TLDR:
- Chinese firms accounted for five of the top 10 global venture capital deals involving clean energy in H1 2024, making up 66% of those deals by value.
- In the first half of the year, these deals raised $2.93 billion from private investors, mainly domestic institutions, representing 65% of the total $4.5 billion raised by the top 10 deals involving low-carbon energy globally.
Chinese firms dominated the global clean energy venture capital deals in the first half of 2024, with five of the top 10 deals involving clean energy being led by Chinese entities. These deals, primarily in the supply chain for battery-powered and hybrid vehicles, raised $2.93 billion from private investors, mainly domestic institutions, making up 65% of the total $4.5 billion raised by the top 10 deals globally in the low-carbon energy sector. This trend builds on China’s growing dominance in the clean energy sector, as seen in previous years where China outpaced the US in clean energy deal volumes. In 2022, China’s clean energy deals reached $12 billion, surpassing the US, and in 2023, China’s deal volume increased to almost $15 billion, more than double that of the US, with a significant portion coming from the electric vehicle sector. This strong presence of Chinese firms in clean energy investment highlights the country’s commitment to transitioning towards sustainable energy sources and reducing carbon emissions.
