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)
Source: pvXchange
Heat pump (system)
Source: BWP/EnBW
Battery price 2026
Source: BNEF Annual Survey
Green hydrogen
Source: IRENA/HyDeal/BNEF
PV module price - long-term trend
€/Wp crystalline silicon, spot price 2014 to 2024 (learning curve)
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
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)
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 The figures show the last complete 90-day window before that and are no longer updated.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
34 Startups · 34 Rounds
Deeptech & Hardware
36 Startups · 36 Rounds
Ø round size Climate
Deeptech: €60 m
Funding volume per month
€m · Climate & Energy + Deeptech & Hardware · 01/21 - 06/26
Distribution by stage
Climate & Energy + Deeptech & Hardware · cumulative
Top rounds
largest individual rounds · last 90 days
Sweden · Lead: Wallenberg family
Swedish green-tech startup building the world's largest green-steel plant in Boden, Sweden
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.
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
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.
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.
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.
Source: Inventure Capital Side Letter · Orbit API
Early-stage trend radar
Pre-seed & seed niches in Climate & Deeptech · European startups · 04/26 - 06/26
Early-stage startups
32Pre-seed + seed
Active niches
8Sub-sectors with funding
Niches by startup count
Pre-seed + seed · number of startups per sub-sector
Niche details
8 startups · €38 m funding
6 startups · €22 m funding
5 startups · €27 m funding
4 startups · €13 m funding
3 startups · €3 m funding
2 startups · €825 k funding
1 startups · €4 m funding
1 startups · €8 m funding
Source: Inventure Capital Side Letter · Orbit API
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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