Energy Transition
Investment Trends 2022
Tracking global investment in the low-carbon energy transition

January 2022

This is an abridged version of the report. BloombergNEF subscribers can findthe full version on the client website and on the Bloomberg Terminal.

Executive summary

This report is BloombergNEF’s annual accounting of global investment in
the low-carbon energy transition. It includes a wide scope of sectors,
covering renewables, energy storage, electrified vehicles and heating,hydrogen, nuclear, sustainable materials and carbon capture. It also
covers VC/PE and public markets investment in climate-tech companies,
as well as thematic highlights such as sustainable debt and performanceof clean energy equities.

$755 billion

Global energy transition
investment in 2021

$165 billion

Global climate-tech equity
investment in 2021

27%

● In 2021, global investment in the low-carbon energy transition totaled$755 billion, up from $595 billion in 2020 and just $264 billion in 2011.
This figure includes investment in projects, such as renewables,
storage, charging infrastructure, hydrogen production, nuclear,recycling and CCS projects – as well as end-user purchases of lowcarbon energy devices, such as small-scale solar systems, heatpumps and zero-emission vehicles.

Increase in energy transition
investment 2020-2021

Global investment in energy transition by sector$ billion
800

Sustainable materials

700

CCS

$366 billion for new projects and small-scale systems (up 6.5% from2020), but the electrified transport sector grew the fastest and hit$273 billion (up 77%). The next largest sectors of spending were
electrified heat, at $53 billion and nuclear energy, at $31 billion.

600

Hydrogen● The Asia Pacific region attracted the most investment, at $368 billion,300

and recorded the highest growth, at 38%. But investment rose to a
new record in all regions: APAC, AMER and EMEA. Still, investment
must triple in the next few years to get on track for net zero by 2050.

● In addition, climate-tech companies raised a total of $165 billion fromglobal public equity markets and private investors in 2021. Two-thirdsof this funding came from public markets, including SPAC reverse
mergers, and the vast majority went to companies focused on theenergy and transport sectors.

1

Energy Transition Investment Trends, 2022

500

Nuclear

400

Electrified heat
Electrified transport

200

Energy storage

1000Renewable energy
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

● The largest sector in 2021 was renewable energy, which attracted

Source: BloombergNEF. Note: start-years differ by sector but all sectors are present
from 2019 onward; see Appendix for more detail.

Understanding this report
Energy transition investment

Climate-tech corporate finance

Thematic highlights

The first two sections of this report cover‘energy transition investment’, our term formoney spent to deploy clean technologies
such as clean energy, electric vehicles,
hydrogen and carbon capture.

The third and fourth sections of this reportcover the raising of capital by ‘climate-tech’companies, either via public equity markets
or venture capital / private equity.

The last section of this report covers notable
narratives from the world of climate andenergy transition finance over the last year.

In a word, these sections focus on fundingfor deployment.
With data going back as far as 2004, wetrack each of these sectors as much as
possible from a bottom-up perspective,
giving the most robust estimate available ofinvestment in the deployment of net-zeroaligned technologies.
In 2021, global energy transition
investment totaled $755 billion.
Where to find the data
The underlying data for energy transition
investment can be found here:
https://www.bnef.com/interactivedatasets/2d5d59acd9000005

In a word, these sections focus on funding
for innovation.
The scope includes technologies andbusiness models to decarbonize the energy,transport, buildings & infrastructure, industry
and agriculture sectors, or help better
understand our planet and environment,
assist in tracking greenhouse gas emissions,and mobilize financial (and consumer)
markets toward greener investments.
Comprehensive data in this section only
begin in 2021, though we do have corporate
finance data for renewable energy andstorage going back to 2004 (in the
Renewable Energy Investment Tracker).
In 2021, global climate-tech corporate
finance totaled $165 billion.
Where to find the data
Our Investment Radar provides the latest
update on climate-tech investment trends.

