【-】2024年四季度清洁能源VC趋势_12页_8mb

Clean Energy VC Ecosystem Analysis (Q4 2024)

Key Insights

1. Market & Activity

   • Global VC deal value slightly decreased by 3.3% (2023: $18.4B, 2024: $17.7B).
   • Deal count declined 6.5%, primarily in renewable energy segments (323 to 267).
   • Grid infrastructure emerged as the largest segment by deal value ($6.4B), including 12+ $100M+ deals.
   • Asia's share dropped from 36.8% to 26.3% due to increased Chinese investor caution post-elections.
   • North America accounted for 45.8% of deal value, the highest since 2019.

2. Q4 Highlights

   • Top deal segments: Dispatchable energy ($1.8B total), Nuclear Fusion ($900M, $500M, & $499M deals), Grid Infrastructure, Clean Fuels.
     • Notable deals include Pacific Fusion, X-energy, Fervo Energy, Form Energy, Koloma.
   • Energy storage (iron-air, lithium-ion) and hydrogen technologies continued to attract investment.
   • Valuations decreased across early-stage rounds, with median pre-money valuations down 50.7% in early-stage and 23.3% overall.

3. Geographic Shift

   • US share fell from 32.3% to 27.1% (excluding China).
   • Small-to-medium exits remain cautious; Ojjo acquisition and Yonz IPO marked significant Q4 exits.

4. Dispatchable Energy

   • High returns in Q4 across nuclear fission/fusion and geothermal energy.
   • Deals driven by datacenter demand and low-level-cost infrastructure for newer climate technologies (e.g., DeepSeek).