Europe’s top 25 climate tech funding rounds this year – and the investors behind them

It’s no secret that private funding for climate tech has been on a downward trajectory of late — and this year, so far, is no different.

European climate tech companies have raised a total of $5.3b (€4.5b) in private equity since the beginning of 2025, excluding debt and grants. That’s a roughly 40% drop in funding from the same time last year, according to Dealroom data.

The slump likely reflects a mix of forces: AI hype pulling investor attention away from climate tech; Europe’s shifting focus toward defence and rearmament; the dismantling of climate regulations in the US under the Trump administration; and the collapse of leading players like Northvolt.

However, it’s not all bad news: fewer deals may signal a maturing sector, with more companies reaching scale and profitability, according to a report by market intelligence firm Sightline Climate, which Impact Loop examined earlier this year.

"We’re settling into the new normal," Sightline co-founders Kim Zou and Mark Taylor wrote in the report, pointing to the fact that climate tech has emerged from its hype moment – and handed AI the baton.

Despite the growing pains, this year saw some promising deals in climate tech, particularly in EV charging, clean energy generation and storage, heating, and industrial decarbonisation.

We’ve crunched the numbers and ranked Europe’s 25 largest climate tech funding rounds of the year so far.

Note: The funding amounts listed here reflect equity investments tracked in Dealroom and similar databases. They may exclude government grants, loans, or other non-equity financing.

Aira – €150m (Late VC, Aug 2025)

Produces and installs heat pumps and other energy-efficient appliances in an effort to replace Europe’s fossil-fuel heating infrastructure at scale.

HQ: Stockholm, Sweden.

Founded: 2022 by Carl-Erik Lagercrantz and Harald Mix via investment firm Vargus.

Lead investors: Altor, Kallskär, Kinnevik, Lingotto and Temasek.

Proxima Fusion – €130m (Series B, Jun 2025)

A spinout from the Max Planck Institute developing next-generation stellarator fusion reactors.

HQ: Munich, Germany.

Founded: 2023 by Francesco Sciortino, Lucio Milanese, Jorrit Lion, Jonathan Schilling and Martin Kubie.

Lead investors: Cherry Ventures and Balderton Capital.

Gridserve – €120m (Growth equity VC, Jul 2025)

Builds solar farms and EV charging networks across the UK.

HQ: Iver, United Kingdom.

Founded: 2017 by Toddington Harper.

Lead investors: TPG Rise Climate Fund, Mitsubishi HC Capital UK, Infracapital.

XOCEAN – €115m (Late VC, Jan 2025)

Operates autonomous surface vessels that collect oceanographic and environmental data.

HQ: Dundalk, Ireland.

Founded: 2017 by James Ives.

Lead investors: S2G Ventures, Climate Investment, Morgan Stanley’s 1GT fund, CC Industries.

Marvel Fusion – €113m (Series B, Mar 2025)

Developing a laser-driven fusion energy reactor to generate virtually limitless, clean energy.

HQ: Munich, Germany.

Founded: 2019 by Moritz von der Linden, Georg Korn, Karl-Georg Schlesinger and Pasha Shabalin.

Lead investors: EQT Ventures, Siemens Energy Ventures, European Innovation Council Fund, Tengelmann Ventures, Bayern Kapital.

Enpal – €110m (Growth equity VC, Apr 2025)

Provides home solar panel leasing and integrated energy systems, helping households switch to renewable electricity with fewer upfront costs.

HQ: Berlin, Germany.

Founded: 2017 by Mario Kohle.

Lead investor: TPG Rise Climate.

Climeworks – €107m (Late VC, Jul 2025)

Operates direct air capture plants to remove CO2 from the atmosphere and then sells carbon removal credits to businesses and governments to offset their emissions.

HQ: Zurich, Switzerland.

Founded: 2009 by Christoph Gebald and Jan Wurzbacher.

Lead investors: BigPoint Holding, Partners Group.

Qvantum – €93m (Series C, Jan 2025)

Develops modular heat pump systems for residential and commercial buildings.

HQ: Malmö, Sweden.

Founded: 1993 (relaunched 2022) by Mats Nilsson and Henrik Berglund.

Lead investors: Thomas von Koch via IMAS Foundation, Munters.

Connected Kerb – €78m (Late VC, Feb 2025)

Installs on-street EV charging infrastructure.

HQ: London, United Kingdom.

Founded: 2017 by Peter Howe, Richard Clements, Stephen Richardson and Nicholas Dobie.

Lead investors: The National Wealth Fund, Aviva Investors.

Pulpex – €74.4m (Series D, Feb 2025)

Produces paper-based bottles to replace single-use plastics.

HQ: Sawston, United Kingdom.

Founded: 2020 as a joint venture between Diageo & Pilot Lite.

Lead investors: National Wealth Fund, Scottish National Investment Bank.

INTACT – €70m (Late VC, Mar 2025)

Develops plant-based proteins and fermentation-derived products using a regenerative agriculture methodology.

