Climate Tech Series A Landscape in 2024
Climate tech venture funding totaled roughly $30 billion in 2024, down 14% year-over-year according to CTVC. While headline numbers declined, Series A activity remained a critical barometer of the sector’s pipeline health—deal sizes actually rose to 2021 levels even as deal counts contracted by around 22%.
Where the Capital Went
Energy-related startups captured nearly 35% of all climate tech funding in the first three quarters of 2024, up from 30% the prior year. Two subsectors saw explosive growth:
- Geothermal
- Nearly tripled to $558M in venture investment
- Nuclear (including fusion)
- Almost doubled to $1.9B, anchored by Pacific Fusion’s landmark $900M Series A
AI-centered climate ventures raised $1 billion more in the first three quarters of 2024 than in all of 2023, reflecting investor conviction that AI can drive efficiency gains across industrial and energy systems.
Notable Series A Rounds
| Company | Amount | Focus |
|---|---|---|
| Pacific Fusion | $900M | Pulsed magnetic inertial fusion |
| Syre | $100M | Textile-to-textile polyester recycling |
| 44.01 | $37M | CO₂ mineralization into rock |
| Cartken | $23M | Autonomous delivery robots |
| Climate X | $18M | Climate risk modeling for asset portfolios |
| Wattalps | $14.5M | Lithium power with immersion cooling |
| Atlas Metrics | $13.6M | ESG reporting automation |
Investor Landscape
The most active climate tech investors by deal count in 2024 were Lowercarbon Capital and Breakthrough Energy Ventures, each participating in at least 34 known financings. TPG Rise Climate, General Catalyst, and GV (Google Ventures) also made high-profile Series A bets.
The Series A-to-B Gap
A persistent challenge in 2024: the time from Series A to Series B has crept beyond two years. Many climate tech companies are stuck at the pre-Series B stage, unable to bridge the gap between early traction and growth-stage capital. This dynamic makes the Series A cohort especially relevant for investors seeking early positioning in companies approaching inflection.