2026创新经济：气候科技行业研究报告-

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

01Macrolandscape

1

Demandforpowerisrising;renewablesareanimportantpartofthesolution

ELECTRICITYCONSUMPTIONCLIMBSASDATACENTERSSCALE

Electricityconsumption——Electricitynetgeneration

5,000TWh

4,500TWh

4,000TWh

3,500TWh

3,000TWh

2,500TWh

2,000TWh

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026E

Annualelectricitynetgenerationandconsumption1

600TWh

500TWh

400TWh

300TWh

200TWh

100TWh

0TWh

70GW

60GW

50GW

40GW

30GW

20GW

10GW

0GW

Incrementalelectricity-datacentersIncrementalelectricity-other

20212022202320242025E2026E2027E

Annualincrementalelectricitynetgeneration1,2

5,000TWh

4,000TWh

3,000TWh

2,000TWh

1,000TWh

27%

0TWh

RENEWABLESEXPANDROLEINELECTRICITYGENERATION

Coal

Naturalgas

Nuclear

Renewables

Petroleumandother

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026E

Annualelectricitynetgenerationbyenergysource3

81%

SOLAR&STORAGE:AGROWINGSHAREOFADDITIONALCAPACITY

Solar

Batterystorage

Wind

Naturalgas

Coal

Nuclear

Geothermal

202020212022202320242025

Netcapacityadditionsbyenergysource4

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:FiguresreflectU.S.dataunlessotherwisenoted.1U.S.electricpowersector.2Cumulativeincrementalelectricitynetgenerationfrom2020onwards.3Renewablesincludeswind,solar,woodandwood-derivedfuels,landfillgas,solidwaste,otherwastebiomass,geothermalandhydroelectric.4U.S.netsummercapacityadditions,whichisdefinedasthemaximumoutputthatgeneratingequipmentcansupplyatthetimeofsummerpeakdemand.5TheDOErepresentstheU.S.DepartmentofEnergy.6IRArepresentstheInflationReductionActof2022.

Source:

U.S.EnergyInformationAdministration

;

LawrenceBerkeleyNationalLaboratory

;

TheU.S.DepartmentofEnergy.

5

6

Electricalgridsareoverdueformajorupgradestohandledemand

GRIDHARDENING:RESILIENCY,RELIABILITY&MODERNIZATION

Over70%oftransmissionlinesareover25yearsold

Monitoring5.5millionUpdatesarenecessaryto

milesoflinesisdifficulthandlemodern

electrificationdemands

RELIABILITY:OUTAGESAREGETTINGLONGER

12

10

8

6

4

2

0

2015201620172018201920202021202220232024

RESILIENCY:MOREMILESOFTRANSMISSIONLINESNEEDED

2,500

2,000

1,500

1,000

500

0

AlltransmissionlinesHighvoltagelines

PertheDOE’sNationalTransmissionPlanningStudy,annualadditionsof5,000high-voltage

milesareneededtomeetgrowingdemand.

20152016201720182019202020212022202320242025

Milesoftransmissionlinesaddedtothegridbyyear1

MODERNIZATION:NEWSUPPLYWILLCOMEFROMRENEWABLES

2,500GW

2,000GW

1,500GW

1,000GW

500GW

0GW

Solar

Storage

Wind

Other(Hydro,Nuclear,Geothermal)

2015201620172018201920202021202220232024

Aselectricitydemandrisesamidthe

buildoutofdatacentersandbroaderelectrificationefforts,thegridis

showingclearsignsofstrain.Despitetheurgentneedtoupdateaging

transmissionlines,constructionofnewlines(especiallymorereliablehigh

voltagelines)iswellbelowthelevelnecessarytokeepupwithdemand.

Gridsmustmanageagrowingshareofsupplycomingfromrenewables,whichoftenrequiresmoretimebecauseof

challengessuchaslongerdistances

betweenpowergenerationandend-

usefacilities—therisingbacklogof

interconnectionrequestshighlightsthisissue.Lookingahead,meetingthenextwaveofelectricitydemandwillrequiregridresilienceandstreamlined

processingandapprovalsforinterconnectionrequests.

