Dealroom：2023年城市科技風(fēng)險投資報告

UrbanTech2023

November2023

215○

UrbanTechSustainabilityFund

2150isaventurecapitalfirminvestingintechnologycompanies

thatseektosustainablyreimagineandreshapetheurban

environmentandenableasustainableandscalablefutureofmass

urbanisation.2150?sinvestmentthesisfocusesonmajorunsolved

problemsacrosswhatitcallsthe?UrbanStack?,whichcomprises

everyelementofthebuiltenvironment,fromthewayourcitiesare

designed,constructedandpowered,tothewaypeoplelive,work,

move,andarecaredfor.Seemoreat

2150.vc

Disperse

○open5olar

Nomative

nabr

kelvin

Globalstartup&venturecapitalintelligence

platform.

Dealroom.coistheforemostdataprovideronstartup,early-stage

andgrowthcompanyecosystemsinEuropeandaroundtheglobe.

FoundedinAmsterdamin2013,wenowworkwithmanyofthe

world'smostprominentinvestors,entrepreneursandgovernment

organizationstoprovidetransparency,analysisandinsightson

venturecapitalactivity.

Page/2

Keytrends

TotalUrbanTechVCfunding

UrbanTechstartupfundinghasalready

reached$26.6Bandsurpassed2020levels

butthisstillrepresentsa39%dropfrom

2022.

Thisdeclineislargelyattributabletoasharp

dropinlate-stagerounds,ontheotherhand

earlyandbreakoutstagesareshowingmore

resilience.

Greenbuildingsstartupsarebucklingthe

trendwith$5.3Braisedin2023,ontrackfor

theirbestyeareverandmarkingathreefold

increasefrom2020.

TheUrbanCapitalStack

Withtheclimatetechsectormaturing

towardsmorelargescaledeploymentsanda

morechallengingfundingenvironment,the

capitalstackforurbantechgoesbeyond

venturecapitaltoembracemoredebt,

privateequityandprojectinfrastructure

financing.

ClimateTechfundsarealsoslowingtheirfundraise.$13Bareprojectedtoberaisedin2023,a62%declinecomparedtolastyear.

UrbanTechstartupsarealsoraisingmassive

amountsofnon-dilutivecapital,especially

debt.Nearly$17Bhavebeenraisedbyurban

techstartups,nearall-time-highanda

threefoldincreasefrom2020.

Investmenttrends

Enable:

SaaSxconstructionstartupshavesu?ereda

whooping68%declineinVCfundingdespitethe

constructionindustryproductivitychallenges.

Build:

Sustainablebuildingconstructionstartupsonthe

otherhandhaveraisedarecord$2.5Bthisyear,

drivenbysustainablecementandgreensteel.

Operate:

Buildingoperationdecarbonizationstartupson

trackfortheirbestyearwith$2.6alreadyraised,

ledbyresidentialsolarandbuildingenergy

management.

Experience:

Drivenbyrealworldevents,startupsaimingto

preventandcombatwildfireshaveraisedover

$100MVCfunding,onparwith2021records.

Page/3Source:Dealroom.co

Page/4

Tableofcontents

1Introduction

2InvestmentTrends&Unicorns

3UrbanStack:Enable

4UrbanStack:Build

5UrbanStack:Operate

6UrbanStack:Experience

1

Introduction

Climateriskisacceleratingandcitieswillplayakey

roleinensuringwecanhitsustainabilitytargets.

Fromthebuildingsweinhabit,tothecarswedrive,

everyurbanelementcanbemeaningfullyaddressed

toadvancetheclimatetransition.

Urbantechnologiescansupportusrethinkingand

renovatingourwaysofbuildingandlivingincities.

There?sahugedi?erenceinsu?ered

impactsbetween1.5oC&2.0oC.

