🌎 New survey: How climate tech gets funded in 2026 #291

Happy Monday!

Founders: How are you actually financing and running your company right now? We partnered with Elemental Impact on a short survey to find out what's working, who's stepping up, and where the gaps are. Ten minutes, totally anonymous, and we'll publish the results in an upcoming issue. Take the survey here.

In deals, $200m for EV development, $170m for space data center, and $158m for BESS development.

In other news, we’ve got takes about Microsoft’s carbon removal credit buying pause, the US’ blockade on the Strait of Hormuz, and nuclear news. 

ICYMI: Sightline Climate's newsletter on the power system, Powerstack, published a Q&A with Carlyle's Jeff Currie last week. Read it here, and subscribe today.

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CTVC is powered by Sightline Climate, the tactical market intelligence platform for energy and investment decision-makers.

Calling all founders: Take our 2026 survey

We don’t have to tell you that climate tech is moving fast. From federal policy headwinds to geopolitical turbulence to trade uncertainty to the AI boom, the landscape looks fundamentally different than it did even a year ago. 

So we want to hear how it’s changing directly from you, climate tech startup founders. Sightline Climate has partnered with Elemental Impact on a short survey to find out how climate founders are actually doing right now. What mechanisms are working, which actors are stepping up, and where the real gaps are.

Whether you're building, deploying, or financing climate solutions, your perspective matters. The survey takes about 10 minutes, and respondents will be entered to win a $50 gift card.

Just like in our climate tech investor pulse check last year, our goal is to give the ecosystem valuable, real-time data to work with. The more founders who weigh in, the sharper the picture. Founders, operators, we need you - and investors, we need your portcos! So feel free to share this survey far and wide.

We'll publish anonymized, aggregated results in an upcoming CTVC newsletter - and a downloadable report! - and present findings later this summer, so stay tuned!

Deals of the Week (4/6-4/13)

VC / Growth

🛵 Also, a Palo Alto, CA-based electric mobility solutions provider, raised $200m in Series C funding from Greenoaks Capital, DoorDash, and Prysm Capital.

🏠 Starcloud, a Redmond, WA-based space data center developer, raised $170m in Series A funding from Benchmark, EQT Ventures, 776 Ventures, Adjacent, Fuse Ventures, and other investors

🛰 Xoople, a Tres Cantos, Spain-based geospatial data infrastructure platform, raised $130m in Series B funding from Nazca Capital, Buenavista Equity Partners, Centro para el Desarrollo Tecnológico e Industrial (CDTI), Endeavor Catalyst, and MCH Private Equity.

🛰 Starfish Space, a Tukwila, WA-based satellite life extension service provider, raised $110m in Series B funding from Activate Capital Partners, Point72 Ventures, Shield Capital, Gaingels, Industrious Ventures, and other investors.

🏭 SmartD Technologies, a Montréal, Canada-based SiC-based motor drive developer, raised $11m in Series A funding from Desjardins Capital, Hammond Power Solutions, Boreal Ventures, Investissement Québec, and SE Ventures.

⚡ Soma Energy, a Vancouver, Canada-based AI-driven energy intelligence platform, raised $7m in Seed funding from Category Ventures, Haystack, Panache Ventures, RRE Ventures, TO VC, and other investors.

🚗 Astranova Mobility, a Gurugram, India-based EV fleet asset management platform, raised $7m in Series A funding from IvyCap Ventures, AdvantEdge Founders, Asian Development Bank, and Trucks Venture Capital.

⚡ Plume, a Paris, France-based AI-powered energy renovation platform, raised $4m in Seed funding from AENU, Better Angle, Collaborative Fund, Kima Ventures, Raise Sherpas, and other investors.

⚡ Nirova, a Boise, ID-based anaerobic digester optimization platform, raised $3m in Seed funding from undisclosed investors.

🌡 Satellites on Fire, a Belgrano, Argentina-based real-time forest fire detection platform, raised $3m in Seed funding from Dalus Capital, Air Capital, Antom, Avesta Fund, Draper Associates, and other investors.

Project Finance / Debt

⚡ VC Renewables, a Newark, NJ-based BESS project developer, raised $158m in PF Tax Equity funding from Advantage Capital.

⚡ Origis Energy, a Miami, FL-based renewable energy project developer, raised $59m in PF Tax Equity funding from RBC Community Investments.

⚡ HVR Energy, a Madrid, Spain-based green hydrogen project developer, raised $15m in PF Debt funding from Instituto de Crédito Oficial (ICO).

🍃Victory Group, a Kenya-based aquaculture developer specializing in sustainable tilapia farming, raised $15m in Debt from AgDevCo.

🏭 Graphite Energy, a Surry Hills, Australia-based industrial decarbonization technology developer, raised $10m in Debt funding from Catalytic Impact Capital.

👕 Appcycle, a Hirosaki, Japan-based apple food waste upcycling company, raised an undisclosed amount in Debt funding from Japan Finance Corporation and Mizuho Bank.

⚡ Münch Energie, a Rugendorf, Germany-based sustainable energy solutions developer, raised an undisclosed amount in PF Debt funding from IKB Deutsche Industriebank.

🔋 Kingdom, a Singapore-based battery energy storage systems (BESS) developer, raised an undisclosed amount in PF Debt funding from MUFG Bank.

Exits

♻️ Frontier Waste Solutions, a Dallas, TX-based waste hauling service provider, was acquired by GFL Environmental at an implied valuation of $900m.

⚡ Vibrant Energy, a Hyderabad, India-based renewable energy solutions provider for C&I customers, was acquired by Inox Clean Energy at an implied valuation of $539m.

