Climate tech startups raised nearly $13 billion in the third quarter across over 200 deals, making 2021 a record VC year already with months to go, per new PitchBook analysis.
Driving the news: Electric transportation received the most investment. Third-quarter deals include the U.S. electric vehicle company Rivian's $2.5 billion fundraise and Chinese battery firm Svolt's $1.6 billion haul.
The big picture: The Q3 tally is a 42% climb over Q2 and 38% over the same three-month stretch last year.
- It's the latest sign of widening investment in clean tech companies and deployment, from VC firms but also other big funds and investors.
Why it matters: While big carbon cuts are possible with accelerated deployment of existing tech, new and evolving tech is needed for long-term net-zero targets.
Catch up fast: Climate tech spans EVs, climate-friendly agriculture, advanced buildings, renewables and grid systems, carbon removal and much more.
The intrigue: PitchBook is expanding its climate tech work, making it a "dedicated sector" with a dedicated analyst who will provide in-depth research, spokesperson Jane Footh said.
- Today it released a "taxonomy overview" of the sector and the forces driving it.