGridtechClimatetech

Allventure

$120M

$100M

$80M

$60M

$40M

$20M

$0M

SeedEarly-stageLate-stage

$47M

$8M

$20M$4M

$28M

$22M

$11M

$4M

$4M

Venturedealsizerangesbystageandsector3

MOREGRIDTECHSTARTUPSAREINCORPORATINGAI

63%

58%

42%

GridintelligenceDERsTransmissiontech

202020212022202320242025

70%

60%

50%

40%

30%

20%

10%

0%

ShareofgridtechstartupsthatincorporateAIacrossselectsubsectors1,4

Gridtechventurefundingreacheda

recordhighin2025.Thisincreasewasprimarilyduetoamega-roundraisedbyonecompany,reflectingthe

heightenedinterestintheaggregationofDERs.Utilitiesareincreasingly

workingwithVPPprovidersand

integratingDERstoexpandgrid

capacityusingexistinginfrastructure.DERsareapowerfultoolforexpandinggridflexibility,suchasresidential

batterysystems.Generally,these

solutionstendtobemorecapital

intensiveduetothecostofthe

underlyinghardware.AIisbecomingincreasinglyintegratedtoimprovegridcapabilities,forinstance,byenablingworkerstoefficientlyanalyzegriddataandidentifyanomalies.

Note:Figuresreflect

U.S.data

unlessotherwisenoted.1VPPrepresentsvirtualpowerplants.DERMSisshortfordistributedenergyresourcemanagementsystems.DERsrepresentsdistributedenergyresources.Transmissiontechincludesadvancedtransmission,grid-enhancingandgridresiliencytechnology.2Dealsincludedifdealsizeisdisclosed.3Startupsincludedinanalysisiftheyraisedfundingbetween2023and2025.Dealsexcludediffundingisnotdisclosed.4VPPs&DERMsareexcludedduetosmallsamplesize.

Source:PitchBook.DatahasnotbeenreviewedbyPitchBookanalysts.

Chargingahead:Batterytechmomentumcontinues

BATTERYTECHREMAINSANAREAOFFOCUSFORINVESTORS

$4.5B

$3.0B

$1.5B

$0.0B

2020

20212022

Next-genbatteries

20232024

Mainstreambatterytech

$2.2B

$536M2025

Ventureinvestmentforbatterytechstartupsbysubsector1

MEGA-ROUNDSSPOTLIGHTTECHADVANCINGTOWARDSSCALE

6

3

1

20202021202220232024

Next-genbatteriesMainstreambatterytech

4

3

11

3

1

2025

9

3

1

Countofmega-roundsraisedbybatterytechsub-sectorstartups1

NEXT-GENBATTERYTECHSTARTUPSDRAWSIGNIFICANTCAPITAL

$26M$29M$28M

$5M$4M$4M$4M$15M$11M$8M

$160M

$140M

$120M

$100M

$80M

$60M

$40M

$20M

$0M

SeedEarly-stageLate-stage

(A)Next-genbatteries

(B)Mainstreambatterytech

(A)(B)ClimateAll

techventure

(A)(B)ClimateAll

techventure

$22M

All

venture

(A)(B)Climatetech

$101M

Venturedealsizerangesbystageandsector2

FUNDINGR&DISTHETOPRATIONALEFORMEGA-ROUNDS

R&D/Commercialization,

,

Other.,

6%

Developpilot6%

dfirstfactory,13%

plant,Buil

Geographic

expansion,13%

Shareofbatterytechmega-roundsbyfundingrationale

Climatetechinvestorshavecontinuedtobackbatterytechstartups,with

investmentreaching$2.8billionin

2025.Startupsdevelopingbattery

technologiesandsolutionstendto

requiremorecapital,especiallyfor

next-genbatteries.Eachyear,a

consistentnumberofmega-roundsareraised,withproceedstypically

allocatedtoR&D,commercializationeffortsandbuildingorexpanding

factories.

Note:Figuresreflect

U.S.data

unlessotherwisenoted.1Mainstreambatterytechincludeslithiumbatteryinnovationandmanufacturing.Next-genbatteriesincludesinnovativebatterysolutionslikesolid-stateandsodiumionbatteries.BMSrepresentsbatterymanagementsystems.2Startupsincludedinanalysisiftheyraisedfundingbetween2023and2025.(A)Next-genbatteries.(B)Mainstreambatterytech.Dealsexcludediffundingisnotdisclosed.

Source:PitchBook.DatahasnotbeenreviewedbyPitchBookanalysts.

15

16

Resiliencethroughinnovation:Adaptationtechaddressesclimaterisks

ADAPTATIONTECHACTIVITYPERSISTSASDISASTERSRISE

$600M

$500M

$400M

$300M

$200M

$100M

$0M

20202021

Climateriskmodeling

$47M

$23M

$276M

2025

20222023

Weatherforecasting

2024

Ecologicalrestoration

Ventureactivityforclimateresiliencyandadaptationtechstartupsbysubsector1

FUNDINGGROWSFORSTARTUPSWORKINGONWILDFIRETECH

48

38

35

29

28

24

202320242025

$400M

$320M

$240M

$160M

$80M

$0M

Wildfiremitigationtech(software)

Wildfiremitigationtech(hardware)

13

13

2022

10

6

2021

6

1

2020

Venturedealcountandinvestmentbetweenwildfiremitigationtechsoftware&hardwaresolutions3

WILDFIRESCOSTTHEU.S.ASMUCHAS$893BANNUALLY

Diminishedrealestatevalue

Exposuretowildfiresmoke

IncomelossfromwildfiresWatershedcostsInsurancepayoutsTimberloss

Other

$338B

$203B

$148B

$147B

$15B

$12B

$32B

Top-endtotalannualcostsandlossesasaresultofclimate-exacerbatedwildfiresintheU.S.2AIENABLESFASTERREACTIONSTORISKS

Subsector

AIusecases

Climateriskmodelling

Automatedclimatemodellingandriskassessment

Riskanalyticsforpropertyandcasualtyinsurance

Weatherandenvironmentaldatacollectionandanalysis

Wildfirerisk

Automatingwildfiredetectionandnotification

Real-timewildfireriskassessment

Powerlinemonitoring

Weatherforecastingtech

Hyper-local,morefrequentweatherpredictions,

enablingfasteraction

Sector-specificriskassessment(supplychain,agriculture,etc.)

AI-drivenadaptationtechsubsectorsdealsandshareofsubsectors’dealsbyyear

Asnaturaldisastersgrow