CB Insights - Energy Tech Report Q2 2022

State of
Energy Tech
Global | Q2 2022
Global data and analysis on dealmaking, funding,
and exits by private market energy tech companies
State of Energy Tech
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Renewable Energy Carbon Capture,

Utilization, &
Grid & Utility Storage (CCUS)
Oil & Gas Tech Decarbonization

Tech
Energy Storage
Hydrogen Energy
Tech
4
Tech Market Map Report: Analyzing Shell’s growth

Digitization & Automation in strategy: How the energy giant
Our Most Popular Commercial Buildings is investing in a more
sustainable future
Research on Analyzing TotalEnergies’

growth strategy: How the Unbundling Siemens: How the
energy giant is transitioning industrial leader is being
Energy Tech away from fossil fuels disrupted
The Future of the Office Unbundling ExxonMobil: How

Building: How heat pumps, the oil & gas industry is being
digital twins, and AI algorithms disrupted
are making buildings greener
and safer Analyzing Chevron’s clean
energy strategy: How the oil &
gas company is diversifying
away from fossil fuels
5
What you need to know about

energy tech in Q2'22
$7.5B -55% 16 29% 3.4x

In quarterly Quarterly mega- Average number of Percentage of the Increase in US
funding. Down 24% round funding drop months between energy tech unicorn unicorn count YoY.
QoQ. from Q3’21 peak. Series B and C herd born in Q2’22. Five new energy tech
Funding dropped for the Quarterly $100M+ mega- rounds. Seven new unicorn births unicorn births brought the
second consecutive round funding fell for the brought the total herd to US unicorn herd to 17 in
Despite a mega-round Q2’22, up 3.4x from Q2’21.
quarter to hit $7.5B in third quarter straight in funding decrease, younger 24 in Q2’22. Most of the
Q2’22. While funding fell Q2’22, representing a 55% quarter’s new unicorns The region saw the same
companies saw growth number of energy tech
24% quarter-over-quarter decline from its record accelerate. This was were born in the energy
(QoQ), it was only down 3% high in Q3’21. Notably, deal storage and renewable unicorn births in Q2’22 as
particularly true at the mid- Europe and Asia had
year-over-year (YoY) and count has remained stage level, where the energy sectors, a trend
remained elevated in relatively level. While this largely driven by a historic collectively seen since
average time between Q3’20.
comparison to pre-2021 likely contributed to the Series B and C rounds rise in the price of
levels. downturn in total funding, came in at 16 months in conventional fossil fuels.
more than half of energy 2022 YTD, down from 29
tech dollars still went to months in 2020 and 21
mega-rounds. months in 2021.
6
What you need to know about

energy tech in Q2'22
$2.2B $1.0B -24 -82% -91%

Grid & utility tech Oil & gas tech Percentage point Decline in energy Drop in China
funding in H1’22. funding. Record drop in oil & gas storage funding funding from Q3’21
Projected to hit new high. tech early-stage from Q3’21 peak. high.
high. Q2’22 saw a record deal share. While quarterly energy Funding to Chinese energy
Bucking the broader amount of funding ($1B) Mid- and late-stage oil & storage funding rebounded tech companies dropped
downward trend, grid and flow into the oil & gas tech gas tech deal share grew in Q1’22, it fell back down 52% QoQ, extending a
utility tech funding rose space, marking a 68% QoQ in the first half of 2022. On in Q2’22 to reach $1.6B. decline that started after
40% QoQ and is projected increase. the other hand, early-stage This marked an 82% drop funding peaked at $3.9B in
to surpass 2021’s total this The sector had struggled deal share fell to 24%, from its $9B high in Q3’21, Q3’21. Further lockdowns
year. Around 90% of in recent years, but a boom down 11 percentage when the sector took in stemming from the Covid-
quarterly funding went to in commodity prices drove points from 2021 and 24 more than 3 out of every 4 19 pandemic may lead
US-based companies, investments into predictive from its 2019 heyday. energy tech funding dollars funding to continue to drop
potentially reflecting the analytics software and Funding moving away from and produced multiple in the region.
push to ramp up ahead of hardware designed to innovative new startups SPACs.
the anticipated influx of detect and decrease gas could pose a challenge for
government spending. flaring. the sector’s future.
7
State of Energy Tech | Global Trends | Investment Trends
Energy tech funding continues its decline, down 24% QoQ
$14. 0B
$12. 0B
$10. 0B $9.9B
Q1’22
$8.0B
24%
$6.0B decrease
$4.0B
$7.5B
$2.0B Q2’22
$1.7B $1.2B $2.0B $2.1B $1.8B $2.6B $3.9B $2.5B $1.2B $1.7B $5.0B $2.3B $6.4B $7.7B $11.7B $11.7B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
8
Mega-round funding falls for the third straight quarter, down 55% from its
Q3’21 peak
$12. 0B
$10. 0B
-55%
since Q3’21
$8.0B
$6.0B
$4.5B
$4.0B
$2.0B
$0.8B $0.3B $1.1B $1.4B $0.9B $1.4B $2.8B $1.4B $0.2B $0.9B $4.1B $1.0B $4.8B $5.3B $9.9B $8.7B $5.9B
$0.0B
2018 2019 2020 2021 2022
9
Time between deal stages accelerates for younger companies, especially

at the mid-stage level
Seed/Angel to Series A Series A to B Series B to C
29
5
5 months
3 months
25
faster
months 23
faster faster 22
21 21
20 20 20
19 19
18
18 17
16
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
10
State of Energy Tech | Global Trends | Unicorns, Valuations, & Multiples
Nearly one third of the energy tech unicorn herd is born in Q2’22
24
Total Unicorns
7 29%
New
Unicorns
of total
unicorns
5 6 7 6 7 9 11 13 17
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020 2021 2022
11
The US unicorn herd rises to 17 in Q2’22, a 3.4x increase YoY
17
20
Total
Unicorns
18 US
16
14
12
12
10 9 3.4x
since Q2’21
8 7
6 5 Asia, 5
4 4 4 4 4 4
4 3 3 3 3
2 2 2
2
Europe, 2
0
2018 2019 2020 2021 2022
12
State of Energy Tech | Collection Spotlights | Grid & Utility
Grid & utility funding is projected to reach an all-time high in 2022
5000
4500
4000
Projected
3500 Funding
3000 $4.4B
2500
2000 Funding
$2.2B
1500
1000
500
$0.7B $0.5B $1.0B $3.1B

0
2018 2019 2020 2021 2022
YTD
13
State of Energy Tech | Collection Spotlights | Oil & Gas Tech
Oil & gas tech funding jumps 68% QoQ to hit a new record in Q2’22
$1,200M
$1.0B
New Record
$1,000M
$800M
$600M
$400M
$200M
$41M
$311M $146M $297M $69M $107M $135M $320M $317M $271M $183M $255M $106M $862M $255M $920M $595M
$0M
2018 2019 2020 2021 2022
14
Oil & gas tech early-stage deal share is down 24 percentage points from 2019
48%
early-stage
2019
-24
percentage
points
24%
early-stage
2022 YTD
45% 36% 35%
2018 2019 2020 2021 2022

YTD
15
State of Energy Tech | Collection Spotlights | Energy Storage
Energy storage funding plummets from its peak in Q3’21 to reach $1.6B
$10. 0B
$9.0B
-82%
$8.0B
$7.0B decrease
since Q3’21
$6.0B
$5.0B
$4.0B
$3.0B
$2.0B $1.6B
$1.0B
$0.5B $0.4B $0.4B
$0.2B
$1.3B $0.9B $1.6B $1.4B $1.5B $0.6B $3.5B $0.6B $4.5B $4.3B $9.0B $3.0B $5.1B
$0.0B
2018 2019 2020 2021 2022
16
State of Energy Tech | Geographic Trends | China
China funding continues to fall, down 91% from its Q3’21 high
$4,500M
$4,000M
$3,500M
$3,000M
-91%
decrease
since Q3’21
$2,500M
$2,000M
$1,500M
$1,000M
$500M $348M
$177M $187M $192M $211M
$343M $53M $60M $0M $86M $372M $16M $96M $996M $893M $3,902M $2,787M $732M
$0M
2018 2019 2020 2021 2022
17
Contents
Global Trends 19 Asia 135

Investment Trends 20 China 143
Unicorns, Valuations, & Multiples 48 Europe 147

United Kingdom 155
Exit Trends 56
Investors 64
Collection Spotlights 69
Renewable Energy 70
Grid & Utility 81
Oil & Gas Tech 92
Energy Storage 103
Geographic Trends 114

US 115
Silicon Valley 123
Canada 127
18
Global Trends
19
Investment Trends
20
Energy tech funding expected to hit 93% of 2021’s total in 2022
40000
1,400 Projected Deals
1,202
35000
1,200
1,087
30000 Projected Funding
1,000 $34.8B
25000
800
711 710 Deals
20000
610 601
600
15000 Funding
$17.4B
400
10000
200
5000
$7.0B $10.8B $10.2B $37.5B