ExtremeHeat

Globalpopulation

exposedtosevereheatatleastonceevery5years

Flooding

Increaseinfloodrisk

SealevelRise

Amountofsealevelriseby2100

X2.6

worse

14%

2.0oC

X1.9

worse

170%

100%

Insects,plantsandvertebratesThatwilllose>halftheirrange

2.0oC

Insects

Plants

Vertebrates

0.40m

0.46m

1.5oC

2.0oC

1.5oC

6cm

worse

Ecosystems

37%

AmountofEarth?slandwhereecosystemswillshifttoanewbiome

1.5oC

7%

2.0oC

13%

1.5oC

70%

worse

SpeciesLoss

1.5oC2.0oC

X2-3

worse

Insects

Plants

Vertebrates

/sites/default/files/resource/cma2023_12.pdf

Page/6Source:

.au/resources/impacts-degrees-warming/

/sites/mitsubishiheavyindustries/2022/01/26/the-stark-di?erence-between-global-warming-of-15c-and-20c/?sh=2b773a12a487

Theprobabilityofsurpassingthe1.5°C

warminglimitsetbytheParisAgreementishighgiventhecurrentemissionstrajectoryandwarmingalreadyexceeding+1.1°C.

Mitigatingfurthertemperaturerisemustbeourprimaryfocus,asevery0.1°Cincrementcarriesmajorclimateconsequences.Theseincludeescalatingextremeheat,risingseas,biodiversitylosses,decliningcropsand

fisheries,andheightenedthreatstofood

security.

Simultaneously,wemustaccelerate

adaptatione?ortstoprepareforandmanagetheunavoidableimpactsofawarmerworld.UNFCCC'sSynthesisReportoftheNationallyDeterminedContributionsundertheParis

Agreement1projectspeakwarmingcould

reach2.1-2.8°Cbefore2100.

Thisunderscorestheurgentneedfor

bold,transformativeclimateaction

acrossallfronts.

WhatisUrbanTech?

Urbantechisatechnologythatimprovesbroadurbanenvironmentstomake

themmoresustainable,resilientande?icient.Althoughgovernmentsand

regulationmaybeinvolved,urbantechprimarilytargetstheprivatesector,

sellingtobusinessesandconsumersdirectly.

WhyUrbanTech?

Urbanizationisaccelerating,andfast.By2050itisexpected

that68%oftheglobalpopulationwillliveincities,upfrom

55%today.1Wearenotpreparedfortheadditionalstrainon

ourinfrastructure,naturalresources,andhousing.

Citiesconsume3/4oftheworld?sfinalenergy2andproduce

~70%ofGHGemissions.3UrbanTechsolutionscanplaya

majorroleinreducingemissionsonanacceleratedtimeline,

whichiskeytomanagingcurrentgrowth.

Buildinge?ectivecitiesrequiresinclusive,healthy,resilient

andsustainablesolutions.Urbantechstartupsarebuilding

solutionsthatarereducingemissionsandpreserving

resourcesTODAY.

1)

/development/desa/publications/2018-revision-of-world-urbanization-prospects.html

Page/7Source:2)

/doi/10.1073/pnas.1606035114

3)

https://report.ipcc.ch/ar6wg3/pdf/IPCC

_AR6_WGIII_FinalDraft_FullReport.pdf

US

OneyearafterIRA2

Oneyearsincepassing,theInflationReductionAct(IRA)isvisiblyacceleratingcleanenergyinvestment,deployment,andemissionsreductions.

TheIRAhelpeddriverecordgrowthinrenewableenergy,withover$270billionincapital

investmentsaccordingtoAmericanCleanPowerAssociation.ForthefirsttimeintheUS,windandsolarsuppliedmoreelectricitythancoal.

EVsalesjumped66%inearly2023thankstoIRAtaxcreditsloweringcostsbyupto$7,500pervehicle.EVsupplychaininvestmentstopped$50billion,

expectedtoreduceproductioncostsfurther.

TheIRAallocates$400billioninclimateincentivesoverthecomingdecade,estimatedtocatalyze

$2.9trillioninrenewableenergyinvestmentsby2050.Itprovidesacasestudyofhowsmartpolicydesigncanleverageprivatecapitalandaccelerateclimatesolutions.

Denmark

Net-ZeroBuildings(2023)3

Startingthisyearamaximumvalueof

greenhousegasemissionsfornewbuildingswasputinplaceonanationalscalebythe

DanishMinistryofInteriorandHousing.ThisinitiativemadeDenmarkthefirstcountrytointroduceembodiedcarbonlimitsinto

buildingregulations.

Theentirelifecycleofthebuildingisconcernedastheregulationaimstominimiseenergyandresourcesconsumption,includerecycling

measures,allthewhiletakingintoaccountsocialandfinancialvalues.