2

Energy Transition Investment Trends, 2022

Examples include:● Public market performance of clean

energy equities● Climate-related SPAC deals● The rise of sustainable debt and ESG-

themed ETFs

● Investment in clean energy from oil & gas

companies● Investments in battery manufacturing

plants$920 billion was invested in energy transition
deployment and climate-tech companies in 2021
2021 energy transition investment and climate-tech corporate finance$ billion

Climate-tech
corporate
Total CTfinance

1,000

165

900
800
700

Other (Industry, buildings,
climate/carbon)

15
67
755

Agriculture and food

68

Transport and mobility

31
53

Energy

600
500

273

920

400

Nuclear366

Electrified heat100-

Other (Energy storage,
CCS, hydrogen)Sustainable materials

300
200

Energytransition
total ETI
investment

Electrified transport
Energy transition
investment

Climate-tech
corporate finance

Total

Renewable energy

Source: BloombergNEF. Note: energy transition investment accounts for money spent to deploy low-carbon
energy technologies. Climate-tech corporate finance accounts for money invested in climate-related companies.

3

Energy Transition Investment Trends, 2022

● Global energy transition investment, ourmeasure of money spent to deploy lowcarbon energy technologies, hit $755
billion in 2021 – a new record. The largest
sectors were renewable energy, at $366
billion, and electrified transport, at $273
billion.

● Separately, climate-tech companies

raised $165 billion in equity financing frompublic markets and private investors in
2021, including SPAC reverse mergers.
This capital will be used in the coming
years to scale up these companies’
operations and further develop theirtechnologies. The most-funded sectors
were energy and transport.

● There is probably some limited double-

counting across these two totals, sincesome of the capital raised by companies
may then be used to deploy technology.
Nevertheless, by adding these two figures
together we can arrive at a usefulestimate of the total invested in lowcarbon tech in 2021: $920 billion, or justshort of one trillion dollars.

Energy transition
investment: overview
Top-level findings

4

Energy Transition Investment Trends, 2022

Energy transition investment: overview

Energy transition investment: preface
This section presents our top-level findings on global investment in the
low-carbon energy transition.

Brief definition and methodology
The figures in this section represent capital spent on deployment of
low-carbon technology. This largely excludes capital invested incompanies (see next section for that), and money spent on research,development and manufacturing (with an exception for CCS, where we
include some of these sums).
For large infrastructure projects such as renewables, stationary energy
storage, hydrogen production, EV charging, CCS, nuclear andsustainable materials, our figures are built based on bottom-up
intelligence on individual projects and financial commitments. In
general, we account for money that has been committed to a specificproject, whether through a final investment decision, a government
grant allocation, or a project proceeding to construction andcommissioning. We don’t include money that hasn’t been explicitly
committed to a known project (such as unallocated government grantfunding), or projects that have not yet reached final investment
decision. We apply cost estimates where project values are notdisclosed.
For consumer- or end-user-led technologies, such as small-scale solar,
heat pumps, and electric and fuel cell vehicles, we estimate the total
amount invested (spent) based on our own benchmarks of the total
costs of these products, including any relevant installation costs.

Coverage
The sectors covered are:● Renewable energy: wind (on- and offshore), solar (large- andsmall-scale), biofuels, biomass & waste, marine, geothermal andsmall hydro● Energy storage: stationary storage projects (large- and small-scale), excluding pumped hydro, compressed air and hydrogen. The
majority are battery projects.

● Electrified transport: sales of electric cars, commercial vehicles

and buses, as well as home and public charging investments● Electrified heat: residential heat pump investments● Nuclear power: reactors under construction and major

refurbishments● Hydrogen: hydrogen electrolyzer projects, fuel cell vehicles andhydrogen refuelling infrastructure● Carbon capture and storage (CCS): large- and small-scalecommercial CCS projects, dedicated transport and storage● Sustainable materials: circular economy (recycling) and bioplastics

These sectors encompass a broad range of low-carbon technologies
and are a good representation of global energy transition investment.
There are, however, areas that we have not yet included – such asenergy efficiency and grid investment, due to lack of good bottom-up
data.
The totals here can therefore be thought of as a conservative estimateof global energy transition investment.

