2024-06-02-PitchBook-2024年一季度清洁能源报告（英）_11页_3mb

Clean Energy Report Q1 2024 Summary

Executive Overview

This report analyzes Q1 2024 trends in the clean energy sector, focusing on venture capital activity, emerging technologies, and key companies. The quarter saw a decline in both deal count and deal value compared to Q1 2023 and the previous quarter, with early-stage investments dominating.

Market Trends

• VC Deal Performance: Total deal value for the quarter was $3.5 billion, a 10.6% quarterly-on-quarter decline and a 3.7% year-on-year drop from Q1 2023. Deal count decreased to 197, with a 32.8% quarterly decrease, following a peak of 293 deals in Q4 2023. Early-stage deals, particularly in hydrogen and geothermal tech, accounted for the largest share of value this quarter.
• Sector Distribution: Deal value was relatively balanced across intermittent renewable energy sources, clean fuels, and grid infrastructure, each raising approximately $1.0 billion. The dispatchable energy sources segment saw $404.7 million in funding but exhibits higher volatility due to lower deal count and higher deal values.
• Global Events: Significant government funding was announced via the US Department of Energy, including $750 million for clean hydrogen projects and support for geothermal development, aligning with global pushes toward decarbonization.

Emerging Technologies and Opportunities

• Hydrogen and Geothermal Focus: Geologic hydrogen and enhanced geothermal systems (EGS) were prominent, with companies like Koloma and Fervo Energy leading investments.
• Recent Developments: Japan approved offshore wind projects in exclusive economic zones, aiming for 10 GW by 2030. Sunfire secured $233.7 million to scale green hydrogen infrastructure.

Company Highlights: Fervo Energy

Founded in 2017, Fervo Energy specializes in enhanced geothermal technology, raising key funding rounds:

• Series D in February 2024: $244.0 million to develop projects aiming for a 400-megawatt Utah project by 2026.
• Key Metrics: Led by investors like Devon Energy; valuation indicates strong growth potential for clean, dispatchable energy.

Concluding Insights

Q1 2024 reflects a shift toward early-stage clean energy investments despite reduced activity, driven by hydrogen and geothermal innovations. Opportunities lie in scaling these technologies with support from government and private funding.