California clean tech firms raised $14.7 billion in 2021, based on a final accounting of activity that year. This was 87 percent more investment than had been raised in 2020.
Through the first half of 2022, clean tech raised $9.3 billion—more than any year prior to 2021, when $14.7 billion was raised.
With 112 deals completed, deal volume has been greater in 2022 than it was at this point in 2021. The state is raising less money per deal, with an average deal size of $41.5 million versus last year’s $67.6 million.
The large amount of investment in 2021 appears to be driven by a very small number of billion-dollar-plus transactions, especially in mobility.
California remains the center for clean tech venture capital, with three out of five dollars invested in the U.S. invested in California.