- VC fundraising
- Industrial technology
- ClimateTech
VC fundraising for ClimateTech companies
Climate tech has been the most resilient frontier category through the recent correction, supported by the IRA in the US, the Green Deal in Europe and a substantial pool of sovereign and infrastructure capital actively deploying. Capital has flowed across renewables, storage, carbon removals, low-carbon industrials and sustainable fuels - though early-stage rounds have moderated and capital-intensive operators routinely raise blended equity-plus-project-finance structures.
The active investor mix runs across climate specialists (Breakthrough Energy Ventures, Lowercarbon, Energy Impact Partners, Generation Investment Management) for the venture layer, infrastructure funds and sovereign climate vehicles for the project layer (often in parallel for the same operator), and the corporate venture arms of the industrial energy strategics - Schneider Electric Ventures, Siemens Energy Ventures, GE Vernova - where strategic alignment matters. Tax credits, production credits and grant eligibility are built into the capital stack rather than treated as a footnote. Flow has direct relationships with the specialist funds, infrastructure investors and CVCs active in the category.
Flow has experience running VC fundraising processes for climate tech companies across renewable energy and storage, grid and electrification infrastructure, carbon capture and removals, low-carbon industrials and materials, and sustainable fuels and hydrogen. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.




































"ClimateTech" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Capacity deployed (MW / tCO2)
Project pipeline (MW / contracts)
$/ton CO2 abated
Levelised cost ($/MWh)
Offtake / PPAs signed
Tax credits & grants secured
Project IRR
Capex deployed vs plan
Operating gross margin
Cash runway (months)
ClimateTech valuations in May 2026
Public ClimateTech comps trade at 2.7x EV/Revenue. Median revenue multiple across ClimateTech VC rounds was 12x in the last 12 months.
2.7x
Median EV/Revenue as of May 2026 for public ClimateTech companies
16x
Tesla is the highest valued public ClimateTech company based on EV/Revenue (excluding outliers)
2.0x
Median EV/Revenue across ClimateTech M&A deals in the last 12 months
12x
Median EV/Revenue across ClimateTech VC rounds in the last 12 months
Key recent ClimateTech VC rounds
$1.4B Undisclosed stage raised by Stegra was the largest ClimateTech VC round completed in the last six months.
See all ClimateTech VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | Stegra | Stegra develops a greenfield steel production facility in Boden, Sweden, integrating green hydrogen production to enable fossil-free steel manufacturing with renewable energy and AI optimization. | Knut and Alice Wallenberg Foundation | $1.4B | - | Undisclosed stage | ||
Dec-25 | Kraken | Kraken is a London-headquartered customer engagement platform for energy, water, and broadband providers across Europe and North America. Its technology stack includes billing, CRM, self-service portals, and smart metering analytics to streamline operations. Kraken serves utilities like Octopus Energy and OVO, enabling net-zero transitions through demand response and EV charging management. The platform processes millions of customer interactions monthly, supporting regulatory compliance in deregulated markets. | British Business BankD1 Capital Partners+5 | $1.0B | $8.7B | Undisclosed stage | ||
Apr-26 | CenterNode | CenterNode is a recently launched investment platform for alternative energy that supplies flexible capital to renewable projects, developers, and firms in power and infrastructure. The platform targets opportunities in these sectors to support project financing and growth. | Liberty Mutual Investments | $750M | - | Undisclosed stage | ||
Apr-26 | Slate Auto | Slate Auto is a U.S.-based electric truck manufacturer developing the Slate MediaTruck with modular battery packs for 300-mile ranges. Designed for content creators, it features Starlink connectivity and production cameras, built in Arizona facilities. Slate targets fleet and adventure markets since 2022. | TWG Global | $650M | - | Series C | ||
Apr-26 | Volant Aerotech | Volant Aerotech is a specialist in research, development, manufacturing, and servicing of passenger eVTOL aircraft. The company produces electric vertical takeoff and landing vehicles for urban air mobility, featuring modular designs and autonomous flight capabilities. Operations center in Shenzhen, China, with products showcased at www.volantaerotech.com. | FutureCapHongShan+3 | $300M | - | Series C | ||