Policiesworldwideareacceleratingthetransitiontomoresustainablecitieswithfocusonbuildingenergye?iciency,heatingandcooling.Embodiedcarbonisalsostartingtoappearinsomelegislations.

EU

EnergyPerformanceofBuildingsDirective

(EPBD)andEnergyE?iciencyDirective(EED)

(2023)1

Consideringthat?oftotalgreenhousegasemissionsinEuropecanbeattributedtothebuildingsector,theEUhasrecentlyinstallednewmeasuresaimedtodecarbonizeexistingbuildings,suchas:

●Zeroemissionsbuildings(ZEBS)

AllbuildingswillhavetoreceivealabelDby2033andAby2050.

●Lowcarbondistrictheating

By2040fossilfuelheatingshouldbeobsoleteandreplacedbymandatorysolarinstallations.

Infactatargetof50%renewableandwasteheathasbeensetfor2035foralldistrictheatingnetworks.

Page/8Source:

1)

/posts/planet-a_planet-a-policy-navigator-activity-7113125993388601344-6xrc?utm_source=sh

are&utm_medium=member_android

2)

/insights/the-impact-of-the-inflation-reduction-act-one-year-later

3)

/news/how-denmark-leads-the-way-in-decarbonising-the-construction-industry/

Getthesecondeditionhere

Thisisthe3rdUrbanTechreport

by2150xDealroom

Oneyearago,2150andDealroomlaunched

thesecondeditionoftheUrban

Techreport

.Wehighlightedthatthebattleforclimatechangewillbewonorlost

dependingonhowwellweinnovatewithinourcitiesandurbanenvironments.

Inthepasttwoeditions,wehadhighlightedhowUrbanTechfundinghadgrown

inrecentyears,mainlydrivenbymobilityandcleanenergy,whilethebuilding

sectorskeptremainingunderfunded.

Thishasfinallychangedwithgreenbuildingstartupsattracting3xmorefunding

than3yearsago,amidabroadermarketdownturnstronglynotableespeciallyin

morematuresegmentslikemobility.

Keysegmentslikesustainablesteelandcementwhichwerenascentbackin

2021whenwestartedthisjourney,arenowreachinglargeindustrialscaleand

startingtobreedunicorns.

Thisyearwewillinvestigatehowwearestandingonthesetopicsandhowthings

havebeenevolving.andcoveremergingtrendsinconstructionproject

management,sustainablebuildingconstructionmaterials&processes,building

decarbonizationandwildfiremanagement.

Page/9Source:Dealroom.co

2InvestmentTrends&Unicorns

▊€250m+

▊€100–250m

Late

▊€40–100m(seriesC)▊€15–40m(seriesB)

Breakout

▊€4–15m(seriesA)▊€1–4m(seed)

▊€0–1m(pre-seed)

Early

UrbanTechstartupfundinghasalreadysurpassed2020levelsthisyear,with$26.6Braisedsofarin2023,butthetotalisprojectedtobe39%lowerthanin2022.

VCinvestmentintoUrbanTechstartups

?viewonline

$26.6B

▊Projection

Page/11Source:Dealroom.co|Dataasof1stNov2023

Whileeverystagehasexperienceddeclines,late-stageroundshaveespeciallydriedup.

Early

▊€4–15m(seriesA)▊€1–4m(seed)

▊€0–1m(pre-seed)▊Projection

Viewmore?

▊€40–100m(seriesC)

Breakout▊€15–40m(seriesB)

▊Projection

SP/AN

INFOGRID

Viewmore?

Late

▊€100–250m

▊€250m+

▊Projection

Enpal。

△gradiamt

TECHMET

Viewmore?

Page/12Source:Dealroom.co|Dataasof1stNov2023

▊Projection

▊€250m+

▊€100–250m

Late

▊€40–100m(seriesC)▊€15–40m(seriesB)

Breakout

▊€4–15m(seriesA)▊€1–4m(seed)

▊€0–1m(pre-seed)

Early

Fundingforgreenbuildingstartupsisalreadyatrecordhighlevelswith$5.3Bin2023,projectedtogrowover3xinrespectto2020.

