PitchBook-2025年一季度碳与排放技术风险投资趋势（英）-2025_12页_3mb

Carbon & Emissions Tech VC Trends Q1 2025 Summary

1. Key Observations:

• VC Activity: Q1 2025 recorded $3.5B in VC deals across 225 transactions, marking a 12.1% decrease year-over-quarter (YoQ) compared to Q4 2024's $4B. This quarter ranked second highest in deal value among the last four quarters.
• Top Segments: The Industry segment (low-carbon manufacturing, industrial processes) led with $1.6B in deal value (78 deals), followed by Built Environment ($1.2B), Carbon Tech ($432.4M), and Land Use ($312.6M).
• Largest Deals: Key Q1 financings included Reneo ($624.3M Series B for real estate decarbonization), KoBold Metals ($537M Series C for copper exploration), and Electra ($180.4M Series B for steel production).
• Regional Focus: North America dominated (53.1% of deal value), followed by Europe (39.3%). Asia's share dropped to 5% YoY, reflecting specialization in narrow domains like EV/battery tech.

2. Major Headwinds:

• Geopolitical Uncertainties: Lingering tariffs (U.S.), federal policy reversals (e.g., 45Q carbon credit threats), and the European ETS2 rollout (covering buildings/road transport) constrain growth.
• Policy Review: U.S. is reassessing funding for clean energy/DAC hubs (e.g., Climeworks, 1PointFive), potentially delaying scaling for hardware-intensive companies.

3. Smaller Sectors Note:

• The Land Use category (soil remediation, fertilizer alternatives) faces lower transaction activity ($17.2M avg TTM) but addresses critical compliance needs.

4. Investment Trends:

• Hardware/Facility-Focused Deals: $1.9B (55%) from >$50M deals included players like Capture6 (DAC) and Electraworks (copper mine development).
• Seed/Early Stage: Notable investments in VC ecosystems supporting startups (e.g., Voluntary Carbon Market, Green Mining, etc.).

5. Exit Activity: Only four exits in Q1, including acquisitions like Trane Technologies buying BrainBox AI (building optimization). Formal IPOs remain invisible in the space.

Summary Statement: Despite policy headwinds and a YoQ decline, the carbon & emissions tech sector secured substantial capital, with the Industry and Built Environment segments leading. U.S./global tariff concerns pose ongoing risks to scaling, especially for import-heavy segments, while Europe emerges as a vital growth region.