00
2018 2019 2020 2021 2022
YTD
21
Funding declines 24% QoQ, deals down 11%
$14.0B 400
326 350
$12.0B 318
288
300
$10.0B
Deals
261
283
Funding 250
$8.0 B 207 212 $7.5B
192
179 181 184 200
166 161
154 154 159 158
$6.0 B
136 150
$4.0 B
100
$2.0 B
50
$0.0 B 0
2018 2019 2020 2021 2022
22
The US leads in energy tech funding and deals
Canada
$0.3B
16 Deals
Asia
Europe $0.5B
$1.8B
61 Deals
US
79 Deals
$4.6B
116 Deals
Africa
$0.3B
3 Deals
LatAm &
Caribbean
$12M
1 Deal
Australia
$50M
7 Deals
23
Quarterly funding drops in Asia, Europe, and Canada
US Asia Europe
$4.6B $1.8B
$0.5B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
Canada All Other Regions

$0.3B
$0.3B
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
24
US deal share stays flat QoQ, Asia share ticks up
6% 5% 8% 5% 6% 7% All Other Regions, 4%

5% 8% 7% 6%
7% 6% 7% 9% Canada, 6%
6% 5%
9%
24%
24% 20% 31% 25% 26%
25%
26%
30%
21%
31% 30%
28% 33% 33% Europe, 28%
22% 32%
19%
23% 23% 21% 29%
22% 17% 18% 24% Asia, 22%
24% 26% 21% 22% 18%
20% 20%
18%
49%
44% 41% 44% 44% 44% 42% 41% US, 41%
38% 38% 39% 39% 40% 38% 38% 40% 41%
2018 2019 2020 2021 2022
25
VCs lead with a quarter of investor deal share
7% 6% 7% 5% Incubator/Accelerator, 4%
8% 5% 6%
10%
6% 5%
5% 13% 8% 8% 8% 9% 7% 6% Angel, 7%
8% 10% 7% 5%
5% 9% 9% 6%
6% 6% 6%
6%
6% 7% 6% 7% Private Equity, 7%
7% 10% 8% 9%
7% 6% 11% 9% 8% 13%
10% 12% 11% 14% Asset/Investment Management, 12%
6%
14% 11% 13% 15% 12% 13% 9%
13% 20% 12% 14%
14% 16% 14%
15%
14%
16% Corp, 14%
11% 12% 10% 13%
10% 10% 12% 8% 8%
11%
12% 10% 10% 10%
11% 10% 9% CVC, 14%
22% 21% 27% 24% 26% 25%
30% 22% 25%
22% 24% 18% 21% 19%
24% 19% 21% Other, 18%
30% 30% 29% 28% 27% 28%

24% 22%
26% 25% 25% 27% 25% 27% 25% 24% 26% VC, 25%
2018 2019 2020 2021 2022
26
Average deal size slips while median jumps, suggesting a tighter funding
spread
$47M
Average Size
$38M
$22M
$20M
$18M
Median Size
$10M
$6M
$4M $3M $4M
2018 2019 2020 2021 2022

YTD
27
Median deal size is up across all major regions in H1’22
US Asia Europe
$10M
$10M $12M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD

$11M $88M
2018 2020 2022 2018 2020 2022

YTD YTD
28
Asset/investment management and CVC median deal size dip, others rise
Angel Asset/Investment CVC Corp Private Equity VC

Management
$44M
$34M
$31M
$30M $27M
$20M $21M $20M

$18M
$16M
$12M $12M $11M
$10M $11M
$7M
$5M
$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD
29
Mega-round funding is at 36% of 2021’s total in H1’22
$35.0B
90
$30.0B 80
71
70
$25.0B
60
$20.0B Deals
50
43
$15.0B 40
Funding
$10.4B 30
$10.0B
19
17 20
14
$5.0 B
10
$3.6B $6.5B $6.2B $28.7B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
30
Mega-round funding drops for the third consecutive quarter
$12.0B 30
25
$10.0B 25
23
21 Deals
22
$8.0 B 20
15
$6.0 B 15
Funding
$4.5B
$4.0 B 9 10
8
7
6
5 5
$2.0 B 4 5
3 3 3
2 2 1
$0.2B
$0.8B $0.3B $1.1B $1.4B $0.9B $1.4B $2.8B $1.4B $0.9B $4.1B $1.0B $4.8B $5.3B $9.9B $8.7B $5.9B
$0.0 B 0
2018 2019 2020 2021 2022
31
The US leads in mega-round funding and deals
Asia
Europe $0.2B
1 Deal
US
$1.1B
6 Deals
$3.0B
14 Deals
Africa
$0.3B
1 Deal
32
The US sees a 56% increase in mega-round deals QoQ, maintains lead
15
13 US, 14
9 9
6 6
5 Europe, 6
5
4 4
2 2 2
2 Asia, 1
All Other Regions, 1
Canada, 0
2018 2019 2020 2021 2022
33
Mega-round deal share remains steady
97% 95% 97% 97% 97% 96% 94% 92% 92% 93% Non-mega-rounds, 92%
98% 98% 98% 99% 98% 99% 99%
6% 8% 8% 7% Mega-rounds, 8%
2018 2019 2020 2021 2022
34
Mega-rounds account for more than half of energy tech funding
18% 15%
27% 25% 26%
33% 31%
44% 40% Non-mega-rounds, 40%
46% 47% 48%
52% 54%
56%
74%
86%
82% 85%
73% 75% 74%
67% 69%
56% 60% Mega-rounds, 60%
54% 53% 52%
48% 46%
44%
26%
14%
2018 2019 2020 2021 2022
35
Global: Top equity deals in Q2'22

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding
Private Equity
1 Summit Carbon Solutions $431M 2022-05-12
N/A The Rise Fund United States 5.8%
Series B
2 Beta Technologies $375M 2022-04-19
$2.4B Fidelity Investments, The Rise Fund United States 5.0%
Undisclosed
3 Agilitas Energy $350M 2022-06-08
N/A CarVal United States 4.7%
Series C G2VP, Bain Capital Ventures, DRW Venture

3 Crusoe $350M 2022-04-21
$1.8B
Capital, Founders Fund, Lowercarbon Capital
United States 4.7%
Series A
5 newcleo $316M 2022-06-20
N/A N/A United Kingdom 4.2%
Private Equity
6 Cardinal Midstream Partners $300M 2022-04-21
N/A EnCap Flatrock Midstream United States 4.0%
Series D Arch Emerging Partners, General Atlantic, M&G

7 Sun King $260M 2022-04-28
N/A
Investments
Kenya 3.5%
Series A Porsche Ventures, E-Capital, Eurazeo, btov

8 1Komma5 $218M 2022-04-11
N/A
Partners, Blue Elephant Capital Management
Germany 2.9%
Undisclosed
9 Svea Solar $212M 2022-06-09
N/A Altor Equity Partners, CarVal Sweden 2.8%
J.P. Morgan Asset Management, Camber Creek,

Series E
10 Arcadia $200M 2022-05-10
$1.5B Drawdown Fund, MCJ Collective, Tiger Global United States 2.7%
Management
36
Early-stage deal share continues to lead in 2022 YTD
19% 16% 19% 18% Other, 19%
20% 16% 18%

20% Late-stage, 17%
13% 14%
11% 16% Mid-stage, 17%
49% 51% 52%

48% Early-stage, 47%
2018 2019 2020 2021 2022

YTD
37
The US leads in early-, mid-, and late-stage deal share
US Asia Europe Canada All Other Regions
Early-stag e 33% 28% 29% 6%
Mid-stage 51% 24% 20% 0%
Late-stage 37% 18% 33%
Other 56% 6% 29% 8%
38
Median deal size increases across all stages
Early-stage Mid-stage Late-stage
$54M
$37M
$30M
$20M
$18M $18M
$5M
$4M
$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
39
Median months between rounds falls for early- and mid-stage companies
Seed/Angel to Series A Series A to B Series B to C
25
23
21
20 20
19
18
17
16
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
40
Global: Top seed/angel deals in Q2'22

Round
Company Round Amount Select Investors Country
Date
Seed VC Tsinghua Holdings Capital, CAS Star, CMB International Capital,

1 China Storage National Energy $47M 2022-05-26 Legend Star, Puhua Capital
China
Seed VC
2 Yunchu New Energy $15M 2022-06-09
BlueRun Ventures, Fosun International, K2VC China
Seed VC
3 Vaayu $12M 2022-04-20
Atomico, CapitalT, Seven Seven Six, Bryant Chou, Cristina Stenbeck Germany
Seed VC imec.xpand, LRM Capital, La Société Fédérale de Participations et

4 SOLiTHOR $10M 2022-05-02 d'Investissement, Nuhma
Belgium
Seed VC Justin Hamilton, Y Combinator, Aureolis Ventures, CapitalX, Chalet

4 Impossible Mining $10M 2022-06-21 Capital
United States
Seed VC Change Ventures, Future Positive Capital, Jaan Tallinn, James

6 Aerones $9M 2022-04-28 Berdigans, Mantas Mikuckas
Latvia
Seed VC Atlas Innovate, City Light Capital, Pure Ventures, Social Impact Capital,
7 Optivolt $8M 2022-05-17 Peter Relan
United States
Seed VC Surge, Alpha JWC Ventures, Amasia, Global Founders Capital, Rebel
8 Unravel Carbon $7M 2022-05-19 Fund
Singapore
Seed VC Wistron, AIBasis Fund, Greenland Technologies, Shell Ventures,