5

Energy Transition Investment Trends, 2022

Energy transition investment: overview

Energy transition investment surpassed$750 billion in 2021
The world committed a record $755 billion to●

Global investment in energy transition by sector● Both renewable energy and electrified$ billion
800

755
Sustainable
materials

700
595

600
500

457
385

400
312
300

264
210

200
100

32

decarbonize the energy system in 2021,
beating the previous year by 27%.

50

88

120

247

211

155 149

408

472

506

CCS
Hydrogen
NuclearElectrified heat
Electrified transport
Energy storage
Renewable energy0transport, the two biggest categories, rose to
new records in 2021 as wind and solar
installations and electric vehicle sales surged.

● Companies, governments and households

invested $366 billion in new renewable energy
capacity in 2021, up 6.5% on the year.

● They also spent $273 billion on electricvehicles and associated charging
infrastructure, up 77%. On current trends, theEV sector should overtake renewable energy
investment this year.

● The next largest sectors of spending were

electrified heat at $53 billion and nuclear
energy at $31 billion.

● Together, clean power and electrification(comprising renewables, nuclear, energy
storage and electrified transport and heat)accounted for the vast majority of investment,
at $731 billion. Hydrogen, carbon capture andstorage and sustainable materials made up therest, totaling $24 billion.

● CCS was the only sector not to see rising
Source: BloombergNEF. Note: start-years differ by sector but all sectors are present from 2019 onwards; see
Appendix for more detail.

6

Energy Transition Investment Trends, 2022

investment in 2021, dropping slightly to $2.3
billion.

Energy transition investment: overview

Investment levels rose to a new recordin every region
Global investment in energy transition by region● All three regions (AMER, APAC, EMEA)

hit all-time records for energy transition
investment in 2021.

$ billion
800● The Asia Pacific region was both the755largest region for investment at $368
billion, and the region with the highest
growth at 38% in 2021. Electrified
transport was the biggest driver as it morethen doubled its investment flows in 2021,
but renewables investment was up too.

700
595

600
500

457
385

400
312
300

264
210

200
100

32

50

88

120

247

155 1490

Source: BloombergNEF

7

Energy Transition Investment Trends, 2022

211

408

472

506

APAC
EMEA
AMER

● Energy transition investment in Europe,

Middle East and Africa grew by 16% in
2021, reaching $236 billion. Renewableenergy investment was flat, but electrictransport spending jumped 46%.

● The Americas saw energy transition

investment grow by 21% to $150 billion in
2021. As in EMEA, renewable energy
investment stayed flat, but electric vehicle
investments grew by 84%.

● APAC now accounts for 49% of global

energy transition investment. EMEA is
second with 31%, and AMER lags behind
at 20%.

Energy transition investment: overview

China topped the table again as Japan
dropped two places
Global investment in energy transition by country, 2021

● China’s energy transition investment hit$266 billion in 2021, cementing its
position as the leading country. This figure
was up 60% from 2020.

$ billion● The U.S. was the second-biggest

China

266

United States

114

Germany

Energy storage47

United Kingdom

31

France

27

Japan

26

Electrified transport
Electrified heat
Nuclear14

Hydrogen

Korea(Republic)

13

CCS

Brazil

12

Spain

11

Energy Transition Investment Trends, 2022

● European countries invested $219 billion

in 2021, with EU member statesaccounting for $154 billion of that. This
would place the EU as a bloc in second
place behind China, and ahead of theU.S.

● European countries also featured in the

India

Source: BloombergNEF

8

Renewable energy

investing country once again, achieving a
total of $114 billion in 2021 – up 17% on
the year before.