Totalhoursofpoweroutageanaveragecustomerexperiencesinayear(SAIDImetric)2Totalcapacityofinterconnectionrequestsbacklogbyprojecttype(cumulativeGW)

Note:FiguresreflectU.S.dataunlessotherwisenoted.1TransmissionlinesaddedaretransmissionprojectscompletedinFERCEnergyInstructureUpdates.2025onlyincludesJanuarytoSeptemberdata.2SAIDIisareliabilitymetricwhichstandsforSystemAverageInterruptionDurationIndexandismeasuredusingtheIEEEstandard.

Source:

FederalEnergyRegulatoryCommission(FERC)

;U.

S.DepartmentofEnergy

;

LawrenceBerkeleyNationalLaboratory.

7

Risingelectricitydemandandclimateriskspressurehouseholdfinances

THECOSTOFELECTRICITYKEEPSONRISING

Manyfactorsarepushing123

upthecostofelectricityfasterthaninflation:

1.SpikesinLNGpricinginNov2021and2022

..

2.Extremeweather

events,liketheTexasheatwaveinJuly2022.

3.Increasingelectricity

1.4

consumptionfromdatacenters.

CPI(inflation)AverageU.S.electricityp

rice

1.5

1.4

1.3

1.2

1.1

1.0

0.9

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

CPIandaverageelectricityprice(indexedto1/1/2020)

THEFREQUENCYOF$1B+DISASTERSISINCREASING

30

25

20

15

10

5

0

Tropicalcyclone

Flooding

Wildfire

Severestorm

WinterstormDrought

Freeze

2015201620172018201920202021202220232024

Billion-dollardisastersbytypeofdisaster1

HOMEINSURANCEPREMIUMSHIGHERINDISASTER-PRONEAREAS

$3,000

$2,500

$2,000

$1,500

$1,000

$500

$0

26%higherthanthe

nationalaverage

$2,321

10%higherthanthe

nationalaverage

SoutheastNortheastMidwestNorthern

GreatPlains

Southern

GreatPlains

SouthwestNorthwestNationalaverage

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:FiguresreflectU.S.dataunlessotherwisenoted.1Billion-dollardisastersareCPI-adjustedto2024.

Source:

U.S.BureauofLaborStatistics

;

U.S.EnergyInformationAuthority

;

NationalOceanicandAtmosphereAdministration

;

U.S.DepartmentofTreasury.

Climatetechtaxonomy

andbackdrop

02

1

Grid

infrastructure

Batteryand

batterymaterials

Climateresiliencyandadaptation

Criticalminerals

extractionand

recycling

9

Theclimatetechtaxonomyforresiliencyandadaptation

STARTUPSBUILDINGINTHESESELECTCLIMATETECHSUBSECTORSWILLPLAYACRITICALROLEINENERGYRESILIENCYANDNATIONALSECURITY

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

Climaterisk,financialexposureandtheshifttowardcleanenergyinnovation

TOTALANNUALFINANCIALIMPACTONS&PGLOBAL1200COMPANIES3

COMPANIESTHATINCLUDEACUTE&CHRONICPHYSICALRISKINCLIMATERISKASSESSMENTS1

Electricutilities

94%

90%

Realestate

Utilitiesex.Electric

utilities

Materials

Consumerstaples

Industrials

87

8

84%

87

84%

84%

78%

92%

%

86%

90%

9%

%

Energy

83%

75%

Informationtechnologies

Financials2

Consumerdiscretionary

Communicationservices

Healthcare

82%

76%

80%

75%

80%

78%

78%

72%

74%

68%

Acutephysicalrisk

Chronicphysicalrisk

68%-94%ofcompaniesincludeacuteandchronicphysicalriskinclimate

riskassessments

FOSSILFUELVS.CLEANENERGYPATENTSBYCOUNTRY

SouthAfrica36mn130

Mexico207267Hungary33355

HongKong9415

Turkey33526Singapore239675

Brazil389738

Australia2391,121

Russia1,1731,625

Israel61

India820Switzerland200

1,647

1,682

2,528

3,105

Denmark245

4,460

Canada1,854

Fossilfuelpatents

Emergingenergytechnologypatents4

Sweden320

ChineseTaipei132

16,663

UnitedKingdom2,332France3,220

40,843

42,284

Korea1,574

Germany3,273

25,356

69,982

72,742

91,781

U.S.