8 Princeton NuEnergy $7M 2022-05-12 WorldQuant Ventures
United States
Seed
8 Sakowin $7M 2022-06-15
EIC Accelerator France
41
Global: Top Series A deals in Q2'22

Round
Date
Series A
1 newcleo $316M 2022-06-20
N/A United Kingdom
Series A Porsche Ventures, E-Capital, Eurazeo, btov Partners, Blue

2 1Komma5 $218M 2022-04-11 Elephant Capital Management
Germany
Series A
3 Greater Bay Technology $157M 2022-04-02
Tencent Holdings China
Series A
4 Hydron $80M 2022-06-10
N/A United States
Series A NIPPON GAS, Spiral Ventures, Imabari Shipbuilding, BEMAC,

5 PowerX $33M 2022-05-23 Japan Airlines
Japan
Series A Andreessen Horowitz, General Catalyst, 166 2nd Financial

6 Flowcarbon $32M 2022-05-24 Services, Allegory, Invesco Private Capital
United States
Series A Amazon, Ecosystem Integrity Fund, Future Shape, I Squared

7 Ambient Photonics $31M 2022-05-10 Capital
United States
Oceanpine Capital, Chinese Academy of Sciences Venture

Series A
7 Langu New Energy $31M 2022-04-26
Capital, JN Tech, Nine Intelligence Capital, Huangfu China
Xiangcheng
Series A Carbon Direct, JetBlue Technology Ventures, Parley for the

9 Air Company $30M 2022-04-19 Oceans, Toyota Ventures
United States
Series A
9 JTEC Energy $30M 2022-04-14
Ellis Capital United States
42
Global: Top Series B deals in Q2'22

Round
Date
Series B
Fidelity Investments, The Rise Fund United States
Series B Data Collective, Breakout Ventures, Capricorn Investment Group,

2 Twelve $130M 2022-06-29 Carbon Direct, Microsoft Climate Innovation Fund
United States
Series B
3 Morrow Batteries $107M 2022-05-23
ABB, Siemens Financial Services, Agder Energi Venture AS, PKA Norway
Series B Coatue Management, 2050, Balderton Capital, La Famiglia, New

4 Sweep $73M 2022-04-05 Wave
France
Series B Future Positive Capital, Aglae Ventures, AirAngels, Breakthrough

5 Pachama $55M 2022-05-05 Energy Ventures, Emanuel Ginobili
United States
Series B Larry H. Miller Group, Lead Edge Capital, Pelion Venture Partners,
6 LiveView Technologies $50M 2022-05-19 Sorenson Capital
United States
Series B
7 Ohmium International $45M 2022-04-14
Fenice Investment Group, Energy Transition Ventures United States
Series B Galvanize Climate Solutions, Ajax Strategies, Cargill, M12, Main

8 Regrow $38M 2022-05-24 Sequence Ventures
United States
Series B
9 Enervee $35M 2022-04-22
Kerogen Capital, J.P. Morgan & Co. United States
Series B SK Gas, AP Ventures, Breakthrough Energy Ventures, Eni Next,

10 C-Zero $34M 2022-06-16 Mitsubishi Heavy Industries
United States
43
Global: Top Series C deals in Q2'22

Round
Date
Series C G2VP, Bain Capital Ventures, DRW Venture Capital, Founders

1 Crusoe $350M 2022-04-21 Fund, Lowercarbon Capital
United States
Series C Lowercarbon Capital, Addition, Chevron Technology Ventures,

2 Zap Energy $160M 2022-06-07 Energy Impact Partners, Breakthrough Energy Ventures
United States
Series C Chevron, AXA Investment Managers, Samsung Ventures, Saudi

3 Carbon Clean $150M 2022-05-11 Aramco Energy Ventures
United Kingdom
Series C Blue Earth Capital, Energy Impact Partners, Prelude Ventures,

4 Sense Labs $105M 2022-04-27 Schneider Electric, iRobot Ventures
United States
Series C Energy Impact Partners, GIC, Heartcore Capital, INVEN Capital,

4 Zolar $105M 2022-05-19 Statkraft Ventures
Germany
Series C
6 Capella Space $97M 2022-04-25
NightDragon, Data Collective, Cota Capital United States
Series C OGCI Climate Investments, SDCL Energy Efficiency Income Trust,

7 Turntide Technologies $80M 2022-06-15 Fifth Wall Ventures, Meson Capital Partners
United States
Series C
8 Moleaer $40M 2022-06-13
Apollo Global Management, Husqvarna Group United States
Series C
9 TWAICE $30M 2022-04-26
Coatue Management, Lip-Bu Tan Germany
Series C
10 CoverCress $26M 2022-04-26
Bunge Ventures, Chevron United States
44
Global: Top Series D deals in Q2'22
Round
Date

1 Sun King $260M 2022-04-28
N/A
Investments
Kenya
Series D
2 SOURCE Global $130M 2022-04-29
$1.2B Breakthrough Energy Ventures, Material Impact United States
Series D Goldman Sachs, Huron River Ventures, Statkraft Ventures,

3 SkySpecs $80M 2022-05-12
$242M
NextEra Energy
United States
Riverstone Holdings, Ajax Strategies, Chevron Technology

Series D
3 Infinitum Electric $80M 2022-05-17
$312M Ventures, Cottonwood Technology Fund, Energy United States
Innovation Capital
Series D ClearSky, Sidewalk Infrastructure Partners, TELUS

5 OhmConnect $55M 2022-06-09
N/A
Ventures, City Light Capital, Elemental Excelerator
United States
Series D KOLON INVESTMENT, DSC Investment, Maple Investment

6 Daejin Advanced Materials $11M 2022-06-09
N/A
Partners, Schmidt
South Korea
45
Global: Top Series E+ deals in Q2'22
Round
Date
Series E J.P. Morgan Asset Management, Camber Creek, Drawdown

1 Arcadia $200M 2022-05-10
$1.5B
Fund, MCJ Collective, Tiger Global Management
United States
Series E Lightrock, Bill Gates, Khosla Ventures, Princeville Global, Fine

2 Mainspring Energy $150M 2022-05-26
N/A
Structure Ventures
United States
Series J Repsol Energy Ventures, Avenue Capital Group, Monarch

3 Enerkem $80M 2022-04-06
N/A
Alternative Capital
Canada
46
Global: Top companies that raised funding by Mosaic score in Q2'22

Round
Company Mosaic Score Round Amount Round Valuation Select Investors Country
Date
Series B Future Positive Capital, Aglae Ventures, AirAngels,

1 Pachama 840 $55M
2022-05-05
N/A
Breakthrough Energy Ventures, Emanuel Ginobili
United States

1 OhmConnect 840 $55M
2022-06-09
N/A
United States
Series E Lightrock, Bill Gates, Khosla Ventures, Princeville

3 Mainspring Energy 830 $150M
2022-05-26
N/A
Global, Fine Structure Ventures
United States
Convertible Note
4 FreeWire Technologies 820 $125M
2022-04-27
N/A BlackRock United States
Andreessen Horowitz, General Catalyst, 166 2nd

Series A
5 Flowcarbon 810 $32M
2022-05-24
N/A Financial Services, Allegory, Invesco Private United States
Capital

6 Sun King 780 $260M
2022-04-28
N/A
Investments
Kenya
Seed VC Bryn Invest, Brødrene Jensen, Shell Ventures, Vinyl

7 CHOOOSE 770 $4M
2022-06-29
N/A
Capital, Paul English
Norway
Series C Energy Impact Partners, GIC, Heartcore Capital,

7 Zolar 770 $105M
2022-05-19
N/A
INVEN Capital, Statkraft Ventures
Germany
Series B Westly Group, Volvo Cars Tech Fund, BHP Billiton,

7 Circulor 770 $25M
2022-06-28
N/A
Jaguar Land Rover
United Kingdom
Venture Capital
7 Xpansiv 770 $25M
2022-04-05
N/A BP Ventures, Hyperplane Venture Capital United States
47
Unicorns, Valuations,
& Multiples
48
Unicorn births jump in Q2’22, bringing the total herd to 24
Total Unicorns, 24
17
13
11
9
New Unicorns, 7
4
3
2 2
2018 2019 2020 2021 2022
49
The US dominates in energy tech unicorn count
Asia
5
Europe 1 New
2
US 1 New
17
5 New
50
The US sees 5 new unicorn births in Q2’22, Asia and Europe each see 1
US, 5
3 3
1 1
1 Asia, 1
Europe, 1
2018 2019 2020 2021 2022
51
Total unicorn count jumps 42% in the US, ticks up in Asia and Europe
US, 17
12
5
4 Asia, 5
3 3 3
1 1 1 1 Europe, 2
2018 2019 2020 2021 2022
52
Time to unicorn status from first funding increases in 2022 YTD
Median Months, 77
Average Months, 64
54
50
2018 2019 2020 2021 2022

