2025-08-25-PitchBook-碳与排放技术风险投资趋势（英）页_13页_17mb

报告摘要

Carbon & Emissions Tech VC Trends Summary (Q2 2025)

Executive Summary

The Q2 2025 report on carbon and emissions tech venture capital (VC) trends indicates a significant decline in deal activity compared to Q1 2025, with deal value dropping to $2.1 billion across 207 deals, the lowest since Q1 2021. This aligns with a market slowdown, affecting segments and deal sizes after an uptick in earlier years.

Market Activity

Quarter-over-quarter, VC deal value fell 44.2%, totaling $2.1 billion, while deal count decreased.
The decline is attributed to fewer large deals, with only three transactions of $100 million or more in Q2, accounting for 24.9% of the quarter's value, down from 42.0% in Q1.
Deal values and counts remain low, reflecting a return to post-pandemic levels not seen since 2020.

Regional Analysis

North America dominated with 44.8% of the H1 2025 deal value, surpassing Europe's share for the highest percentage since 2018.
Europe and Asia accounted for 36.8% and 13.6%-17.6% respectively, with other regions having minimal individual contributions.

Sector Breakdown

Building energy efficiency led with $885.8 million in Q2, followed by land use at $538.4 million and industry at $461.3 million.
Water tech experienced strong VC funding, peaking at $744.9 million in 2023 and raising $260.4 million in H1 2025.
Carbon tech segment saw reduced deal value, from 28.1% in 2024 to 12.6% in Q2 2025.

Deal Size and Stages

Median deal size increased to $5.1 million in H1 2025 (across all stages), up from $3.7 million in 2024, with pre-seed/seed stages seeing consistent growth.
Early-stage and late-stage deal sizes fluctuated, peaking in 2022 and 2023 before declining.

Regulatory Impact

The "One Big Beautiful Bill Act" revised carbon credit tax values, favoring carbon capture for enhanced oil recovery and utilization, while introducing restrictions on foreign entities, potentially disrupting international partnerships.

Exit Activity

Exits remained limited in Q2, with only 15 transactions—13 acquisitions and two buyouts—showing no public listings, as is typical in the sector.

Key Takeaways

The market shows resilience in water and energy technologies but faces challenges from reduced deal volumes and regulatory shifts.
Monitoring segments like building efficiency and land use will be crucial for future investments.

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