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Reading: Climate Startups Beat the Odds with $8.1B Q1 Haul
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ClimateStartups

Climate Startups Beat the Odds with $8.1B Q1 Haul

Nicole Kristine Jovero
Last updated: May 9, 2024 2:02 am
Nicole Kristine Jovero
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  • Climate tech startups hauled $8.1B in Q1 defying VC downturn.
  • Mega-rounds for green steelmakers, battery innovators fueled funding frenzy.
  • Investors supersize checks as companies scale toward trillion-dollar decarbonization.

Contents
Green startups defy the funding freezeThe top VC gunnersBatteries included

Green startups defy the funding freeze

Climate tech seems immune to the venture capital chill, kicking off 2024 with a scorching $8.1 billion fundraising blitz.

According to PitchBook’s new report, this near-record haul suggests last year’s Q4 lull was merely a blip, not a downturn omen.

Though deal count dipped 20% quarter-over-quarter, the total value skyrocketed nearly 400%. Investors doubled down on materials like green steel, battery components, and minerals.

The top VC gunners

Three early-stage firms emerged as climate tech’s busiest dealmakers: Climate Capital (94 deals), Lowercarbon Capital (70), and SOSV (59 without its Hax and IndieBio programs).

A handful of jaw-dropping mega-rounds propelled the sector’s fundraising frenzy. Swedish steelmaker H2 Green Steel bagged a whopping $4.7 billion to construct an emissions-busting plant.

Battery recycler Ascend Elements pocketed $162 million more for its $704 million Series D.

Batteries included

Not to be outdone, sodium-ion battery maker Natron raised $189 million for a commercial facility, while lithium extraction innovator Lilac Solutions secured $145 million to scale its sustainable tech.

Could these colossal raises herald a new norm as climate tech pursues the trillion-dollar net-zero quest?

As more startups mature and chase commercial viability, investors may need to supersize their checkbooks.

Stay tuned for further developments in this sizzling sector!

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