China5,696

Japan3,349

SaudiArabia447mn1,663

Norway1,1701,192

Logscale

1101001,00010,000100,000

Emergingenergytechnologypatentsdominateinnovationfor

commercializationworldwide

$1,800B

$1,600B

$1,400B

$1,200B

$1,000B

$800B

$600B

$400B

$200B

$0B

Waterstress

$82B

$192B

$55B

$134B

$89B

Coastalflood

Tropicalcyclone

$1,641B

FluvialfloodWildfire

Landslide

PluvialfloodDrought

$1,206B

Extremeheat

$300B

$885B

$38B$265B

$181B

$925B

$696B$538B

2030s2050s2090s

Bythe2050s,costswillreach$1.2T/yrwithutilitiesrepresentingthe

largestsectoroflosses($244B)

Dr.SarahKapnick

GlobalHeadofClimateAdvisoryCommercial&InvestmentBank

5,797

10,104

10,251

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

Copper

Graphite

9.0

Nickel

Lithium

8.0

Cobalt

7.0

-10%

-15%

-20%

-25%

-30%

REE

6.0

5.0

4.0

3.0

2.0

1.0

0.0

2021202420302040

Selectcriticalmineralsglobaldemand(indexedto2021)1

SUPPLYSHORTFALLSESTIMATEDTOCONTINUE

0%

-5%

LithiumCopperNickelCobaltGraphiteREE

2021202420302040

Selectcriticalmineralsglobalshortfallasashareoftotaldemand1,2

INCOMBINATION,THERELATIVEIMPORTANCEANDACCESSIBILITYOFCRITICALMATERIALSVARIES

3.5

3.0

2.5

2.0

andprocurementease

Praseodym(REE)

Neodymiium

Graphitum(REE)

Cobalt

e

Dyspr

osium(REE)

Mineralavailability

Nearcritica

l

Critical

Lithium

Mine

Copper

ralimportance

Nicke

tothefutu

l

reofenergy

1.52.02.53.03.54.04.5

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

.

03Startupinvestmenttrends

1

13

Climatetechventurefundingpersistsamidstlowerdealvolume

FUNDINGKEEPSFLOWINGWHILEDEALCOUNTFALLS

LATER-STAGEDEALSINCREASEASASHAREOFTOTALDEALS

$16.8B

$30.7B

$21.6B

$13.4B

$14.3B

$17.6B

Climatetechfundingrosein2025evenasthenumberofdealsfell,which

mirrorsthebroaderventuremarket.

Theshareofdealshasmovedlater

stage,onesignthecategoryis

maturing.Dealsizeshaveremained

fairlyconsistent,exceptforSeriesC

dealswhichroseduetolargerdeals

beingraisedbybatterytechnologyandmineralexplorationcompanies.The

mainbreakoutcategoryhasbeen

criticalminerals,whichhasseentheamountofdealsdoublesince2020.Inaddition,adaptationtechhasbuckedthebroaderventuremarkettrend,andmorerecentlythemainstreambatterynichehasstartedtobecomemore

activeafteraslightslumpin2023.