YTD
53
Global: Top unicorn births in Q2'22
Company Latest Valuation Country
1 Beta Technologies $2.4B United States
2 Crusoe $1.8B United States
3 Arcadia $1.5B United States
4 Greater Bay Technology $1.3B China
5 SOURCE Global $1.2B United States
6 Turntide Technologies $1.0B United States
6 Polarium $1.0B Sweden
54
Global: Top unicorns by valuation in Q2'22

Company Latest Valuation Country
1 Northvolt $9.1B Sweden
2 SVOLT $6.5B China
3 Aurora Solar $4.0B United States
4 Redwood Materials $3.7B United States
5 Helion Energy $3.5B United States
6 Sila Nanotechnologies $3.3B United States
7 Beta Technologies $2.4B United States
8 Uptake $2.3B United States
9 Hesai Tech $2.2B China
10 Crusoe $1.8B United States
55
Exit Trends
56
State of Energy Tech | Global Trends | Exit Trends
M&A exits at 44% of 2021’s total in H1’22, SPACs only at 21%
140
M&A, 61
29
14
IPO, 12
SPAC, 3
2018 2019 2020 2021 2022
YTD
57
M&A exits and SPACs tick down QoQ, IPOs double
51
38
34
32
M&A, 29
10
7
5 5 IPO, 8
4 4
1 2
SPAC, 1
2018 2019 2020 2021 2022
58
Asia exit share remains flat QoQ, the US and Europe see share drop
5% 7% 7% 5% 8% 7% 8%
12% 13% 11%
5% 9%
10% All Other Regions, 16%
13% 14% 6%
33%
13% 23% Canada, 5%
38% 34% 35%
26%
42% 45%
14% 35% 34%
47%
27%
35%
40% 8% 43% Europe, 26%
8%
29%
11%
8% 11% 10%
5% 29% 9% 13%
10% Asia, 13%
7%
13% 8%
62% 58%
53% 53% 50% 50% 51%
47% 47% 46% 44%
40% 41% 42% US, 39%
36% 33% 35%
2018 2019 2020 2021 2022
59
Median SPAC exit valuation up 60%, IPO exit valuation remains steady
SPAC
$2.4B
$2.4B
$1.7B
$1.5B
$1.4B
$1.0B
IPO
$0.5B
$0.5B
2018 2019 2020 2021 2022

YTD
60
Global: Top M&A exits in Q2'22
Company Round Valuation Acquirer Country
1 Gull New Zealand $318M Allegro Funds New Zealand
2 Alliance Energy Services $120M Helix Energy Solutions Group United States
3 Optodot $49M Meta Materials United States
4 Nispera $30M Fluence Switzerland
61
Global: Top IPOs in Q2'22
Company Round Valuation Country
1 De Nora $2.9B Italy
2 Lhyfe $438M France
62
Global: Top SPACs in Q2'22
Company Round Valuation Select Investors Country
1 Gogoro $2.4B Poema Global Taiwan
63
Investors
64
State of Energy Tech | Global Trends | Investors
Global: Top investors by company count in Q2'22
Investor Company Count Investor Group Country
1 Breakthrough Energy Ventures 9 VC United States
2 Shell Ventures 6 CVC Netherlands
3 Energy Impact Partners 5 Private Equity United States
4 K2VC 4 VC China
4 MCJ Collective 4 Angel United States
4 Statkraft Ventures 4 CVC Germany
65
Global: Top VCs by company count in Q2'22

Investor Company Count Country
1 Breakthrough Energy Ventures 9 United States
2 K2VC 4 China
3 AP Ventures 3 United Kingdom
3 Anzu Partners 3 United States
3 Data Collective 3 United States
3 Fifth Wall Ventures 3 United States
3 Khosla Ventures 3 United States
3 Lowercarbon Capital 3 United States
3 Powerhouse Ventures 3 United States
3 Prelude Ventures 3 United States
3 SOSV 3 United States
66
Global: Top CVCs by company count in Q2'22
Investor Company Count Country
1 Shell Ventures 6 Netherlands
2 Statkraft Ventures 4 Germany
3 ENGIE New Ventures 3 France
3 OGCI Climate Investments 3 United Kingdom
3 POSCO Capital 3 South Korea
67
Global: Top investor pairs YTD by number of shared companies in 2022
Investor 1 Investor 2 2022 Shared Portfolio Companies Investor 1 Country Investor 2 Country
1 Lowercarbon Capital Breakthrough Energy Ventures 5 United States United States
2 Breakthrough Energy Ventures Energy Impact Partners 3 United States United States
2 Equinor Ventures Breakthrough Energy Ventures 3 Norway United States
68
Collection Spotlights
69
Renewable Energy
70
State of Energy Tech | Collection Spotlights | Renewable Energy
Funding reaches 48% of 2021’s total in H1’22
$10.0B 450
$9.0 B 400
$8.0 B
350
$7.0 B
300
$6.0 B 248
233 228 250
224
Funding
$5.0 B
$4.3B
200
$4.0 B
150
$3.0 B Deals
166
100
$2.0 B
$1.0 B 50
$1.9B $3.1B $2.3B $8.9B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
71
Funding comes in at a 3-quarter low, but it’s up 28% YoY
$6,000M 120
$5,000M 96 100
$4,000M 80
71
67 Deals
64 63 63 63
61 70
57 57 56
$3,000M 54 53 53 53 60
49 49
Funding
$2,000M
$1,897M 40
$1,000M 20
$137M
$711M $390M $632M $366M $493M $1,817M $405M $436M $353M $900M $584M $1,194M $1,477M $798M $5,419M $2,399M
$0M 0
2018 2019 2020 2021 2022
72
Funding decreases QoQ in the US, Asia, Europe, and Canada
US Asia Europe
$0.6B
$0.9B
$0.0B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022

$0.3B
$0.1B
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
73
The US leads in deal share, up 10 percentage points QoQ
7% 8% 7% 6% 6% All Other Regions, 4%

9% 9% 11% 12% 10%
13% 14% 5%
11% 7% Canada, 3%
6% 9% 10%
30% 24%
35%
Europe, 33%
30% 21% 31%
35% 37% 42% 42%
33% 41% 36% 32% 39% 40% 34%
17%
16%
21% Asia, 16%
18%
21% 21% 10%
14% 9%
20% 15% 15% 15%
17% 24% 17%
20%
47% 49%
41% 41% 40%
US, 44%
36% 37% 39% 36%
31% 34% 34% 34%
30% 27% 30%
27%
2018 2019 2020 2021 2022
74
Average deal size down 33% in 2022 YTD
$46M
Average Size
$31M
$20M
$15M
$14M Median Size
$10M
$7M
$5M $4M
$2M
2018 2019 2020 2021 2022

YTD
75
Early-stage deal share remains steady in H1’22
22% 22% 19% 21%

Other, 25%
22%
25% 25%
22% Late-stage, 16%
13%
7% 16% Mid-stage, 19%
12%
46% 46%
41% 41% Early-stage, 41%
2018 2019 2020 2021 2022

YTD
76
Renewable Energy: Top equity deals in Q2'22

Round % of Total
Date Funding
Series A
1 newcleo $316M 2022-06-20

2 Sun King $260M 2022-04-28
N/A
Investments
Kenya 13.7%

Series E
3 Arcadia $200M 2022-05-10
Management
Lowercarbon Capital, Addition, Chevron Technology
Series C
4 Zap Energy $160M 2022-06-07
N/A Ventures, Energy Impact Partners, Breakthrough Energy United States 8.4%
Ventures
Series D
5 SOURCE Global $130M 2022-04-29
$1.2B Breakthrough Energy Ventures, Material Impact United States 5.7%
Series C Energy Impact Partners, GIC, Heartcore Capital, INVEN

6 Zolar $105M 2022-05-19
N/A
Capital, Statkraft Ventures
Germany 5.5%
Series D Goldman Sachs, Huron River Ventures, Statkraft

7 SkySpecs $80M 2022-05-12
$242M
Ventures, NextEra Energy
United States 4.2%
Riverstone Holdings, Ajax Strategies, Chevron

Series D
7 Infinitum Electric $80M 2022-05-17
$312M Technology Ventures, Cottonwood Technology Fund, United States 4.2%
Energy Innovation Capital
Series J Repsol Energy Ventures, Avenue Capital Group, Monarch

7 Enerkem $80M 2022-04-06
N/A
Alternative Capital
Canada 4.2%
Series B SK Gas, AP Ventures, Breakthrough Energy Ventures, Eni

10 C-Zero $34M 2022-06-16
N/A
Next, Mitsubishi Heavy Industries
United States 1.8%
77
Renewable energy unicorn herd doubles in Q2’22
Total Unicorns, 4
2 2
New Unicorns, 2
1 1 1
1
Q2 Q3 Q4 Q1 Q2
2021 2022
78
Renewable energy sees 27% of 2021’s M&A exit total in H1’22
41
M&A, 11
6
2
IPO, 5
SPAC, 0
2018 2019 2020 2021 2022
YTD
79
M&A exits and IPOs tick up QoQ
14
10
6 M&A, 7
4
IPO, 4
1
1 1 1
SPAC, 0
2018 2019 2020 2021 2022
80
Grid & Utility
81
Grid & utility startups raise 71% of 2021’s funding total in H1’22
$3.5 B 200
180
$3.0 B
160
$2.5 B Funding 140