Mar-26 | EnerVenue | EnerVenue is a Fremont-headquartered company that develops nickel-hydrogen batteries for utility-scale energy storage in renewable power grids. Its batteries deliver over 20,000 cycles with zero capacity fade, surpassing lithium-ion performance for long-duration applications. The technology supports grid stability by storing excess solar and wind generation during peak production for release during high demand. EnerVenue partners with system integrators for deployments in California and Texas markets. Founded in 2021, the company operates a pilot production line in Silicon Valley with plans for a gigawatt-hour factory. | Aramco VenturesFull Vision Capital+1 | $300M | - | Series B | ||
Dec-25 | Radiant | Radiant is a Seattle-headquartered company that engineers the Kaleidos microreactor, a truck-transportable nuclear fission system generating one megawatt of continuous power for off-grid locations, military bases, and disaster response. Designed to eliminate diesel generator reliance, the reactor achieves full power in under 24 hours and operates for 40 years without refueling. Radiant partners with the U.S. Department of Defense through a $10 million contract and collaborates with the Tennessee Valley Authority on demonstrations. Founded in 2019, the firm advances advanced nuclear technology across North America. | Align VenturesAndreessen Horowitz+10 | $300M | $1.8B | Series D | ||
Mar-26 | ArtIn Energy | ArtIn Energy supports clean energy transitions toward a carbon-free world. | Agila Investments | $255M | - | Undisclosed stage | ||
Mar-26 | Also | Also is a micromobility company specializing in electric bicycles and supporting technology frameworks for small electric vehicles. Originating as a spinoff from Rivian in 2021, the Seattle-based firm targets consumer and commercial markets globally with products tailored to urban commuting, delivery services, and last-mile logistics in regions including North America and Europe. | DoorDashGreenoaks+1 | $200M | $1.0B | Series C | ||
Mar-26 | HT Aero | HT Aero is a developer of electric vertical takeoff and landing vehicles for urban air mobility. A subsidiary of EHang Holdings, the Shenzhen-based company unveiled the EH216-S pilotless passenger-carrying drone in 2021, capable of carrying two passengers at speeds up to 130 km/h for 30 minutes. It collaborates with aviation authorities in China and abroad for certification, conducting test flights in Guangzhou and partnerships with urban developers for vertiport infrastructure to enable commercial air taxi services. | Gaorong CapitalGL Ventures+2 | $200M | - | Undisclosed stage | ||
Jan-26 | DeepWay | DeepWay is a manufacturer of smart heavy-duty trucks for the freight market. The vehicles feature low wind resistance bodies, intelligent driving systems, and modular distributed drive architectures on a shared hydrogen-electric platform to enhance logistics efficiency. | ABC ImpactCGTI Fund+10 | $169M | - | Undisclosed stage | ||
May-26 | Panthalassa | Panthalassa is a technology company building renewable energy systems at sea to power computing and AI infrastructure. Wave energy capture generates electricity for offshore data centers or fuels shipped to land. | Founders FundLowercarbon Capital+10 | $140M | - | Series B | ||
Feb-26 | Utility Global | Utility Global is a cleantech company developing eXERO™ plasma reactors for on-site hydrogen production and CO2 capture from industrial waste gases. The electricity-free system converts syngas from steel mills into 99.999% pure hydrogen for coke replacement and pipeline-ready CO2 streams. Piloted with steelmakers in Pennsylvania, it scales to process 100 tons per day per unit for emissions reduction. | APG Asset ManagementAra Partners | $100M | - | Series D | ||
Mar-26 | A1R WATER | A1R WATER is a provider of atmospheric water generators that extract pure drinking water from ambient humidity using renewable energy. Singapore-headquartered, the company deploys units for residential, commercial, and disaster relief applications in water-scarce regions like the Middle East and Southeast Asia. A1R WATER's systems produce up to 5,000 liters daily per unit, incorporating UV filtration and mineralization for WHO-compliant water quality. | - | $84M | - | Undisclosed stage | ||
Dec-25 | Blue Current | Blue Current is a San Jose-headquartered manufacturer of solid-state lithium metal batteries for electric vehicles, consumer electronics, medical devices, and IoT applications. Founded in 2016, the company integrates proprietary anode-free cell architecture with advanced electrolytes to enhance energy density and safety. | Allen & CompanyAmazon+3 | $80M | - | Series D |
VC investors active in ClimateTech
Lowercarbon Capital is the most active VC investor across ClimateTech, having invested in 34 startups in the last three years.
