---
title: FCF CleanTech Venture Capital Report – 2023 published - FCF Fox Corporate Finance GmbH
description: FCF Fox Corporate Finance GmbH is pleased to publish the “CleanTech Venture Capital Report – 2023”. This edition of the “FCF DeepTech Series” focuses on VC funding developments within the European Cleantech vertical. This vertical ... Read more
---

[Research ](https://www.fcf.de/en/resources/research)

# [FCF CleanTech Venture Capital Report – 2023 published - FCF Fox Corporate Finance GmbH](https://www.fcf.de/en/resources/research/fcf-cleantech-venture-capital-report-2023-published)

 Written by [FCF DeepTech](https://www.fcf.de/en/resources/research/author/fcf-deeptech) | Mar 10, 2023 7:00:00 AM

FCF Fox Corporate Finance GmbH is pleased to publish the “CleanTech Venture Capital Report – 2023”.

This edition of the “FCF DeepTech Series” focuses on VC funding developments within the European Cleantech vertical. This vertical has been split into six subsectors:

- Alternative Fuels & Materials
- E-Mobility
- Energy Efficiency
- Energy Generation
- Energy Storage
- Recycling, Waste & Environment

Key findings are:

- The boom in the CleanTech venture capital sector is slowing down: although deal volume in 2022 in the relevant sub-sectors has once again increased significantly from €7.3 billion to €9.7 billion, the number of deals has decreased significantly (902 vs 1,110 in the previous year) – especially in the last quarter of 2022. Nevertheless, both values are still well above the volumes achieved in the past (2020: €2.4 billion with 676 deals)
- Sweden leads the ranking by deal volume: With a financing volume of €6.4 billion in the period 2018-2022, Sweden is clearly ahead of the UK (€4.0 billion) and Germany (€2.8 billion). However, this is mainly due to Northvolt’s 4 megadeals (totaling €4.7 billion) – without Northvolt, Sweden would be ranked 4th behind Germany (same as the ranking by deal count)
- Megadeals dominate the CleanTech sector in 2022: The average size of a financing round has multiplied from €3.3 million in 2020 to €6.6 million in 2021 and €10.7 million in 2022. This is partly due to a higher share of late-stage financing and partly due to some megadeals in the triple-digit million range > €300 million: Northvolt, Climeworks, Rimac Automobili, Einride and Perpetual Next. In Germany, megadeals were contributed by Sunfire (€210m in 2022), Infarm (€177m in 2021) and Enpal (€150 & €100m in 2021)
- Related sectors Energy Storage & E-Mobility attract the highest funding: With a deal volume of €6.8 billion, the energy storage sector leads the way, driven by the rise of e-mobility (€4.6 billion deal volume) and the expansion of renewables, which create additional storage demand. Without Northvolt, the segment Energy Storage would only be ranked 4th behind Recycling & Environment, E-Mobility and Energy Generation.

To access the full report, please click [here](https://www.fcf.de/resources/research/download-request-fcf-cleantech-venture-capital-report?hsLang=en).

[View full post](https://www.fcf.de/en/resources/research/fcf-cleantech-venture-capital-report-2023-published)

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