$2.2B
116
120
$2.0 B
98
91 89 100
$1.5 B
80
$1.0 B 60
Deals
66 40
$0.5 B
20
$0.7B $0.5B $1.0B $3.1B
$0.0 B 0
2018 2019 2020 2021 2022
YTD
82
Funding jumps 40% QoQ, deals tick up
$1,600M
50
$1,400M Funding
$1,262M
$1,200M 38 40
33 Deals
$1,000M
30
31 35
27 30
26 26
$800M 25 25 25
23 23
21
20
19
$600M 18 20
15
$400M
10
$200M
$79M $73M
$237M $141M $200M $102M $181M $101M $174M $393M $136M $434M $182M $351M $1,105M $1,448M $900M
$0M 0
2018 2019 2020 2021 2022
83
Funding increases QoQ in the US and Asia, drops in Europe and Canada
US Asia Europe
$1,153M
$13M
$29M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
$28M
$40M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
84
The US watches deal share drop QoQ, still accounts for majority of deals
8% 5% 5%
10% 12% 11% 9% 9% 12% 11% All Other Regions, 11%
15% 13% 13%
24% 11% 6% 11%
6% 13% Canada, 6%
28% 12%
24%
20% 11% 16%
19% 21% 21% 26% 19%
30% 19% Europe, 23%
16% 19% 37% 37%
8% 43% 17%
8% 12% 11%
11% 12%
13% 19% Asia, 9%
19%
7%
17%
13%
67%
60% 60% 61%
55% 58% 56% 56% 58%
53% 52%
48%
US, 51%
46%
38% 41%
33% 30%
2018 2019 2020 2021 2022
85
Average and median deal size up in 2022 YTD
Average Size
$42M
$33M
$15M
Median Size
$11M $10M
$7M $7M
$4M $3M
$3M
2018 2019 2020 2021 2022

YTD
86
Mid- and late-stage deal share tick up, early-stage share inches down
10%
15% 16% Other, 18%
20%
18%
12%
19% 8% Late-stage, 14%
14%
21% 21%
15% Mid-stage, 23%
57%
51% 51% 51%
Early-stage, 45%
2018 2019 2020 2021 2022

YTD
87
Grid & Utility: Top equity deals in Q2'22

Round % of Total
Date Funding
Undisclosed

Series E
2 Arcadia $200M 2022-05-10
Management

N/A
United States 11.9%
Convertible Note
4 FreeWire Technologies $125M 2022-04-27
N/A BlackRock United States 9.9%
Series C Blue Earth Capital, Energy Impact Partners, Prelude

5 Sense Labs $105M 2022-04-27
N/A
Ventures, Schneider Electric, iRobot Ventures
United States 8.3%

6 OhmConnect $55M 2022-06-09
N/A
United States 4.4%
Series B Larry H. Miller Group, Lead Edge Capital, Pelion

7 LiveView Technologies $50M 2022-05-19
$647M
Venture Partners, Sorenson Capital
United States 4.0%
Series A
8 JTEC Energy $30M 2022-04-14
$92M Ellis Capital United States 2.4%
Undisclosed
9 Hydrostor $25M 2022-04-19
N/A CPP Investments Canada 2.0%
Series A Pendulum, Tale Venture Partners, Mark Cuban,

10 SparkCharge $23M 2022-05-24
N/A
Terrence LeVarr Thornton
United States 1.8%
88
One unicorn birth in Q2’22 brings total herd to 2
Total Unicorns, 2
1 1 1 1
New Unicorns, 1
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022
89
M&A exits exceed 2021’s total in H1’22
M&A, 8
7
SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
YTD
90
M&A exits maintain the highest level of activity since Q4’20
4
M&A, 4
2
2 2
1
1
SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
91
Oil & Gas Tech
92
Funding rises to reach 76% of 2021’s total halfway through 2022
$2.5 B 200
180
$2.0 B 160
Funding
$1.6B 140
120
$1.5 B 120
100
80 77
74
$1.0 B 80
60
Deals
$0.5 B 40
58
20
$0.8B $0.9B $0.8B $2.1B
$0.0 B 0
2018 2019 2020 2021 2022
YTD
93
Q2’22 sees record funding despite a 29% decrease in deals
$1,200M 90
Funding
$1,031M 80
$1,000M
70
$800M 60
50
50
$600M
40
34
$400M 26 27 30
25 25 25
20 20 20
Deals
19 18
15 15 16 17 24
20
13
$200M
10
$41M
$311M $146M $297M $69M $107M $135M $320M $317M $271M $183M $255M $106M $862M $255M $920M $595M
$0M 0
2018 2019 2020 2021 2022
94
Funding to US-based companies skyrockets QoQ
US Asia Europe
$994M
$34M
$3M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
$0M $0M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
95
US deal share jumps 13 percentage points QoQ
All Other Regions, 0%

7% 5% 8% 7% 5% 6% 6% 6% Canada, 4%
10% 12%
15% 15%
10%
12% 15% 26%
19% 22% Europe, 21%
12% 24% 18%
27%
15% 28% 36%
20% 12% 30% 39%
15% 26%
47% 12% 11% Asia, 13%
12%
8% 19%
7% 18%
26%
23%
16% 9%
15% 24%
20%
5% 22%
65% 65% 63% 62% US, 63%

62% 60%
56% 53%
48% 50%
47% 46% 45% 42% 40% 40%
33%
2018 2019 2020 2021 2022
96
Average and median deal size both up in 2022 so far
Average Size
$38M
$24M
$17M
$14M $15M
Median Size
$8M
$7M
$5M $6M
$5M
2018 2019 2020 2021 2022

YTD
97
Early-stage deal share shrinks while mid- and late-stage share grow
15%
19%
26% 26%
Other, 29%
15% 9%
17% 20%
26%
25% Late-stage, 22%
21%
19%
Mid-stage, 24%
45% 48%
36% 35%
Early-stage, 24%
2018 2019 2020 2021 2022

YTD
98
Oil & Gas Tech: Top equity deals in Q2'22

Round % of Total
Date Funding

1 Crusoe $350M 2022-04-21
$1.8B
United States 33.9%
Private Equity
Data Collective, Breakout Ventures, Capricorn

Series B
3 Twelve $130M 2022-06-29
N/A Investment Group, Carbon Direct, Microsoft United States 12.6%
Climate Innovation Fund
Series C
N/A NightDragon, Data Collective, Cota Capital United States 9.4%
Series C
5 Moleaer $40M 2022-06-13
N/A Apollo Global Management, Husqvarna Group United States 3.9%
Series B SK Gas, AP Ventures, Breakthrough Energy

6 C-Zero $34M 2022-06-16
N/A
Ventures, Eni Next, Mitsubishi Heavy Industries
United States 3.3%
Series B
7 Sharper Shape $18M 2022-04-19
N/A Michael Harvey Trust, Accel United States 1.7%
Series B Shell Ventures, AT Capital, Enechange, Future

8 Akselos $17M 2022-05-09
N/A
Energy Ventures
Switzerland 1.6%
Series A Lux Capital, MaC Venture Capital, Y

9 Epsilon3 $15M 2022-06-22
N/A
Combinator, Moore Strategic Ventures
United States 1.5%
Corporate Minority
10 Dolphin Drilling $10M 2022-05-06
$40M S.D. Standard ETC United Kingdom 1.0%
99
One unicorn birth in Q2’22 brings the total herd to 5
Total Unicorns, 5
2 2
1 1
New Unicorns, 1
2018 2019 2020 2021 2022
100
M&A exits and IPOs rise above 2021’s totals in H1’22
M&A, 15
IPO, 3
1
1
SPAC, 0
2018 2019 2020 2021 2022
YTD
101
M&A exits down 33% QoQ, IPOs tick up
M&A, 6
2
IPO, 2
1
1
1
SPAC, 0
2018 2019 2020 2021 2022
102
Energy Storage
103
Funding only at 32% of 2021’s total in H1’22
$25.0B 450
400
366
$20.0B
350
300
$15.0B
Deals 250
201
181 174 200
$10.0B
151
Funding
150
$6.7B
100
$5.0 B
50
$2.3B $5.5B $5.2B $20.8B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
104
Funding and deals decline QoQ
$10,000M 200
$9,000M 180
$8,000M 160
$7,000M 140
119 121
$6,000M 120
107
$5,000M Deals
100
74
94
$4,000M 80
58
54 52
$3,000M 48 60
40 39 41 38 38 41 Funding
36 36 37
$2,000M $1,620M 40
$1,000M 20
$479M $363M $416M
$183M
$1,293M $940M $1,646M $1,406M $1,536M $608M $3,516M $632M $4,528M $4,288M $8,971M $2,985M $5,100M
$0M 0
2018 2019 2020 2021 2022
105
Funding drops QoQ in the US, Asia, Europe, and Canada in Q2’22
US Asia Europe
$0.6B $0.4B $0.4B
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
$167M
$2M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
106
Asia deal share increases 10 percentage points QoQ in Q2’22
5% 6% 5% All Other Regions, 2%

