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 · Last 90 days
VC funding in Climate & Energy and Deeptech & Hardware · European startups · 05/26 - 07/26 · vs. prior 90 days (01/26 - 05/26)
Climate & Energy
19 Startups · 19 Rounds
Deeptech & Hardware
21 Startups · 21 Rounds
Ø round size Climate
Deeptech: €78 m
Funding volume per month
€m · Climate & Energy + Deeptech & Hardware · 10/25 - 06/26
Distribution by stage
Climate & Energy + Deeptech & Hardware · cumulative
Top rounds
largest individual rounds · last 90 days
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: DCVC
UK-based quantum computing company that builds full-stack quantum computers using silicon chip technology. Founded as a university spinout from UCL and Oxford, the company develops silicon transistor-based quantum computers designed to fit within existing standard data centers and racks, offering significant advantages in cost, space, and energy efficiency compared to competing quantum computing approaches.
France · Lead: Bpifrance
Quobly develops silicon-based quantum computers using proven semiconductor manufacturing processes (FD-SOI technology on 300mm wafers). The company aims to make quantum computing scalable, manufacturable and deployable by leveraging established semiconductor manufacturing ecosystems rather than exotic quantum architectures.
Finland · Lead: Business Finland
Solar Foods has developed a proprietary microbe that feeds on carbon dioxide and hydrogen to grow a high-protein food ingredient called Solein. Solein is a nutrient-rich and versatile ingredient that can replace protein in virtually any food and requires just 0.1% of the land and 1% of the water compared to beef production.
Source: Inventure Capital Side Letter · Orbit API
Early-stage trend radar
Pre-seed & seed niches in Climate & Deeptech · European startups · 05/26 - 07/26
Early-stage startups
18Pre-seed + seed
Active niches
8Sub-sectors with funding
Niches by startup count
Pre-seed + seed · number of startups per sub-sector
Niche details
4 startups · €13 m funding
3 startups · €14 m funding
3 startups · €21 m funding
2 startups · €829 k funding
2 startups · €2 m funding
2 startups · €3 m 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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