Sustainable materials

top 10 in their own right, with Germany,
the U.K., France and Spain all exceeding$10 billion in low-carbon spending lastyear.

● Japan dropped from fourth to sixth in thelist as its investment levels fell slightly –allowing the U.K. and France each to gaina place.

● India and South Korea entered the top 10

in 2021, at the expense of Norway and
the Netherlands.

Energy transition investment: overview

To get on track for net zero, investment
must triple to 2025, then double to 2030
Comparison: 2021 energy transition investment versus required annual
investment in 2022-25 and 2026-30 in NEO 2021 net-zero scenarios
$bn

6,000

● To get on track for global net zero, according

to our New Energy Outlook, energy transition
investment needs to average $2,063 billion
between 2022 and 2025, about three times
the total in 2021.

● About 60% of the spend in 2022-25 goes into

4,804

5,000

4,469

4,189

Nuclear

4,000

Sustainable materials

3,295
3,000

2,000

1,000

0

CCS

2,695

Hydrogen
Energy storage

2,063
1,750

Electrified heat

1,745Electrified transport
Renewable energy

755

2021

Scenario averages

Green

Gray

Red

Green

2022-2025

Gray

Red

2026-2030

Net-zero scenarios

Source: BloombergNEF. Note: future values are from New Energy Outlook 2021, except electrified transport,
which is from the Electric Vehicle Outlook 2021 Net-Zero Scenario. Please consult the latter for a description of the
Net-Zero Scenario and the New Energy Outlook for the Green, Gray and Red scenarios. All three ‘color’ scenarios
target global net zero by 2050 in line with 1.75 degrees Celsius of warming.

9

Energy Transition Investment Trends, 2022

renewable energy and electrified transport,
which roughly double to a respective $667
and $583 billion in the New Energy Outlook
scenarios, compared to actual 2021 levels.
The transport sector may be on track toachieve this after growing 77% in 2021.
However, growth in renewables spend
averaged only 6% over the last five years.

● There is another doubling of investments

needed thereafter, to an average $4,189
billion per annum over the years 2026-2030.
About one to two fifths of the spend isrequired for next-generation low-carbon
technologies, such as hydrogen, CCS andnuclear. Nuclear in the Red Scenario sees
$1,671 billion per annum, followed by CCS in
the Gray Scenario with $622 billion. In theGreen Scenario, PV and wind plants
powering electrolyzers require $1,532 billion,
in addition to $532 billion for hydrogenstorage, transport and electrolyzers.

Climate-tech
corporate finance:
overview
Venture capital, private equity and publicmarkets investment for the climatetransition

10

Energy Transition Investment Trends, 2022

Climate-tech corporate finance: overview

Climate-tech corporate finance: preface
Climate-tech companies have enjoyed an increasing flow of early-stage capital investment in the last two years, fromsources such as venture capital and private equity. This has been complemented by a growth in public market fundraising,often via new ways of accessing public markets such as reverse mergers with special purpose acquisition companies(SPACs). This, along with other lucrative private exits, has recently attracted more private equity growth funding and latestage venture capital funding.
Climate-tech in this report● This section replaces the ‘corporate finance in renewable energy and storage’ section fromlast year’s Energy Transition Investment Trends report. That data can still be found in the
Renewable Energy Investment Tracker (REIT), which is updated twice a year. (The latest
version is published concurrently with this report.)● This section now includes six climate-tech sectors. Alongside energy, these are transportand mobility, agriculture and food, industry and materials, buildings, and climate andcarbon (see the grey box). The ‘energy’ sector has a broader scope compared to last year,
now including not just renewable energy equipment deals but also software and systems
deals, such as virtual power plants.

● The data in this section does not include mergers and acquisitions or debt funding.
● BNEF also publishes a bi-monthly Investment Radar, detailing all climate-tech VC/PE

investment month-to-month, as well as including IPO, M&A and SPAC deals.

