PitchBook年二季度清洁能源VC趋势（英）

EMERGING TECH RESEARCHClean Energy VC TrendsVC activity across the clean energy ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Clean Energy VC TrendsInstitutional Research GroupAnalysisJohn MacDonagh Senior Research Analyst, Carbon & Emissions Tech and Clean Energy Tech john.macdonagh@pitchbook.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Drew Sanders and Jenna O’MalleyPublished on July 25, 2025Clean energy landscape 3Clean energy VC ecosystem market map 4VC activity 5Clean energy VC deal summary 24CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Clean Energy VC TrendsClean energy landscapeIntermittent renewable energy sourcesDispatchable energy sourcesClean fuelsGrid infrastructureCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Clean Energy VC TrendsClean energy VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Clean Energy VC TrendsVC activityVC deal activityQ2 2025 saw $3.9 billion in VC deal value invested in clean energy technologies, falling 6% from $4.1 billion in Q1 2025. Looking at trends from recent quarters, VC deal value in clean energy has been mostly flat from Q4 2023 onward, with an annual average of $4.2 billion from Q4 2023 to Q2 2025. At $8 billion, 2025’s H1 deal value is still below half of 2024’s total of $17.6 billion—similar deal value in H2 2025 would put the year’s total VC deal value at $16.1 billion, which would represent a decrease of 8.7% from 2024. Median VC deal value for the clean energy space in H1 2025 was $9.9 million, up 64.7% from 2024’s median deal value of $6 million, though deal count was significantly lower in H1 2025 compared with full-year 2024. The median pre-money valuation increased from $23 million in 2024 to $25.6 million in the first half of 2025, though this is still lower than the medians of $27.9 million in 2022 and $29.1 million in 2023.In Q2 2025, the dispatchable energy sources segment was the largest by deal value, at $1.5 billion, but also had the lowest deal count, at just 25, compared with the 64 deals seen in the grid infrastructure segment in Q2. The grid infrastructure segment was the second largest in Q2 2025, at $1.4 billion, followed by the intermittent renewable energy sources segment at $803.4 million and finally the clean fuels segment at just $196.4 million. The dispatchable energy sources segment was also the largest when looking at deal value from the trailing 12 months, with $6.1 billion in VC deal value, followed by the grid infrastructure, clean fuels, and intermittent renewable energy segments, at $5 billion, $3.3 billion, and $3 billion, respectively.Source: PitchBook • Geography: Global • As of June 30, 2025Clean energy VC deal activity by quarterQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q1Q2Q2Q3Q4202020212022202320242025Deal value ($B)Deal count501001502002503003500$0$1$2$3$4$5$6$7$8$9CONFID