VCinvestmentintogreenbuildings*startups

?viewonline

$5.3B

Page/13Source:

Dealroom.co|Dataasof1stNov2023

*Greenbuildingsstartupsreferstostartupsworkingtomakebuildingsmoresustainableby,amongothers,makingsustainablematerials(cement,steel,biomaterials,etc),constructionprocesses(modular,etc),decarbonizingheating,coolingandlightning(solarpanels,heatpumps,etc),energye?iciencystartups,softwareforrealestatedevelopersorlandlordstodecarbonizebuildings.

Span

,

Woltair

,

ElectricHydrogen

215○

1KOMMA5

,

CarbonCureTechnologies

,

Aeroseal

HomeTree

,

HeatTransformers

,

Ceibo

PlanA

,

Zeway

,

Pony

BostonMetal

,

LuxWall

,

Mill

BUILDINGURS

Measurabl

,

Blokable

,

enVerid

g/epreptech

VARM

,Span

,

Enter

Mostactivesustainableurbantechventurefunds.

Earlystage

Pre-seedandseed

Watershed

,

Electra

,

Woodoo

PALEBLUEDOT

Hived

,

Ember

,

ClimateX

AscendElements,

Gradient

,

MojaveEnergySystems

<norrsken>

BOLDR

,

Lun

,

MaterialEvolution

Ecoworks

,

42watt

,ClimateX

FQUNDAMENTAL

MightyBuildings,

Enter

,

Tangible

Materialevolution

,

Beamup

,

Vizcab

Page/14Source:

Dealroom.coThemostactiveinvestorshavebeenselectedaccordingtothenumberofsustainableurbantechroundsinwhichtheyinvestedinto.

Latestage

TEMASEK

H2GreenSteel,

OlaElectricMobility,

AtombergTechnology

CarbonUpcyclingTechnologies,Gradient

,

Aeroseal

+GIC

AtherEnergy

,

EulerMotors

,

ABBE-mobility

RedwoodMaterials

,

Span

,

MagratheaMetals

CarbonCureTechnologies

,

CarbonCapture

,

ForumMobility

Enpal

,

Palmetto

,

UBQMaterials

Aira

,

H2GreenSteel

,

Vianode

Whilecorporatefundinghasdrasticallyincreasedoverthepastdecade,2023levelsareprojectedtodeclineby16%comparedtolastyear.

CorporateinvestmentintoUrbanTechstartups

?viewonline

Page/15Source:Dealroom.coDataasof1stNov2023

ClimateTechinvestorsareprojectedtoraise$12.2Bin2023,a64%declinecomparedtolastyear.

AmountofnewClimateTechfundsraisedbyyear

SelectedClimateTechfundsraisedin2023

EURAZEO

Newlylaunchedfundin2023

PLANETEERCAPITAL

OVERVIEW

Page/16Source:Dealroom.co.DataasofNov3rd2023.

UrbanTechstartupsarealsoraisingmassiveamountsofnon-dilutivecapital,especiallydebt.

LargestdebtandgrantfinancingtoUrbanTechstartups(2022-2023)

Debt&GrantfundingtoUrbanTechstartups

Viewmore?

Page/17Source:

Dealroom.co|Dataasof1stNov2023

Thestatsaboveincludeexplicitlylabelleddebt.ConvertibleareincludedinVCequityfinancingstatsinstead.Somelate-stageVCfinancinglabeled

inDealroomas“growthequity”mightincludedanundiscloseddebtportion,thisisnotaddedasestimationhereinthescopeofthisreport.

Theurbancapitalstack

“Acceleratingurbanizationhasput

citiesatthecenterofclimate

challenges,anditiswherethe

climatebattlewillbewonorlost.

Wemustmaximizecollaborationamongallstakeholdersand

UrbanPartnersisaplatformofvision-aligned,di?erentiated,investmentverticalsshapedaroundurbanproblemsolving.Withfourverticalsandcloseto€20bn

undermanagement,weinvestinassets,companies,technologies,andsolutions.Acrossourplatform,wesharethesamevisionandvalues-andtheaspirationtobuildtheworld?sleadingurbaninvestmentcompany:

jointlychannelresourcesintoscalinghigh-impactsolutions.WithUrbanPartners,weaimtobridgethegapbetweenpeople,cities,andcapital,aligningtheirintereststodrivesystemic

transformation.Byleveragingourcollectivecapabilities,wecanidentify,fundandsupportthosetechnologiesandbusiness

modelsthatwillcatalyzeclimatemitigationandadaptation

Innovation

Deployment

actionswhereitmattersmost-theurbanlandscapeswhereoverhalftheworld'spopulationlives.Workingtogether,wecanbuildthrivingresilientcitiesandalivablefutureforall."