Methodology● BloombergNEF defines ‘climate tech’ as technologies and business models that act todecarbonize the energy, transport, buildings & infrastructure, industry, and agriculture
sectors. The term also encompasses technologies that help better understand our planet
and environment, assist in tracking greenhouse gas emissions, and mobilize financial (andconsumer) markets toward greener investments.

● This data has come from a variety of sources: Bloomberg Terminal, Bloomberg proprietarydatasets, Pitchbook and public news announcements. In this analysis, we only use
disclosed deal values, and do not make estimates for undisclosed deals. This differs fromthe REIT publication.

11

Energy Transition Investment Trends, 2022

Climate-tech sector coverage examples:
Energy: Wind power, solar power,
geothermal, nuclear, energy storage, virtual
power plants and distributed energy
resource management systems, biofuels,hydrogen, fuel cells, batteries
Transport and mobility: Fuel cells, EV
charging, electric aviation, ride-sharing,
micro-mobility, route efficiency, batteries
Agriculture and food: Precision
agriculture, indoor farming, increasing crop
yields, decreasing food waste, cultured
meats
Industry and materials: Biochemicals,
process electrification, circular economy,
recycling, innovative materials
Climate and carbon: Satellite imagery,carbon offsetting, carbon accounting,weather forecasting, climate modelling
Buildings: Insulation, energy efficiency
systems, heat pumps, waste heat reuseClimate-tech corporate finance: overview

Definitions

Private markets: VC/PE

Public markets

Funds raised by privately owned, earlier-stage companies, inexchange for company equity. The investors could be government,
accelerators, incubators, private individuals, sovereign wealth funds,
VC/PE firms, corporates or banks.

Funds raised by publicly quoted or OTC pure-play companies on
the capital markets. This may be through IPOs, SPACs or followon offerings like secondary offerings or PIPE.
● Initial public offering (IPO): The first sale of stock by a
private company to the public. IPOs are often issued bysmaller, younger companies seeking the capital to expand, but
can also be done by large privately owned companies looking
to become publicly traded.
● SPAC reverse mergers: A publicly-traded blank checkcompany (special purpose acquisition company, SPAC) raises
investment funds in the form of blind pool money throughan initial public offering (IPO). The purpose is to complete anacquisition of an existing private company, sometimes in a
specified target industry. When a target has been identified,
the target raises equity through a PIPE (see below) before
reverse merging with the SPAC and acquiring the cash in trust.
● Secondary offering: A secondary offering is the sale of new
or closely held shares by a company that has already made an
initial public offering.
● PIPE (private investment in public entity): A private
investment firm's, fund's or other qualified investor’s purchaseof stock in a public company at a discount to the current
market value per share for the purpose of raising capital. PIPE
can also be raised by private companies that are about to go
public.

● Angel and accelerator: Usually a small round with investors

including individual angel investors, angel investor groups, friends
and family. Includes funding through an accelerator program.

● Seed: First rounds of funding a company will receive. Roundsizes range between $10,000 - $2 million. Typically comes afteran angel round (if applicable) and before a company’s Series A
round.

● Early-stage and late-stage venture capital: Investment typicallycome from a venture capital firm. Early stage is Series A, B andC, and late-stage can be Series C, D, E,F etc.

● Private equity growth: Investment led by a private equity firm ora hedge fund and is a late-stage round. Rounds are typicallyupwards of $50 million.

● Crowdfunding: Includes equity and product crowdfunding(individual users' investment in companies in exchange for equity
or a company will provide its product)● Grant/corporate: Grant includes when an investor provides

capital to a company without taking an equity stake in thecompany and a corporate round occurs when a company, rather
than a venture capital firm, makes an investment.

