Note: 2023 data goes through August 2023. Source: Pitchbook. Analysis by Beacon Economics
  • Clean tech was not immune to the broader macroeconomic backdrop impacting the US. During 2022, the amount of investment in clean tech companies in California dropped 56 percent, compared to 2021, while the number of deals completed fell 24 percent. As of August 2023, VC investment in Clean Tech in the state stood at $3.9 billion, or 41 percent of the 2022 level. Despite this drop, 2022 saw the third-highest level of VC investment in the state’s clean tech companies over the past decade, and the third-highest number of clean tech deals in any of the past 10 years. Furthermore, investment in some clean tech segments grew during 2022, while most Clean Tech segments received the highest, or near highest, level of VC funding over the past decade.