In 2023, energy venture capital firms injected a robust $38.6 billion into 2,953 projects. With environmental concerns driving public attention, the sector continues to attract more top-dollar investors and mega-rounds.

In this article, you’ll find a curated list of top energy VC investors (many of them are our partners) alongside their investment criteria and contact details. Also, learn about industry trends, notable startups and exits, the most active VC funds and angels, and accelerator programs—all to streamline your fundraising efforts and drive business success. 

BP Ventures
90 investments
Focus:
  • AI & Deep Tech
  • Pharma
  • +21
Stage:
  • Seed
  • Series A
  • +2
Battery Ventures
845 investments
Focus:
  • Sports & Fitness
  • AI & Deep Tech
  • +31
Stage:
  • Seed
  • Series A
  • +2
Check:
  • $100K-$500K
  • $500K-$1M
  • +3
Energy Impact Partners
125 investments
Focus:
  • AI & Deep Tech
  • Advertising & Marketing
  • +25
Stage:
  • Pre-Seed
  • Seed
  • +3
Check:
  • $3M-$10M
Breakthrough Energy Ventures
163 investments
Focus:
  • AI & Deep Tech
  • Pharma
  • +20
Stage:
  • Seed
  • Series A
Check:
  • $100K-$500K
  • $500K-$1M
  • +3
Chrysalix Venture Capital
92 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +10
Stage:
  • Seed
  • Series A
Check:
  • $500K-$1M
  • $1M-$3M
National Grid Partners
62 investments
Focus:
  • AI & Deep Tech
  • Fintech & Financial services
  • +20
Stage:
  • Seed
  • Series A
  • +2
Equinor Energy Ventures
33 investments
Focus:
  • Natural Resources
  • Hardware, Robotics & IoT
  • +15
Stage:
  • Seed
  • Series A
  • +2
Generate Capital
19 investments
Focus:
  • Hardware, Robotics & IoT
  • Software & Apps
  • +8
Angeleno Group
35 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +8
Stage:
  • Series A
  • Series B
  • +1
Braemar Energy Ventures
102 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +12
Stage:
  • Series A
  • Series B
  • +1
Energize Capital
46 investments
Focus:
  • AI & Deep Tech
  • Advertising & Marketing
  • +20
Stage:
  • Series A
  • Series B
  • +1
Future Energy Ventures
77 investments
Focus:
  • AI & Deep Tech
  • Pharma
  • +21
Stage:
  • Series A
  • Series B
  • +1
Check:
  • $500K-$1M
  • $1M-$3M
  • +2
Energy Innovation Capital
45 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +15
Stage:
  • Seed
  • Series A
  • +2
Innoenergy
177 investments
Focus:
  • AI & Deep Tech
  • Advertising & Marketing
  • +21
Stage:
  • Pre-Seed
  • Seed
  • +1
Statkraft Ventures
41 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +15
Clean Energy Venture Group
59 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +14
Stage:
  • Seed
  • Series A
  • +2
Energy Foundry
31 investments
Focus:
  • Hardware, Robotics & IoT
  • Natural Resources
  • +9
Stage:
  • Seed
  • Series A
Check:
  • $500K-$1M
  • $1M-$3M
  • +1
Lowercarbon Capital
109 investments
Focus:
  • AI & Deep Tech
  • Pharma
  • +18
Stage:
  • Seed
  • Series A
Check:
  • $0-$100K
  • $100K-$500K
  • +3
Boost VC
301 investments
Focus:
  • Sports & Fitness
  • AI & Deep Tech
  • +33
Stage:
  • Seed
Check:
  • $100K-$500K
Omnivore Partners
112 investments
Focus:
  • Hardware, Robotics & IoT
  • Transportation & Mobility
  • +18
Stage:
  • Seed
  • Series A
Check:
  • $500K-$1M
  • $1M-$3M
  • +1

Energy venture capital scene overview 

The energy industry dominates mega-rounds. Given higher interest rates and fewer opportunities for later-stage startups to exit, capital flowing into tech ventures slows down. However, energy startups have shown resilience and even growth in megadeals. Compared to 2023, when the percentage of mega-rounds was 10%, by early 2024, this figure surged to 16%. And with big geographical shifts in investment patterns underway, something is definitely heating up in the world of energy venture capital.

Government fuels energy startup funding. In 2023, China led the pack in energy mega-rounds, channeling most venture capital to solar energy and battery materials startups. Since then, the situation has changed dramatically due to the US and EU government initiatives—the Inflation Reduction Act, which provides tax incentives and subsidies for renewable energy startups, and the European Green Deal, which offers substantial green energy startup funding. Given these initiatives, the 2024 megadeals top chart now sees an equal distribution of top places between China, the US, and the EU.