12

Energy Transition Investment Trends, 2022

Climate-tech corporate finance: overview

Climate-tech funding totalled $165bn in
2021, 82% to transport and energy
Global climate-tech corporate finance investment by sector, 2021
$ billion (monthly)$ billion (cumulative in 2021)
180

25
22.1

Buildings

21.1

19.9

20

18.5

Climate andcarbon
120

15

10.5

12.0

11.0 11.1

12.3

12.9

Agriculture
and food
9.3

10

60

5

0

4.6

Jan Feb Mar Apr May Jun

Industry andmaterials

Transport
and mobility
EnergyTotal
investment

Jul Aug Sep Oct Nov Dec0• $165 billion in corporate finance was raised

across all climate-tech sectors in 2021. June, Julyand November were the most active months,
raising $63 billion (38% of total).

• The energy sector raised the largest amount of

capital –$68.5 billion. The most popular sectors
were wind and solar power, as well as hydrogen.

• Transport and mobility raised the next largest

amount – $67.4 billion. Firms building EVs,
electric airplanes, e-scooters and batteries havebeen popular with public and private investors, as
the startups look to raise large amounts to build
manufacturing hubs.

• Agriculture technologies, ranging from alternative
meats to vertical farming to drones, had a strong
year for a nascent sector, raising $14.9 billion.

• The industry, materials and buildings sectors

raised lower totals, reflecting their slower progress
to decarbonize. Companies decarbonizing
industry raised $9.1 billion in 2021, and lowcarbon buildings firms raised $1.4 billion.

• Climate and carbon startups have also had asuccessful year for a nascent sector. The small
overall sum of $3.8 billion is partly due to a higher
share of software startups (requiring less capital),and earlier-stage tech in general.

Source: BloombergNEF, Bloomberg Terminal, Pitchbook, news sources. Note: batteries are split between energy and transport sectors.

13

Energy Transition Investment Trends, 2022

Climate-tech corporate finance: overview

Two-thirds of climate-tech funding
came from the public markets
Global climate-tech corporate finance investment by funding type, 2021

• In 2021 there were 483 public markets climate-$ billion• Two-thirds ($111 billion) of all investment came

$ billion
180

25
22.1

VCPE

21.1

19.9

20

18.5
120

15
12.0

11.1
10.5 11.0

12.3

Secondaryoffering

12.9

SPAC
9.3

10

60

5

0

4.6

Jan Feb Mar Apr May Jun

IPO

Total
investment

Jul Aug Sep Oct Nov Dec

Source: BloombergNEF, Bloomberg Terminal, Pitchbook, news sources.

14

Non-SPAC
PIPE

Energy Transition Investment Trends, 2022

0tech deals, compared to 2,806 VC/PE deals.

from the public markets. Public investors poured
the most money into the energy sector, whichpulled in $53.8 billion. This is coincidentally thesame amount as was spent on all climate-techstartups by private investors in 2021.

• IPOs and secondary offerings raised $62.4

billion in 2021, across 316 deals. The largest
IPO of 2021 (and in fact the largest overall deal)
went to electric truck company Rivian, in
November, for $11.9 billion.

• SPAC reverse mergers for climate-tech raised$35 billion in 2021, particularly popular withtransport startups• Private (VC/PE) investors spent $53.7 billion

on climate-tech in 2021. Energy and transport
were the most-funded of the six sectors.
However, the VC/PE markets played a more
important role for the more nascent sectors.
Agriculture and food startups raised $3.5 billion
more in private markets than public markets in
2021. Climate and carbon startups raised 94%
of their money from private corporate financeinvestors in 2021.

Thematic highlights
Trends and themes in low-carbon
investment

15

Energy Transition Investment Trends, 2022

Thematic highlights

Clean energy and EV stocks gained in
2021, but oil & gas outpaced them both2021 full-year performance of clean energy and other equity indexes(normalized)
Normalized to January 1
150
140
+35%

Bloomberg Goldman
Sachs Clean Energy

+20%

120

Bloomberg Electric
Vehicles

+13%

110

S&P Global Oil

100
MSCI World

90
80

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: BloombergNEF. Note: Respective tickers are BGSCET, BBEVT, SPGOGUP and MXWO.