🏭 RPD Technologies, a Crosby, TX-based process engineering and project development company, was acquired by Abundia Global Impact Group at an implied valuation of $4m.

⚡ Nor-Cal Controls, an El Dorado Hills, CA-based automation and engineering services provider, was acquired by Mortenson for an undisclosed amount.

☔ Planetrics, a London, England-based climate data analytics platform, was acquired by SLR Consulting for an undisclosed amount.

☔ ClimSystems, a Hamilton, New Zealand-based climate risk assessment software developer, was acquired by SLR Consulting for an undisclosed amount.

Funds

Eka Ventures, a London, UK-based venture capital firm, closed $107m for its Fund II with support from British Business Bank, Better Society Capital, and Guy’s & St Thomas’ Foundation, focusing on consumer health,wellbeing and sustainability.

This is a sample of deals available for Sightline clients. Can’t get enough deals?

Reading list

💨 Microsoft paused buying new carbon removal credits, a big blow to the market. Since last year, its strategy has been to purchase more nature-based solution (NBS) credits and fewer CDR ones, especially as the AI arms race continues. [Link]

It's a reality check for the VCM - a market can’t depend on a single buyer for 80-90% of purchases, especially a voluntary one. It follows a trend of hyperscalers backing off environmental claims to put their money elsewhere, like building and powering data centers.

⛽ US began the military blockade of the Strait of Hormuz after peace talks failed to reopen it amid the war with Iran. [Link]

The biggest change will be to the ~8 countries that were rumored to be getting oil through the Strait with Iran's permission (China, India, Pakistan, Malaysia, Iraq, Turkey, and the Philippines). Meanwhile, Brent and stock markets continue to fluctuate, and pressure continues to mount.

⚡ Fission and fusion reach new milestones: Ontario Power Generation has formally submitted the first SMR operating license in an OECD country. ARPA-E announced $135m in fusion funding. Taiwan’s state utility Taipower has applied to restart its Maanshan nuclear plant, shut down just last year. [Link, link, link]

As the Iran War puts the focus on fuels’ instability, nuclear continues to look attractive as an energy security play, despite high costs and long timelines for conventional nuclear as well as emerging technologies like advanced nuclear and fusion.

💨 UK biomass giant Drax pulled out of the UK’s flagship climate plan to add BECCS to its biomass plant. Even after receiving massive subsidies from the UK government, Drax is now pivoting its climate strategy to BESS. [Link]

This is the largest polluting plant in the UK, with no clear path for decarbonization, and the UK has strong climate goals. Another tough break for carbon capture as the economics of the market don’t materialize fast enough for developers and buyers.

⚡ Xcel approved for a new program in Minnesota to deploy energy storage systems across its distribution grid by 2028. The utility will install, own, and rate-base distributed batteries (1-3MW each) across the grid - so it will operate like a VPP of behind-the-meter assets. [Link]

It’s unlike most VPP programs, which are run by third-party aggregators using customer-owned resources. If this works, it could mean utilities could use distributed storage to expand capacity faster than VPPs alone.

🛰️ The Atlantic’s deep dive on geoengineering and startup Stardust, the solar-reflecting company that raised $60m last year. It just released “guiding principles,” and a “framework for safely deploying.” [Link]

An interesting dive into one of the space’s more prominent companies, and what it will take for it to succeed. Also, a real indication that the Overton Window on the topic has shifted rapidly in just the past few years. 

💨 A Farmville game, for carbon capture, from Charm Industrial. No permits required. [Link]

🌡 US had hottest March on record, with the month’s average temperature of 50.85F(10.47C) was 9.35F (5.19C) above the 20th-century normal for March. [Link]

🌡 New species hit the endangered list, including Emperor Penguins and Antarctic Fur Seals. [Link]

Opportunities & Events

​​📅 SF Climate Week: CTVC co-founders, Kim Zou, Sightline Climate CEO, and Planeteer Capital managing director, Sophie Purdom, will both be on the West Coast from April 19-27. Get in touch if you’ll be in town!

📅 OutRun CO2 Club @ SF Climate Week!: On April 20, join Planeteer at Joyride Pizza, Pier 1 in San Francisco for a morning run kicking off SF Climate Week. Lace up at 7:45 AM PDT.

📅 Padel & Pickleball Tournament @ SFCW: On April 21, head to Treasure Island in San Francisco for a padel and pickleball tournament hosted by Climate Investment, Planeteer Capital, Activate Capital, Giant Ventures, and Clean Energy Ventures. Games start at 9:00 AM PDT.

📅 Female Founders & Funders Gathering @ SF Climate Week: On April 22, connect with fellow female founders and funders in SoMa, San Francisco. ​Co-hosted by Planeteer Capital & Earthshot Ventures, sponsored by SE Ventures, Breakthrough Energy and Elemental Impact.

​​📅 Super Climate @ SF Climate Week: ​​Join Super Climate for an exclusive gathering of climate-focused investors. From 6:00-10:30 pm on April 21 join other GPs and LPs to connect, share perspectives, and collaborate to drive real impact.

📅 Birding & Bagels Bonanza SF Climate Week: ​Superorganism & ​​Planeteer encourage the bird-curious to come peep some pigeons (and hopefully more exciting specimens!) on April 22 from 7-9 am at Golden Gate Park. ​​​This gathering of birding enthusiasts will be led by special guest ornithologists and include coffee and networking. ​

Jobs

Data Analyst – Late-Stage Finance, @Sightline Climate

Marketing Lead, @ Glimpse 

Strategic Finance Engagement Lead, @ Planetary Scale 

Software / Machine Controls, @Dig Energy

📩 Feel free to send us deals, announcements, or anything else at [email protected]. Have a great week ahead!