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Q4 2022
Clean Energy Report
March 9, 2023
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VCs spend a record-breaking $16.2 billion on clean energy in 2022
Investors were bullish on clean energy in 2022, raising $16.2 billion to beat 2021’s deal value record of $16 billion even as other sectors got swept away by the bear market tide. However, VC deal value and count both dipped year-over-year in Q4. Our Q4 2022 Clean Energy Report dives into the major trends and emerging opportunities in the sector.
Key takeaways:
Table of contents
VCs spend a record-breaking $16.2 billion on clean energy in 2022
Investors were bullish on clean energy in 2022, raising $16.2 billion to beat 2021’s deal value record of $16 billion even as other sectors got swept away by the bear market tide. However, VC deal value and count both dipped year-over-year in Q4. Our Q4 2022 Clean Energy Report dives into the major trends and emerging opportunities in the sector.
Key takeaways:
- Total VC dollars raised in clean energy fell 46.5% YoY in Q4 as the market calmed and fuel prices dropped.
- Renewable-powered batteries are poised for a takeoff. Grid-scale battery development picked up steam in Q4 with two huge deals, a $450 million Series E for TPG-backed Form Energy and $280.5 million Series B for Hithium, backed by ABCI Securities and CCBT Private Equity.
- Investors are increasingly confident that green hydrogen could be a viable and scalable alternative to fossil fuels, as 2022’s energy crisis caused a reckoning for natural gas.
Table of contents
| Vertical overview | 3 |
| Q4 2022 timeline | 4 |
| Clean energy landscape | 5 |
| Clean energy VC ecosystem market map | 6 |
| VC activity | 7 |
| Emerging opportunities | 13 |
| Renewables-coupled batteries | 14 |
| Green hydrogen | 15 |
| Select company highlights | 16 |
| Hithium | 17 |
| Swell | 19 |
| Tree Energy Solutions | 21 |