7%

12%

24%

26%

59%

50%

5%

11%

27%

4%

11%

24%

6%

16%

23%

6%

12%

25%

3%

11%

57%

53%

52%

51%

202020212022202320242025

Seed

SeriesA

SeriesB

SeriesC

SeriesD

SeriesE+

Climatetechdealsbyshareofalldealsbyyear1,2

1,8301,822

1,496

1,451

202020212022202320242025

Capitalinvested——Dealcount

Climatetechinvestmentactivity1

1,744

1,151

LATER-STAGEDEALSIZESGROWASINDUSTRYMATURESCRITICALMINERALSBREAKSOUTASACATEGORY

$64M

$98M

$50M

$40M

$45M

$2M

$2M

$2M

$3M

$3M

$3M

$8M

$11M

$12M

$11M

$14M

$13M

$20M

$27M

$34M

$33M

$35M

$28M

$30M

SeedSeriesASeriesBSeriesC

2020

2021

2022

2023

2024

2025

100%

Adaptationtech

86%

90%

AllU.S.venture

39%

Batterytech

62%

70%

77%

50%

Grid

Climatetech

26%

37%

36%technology56%

29%

26%

\9%

26%18%16%

20%

0%

Criticalminerals

8%6%

·3%14%10%13%·1%

-21%-14%

100%

64%

DERs

61%

34%

25%

.

19%

31%

20%

Mainstreambatterytech

-12%

Climatetechmediandealsizebyseries2,3Changeinventuredealcountfrom2020foryears2021-2025,forselectsubsectorsandniches

Note:FiguresreflectU.S.dataunlessotherwisenoted.1Allclimatetechincludesbatteryandgridtech,cleanmobilityandcharginginfrastructure,foodandagriculturetech,builtenvironment,industrialtech,carbontech,andadaptationandwatertech.2Onlydealswithdisclosedseriesdatawereincluded.3Logscaledusedforeaseofinterpretation.

Source:PitchBook.DatahasnotbeenreviewedbyPitchBookanalysts.

14

Balancingtheload:Gridtechunlocksflexibilitytomanagedemand

2025GRIDTECHINVESTMENTHITSANALL-TIMEHIGH

Capitalinvested

$2.5B

$2.0B

$1.5B

$1.0B

$0.5B

$0.0B

$86M

$340M

$570M

$1.4B

202020212022202320242025

VPPs&DERMS

DERs

Gridintelligence

Transmissiontech

Ventureactivityforgridtechstartupsbysubsector1

STARTUPSWORKINGON‘DERS’RAISELARGERROUNDS

$7M

$6M

$5M

$4M

$3M

$2M

$1M

$0M

2021

2023

2025

ClimatetechGridtechDERsGridintelligenceTransmissiontech

Mediandealsizeforclimatetech,gridtechandselectsubsectors2,4

ASGRIDTECHSTARTUPSGROW,CAPITALNEEDSACCELERATE

$120M

$100M

$80M

$60M

$40M

$20M

$0M

Seed

GridtechClimatetech

AllventureGridtechClimatetech

Allventure

Early-stageLate-stage

$47M

$20M

$11M

$28M

$22M

$4M$4M

$4M

$8M

AllventureGridtechClimatetech

Venturedealsizerangesbystageandsector3

MOREGRIDTECHSTARTUPSAREINCORPORATINGAI

70%

60%

50%

40%

30%

20%

10%

0%

63%

58%

42%

GridintelligenceDERsTransmissiontech

202020212022202320242025

ShareofgridtechstartupsthatincorporateAIacrossselectsubsectors1,4

Gridtechventurefundingreacheda

recordhighin2025.Thisincreasewasprimarilyduetoamega-roundraisedbyonecompany,reflectingthe

heightenedinterestintheaggregationofDERs.Utilitiesareincreasingly

workingwithVPPprovidersand

integratingDERstoexpandgrid

capacityusingexistinginfrastructure.DERsareapowerfultoolforexpandinggridflexibility,suchasresidential

batterysystems.Generally,these

solutionstendtobemorecapital

intensiveduetothecostofthe

underlyinghardware.AIisbecomingincreasinglyintegratedtoimprovegridcapabilities,forinstance,byenablingworkerstoefficientlyanalyzegriddataandidentifyanomalies.