HQ: Olivet, France.

Founded: 2022 by Alexis Duval and Fanny de Castelnau.

Lead investors: Undisclosed.

Altano Energy – €60m (Series C, Jul 2025)

Develops and operates renewable energy projects across Spain.

HQ: Madrid, Spain.

Founded: 2020 by Miguel Sánchez-Praena Ferrer and Iñigo Sánchez-Junco.

Lead investors: Pioneer Point Partners, M&G Investments.

Gravithy – €60m (Early VC, Mar 2025)

Building a low-carbon iron plant using green hydrogen.

HQ: Marseille, France.

Founded: 2022 as a joint venture between EIT InnoEnergy, Engie New Ventures, FORVIA, GROUPE IDEC, Plug, Primetals Technologies.

Lead investors: EIT InnoEnergy, Engie New Ventures, FORVIA, GROUPE IDEC, Plug, Primetals Technologies.

Makersite – €60m (Series B, Jul 2025)

Provides software for modeling product supply chains and carbon footprints.

HQ: Stuttgart, Germany.

Founded: 2016 by Neil D’Souza.

Lead investors: Lightrock, Partech.

Aerones – €56.4m (Late VC, Jun 2025)

Produces robotic systems for wind turbine maintenance.

HQ: Riga, Latvia.

Founded: 2018 by Jānis Putrāms and Dainis Kruze.

Lead investors: Activate Capital, S2G.

Pathfinder Clean Energy – €55.2m (Convertible, Jun 2025)

Develops large-scale renewable energy projects across Europe.

HQ: London, United Kingdom.

Founded: 2017 by Rob Denman and Alex Ross.

Lead investor: Rgreen Invest.

Greenway Infrastructure – €50m (Growth equity VC, Mar 2025)

Builds and operates EV charging infrastructure in Central and Eastern Europe.

HQ: Bratislava, Slovakia.

Founded: 2011 by Peter Badík and Juraj Ulehla.

Lead investors: Mirova, an affiliate of Natixis Investment Managers.

Terrafame – €50m (Late VC, Feb 2025)

Operates a nickel and cobalt mine in Finland.

HQ: Sotkamo, Finland.

Founded: 2015 as a joint venture between Finnish Minerals Group and Galena Asset Management.

Lead investors: Finnish Minerals Group, Galena Asset Management.

Hy2gen – €47m (Late VC, Apr 2025)

Produces green hydrogen and derivative fuels, aiming to decarbonise heavy industry and transport with renewable molecules.

HQ: Wiesbaden, Germany.

Founded: 2017 by Cyril Dufau-Sansot.

Lead investors: Hy24.

Einride – €46.4m (Convertible, May 2025)

Develops autonomous and electric freight transport vehicles designed to reduce logistics emissions and costs.

HQ: Stockholm, Sweden.

Founded: 2016 by Robert Falck, Linnéa Kornehed Falck and Filip Lilja.

Lead investors: Undisclosed.

Alight – €46m (Growth equity VC, Mar 2025)

Builds solar power plants and offers corporate power purchase agreements (PPAs) to help businesses decarbonise electricity consumption.

HQ: Stockholm, Sweden.

Founded: 2013 by Harald Överholm, Wilhelm Löwenhielm, Richard Nicolin.

Lead investors: ABN AMRO, SEB.

EnduroSat – €44.5m (Late VC, May 2025)

Produces small satellites and manages shared space missions for commercial, scientific, and government clients.

HQ: Sofia, Bulgaria.

Founded: 2015 by Raycho Raychev.

Lead investors: Founders Fund.

Hycamite TCD Technologies – €41.3m (Series A, Jan 2025)

Develops methane pyrolysis technology to produce clean hydrogen and solid carbon.

HQ: Kokkola, Finland.

Founded: 2020 by Laura Rahikka.

Lead investor: Sojitz Group

Xcalibur Multiphysics – €40m (Jan 2025)

Provides aerial geophysics surveys to mining and energy companies.

HQ: Madrid, Spain.

Founded: 2011 by Andrés Blanco.

Lead investors: Undisclosed.

Hived – €38.2m (Series B, Jul 2025)

Operates a fleet of electric parcel delivery vehicles in London, aiming to offer last-mile logistics with fewer local emissions.

HQ: London, United Kingdom.

Founded: 2021 by Murvah Iqbal, Mathias Krieger.

Lead investor in the round: NordicNinja.

Pictured back row from left: Harald Mix (Vargus), Neil D’Souza (Makersite), Heike Freund (Marvel Fusion), Nick de la Forge (Planet A Ventures), Gokul Raghavan (S2G Investments), Christoph Gebald and Jan Wurzbacher (Climeworks), Priya Veerapen (Infracapital), Fanny de Castelnau (INTACT), Francesco (Proxima Fusion), Mario Kohle (Enpal), Jānis Putrāms (Aerones), Linnéa Kornehed Falck (Einride), Laura Rahikka (Hycamite TCD Technologies).