UrbanSolutions

PrivateCreditRealAssetsUrbanDevelopment

JensStender

215○

Co-CEOandPartneratUrbanPartners

Page/18Source:Dealroom.co

138ofthe157Urban

Techunicornsare

operatingineither

cleanenergyor

mobility,butother

categorieshavebeen

emergingsince2020.

NumberofUrbanTechunicornpersegment(cumulative)

Page/19Source:Source:Dealroom.co.Dataasof1stNov2023.

Watertreatment

Lgradiant

(watershed

H2greenstee

Buildingenergyefficiency

SustainableInfrastructure

ISIP》

Waste

management

Residential

energystorage

Energysaving

REDAPTIVE"

NEXI

ThebiggestsubcategoriesofUrbanTechunicornsaresustainablebuildingconstructionandbuildingenergye?iciencycompanies.

2013

2014

UrbanTechunicornspersegment,excludingcleanenergyandurbanmobility

Year$1B+valuationreached

Waste

management

Li-cycle

ESG&CarbonTracking

Intelligent

infrastructure

ecovadis

∧smartRent

Water

SOURCE

Buildingenergyefficiency

Sustainable

building

construction

SustainableSteel

Buildingenergyefficiency

view

201520162017201820192020202120222023

Page/20Source:

Dealroom.co.Aunicornisdefinedasarapidlyscalingcompany(andtechenabled)thathasreacheda$1billionvaluation,

onthebasisofafundinground(unrealised),acquisitionorIPO(realised)

3

Enable

Enablinginfrastructuretechnologiesandplatforms

thatallowurbanareastoscalesustainablyand

resiliently.

Constructionislaggingbehindwithdecliningproductivity,risingcostsandtraditionaltools.Thisopenstheopportunityforstartupstodisrupttheconstructiontechlandscape.

Declineinconstructionlabourproductivity

Since1995,constructionlabourproductivityhasincreased

just20%,notablylessthanthenearlydoublingfor

manufacturing.1

Risingcosts

From2012to2020,theaveragepriceincreaseofproduction

(value-addedshare)inEuropeanconstructionwas2.3%peryear

comparedto1.0%inmanufacturing.Intheprecedingperiod

(2002-11),thepricedi?erencewasevengreater.

Theconstructionsectorstillrelyontraditionaltools,

lackingindigitaltransformation.

Accordingtoarecentsurvey,anastounding85%ofrespondentsintheEuropeanconstructionsectorstillleanonExcelfor

short-termplanning2.

Toaddressthisproductivitygap,awaveofstartupshasemergedintheconstructiontechlandscape,aimingtodisrupttraditionalpractices.ConstructionTechinvolvestheapplicationofnew

digitaltechnologiesacrossthreekeyconstructionphases:

development,planning,andbuilding.

Typicallysoftware-based,ConstructionTechcompaniesaimtoenhanceinnovationinthedigitizationandsustainabilityofthesector.Thesecompaniesareindispensableforseveral

reasons,includingenablingseamlesscollaboration,real-timeupdates,maintaininganaudittrail,automatingprocessesto

reduceerrors,andbeingtailoredspecificallyfortheunique

needsoftheconstructionindustry—allcontributingtoensuringqualityandtimelyprojectdelivery.

Page/22Source:

1)

2)

EUROSTAT,ING:Laggingproductivityinconstructionisdrivingupbuildingcosts

/blog/excel-spreadsheets-in-construction-2

VCfundingforconstructionSaaSstartupspeakedin2021,investmentshaveplummetedthisyear,expectedtodecrease68%fromlastyear.

VCInvestmentintoSaaSxconstructionstartups

?viewonline

$865M

Katerra

Selectedprojectmanagementstartups

forconstructiontech

CAPMO

DISPERSE

Page/23Source:

Source:Dealroom.co.DataasofNov8th2023.

NotallSaaSxconstructionstartupsareconsideredimpactinDealroom.Hereweincludedallstartupsinthesegmentbeyond

theimpactclassification.

4

Build

Howwebuildincludingplanning,materials,

constructionandprocesses.

