Sun. Aug 14th, 2022

while the company the capital is slowing, climate technology is going against the trend as space startups continue to make deals at a record pace. The sector is climbing in the ranks.

In the first quarter of this year, five climate technology deals made it into CB Insight’s top 10 for seed and venture capital rounds. In all, those five climate tech deals have brought in $1.4 billion in funding. By the second quarter, eight such startups were on the list, and they were jointly raising investments worth $2.5 billion.

The trend is even stronger if you omit data from China, where Communist Party influence tends to skew the financing picture. Outside of China, CB Insight’s top 10 climate tech presence rose from two in the first quarter to six in the second quarter, and investment grew from $635 million to $2.1 billion.

The second-quarter climate technology winners include a range of companies, from renewable energy developers to EV manufacturers and nuclear startups.

It is not ironic but reasonable that as the planet warms, so does the rate of investment in the sector to reduce climbing thermometers.

The top deal in the second quarter was a whopping $750 million investment in Intersect Power, a renewable energy developer that revolves around becoming more vertically integrated. It plans to use the money to eventually combine clean energy production and storage with green hydrogen generation and direct air capture.

Next up is Rimac Automobili, the maker of electric supercars, with a $535 million Series D, followed by the $316 million Series A raised by newcleo, a British nuclear startup developing a new generation of reactors cooled by lead. Chinese photovoltaic manufacturer Gokin Solar raised $251 million in a Series A; 1Komma5, a German solar and heat pump installer, has raised $218 million in a Series A; and Sun King, a Kenyan supplier of off-grid energy, closed a Series D worth $216 million.

To round out the list, Acadia, a US renewable energy developer, raised $200 million in a Series E, and China Storage National Energy, which stores energy using compressed air, wrapped up a $47 million seed round.

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