Dashboard/ClimateTech

ClimateTech & cleantech startups

The cost of PV, heat pumps and hydrogen is falling faster than forecasts predicted - meanwhile billions of venture capital are flowing into European cleantech startups. Here you see where economic viability has already been reached and which niches have the most momentum.

Current market prices

PV module (spot)

0.130€/Wp
+13.0 %vs. previous year

Source: pvXchange

Heat pump (system)

27€'000 gross
-10.0 %vs. previous year

Source: BWP/EnBW

Battery price 2026

105$/kWh
-2.8 %vs. previous year

Source: BNEF Annual Survey

Green hydrogen

7.45€/kg
-9.1 %vs. previous year

Source: IRENA/HyDeal/BNEF

PV module price - long-term trend

€/Wp crystalline silicon, spot price 2014 to 2024 (learning curve)

-83 % since 2014Learning rate ~24 % per capacity doubling2030 forecast: ~€0.06 to 0.08/Wp

Heat pump (air-to-water) - system price

System price incl. installation in €'000. Source: BWP/EnBW

Green hydrogen - price trend

LCOH in €/kg (electrolysis, renewable power). Source: IRENA/HyDeal/BNEF

Target: below €2/kg by 2030. At power costs below €40/MWh and electrolyser capex below €300/kW, green H₂ becomes competitive with grey hydrogen.

Cleantech venture capital Europe · 03/26 - 06/26

VC funding in Climate & Energy and Deeptech & Hardware · European startups · 03/26 - 06/26 · vs. prior 90 days (12/25 - 03/26)

Data as of June 26, 2026

The source Orbit has not delivered new funding rounds since June 26, 2026. The figures show the last complete 90-day window before that and are no longer updated.

Climate & Energy

1.8 bn+107.3 %

34 Startups · 34 Rounds

Deeptech & Hardware

2.2 bn+41.5 %

36 Startups · 36 Rounds

Ø round size Climate

53 m+162.2 %

Deeptech: €60 m

Funding volume per month

€m · Climate & Energy + Deeptech & Hardware · 01/21 - 06/26

Distribution by stage

Climate & Energy + Deeptech & Hardware · cumulative

Pre-Seed26 m € · 14 rounds
Seed107 m € · 21 rounds
Series A555 m € · 15 rounds
Series B422 m € · 4 rounds
Series C512 m € · 3 rounds
Growth1.9 bn € · 11 rounds

Top rounds

largest individual rounds · last 90 days

1
StegraGrowth

Sweden · Lead: Wallenberg family

Swedish green-tech startup building the world's largest green-steel plant in Boden, Sweden

1.5 bn
2
ICEYESeries F

Finland · Lead: General Atlantic

ICEYE operates the world's largest synthetic aperture radar (SAR) satellite constellation, providing sovereign satellite intelligence and earth observation services. The company specializes in delivering radar satellite reconnaissance systems to governments and operates a vertically integrated platform with software-defined satellites.

468 m
3
CuspAISeries B

UK · Lead: Kleiner Perkins

A frontier AI company that specializes in using generative AI, deep learning and molecular simulation to accelerate the discovery of breakthrough materials for industrial applications across semiconductors, energy, and climate

360 m
4

UK · Lead: Bullhound Capital

Oxford Quantum Circuits develops and operates superconducting quantum computers using its proprietary Coaxmon architecture designed for deployment in data-centre environments. The company provides quantum computing infrastructure as a service to enterprise and government customers across Europe, North America and Asia.

315 m
5

UK · Lead: Italian state aid

CamGraPhIC develops graphene-based optical interconnect technology for AI systems. The company makes graphene-based optical transceivers that use light instead of electrons to send and receive data, claiming 80% less energy consumption than traditional silicon versions with higher bandwidth and lower latency.

224 m
6
Kandou AISeries A

Switzerland · Lead: SoftBank

Kandou AI enables faster and more energy efficient interconnects for AI systems through high-speed copper-based interconnect technology and Chord signalling architecture. The company develops chip-to-chip connectivity solutions for GPU, memory, network, and rack connectivity to democratize artificial intelligence by reducing costs and power consumption.

203 m

Early-stage trend radar

Pre-seed & seed niches in Climate & Deeptech · European startups · 04/26 - 06/26

Data as of June 26, 2026

Early-stage startups

32

Pre-seed + seed

Active niches

8

Sub-sectors with funding

Niches by startup count

Pre-seed + seed · number of startups per sub-sector

Clean Energy8
Quantum Computing6
Semiconductors / Chips5
Agritech / FoodTech4
Advanced Materials3
Circular Economy2
Carbon & Sustainability1
Space Tech1

Niche details

Clean Energy

8 startups · €38 m funding

8
Quantum Computing

6 startups · €22 m funding

6
Semiconductors / Chips

5 startups · €27 m funding

5
Agritech / FoodTech

4 startups · €13 m funding

4
Advanced Materials

3 startups · €3 m funding

3
Circular Economy

2 startups · €825 k funding

2
Carbon & Sustainability

1 startups · €4 m funding

1
Space Tech

1 startups · €8 m funding

1

Three forces make on-site generation one of the most profitable investments for industrial SMEs.

  • The PV learning curve is relentless: module prices have dropped over 80 % since 2014.
  • Low module prices, high grid power prices and rising CO₂ costs now pull in the same direction. CO2
  • Keep waiting and you leave returns on the table in a historically favourable window.

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