16

Energy Transition Investment Trends, 2022

the Bloomberg Goldman Sachs Clean
Energy Index, posted a 13% gain in thecalendar year 2021. This was below thebroader MSCI World Index’s 20% gain,
and came off the back of a stellar 2020 inwhich the sector advanced by 88%. Clean
energy equities have gained 112% overthe last two years.

● Electric vehicle equities have

130
+27%

● Clean energy stocks, represented here byoutperformed the broader market in 2021,
with the Bloomberg Electric Vehicles
Index posting a 27% increase against a
backdrop of rising policy commitments tovehicle electrification.

● The S&P Global Oil Index, which tracks

the largest upstream oil & gas firms,
outperformed the clean energy and EV
sectors, as well as the broader market in
2021, off the back of resurgent oil and gas
prices. As of year-end 2021 the index had
recovered most of its pandemic-era
losses and was just 10% down from thestart of 2020.

Thematic highlights

Climate-related SPACs hit $35 billion in
2021, driven by the transport sector• SPAC reverse mergers were a popular way to

Global SPAC reverse merger deals across climate-tech, 2021
$ billion
9$ billion40

8
7

access capital markets for a range of industries in
2021. This is particularly true for climate-tech,where 50 startups raised $35 billion from SPACs
and PIPE investments to go public.

• Transport was the most active climate-tech sector,

35$4.4 billion

65$2.4 billion

30

Climate andcarbon25

Industry andmaterials

20

Agriculture
and food

4
15

3Energy10Transport
and mobility

15

Investment
by month00$4.4 billion

2

Jan Feb Mar Apr May Jun

Jul

Aug Sep Oct Nov Dec

Source: BloombergNEF, Bloomberg Terminal, Pitchbook, news sources. Note: assuming no redemptions.

17

Energy Transition Investment Trends, 2022

raising $23 billion from SPACs (66% of SPAC
deals). 29 reverse merger deals were for lowcarbon transportation companies and 19 for EVs orelectric aviation. The largest transport SPAC
reverse mergers were Lucid Motors ($4.4 billion),
Grab ($4.4 billion) and Joby Aviation ($2 billion).

• The industry and agriculture sectors each saw four

reverse mergers, raising $2.3 billion and $3.5 billion
respectively. For agriculture, these deals were a mix
between alternative proteins, crop data analytics
platforms and bio-engineering.

• 22 SPACs listed in 2021 and are currently searchingfor a climate-tech target. While the SPAC process iscomplex, it offers a faster and cheaper way forstartups to go public compared to traditional IPOs.
SPACs have been most popular with companies
that are pre-profit, or even pre-revenue.

• Redemption rates (the % of SPAC shares that areredeemed by shareholders rather than invested into
the merged entity) have reached 50% for someclimate-tech companies in 2021. This means thatthe actual proceeds available to the company canbe significantly lower than the announced total.

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18

Energy Transition Investment Trends, 2022

Methodology: energy transition investment

Authors

Energy transition investment trends

Sectoral and thematic contributions

Albert Cheung

Kwasi Ampofo (battery materials)

Divya Sehgal

Meredith Annex (heat)

Camilla Ivory Brown

Julia Attwood (sustainable materials)
Corey Cantor (electrified transport)

Climate-tech corporate finance

Ryan Fisher (electrified transport)

Claire Curry

Chris Gadomski (nuclear)

Sarrah Raza

Kyle Harrison (sustainable finance)
Luxi Hong (oil & gas)
Matthias Kimmel (net zero)
David Lluis Madrid (carbon capture & storage)
Siyi Mi (electrified transport)
Aleksandra O’Donovan (electrified transport)
Mallory Rutigliano (sustainable finance)
Yayoi Sekine (energy storage)
Nikolas Soulopoulos (electrified transport)
Martin Tengler (hydrogen)

19

Energy Transition Investment Trends, 2022

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