8% 7% 6%
8% 11% Canada, 9%
7%
13% 19%
17% 26%
33% 28% 19% 20%
29% 24% 26% 32%
19% 24% Europe, 22%
31% 30% 35%
38%
36% 36%
26% 34% 26% 37%
33%
32% 31% 32% 34% 48% 27%
22% Asia, 37%
27%
59%
45% 43% 42%

42% 42% 39%
35% 38% 38% 36% 36%
34% 34% 34%
31%
27% US, 30%
2018 2019 2020 2021 2022
107
Average deal size is down 41%, median deal size jumps
$87M
Average Size
$53M
$51M
$47M
$25M
Median Size
$12M
$9M
$5M $4M $4M
2018 2019 2020 2021 2022

YTD
108
Late-stage deal share ticks up 3 percentage points
14% 17% Other, 16%

23% 20%
30% 16% 22% Late-stage, 25%

19%
14%
14%
13% Mid-stage, 12%
13%
50%
46% 43%
47% Early-stage, 46%
2018 2019 2020 2021 2022

YTD
109
Energy Storage: Top equity deals in Q2'22

Round % of Total
Date Funding
Series B
Series A
$1.3B Tencent Holdings China 9.7%
Series B ABB, Siemens Financial Services, Agder Energi Venture AS,

N/A
PKA
Norway 6.6%
Undisclosed
4 Polarium $97M 2022-05-03
$1.0B AMF Pensionsforsakring Sweden 6.0%
Convertible Note
5 Ivanhoe Electric $86M 2022-04-19
N/A N/A Canada 5.3%
Private Equity
6 Blue Whale Materials $80M 2022-05-18
N/A Ara Partners United States 4.9%
Corporate Minority
7 ShinZoom $61M 2022-04-25
N/A EVE China 3.8%
Undisclosed
8 Protium $50M 2022-06-10
N/A SWEN Capital Partners, Barclays Bank United Kingdom 3.1%
Seed VC Tsinghua Holdings Capital, CAS Star, CMB International

9 China Storage National Energy $47M 2022-05-26
N/A
Capital, Legend Star, Puhua Capital
China 2.9%
Series A NIPPON GAS, Spiral Ventures, Imabari Shipbuilding, BEMAC,

10 PowerX $33M 2022-05-23
N/A
Japan Airlines
Japan 2.0%
110
Three unicorn births bring the total unicorn count to 10 in Q2’22
Total Unicorns, 10
6 6
New Unicorns, 3
1 1 1 1
2018 2019 2020 2021 2022
111
M&A exits, IPOs, and SPACs all sit below half of 2021’s totals in H1’22
46
17
M&A, 17
IPO, 4
SPAC, 3
2018 2019 2020 2021 2022

YTD
112
IPOs inch up QoQ, M&A exits and SPACs decrease
20
12 12
10
6 M&A, 7
5
3
3 3
2 IPO, 3
1 1
SPAC, 1
2018 2019 2020 2021 2022
113
Geographic Trends
114
US Trends
115
State of Energy Tech | Geographic Trends | US Trends
Funding hits $8.2B in H1’22, 41% of 2021’s total
$25.0B 500
430 450
$20.0B 400
350
298 293
$15.0B Deals 300
261
245
250
$10.0B
Funding 200
$8.2B
150
$5.0 B 100
50
$4.7B $7.5B $5.9B $19.8B
$0.0 B 0
2018 2019 2020 2021 2022
YTD
116
Funding increases 28% QoQ
$8.0 B
200
$7.0 B
$6.0 B
Funding 150
134
$5.0 B 129
$4.6B
115
Deals
$4.0 B 100 116
100
82 84 82 81
78
$3.0 B 74 71
68 70 70
59 62
52
$2.0 B
50
$1.0 B
$0.0 B 0
2018 2019 2020 2021 2022
117
Two out of every 5 deals continue to go to early-stage companies in H1’22
20%
25% 27%
24% Other, 25%
15%
10% 17% Late-stage, 14%
20%
16%
18%
14%
20% Mid-stage, 21%
48%
44%
2018 2019 2020 2021 2022

YTD
118
US: Top equity deals in Q2'22

Round % of Total
Date Funding
Private Equity
1 Summit Carbon Solutions $431M 2022-05-12
N/A The Rise Fund United States 9.4%
Series B

3 Crusoe $350M 2022-04-21
$1.8B
United States 7.7%
Undisclosed
Private Equity

Series E
6 Arcadia $200M 2022-05-10
Management
Lowercarbon Capital, Addition, Chevron
Series C
7 Zap Energy $160M 2022-06-07
N/A Technology Ventures, Energy Impact Partners, United States 3.5%
Breakthrough Energy Ventures
Series E Lightrock, Bill Gates, Khosla Ventures,

N/A
Princeville Global, Fine Structure Ventures
United States 3.3%

Series B
9 Twelve $130M 2022-06-29
N/A Investment Group, Carbon Direct, Microsoft United States 2.8%
Climate Innovation Fund
Convertible Note
N/A BlackRock United States 2.7%
119
IPOs approach 2021’s total in H1’22, M&A exits come in at less than half
69
M&A, 28
10
3 IPO, 2
SPAC, 1
2018 2019 2020 2021 2022
YTD
120
M&A exits and SPACs inch down QoQ, IPOs tick up
27
19
16
15
M&A, 13
3
3
2
1 1 IPO, 2
SPAC, 0
2018 2019 2020 2021 2022
121
US: Top investors by company count in Q2'22

1 Breakthrough Energy Ventures 9 VC United States
2 Energy Impact Partners 5 Private Equity United States
3 MCJ Collective 4 Angel United States
4 Anzu Partners 3 VC United States
4 Data Collective 3 VC United States
4 Fifth Wall Ventures 3 VC United States
4 Khosla Ventures 3 VC United States
4 Lowercarbon Capital 3 VC United States
4 Microsoft Climate Innovation Fund 3 Asset/Investment Management United States
4 Powerhouse Ventures 3 VC United States
4 Prelude Ventures 3 VC United States
4 SOSV 3 VC United States
122
Silicon Valley
123
State of Energy Tech | Geographic Trends | Silicon Valley
Funding declines by 18% while deals inch up QoQ
$1.4 B 50
45
$1.2 B
40
Funding
$1.0 B
$0.9B 35
30 Deals
29
28 32
30
$0.8 B
25 25 25
23 23 25
21
20
$0.6 B
18 18 20
17
15
14 14
$0.4 B 15
10
10
$0.2 B
5
$0.0 B 0
2018 2019 2020 2021 2022
124
Less than half of deals go to early-stage companies in H1’22
7% 9%
14% 12%
Other, 18%
7%
19% 8%
24%
Late-stage, 7%
24% 29%
15%
13%
Mid-stage, 33%
55% 57% 54% 52%

Early-stage, 43%
2018 2019 2020 2021 2022

YTD
125
Silicon Valley: Top equity deals in Q2'22
Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding

N/A
16.3%

Series B
2 Twelve $130M 2022-06-29
N/A Investment Group, Carbon Direct, Microsoft Climate 14.1%
Innovation Fund
Convertible Note
N/A BlackRock 13.6%
Series C
N/A NightDragon, Data Collective, Cota Capital 10.5%
OGCI Climate Investments, SDCL Energy Efficiency

Series C
5 Turntide Technologies $80M 2022-06-15
$1.0B Income Trust, Fifth Wall Ventures, Meson Capital 8.7%
Partners
126
Canada Trends
127
State of Energy Tech | Geographic Trends | Canada Trends
Funding hits 2021’s total in H1’22
$1.2 B Funding 90
$1.1B
80
$1.0 B
70
$0.8 B 56 60
47 50
$0.6 B 40
36 40
$0.4 B Deals 30
36
20
$0.2 B
10
$0.5B $0.3B $0.1B $1.1B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
128
Funding down 66% QoQ but up YoY
$900M 30
$800M
25
$700M
20 20
$600M 20
17
$500M Deals
14 1615
13
$400M 12
11 11 11 Funding
10 10 10
$300M 9 9 9 $273M 10
8
$200M 5
5
$100M
$32M $39M $41M $30M $39M $28M
$17M
$235M $173M $91M $82M $133M $531M $110M $77M $356M $801M
$0M 0
2018 2019 2020 2021 2022
129
Early-stage deal share leads, late-stage share down 10 percentage points
21%
25% Other, 28%
33% 30%
19% 29%
19%
Late-stage, 19%
15%
Mid-stage, 3%
10% 14%
11% 9%
Early-stage, 50%
43% 40% 42% 41%
2018 2019 2020 2021 2022

YTD
130
Canada: Top equity deals in Q2'22

Round % of Total
Date Funding
Convertible Note
1 Ivanhoe Electric $86M 2022-04-19
N/A N/A 31.5%
Series J Repsol Energy Ventures, Avenue Capital Group,

2 Enerkem $80M 2022-04-06
N/A
Monarch Alternative Capital
29.2%
Series A Anzu Partners, BDC Capital, Energy Foundry, Eni Next,

