The Ledger
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Kim Zou: Oxy's $1B Carbon Engineering buyout is the first DAC unicorn
“On the acquisition side, I think the one that Climatech investors and founders couldn't stop talking about this year was Oxy's acquisition of carbon engineering at a billion dollars, so the first unicorn we've ever seen in DAC and probably carbon removal.”
Zou: Transportation gets 30% of climate VC despite causing 15% of emissions
“We've tracked transportation accounting for 15% of total emissions. As per the IPCC 2019 report, but receiving 30% of venture and growth investment since 2020. Whereas on the other hand, you know, energy deals, or energy investment made up 22% of overall fundi…”
Zou: Climate tech deal count fell only 3% in 2023
“Deal activity was only down three percent, so you could call that even a tapering relative to twenty-twenty-two rather than a significant decline, so Deals are still getting done. Early stage seed series A still getting done, but that absolute dollar amount th…”
Zou: Series A climate investment dropped 41% in 2023
“Series A investment was down 41% compared to twenty-twenty-two. That's the first time we've seen series A investment drop since we started tracking the space, you know, four years ago.”
Zou: Food and land use climate investment fell 55% in 2023
“This time around, in 23, appetite for food and land use evaporated. There is a distaste for food and land use, in other words, and we saw that That sector was down 55% in investment to three billion this year.”
Zou: Six of top ten climate mega-deals leveraged major public financing
“The second major thing we're noticing across these mega deals is if you look at the funding they've raised in the last two years, I think six out of 10 had raised significant hundreds of millions of dollars of public financing or government-funded rounds, whet…”
Zou: Climate tech exits dropped 50% in 2023 as SPACs fell 80%
“It cut in half, so we tracked 50% less exits in twenty-twenty-three, and this was really driven by SPACs finally fizzing out. I think we started to see that happen towards the beginning of twenty-twenty-two but the count of SPACs were, climate tech SPACs were …”
Zou: Climate tech venture funding fell 30% to $32B in 2023
“Thirty-two billion dollars in venture and growth funding globally in climate tech, which was a 30% decline from the prior year.”
Zou: Industry replaced food and land use as third-largest climate tech vertical
“So before this year, industry actually grew a significant amount. That one has always been underfunded relative to the level of emissions coming from that sector, and it replaced food and land use in that third vertical spot.”