Big companies commit to green energy. Large corporations find their feet amid renewable energy and decarbonization goals. Initiatives like RE100, where giants like Google, IKEA, and Apple commit to using 100% renewable electricity, are growing. This corporate push for sustainability is drawing major attention from energy venture capital firms.

Tech innovation diversity leads to energy venture capital boom. Investments are no longer concentrated in solar and battery materials alone but are spread across various technologies. Startups developing geothermal energy, e-fuels, and EV charging solutions are attracting a significant portion of venture capital for alternative energy. Even long-standing technologies like heat pumps have got a recent €145 million infusion. That’s how promising the energy market’s future looks. 

Energy startup ecosystem

Almost seven thousand startups globally are driving energy transition towards sustainable and efficient alternatives. Environmental awareness grows, and so does the number of founders who want to help create a better future.

Celebrities get involved in funding energy startups. Recently added to Y Combinator’s cap table, Leonardo DiCaprio helped SolarMente raise its Series A round. The actor has actively supported tech ventures and advocated for climate change since 2011. Another example is Robert Downey Jr., who has backed green energy startups through his venture fund, FootPrint Coalition. These celebrity investments help draw public attention and additional energy venture capital funding. 

Energy startup founders target developing countries. In 2024, there’s a noticeable increase in efforts to address energy crises and improve access to clean energy in countries of Africa. A good example is Hohm Energy, a company that streamlines solar energy adoption for homes and businesses in South Africa, which secured an $8 million seed funding round. Another is Nuru, based in the Democratic Republic of Congo, it deploys utility-scale solar mini-grids to provide clean energy in remote and underserved areas. The company won $40 million in a Series B round to expand its projects. 

The energy market will be ripe for a pickup in exits soon. Although there were only five exits during 2021-2023, projections suggest a better outlook by the end of 2024. Of course, predicting exits in the energy sector is as hard as predicting oil prices. However, high-quality energy startups with reasonable valuations are well-positioned to succeed.

To carve your path into this saturated yet promising market, prepare a solid investor outreach strategy. It will help you find energy venture capital firms that match your startup, and tailor your pitch accordingly.

Most active energy VC funds 

Many venture capital firms have recently turned their eyes to green energy startups. It’s no surprise, as the looming threat of climate change comes closer each year.

Among the most active investors are BP Ventures, which has invested over $1 billion in energy ventures since 2012, and Shell Ventures, a corporate VC firm of Shell that supports renewable energy startups like Heaten and Kraftblock. InnoEnergy focuses on innovative energy solutions and technologies, having over 200 companies in its investment portfolio. Additionally, Future Energy Ventures targets startups that facilitate energy transition, focusing on sectors like future cities, future energy, and future technologies.  

Startup accelerators in energy sector

If you want to make your fundraising journey easier, it’s always a good idea to engage in an energy startup accelerator or incubator. From resources to important connections, accelerators help handle such demanding fields as energy. Here’s a list of energy business incubators and accelerators:

  • Cleantech Open—provides hands-on support and all the necessary resources to clean energy startups;
  • Greentown Labs—the biggest cleantech incubator in North America, which offers mentorship, workspace, and access to clean energy venture capital;
  • Powerhouse—supports seed-stage clean energy startups and mobility ventures.

Recent VC exits in energy sector

Since 2021, there have been only five energy startup exits, among them are:

  • NET Power, a company focusing on clean natural gas power with carbon capture, exited in 2023 via SPAC with a $1.5 billion exit value after raising $150 million in total funding. 
  • LanzaTech, a startup making clean fuels from industrial waste gas, exited in 2023 via SPAC, achieving a $2 billion exit value after raising $791 million.
  • NuScale Power, a company developing small, safer nuclear reactors, exited through SPAC in 2022, reaching a $1.9 billion exit value with $195 million in VC funding.

Most notable energy startups 

Some notable energy startups include Recurrent Energy, a company that develops energy storage and utility-scale solar projects, which secured a $500 million preferred equity investment from BlackRock, Redwood Materials, a Swedish company that recycles and manufactures sustainable materials for lithium-ion batteries, which raised $1 billion to support its mission of sourcing raw materials for electric vehicle batteries, and Peregrine Energy, which attracted $700 million to fund its energy deals pipeline. 

Additional insights

Despite the overall VC funding deceleration with a late-stage glaciation, energy startups are picking up speed and raising huge rounds. The venture capital future looks bright for the energy industry given its crucial mission, positive investor sentiment, and growing public interest. 
Eager to secure energy startup funding? Prepare a robust business plan, scalable financial model, and an investor-attractive pitch deck for a start. If you’re overwhelmed with all the details, our Waveup team is here to help you.

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Ruslana

CONTENT WRITER

Hello! I'm Ruslana, a Content Writer at Waveup. Based on my background in marketing research and business analytics, and my current collaboration with the savvy team at Waveup, I'm excited to share my insights and learnings with you.