3 e-Zinc $25M 2022-04-07
N/A
Toyota Ventures
9.1%
Undisclosed
3 Hydrostor $25M 2022-04-19
N/A CPP Investments 9.1%
Series A
5 ChargeLab $15M 2022-05-19
N/A King River Capital 5.5%
Corporate Minority
6 Lithion Recycling $12M 2022-04-01
N/A Investissement Quebec 4.4%
Undisclosed
7 Trion Battery Technologies $11M 2022-04-26
N/A N/A 4.1%
Series A
8 Mangrove Lithium $7M 2022-05-17
N/A BMW i Ventures, Breakthrough Energy Ventures 2.6%
Series A FondAction CSN, Fonds de Solidarite FTQ,

9 Carbicrete $6M 2022-04-20
N/A
MacKinnon, Bennett & Co.
2.2%
Seed VC Clean Energy Ventures, Amplify Capital, CEMEX

10 Carbon Upcycling Technologies $5M 2022-04-21
N/A
Ventures, Fund4SE, Oxy Low Carbon Ventures
1.7%
131
H1’22 sees far less than half of 2021’s M&A exit total
1
1 M&A, 1
IPO, 1
SPAC, 0
2018 2019 2020 2021 2022
YTD
132
M&A exits and IPOs rise slightly QoQ, SPACs stay flat at 0
1 1 1
1 IPO, 1
M&A, 1
SPAC, 0
2018 2019 2020 2021 2022
133
Canada: Top investors by company count in Q2'22
Investor Company Count Investor Group
1 TELUS Ventures 2 CVC
134
Asia Trends
135
State of Energy Tech | Geographic Trends | Asia Trends
Startups raise 20% of 2021’s total funding in H1’22
$12.0B 400
350
$10.0B
300
$8.0 B 251
250
$6.0 B 200
138
145 144 Deals
150
$4.0 B 118
Funding 100
$1.9B
$2.0 B
50
$0.9B $0.9B $1.7B $9.7B

$0.0 B 0
2018 2019 2020 2021 2022
YTD
136
Funding is down 65% QoQ and 88% from its peak in Q3’21
$4,500M 120
$4,000M
100
$3,500M
83
77
$3,000M 80
$2,500M
57 Deals
53 60
61
$2,000M
45
39 38
37 35 35 37 36
$1,500M 33 34 33 40
31 32
$1,000M
Funding
20
$483M
$500M
$195M $208M $242M $212M
$128M $60M
$385M $435M $417M $357M $623M $278M $1,100M $1,241M $4,053M $3,333M $1,387M
$0M 0
2018 2019 2020 2021 2022
137
The majority of deals are early-stage in H1’22
7% 7% 8% 9% Other, 8%
21% 19%
Late-stage, 18%
25% 22%
14% 13% Mid-stage, 20%

15% 20%

53% 52%
2018 2019 2020 2021 2022

YTD
138
Asia: Top equity deals in Q2'22

Round % of Total
Date Funding
Series A
$1.3B Tencent Holdings China 32.6%
Corporate Minority
2 ShinZoom $61M 2022-04-25
N/A EVE China 12.6%
Seed VC Tsinghua Holdings Capital, CAS Star, CMB International

N/A
Capital, Legend Star, Puhua Capital
China 9.8%
Series A NIPPON GAS, Spiral Ventures, Imabari Shipbuilding,

4 PowerX $33M 2022-05-23
N/A
BEMAC, Japan Airlines
Japan 6.7%
Oceanpine Capital, Chinese Academy of Sciences

Series A
N/A Venture Capital, JN Tech, Nine Intelligence Capital, China 6.3%
Huangfu Xiangcheng
Series A Dayone Capital, Sequoia Capital China, BR Capital, GAC

6 Enpower Energy $20M 2022-06-30
N/A
Capital, Niuli Venture
China 4.1%
Series A Do-Fluoride Chemicals, Shenzhen Capital Group,

7 Hisun $15M 2022-04-29
N/A
Yuanzhi Xianxing, Qingdao Xiwang No.1, Zhibo Capital
China 3.1%
Seed VC
N/A BlueRun Ventures, Fosun International, K2VC China 3.1%
Series B GMO VenturePartners, Pavilion Capital, Energy &

9 Asuene $13M 2022-04-13
N/A
Environment Investment, Incubate Fund, STRIVE
Japan 2.6%
Honest Ventures, BOKWANG Venture Capital, Focus

Series B
10 Humintech $12M 2022-04-26
N/A Asset Management, SBI Investment Korea, Samho South Korea 2.6%
Green Investment
Series A Energy Revolution Ventures, SOSV, EDP Ventures,

10 Green Li-Ion $12M 2022-04-20
N/A
Envisioning Partners, MB Energy Partners
Singapore 2.4%
139
M&A exits already at 88% of 2021’s year-end total in H1’22
M&A, 7
IPO, 2
1
SPAC, 1
2018 2019 2020 2021 2022

YTD
140
M&A exits decline for second quarter straight in Q2’22
4 4
3
M&A, 3
1
1 1
1 SPAC, 1
IPO, 1
2018 2019 2020 2021 2022
141
Asia: Top investors by company count in Q2'22
1 K2VC 4 VC China
2 Mitsui & Co. 3 Corp Japan
2 POSCO Capital 3 CVC South Korea
2 Qianhai Fund of Funds 3 Private Equity China
142
China
143
Funding declines for third consecutive quarter, down 91% from Q3’21 peak
$4,500M 100
$4,000M 90
80
$3,500M
70
$3,000M 61
55 60
$2,500M
50
$2,000M
40
$1,500M 27
30
21 22 21
23 Deals
20
$1,000M 18 17 17 2520
16 16
14 13 Funding
9 10
$500M $348M 10
$177M $187M $192M $211M
$53M $60M $86M $96M
$343M $372M $16M $996M $893M $3,902M $2,787M $732M
$0M 0
2018 2019 2020 2021 2022
144
Early- and mid-stage share grow while late-stage share shrinks
8% 8% Other, 6%
11% 11%
Late-stage, 15%
12% 18%
23% 17%
17%
15%
Mid-stage, 21%
16% 19%

53% 52%
2018 2019 2020 2021 2022

YTD
145
China: Top equity deals in Q2'22

Round % of Total
Date Funding
Series A
$1.3B Tencent Holdings 45.2%
Corporate Minority
2 ShinZoom $61M 2022-04-25
N/A EVE 17.5%
Seed VC Tsinghua Holdings Capital, CAS Star, CMB

N/A
International Capital, Legend Star, Puhua Capital
13.7%
Oceanpine Capital, Chinese Academy of Sciences

Series A
N/A Venture Capital, JN Tech, Nine Intelligence 8.8%
Capital, Huangfu Xiangcheng
Series A Dayone Capital, Sequoia Capital China, BR

5 Enpower Energy $20M 2022-06-30
N/A
Capital, GAC Capital, Niuli Venture
5.8%
Do-Fluoride Chemicals, Shenzhen Capital Group,

Series A
6 Hisun $15M 2022-04-29
N/A Yuanzhi Xianxing, Qingdao Xiwang No.1, Zhibo 4.4%
Capital
Seed VC
N/A BlueRun Ventures, Fosun International, K2VC 4.3%
Seed VC
8 Jimei Power $2M 2022-04-07
N/A K2VC 0.5%
146
Europe Trends
147
State of Energy Tech | Geographic Trends | Europe Trends
Funding and deals on pace to exceed 2021’s totals in 2022
$8.0 B 500
450
$7.0 B
Funding 400
$6.0 B $5.8B
350
306
$5.0 B
300
$4.0 B 250
202
188
200
$3.0 B
144
Deals 150
$2.0 B 185
100
$1.0 B
50
$0.9B $1.7B $2.4B $6.7B
$0.0 B 0
2018 2019 2020 2021 2022
YTD
148
Funding falls 54% QoQ, deals down 25%
$4,500M
120
$4,000M
106
$3,500M 100
85 85
$3,000M
Deals
80
$2,500M 67 69 79
62
57 Funding
54 60
$2,000M
49 51 $1,824M
43
39 40
$1,500M 37 35
33 34 40
$1,000M
20
$500M
$233M $228M
$148M $118M
$260M $370M $844M $364M $276M $474M $1,007M $674M $565M $3,358M $1,556M $1,201M $3,996M
$0M 0
2018 2019 2020 2021 2022
149
Early-stage deal share down 6 percentage points in 2022 so far
15% 14%
18% 18% Other, 19%
17%
23% 17%
20% Late-stage, 19%
9%
10%
6%
Mid-stage, 11%
57% 56% 59% 56%

Early-stage, 50%
2018 2019 2020 2021 2022

YTD
150
Europe: Top equity deals in Q2'22

Round % of Total
Date Funding
Series A
1 newcleo $316M 2022-06-20
Series A Porsche Ventures, E-Capital, Eurazeo, btov Partners, Blue Elephant

2 1Komma5 $218M 2022-04-11
N/A
Capital Management
Germany 11.9%
Undisclosed
3 Svea Solar $212M 2022-06-09
N/A Altor Equity Partners, CarVal Sweden 11.6%
Series C Chevron, AXA Investment Managers, Samsung Ventures, Saudi Aramco