See all ClimateTech VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Lowercarbon Capital | Lowercarbon Capital invests in climate technologies targeting atmospheric CO2 reduction through its San Francisco headquarters. The venture firm, launched in 2020, funds carbon removal projects, direct air capture, and engineered biology startups. Lowercarbon backs companies like Twelve for CO2-to-materials conversion and supports hardware innovations in methane mitigation. | PanthalassaArc BoatsZeno+2 | 34 | Series A | ||
Techstars | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | CariqaSimplifyberSplitEV+2 | 34 | Pre-seed | ||
Bpifrance | Bpifrance is a Paris-headquartered public investment bank owned by the French state and Caisse des Dépôts that finances SMEs, mid-caps, and innovation projects. It offers loans, equity, guarantees, and export financing through funds like Large Venture and InnoBio, operating via 50 regional offices across France. | Aura AeroK-MotorsGeolinks+2 | 31 | Seed | ||
Breakthrough Energy Ventures | Breakthrough Energy Ventures is a Kirkland, Washington-headquartered investment firm launched in 2017 by the Breakthrough Energy Coalition that funds climate technologies in clean electricity, hydrogen, and direct air capture. The venture deploys capital into companies developing fusion energy, long-duration batteries, and sustainable aviation fuels. Investments include Commonwealth Fusion Systems for tokamak reactors, Form Energy for iron-air batteries, and Climeworks for carbon removal plants. Backed by investors like Bill Gates and Jeff Bezos, it operates globally with over 100 technologists guiding deployments. | BarocalRumin8Litherm Technologies+2 | 28 | Series A | ||
Collaborative Fund | Collaborative Fund is a New York-headquartered venture capital firm founded in 2010 investing in consumer brands and technology companies aligned with creative class growth and collaborative consumption trends. The fund backs portfolio companies like Kickstarter and Everlane. | EmobiAmmobiaCarba+2 | 23 | Seed | ||
SFC Capital | SFC Capital is a London-based seed investment firm acting as the UK's most active early-stage backer for startups. It deploys capital through SEIS and EIS qualifying funds and an angel network, curating diversified portfolios for investors. The firm supports British tech and innovation companies with funding and mentorship. | Regeno EnergyApoelloMeaningful Planet+2 | 21 | Pre-seed | ||
Alumni Ventures | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | TrashieZenoAmmobia+2 | 20 | Series A | ||
Y Combinator | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | PlumeLibrar LabsInviscid AI+2 | 18 | Pre-seed | ||
SOSV | SOSV is a Princeton-headquartered venture capital firm investing in deep tech startups via HAX hardware accelerator and IndieBio biotech program. The firm supports founders in New York, Shenzhen, and Cork with labs, prototyping facilities, and funding up to seed stage. SOSV portfolio includes companies in robotics, synthetic biology, and climate tech. | Cocoon CarbonXFuelEVERBLOOM+2 | 18 | Seed | ||
Shell Ventures | - | Daphne TechnologyStatiqWtEnergy+2 | 18 | Series A |
Founders and investors we've worked with
We've supported winning builders across ClimateTech and beyond.

GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Metaloop
We acted as fundraising advisor to Metaloop, an Austrian online marketplace for scrap metal trading, on its seed round with FJ Labs, helping shape its KPI-driven equity story.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See moreRecent VC fundraising track record
See our VC fundraising experience across ClimateTech and beyond.
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