Note:FiguresreflectU.S.dataunlessotherwisenoted.1VPPrepresentsvirtualpowerplants.DERMSisshortfordistributedenergyresourcemanagementsystems.DERsrepresentsdistributedenergyresources.Transmissiontechincludesadvancedtransmission,grid-enhancingandgridresiliencytechnology.2Dealsincludedifdealsizeisdisclosed.3Startupsincludedinanalysisiftheyraisedfundingbetween2023and2025.Dealsexcludediffundingisnotdisclosed.4VPPs&DERMsareexcludedduetosmallsamplesize.

Source:PitchBook.DatahasnotbeenreviewedbyPitchBookanalysts.

15

Chargingahead:Batterytechmomentumcontinues

$4.5B

$3.0B

$1.5B

$0.0B

BATTERYTECHREMAINSANAREAOFFOCUSFORINVESTORS

$2.2B

$536M

202020212022202320242025

Next-genbatteries

Mainstreambatterytech

Ventureinvestmentforbatterytechstartupsbysubsector1

MEGA-ROUNDSSPOTLIGHTTECHADVANCINGTOWARDSSCALE9

6

4

3

1

3

3

3

1

1

1

1

202020212022202320242025

Next-genbatteriesMainstreambatterytech

Countofmega-roundsraisedbybatterytechsub-sectorstartups1

NEXT-GENBATTERYTECHSTARTUPSDRAWSIGNIFICANTCAPITAL

$160M

$140M

$120M

$100M

$80M

$60M

$40M

$20M

$0M

Late-stage

Seed

Early-stage

(A)Next-genbatteries

(B)Mainstreambatterytech

$101M

$29M$28M

$26M

$15M$11M$8M

oo$22M

$4M

$4M

$5M

$4M

(A)(B)ClimateAll

techventure

(A)(B)ClimateAll

techventure

(A)(B)ClimateAll

techventure

Venturedealsizerangesbystageandsector2

FUNDINGR&DISTHETOPRATIONALEFORMEGA-ROUNDS

R&D/Commercialization,39%

Other(M&A,etc.),

6%

Developpilotplant,Build

6%

Geographic

expansion,13%

Expandfactory

footprint,23%

firstfactory,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:FiguresreflectU.S.dataunlessotherwisenoted.1Mainstreambatterytechincludeslithiumbatteryinnovationandmanufacturing.Next-genbatteriesincludesinnovativebatterysolutionslikesolid-stateandsodiumionbatteries.BMSrepresentsbatterymanagementsystems.2Startupsincludedinanalysisiftheyraisedfundingbetween2023and2025.(A)Next-genbatteries.(B)Mainstreambatterytech.Dealsexcludediffundingisnotdisclosed.

Source:PitchBook.DatahasnotbeenreviewedbyPitchBookanalysts.

16

Resiliencethroughinnovation:Adaptationtechaddressesclimaterisks

ADAPTATIONTECHACTIVITYPERSISTSASDISASTERSRISE

$600M

$500M

$400M

$300M

$200M

$100M

$0M

$47M

$23M

$276M

202020212022202320242025

Climateriskmodeling

Weatherforecasting

Ecologicalrestoration

Ventureactivityforclimateresiliencyandadaptationtechstartupsbysubsector1

FUNDINGGROWSFORSTARTUPSWORKINGONWILDFIRETECH

$400M

$320M

$240M

$160M

$80M

$0M

13

1

48

Wildfiremitigationtech(software)

Wildfiremitigationtech(hardware)

38

35

29

10

13

24

28

6

6

202020212022202320242025

Venturedealcountandinvestmentbetweenwildfiremitigationtechsoftware&hardwaresolutions3

WILDFIRESCOSTTHEU.S.ASMUCHAS$893BANNUALLY

Diminishedrealestatevalue

Exposuretowildfiresmoke

IncomelossfromwildfiresWatershedcostsInsurancepayoutsTimberloss

Other

$338B

$203B

$148B

$147B

$15B

$12B

$32B

Top-endtotalannualcostsandlossesasaresultofclimate-exacerbatedwildfiresintheU.S.2

AIENABLESFASTERREACTIONSTORISKS

Subsector

AIusecases

Climateriskmodelling

Automatedclimatemodellingandriskassessment

Riskanalyticsforpropertyand