4 Carbon Clean $150M 2022-05-11
N/A
Energy Ventures
United Kingdom 8.2%
Series B
N/A ABB, Siemens Financial Services, Agder Energi Venture AS, PKA Norway 5.9%
Series C Energy Impact Partners, GIC, Heartcore Capital, INVEN Capital,

6 Zolar $105M 2022-05-19
N/A
Statkraft Ventures
Germany 5.8%
Undisclosed
7 Polarium $97M 2022-05-03
$1.0B AMF Pensionsforsakring Sweden 5.3%
Series B
8 Sweep $73M 2022-04-05
N/A Coatue Management, 2050, Balderton Capital, La Famiglia, New Wave France 4.0%
Undisclosed
9 Protium $50M 2022-06-10
N/A SWEN Capital Partners, Barclays Bank United Kingdom 2.7%
Series C
10 TWAICE $30M 2022-04-26
N/A Coatue Management, Lip-Bu Tan Germany 1.6%
151
M&A exits account for the majority of exit activity in 2022 YTD
53
15
M&A, 16
2
IPO, 6
SPAC, 1
2018 2019 2020 2021 2022
YTD
152
M&A exits and SPACs tick down QoQ, IPOs remain stable
17
16
11
M&A, 7
5
3 3 3
2 IPO, 3
1
SPAC, 0
2018 2019 2020 2021 2022
153
Europe: Top investors by company count in Q2'22
1 Shell Ventures 6 CVC Netherlands
2 Statkraft Ventures 4 CVC Germany
3 AP Ventures 3 VC United Kingdom
3 ENGIE New Ventures 3 CVC France
3 OGCI Climate Investments 3 CVC United Kingdom
154
United Kingdom
155
State of Energy Tech | Geographic Trends | United Kingdom
Funding plummets 77% QoQ
$3,000M 50
45
$2,500M
40
35
$2,000M 31
30
25
$1,500M 25
21
20
18 Deals
17 17 20
20
$1,000M 14
13
12
13 Funding 15
11
9
10 $617M
8 8 10
7
$500M
5
$137M $128M
$54M $82M $71M $61M $42M
$24M $8M $187M $26M $180M $349M $444M $1,010M $462M $2,734M
$0M 0
2018 2019 2020 2021 2022
156
Early-stage deal share is down 20 percentage points in 2022 YTD
15%
20% Other, 24%
25%
31%
13%
31% 10%
9% Late-stage, 22%
7%
Mid-stage, 12%
63%
56% 58%
50%
Early-stage, 43%
2018 2019 2020 2021 2022

YTD
157
United Kingdom: Top equity deals in Q2'22
Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date
Series A
1 newcleo $316M 2022-06-20
N/A N/A 51.2%
Series C Chevron, AXA Investment Managers, Samsung Ventures,

2 Carbon Clean $150M 2022-05-11
N/A
Saudi Aramco Energy Ventures
24.3%
Undisclosed
3 Protium $50M 2022-06-10
N/A SWEN Capital Partners, Barclays Bank 8.1%
Series B Westly Group, Volvo Cars Tech Fund, BHP Billiton,

4 Circulor $25M 2022-06-28
N/A
Jaguar Land Rover
4.1%
Series B Caterpillar Ventures, Hinduja Group, Mercuria Energy

5 Connected Energy $18M 2022-06-17
$49M
Trading, OurCrowd First, Volvo Group
3.0%
158
Report Methodology funding to Australia, Africa, and LatAm & Caribbean is included in
global figures but not spotlighted in this report.
equity firms and are tracked by CB Insights. However, they are
excluded for the purposes of this report.
You can download the underlying data found in this report here: Rounds to private companies that may be majority- or minority- No private placements. These investments, also known as PIPEs
https://www.cbinsights.com/reports/CB-Insights_Energy-Tech- owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
Report-Q2-2022.xlsx. made by a venture capital firm.
Valuation data includes estimates to calibrate median and
If you have questions about the definitions or methodological average valuations based on current and previous quarter No debt/loans of any kind (except convertible notes). Venture
principles used, or if you feel that your firm has been disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
underrepresented, please reach out to info@cbinsights.com. sources. The estimating method will control for the over- companies, even if included as an additional part of an equity
What is included: sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
Equity financings into private companies only. Funding rounds comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
raised by public companies of any kind on any exchange Valuation data reflects post-money valuations. in these statistics.
(including Pink Sheets) are excluded from our numbers, even if Exits include IPOs, SPACs, publicly announced M&A deals, and No non-equity government funding. Grants or loans by the
they received investment from a venture firm. other liquidity events; only first exits are counted. federal government, state agencies, or public-private
Only includes the investment made in the quarter for tranched Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
investments. If a company does a second closing of its Series B including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
round for $5M and previously had closed $2M in a prior quarter, and press releases. that subsidiary is a private entity and meets other criteria for
only the $5M is reflected. All figures in the report are in USD. inclusion.
Round numbers reflect what has closed, not what is intended. If US financing trends follow the combined statistical area (CSA) Accelerators, incubators, business-plan competitions, economic-
a company indicates the closing of $5M out of a desired raise of methodology. Silicon Valley refers to the San Jose-San development entities are excluded from rankings of most active
$15M, our numbers reflect only the amount which has closed. Francisco-Oakland CSA. investors, even if making equity financings.
Only verifiable fundings are included. Fundings are verified via Rankings for top investors are calculated according to “company
(1) various federal and state regulatory filings; (2) direct count,” or the number of unique companies an investor funds in
confirmation with firm or investor; (3) press release; or (4) What is excluded: a quarter, and so excludes follow-on deals.
credible media sources. No contingent funding. If a company receives a commitment for
Equity fundings to joint ventures and spinoffs/spinouts are $20M subject to hitting certain milestones but first gets $8M,
included. only the $8M is included in our data.
Unicorn data includes private companies valued at $1B or more No business development/R&D arrangements, whether
in the private markets globally, per the same 4 sources listed transferable into equity now, later, or never. If a company signs a
above and relied on for funding events, which include valuations $300M R&D partnership with a larger corporation, this is not
disclosed in credible media sources. The list is maintained equity financing nor is it from venture capital firms. As a result, it
publicly and updated in real time at is not included.
https://www.cbinsights.com/research-unicorn-companies. No buyouts, consolidations, or recapitalizations. All three of
Geography notes: Israel funding figures are classified in Asia; these transaction types are commonly employed by private
Caribbean region figures included in Latin America, or “LatAm”;
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Renewable Energy Carbon Capture,

Oil & Gas Tech Decarbonization

Tech Market Map Report: Analyzing Shell’s growth

Research on Analyzing TotalEnergies’

The Future of the Office Unbundling ExxonMobil: How

What you need to know about

$7.5B -55% 16 29% 3.4x

What you need to know about

$2.2B $1.0B -24 -82% -91%

Energy tech funding continues its decline, down 24% QoQ

Time between deal stages accelerates for younger companies, especially

Seed/Angel to Series A Series A to B Series B to C

2018 2020 2022 2018 2020 2022 2018 2020 2022

The US unicorn herd rises to 17 in Q2’22, a 3.4x increase YoY

Grid & utility funding is projected to reach an all-time high in 2022

$0.7B $0.5B $1.0B $3.1B

45% 36% 35%

2018 2019 2020 2021 2022

Global Trends 19 Asia 135

Unicorns, Valuations, & Multiples 48 Europe 147

Geographic Trends 114

Energy tech funding expected to hit 93% of 2021’s total in 2022

$7.0B $10.8B $10.2B $37.5B

Funding declines 24% QoQ, deals down 11%

The US leads in energy tech funding and deals

Quarterly funding drops in Asia, Europe, and Canada

Canada All Other Regions

US deal share stays flat QoQ, Asia share ticks up

6% 5% 8% 5% 6% 7% All Other Regions, 4%

VCs lead with a quarter of investor deal share

30% 30% 29% 28% 27% 28%

2018 2019 2020 2021 2022

Median deal size is up across all major regions in H1’22

2018 2020 2022 2018 2020 2022 2018 2020 2022

Canada All Other Regions

2018 2020 2022 2018 2020 2022

Angel Asset/Investment CVC Corp Private Equity VC

$20M $21M $20M

Mega-round funding is at 36% of 2021’s total in H1’22

$3.6B $6.5B $6.2B $28.7B

Mega-round funding drops for the third consecutive quarter

The US leads in mega-round funding and deals

The US sees a 56% increase in mega-round deals QoQ, maintains lead

Mega-round deal share remains steady

Mega-rounds account for more than half of energy tech funding

Global: Top equity deals in Q2'22

Series C G2VP, Bain Capital Ventures, DRW Venture

Series D Arch Emerging Partners, General Atlantic, M&G

Series A Porsche Ventures, E-Capital, Eurazeo, btov

J.P. Morgan Asset Management, Camber Creek,

Early-stage deal share continues to lead in 2022 YTD

19% 16% 19% 18% Other, 19%

20% 16% 18%

49% 51% 52%

2018 2019 2020 2021 2022

The US leads in early-, mid-, and late-stage deal share

US Asia Europe Canada All Other Regions

Early-stag e 33% 28% 29% 6%

Mid-stage 51% 24% 20% 0%

Late-stage 37% 18% 33%