> **来源：[研报客](https://pc.yanbaoke.cn)** # Climate Tech VC Trends in Q1 2026 Summary ## Core Content This report provides an overview of venture capital (VC) trends in the climate tech sector for Q1 2026. It highlights the overall deal activity, regional distribution, key segments, AI integration, and exit trends, while also offering insights into the investment environment and future outlook. ## Main Points ### Q1 2026 Deal Value and Activity - **Deal Value**: Reached \$14.3 billion, the highest since Q3 2023, continuing a recovery trend since Q2 2025. - **Deal Count**: 538 deals, showing a 10% increase compared to Q1 2025. - **Deal Size and Valuation**: Median deal size reached \$8.1 million, and median post-money valuation reached \$34.3 million, both record highs. - **Large Deals**: Deals of \$100 million or more accounted for 64.2% of the quarter's total deal value, indicating a continued trend of larger transactions driving growth. ### Regional Trends - **Europe**: Led regional deal value in Q1 2026 with \$6.6 billion, driven by three \$1 billion-plus deals (two in the UK and one in Germany). - **North America**: Followed with \$5.5 billion. - **Asia**: Recorded \$2.1 billion in deal value. ### Stage Trends - **Late-stage VC**: Continued to dominate deal value at 45.3%, consistent with previous years. - **Early-stage VC**: Rose from 25.6% to 32.9%, while venture growth declined from 23.6% to 17.2%. - **Pre-seed/Seed Activity**: Remained stable as a proportion of overall deal value. ### Key Deals - **Low Carbon Materials**: Raised \$1.5 billion in a later-stage VC round. - **Cloover**: Secured \$1.2 billion in a Series A round. - **Kraken Technologies**: Raised \$1 billion in a later-stage round. ### AI Integration - AI is now embedded across various climate tech segments, not just specific applications. - **Built Environment**: Companies are using AI in building energy management systems and datacenters. - **Grid Infrastructure**: AI is used for demand forecasting and grid analysis. - **Green Mining**: KoBold Metals leveraged AI for geological data to identify mineral deposits. - **Energy Asset Services**: Zeitview uses AI for inspection and analysis of energy assets. ## Key Takeaways - Q1 2026 was a strong quarter for climate tech VC with a record-high deal value. - Europe's lead in deal value was influenced by large transactions. - AI is increasingly integrated into climate tech, acting as a layer rather than a separate vertical. - The Iran conflict introduced both supply chain risks and tailwinds for technologies that reduce fossil fuel dependence. - Energy security is now a core justification for climate tech deployment, especially in regions with limited natural resources. ## VC Activity by Segment ### Top Segments by Deal Value 1. **Built Environment**: Largest QoQ growth in deal value (63.1%), driven by megadeals. 2. **Dispatchable Energy Sources**: Strong deal value due to growing demand for reliable energy. 3. **Low-carbon Mobility**: Historically high deal value. 4. **Intermittent Renewable Energy**: Struggled in 2026. ### Top Segments by Deal Count - **Industry**: Grew from 64 to 89 deals. - **Grid Infrastructure**: Increased from 67 to 81 deals. - **Carbon Tech**: Rose from 39 to 50 deals. ## Exit Activity - **Exit Value**: \$1.5 billion in Q1 2026, compared to \$15.8 billion in 2025. - **Exit Count**: 27 exits in Q1 2026, with 117 exits in 2025. - **2021 Exception**: Exit value was an outlier at \$102.9 billion, driven by a few massive mobility exits. ## Investor Activity - **Top Investors**: Energy Impact Partners led with 11 deals, followed by Future Planet Capital, Lowercarbon Capital, and SOSV with six each. - **Corporate VC**: Played a significant role, especially in early-stage and venture growth rounds. ## Conclusions - The climate tech VC environment in Q1 2026 was stronger than the same period in 2025, with more stability in US policy and regulatory environment. - Geopolitical tensions, particularly the Iran war, pose risks to supply chains but also reinforce the investment case for climate technologies that reduce fossil fuel dependence. - AI is increasingly becoming a core component of climate tech solutions, enhancing efficiency and enabling new applications. - The sector continues to show multiyear growth trends, though some segments are experiencing challenges. ## Key Climate Tech Deals in Q1 2026 | Company | Close Date | Deal Value ($M) | Post-Money Valuation ($M) | Segment | Subsegment | Lead Investor(s) | |---------------------|------------|----------------|----------------------------|---------------------------|--------------------------|--------------------------------------| | Nova Fusion | March 23 | 101.6 | N/A | Dispatchable Energy Sources | Nuclear - fusion | N/A | | Proxima | January 12 | 80.0 | N/A | Sustainable Food | Cultivated Proteins | DCVC | | Emerald AI | February 6 | 52.7 | N/A | Grid Infrastructure | Analytics & Grid Management | Energy Impact Partners, Lowercarbon Capital, Radical Ventures | | Hades | February 11 | 15.0 | 67.5 | Dispatchable Energy Sources, Industry | Geothermal, Green Mining | HV Capital Manager, Headline | | Sora Fuel | March 27 | 14.6 | 40.0 | Clean Fuels | Clean Conventional Fuels | Inspired Capital, Spero Ventures | | Elementium | March 6 | 14.0 | 41.0 | Grid Infrastructure | Lithium Batteries | N/A | | Exergy3 | March 27 | 13.4 | 40.1 | Grid Infrastructure | Alternative Energy Storage | Axeleo Capital | | Biaco | March 2 | 12.9 | 44.3 | Grid Infrastructure | Lithium Batteries | N/A | | pHathom Technologies | February 5 | 12.0 | N/A | Carbon Tech | Point-source Carbon Capture | Propeller (Boston) | | Helix Earth | March 20 | 12.0 | 44.0 | Built Environment | Heating and Cooling | Veriten | ## Summary Table | Metric | Q1 2026 | Q1 2025 | QoQ Change | TTM (Q2 2024–Q1 2025) | TTM (Q2 2025–Q1 2026) | |-------------------------|-------------|-------------|------------|------------------------|------------------------| | Deal Count | 538 | 652 | +10% | 2,793 | 2,147 | | Deal Value ($B) | 14.3 | 9.8 | +46% | 39.7 | 47.8 | | Exit Count | 27 | 30 | -10% | 103 | 114 | | Public Listings | 17 | 22 | -23% | 66 | 74 | | Acquisitions | 8 | 4 | +100% | 17 | 20 | | Buyouts | 2 | 4 | -50% | 20 | 20 | | Share of Total VC | 5.7% | 5.6% | +1.8% | 6.5% | 5.4% | ## Additional Insights - The report is part of a broader series of emerging tech research by PitchBook. - It highlights the evolving role of AI in climate tech, emphasizing its integration into various segments. - The geopolitical landscape, particularly the Iran conflict, is influencing both challenges and opportunities in the sector. - Energy security is becoming a key driver for climate tech investment, especially in regions with limited natural resources.