PitchBook-2025年气候技术并购回顾（英）_11页_698kb

Climate Tech M&A Recovery in 2024

Overview

Climate tech M&A recovered moderately in 2024 after challenging conditions in 2023. Deal value reached $33.2 billion, marking a 86% increase from $17.9 billion in 2023, though deal count remained relatively steady at 172. The sector's overall size is smaller than high-growth areas like enterprise SaaS and fintech, with a per-quarter average value of $9.8 billion compared to $43.7 billion in SaaS and $17.1 billion in fintech.

Key Takeaways

• Climate tech M&A deal value is lower due to the sector's smaller size, deep tech challenges, hardware focus, and recent policy support.
• Intermittent renewable energy had the highest M&A deal value from 2017 to 2024 ($102.9 billion), driven by solar and wind technologies maturing. Sustainable food was second with $58.3 billion.
• Clean fuels, built environment, and carbon tech segments grew substantially post-2020, with average annual deal values increasing 433.7%, 335.8%, and 361.1%, respectively.
• Annual deal value peaked at $62.8 billion in 2022, fell 71.6% to $17.9 billion in 2023 due to rising interest rates and economic downturns, and rebounded in 2024.
• Strategic M&A dominates deal count, accounting for 61.2% to 71.8% of activity, while buyouts make up 28.2% to 38.8%.
• Segments like clean fuels and carbon tech face earlier maturity stages, while building on regional consolidation opportunities.

Segment-Specific Trends

• Intermittent renewable energy and sustainable food are leaders in M&A, with deal counts and values consistently high. Other active segments include low-carbon mobility and grid infrastructure.
• Emerging areas like clean fuels and carbon tech show strong growth potential,受益于政策推动，但处于早期阶段。
• Built environment technologies are regionally focused, offering opportunities for strategic acquisitions to expand reach.
• In 2024, recovery was moderate, with top deals involving renewable energy companies.

Future Outlook

M&A activity is expected to grow in the built environment and carbon tech segments. Uncertainty around federal support remains a key factor, but sectors already commercialized may see continued activity.