FCF Fox Corporate Finance GmbH is pleased to publish the “CleanTech Venture Capital Report – 2024”.
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:
- Venture investments in cleantech start-ups remains stable at high levels: Despite the difficult circumstances in the venture capital market, deal activity in the cleantech sector remained stable in 2023 at the level of the record year 2022: 1,035 transaction and €9.9bn investments in 2023 vs. 1,040 transactions and €10,2bn investments in 2022.
- Sweden leads the ranking by deal volume: With a financing volume of €7.8bn in the period 2019-2023, Sweden is clearly ahead of the UK (€5.9bn) and France (€4.8bn). However, this is mainly due to Northvolt’s 5 megadeals (totaling €5.9bn) – without Northvolt, Sweden would be ranked 4th behind Germany with €1.9bn
- Trend towards mega deals and late-stage financings: With an average transaction volume of around €9.5m, 2023 figure is significantly higher than in previous years (2020: €3.6m; 2021: €6.6m). This is partly due to the successfully closed mega deals (Verkor: €1.5bn; Northvolt: €1.1bn; Conigital: €583m; HUMARA: €281m; Enpal: €215m; 1komma5: €215m) and partly due to the increase in late-stage financing (37% in 2023 vs. 26% in 2019) – both signs of greater maturity of technologies and start-ups in this sector
- Almost no activity on the stock market in 2023: 2023 was again a difficult year for the IPO and SPAC market in the CleanTech Venture Capital sector with only 1 IPO (Osmosun) and 4 SPACs (Zapp Electric Vehicles, Next.e.GO Mobile, EnergyPathways, and H2B2 Electrolysis Technologies)
To access the full report, please click here.
By Florian Theyermann and Daniel Klier