CarbonEmissions

Embodiedcarbonaccountsforalmostathirdofbuildingsectoremissions,mainlydrivenbyconstructionmaterials(aboveallcementandsteel).

Embodiedcarboniskeytobuildingdecarbonization.

Globally,embodiedcarbonisresponsiblefor11%ofannualGHGemissionsand28%ofbuildingsectoremissions(1).

Asoperationalenergye?iciencyincreases,theimpactofembodiedcarbonemissionsinbuildingswillbecomeincreasinglysignificant.Unlessourconstructionmethodschange,buildingmaterialswillcauseemissionsof>150GtCO2between2020and2050,eatingup30%ofourremaining1.5°C-compatibleCO2budget.

Themaindriverofembodiedcarbonemissionsare

buildingmaterials(3).

80%

60%

40%

20%

0%

BuildingSectorCO2EmissionsNewConstruction:2015-2050

100%

BuildingMaterials

90%

90%

10%

BuildingMaterialBuildingOperations

Cementinparticularisthemostabundanthuman-made

materialintheworld,cementproductioncreates~7%oftheworld?sCO2emissionsandisthelargestcontributorto

embodiedcarboninthebuiltenvironment.

Page/25Source:

1)WorldGreenBuildingCouncil(

/advancing-net-zero/embodied-carbon/

)

2)RMI(

/embodied-carbon-101/

)

3)Architecture2030(

/feature/urgency-embodied-carbon-and-what-you-can-do-about-it

)

Sustainablebuildingconstructionstartupshaveraised$2.5Bin2023,byfarmorethaneverbefore,evenifvastlyledbyH2GreenSteel$1.5Bmegaround.

Investmentintosustainablebuildingconstructionstartups

?viewonline

$2.5B

Explore160+sustainablebuildingconstructionstartups

?viewonline

Page/26Source:Dealroom.co.Dataasof1stNov2023.

Theriseinfundingforsustainablebuildingconstructionismainlycomingfrommaterialsinnovationsuchassustainablesteel,cementandbiomaterials.

Investmentintosustainablebuildingconstructionstartups

Page/27Source:Dealroom.co.DataasofNov1st2023.

Notableroundsinsustainablebuildingconstructionin2023

Startup

H2greenstee

工TOPHat

一sublimesystems

Fundinground

€1.5BGrowthEquityVC

$262MSeriesC

€100MSeriesB

￡70MGrowthEquityVC

$80MLateVC

$53MLateVC

$40MSeriesA

Focus

Greensteel

Greensteel

Modularconstruction

Modularconstruction

Sustainablecement

3dprintedconstruction

Sustainablecement

5

Operate

Sensorsandplatformstomonitor,controland

optimizebuildings,cities,andstreets.

Buildingdecarbonizationrequiresawiderangeofsolutions.

Buildingenergyusageaccountfor27%ofglobalCO2emissions.1

Totacklethis,itispivotaltohavestringentenergystandardsfornewbuildings,fromconstructiondesigntomaterialsusedandapplianceschosen.

However,mostresidentialbuildingswerebuiltbeforethermalstandards

wereintroduced.IntheEU,halfofthebuildingsarepre-1970,whenthefirstthermalregulationscameintoplace.2

Forthisreasonitiskeytobeabletoretrofitexistingbuilding

Awiderangeofsolutionsarerequiredforthissuchus:

-Newheatandelectricitysources,suchasresidentialsolar,heatpumps,geothermal.

-Moree?icientheatingandcoolingtech,fromnewmoree?icientappliancestoSaaSandIoTtooptimizelegacysystems.

-Buildingenergymanagementandsmarthomesolutions,managingall

aspectsofheating,cooling,lighting,airqualityandinteractionwithenergystorageandEVcharging.

-Insulationandotherenergyretrofits

Page29

Source:1)

/resources/publications/2021-global-status-report-buildings-and-construction

2)https://ec.europa.eu/energy/eu-buildings-factsheets_en

Investmentinbuildingoperationdecarbonizationhavealreadyraised$2.6Bin2023,ontrackforarecordofover$3B.

Investmentintobuildingoperationdecarbonization

?viewonline

$2.6B

Notableroundsinbuildingoperationdecarbonization

in2023.

Startup

Enpal.

accenta.

SPAN

kelvin

Fundinground

€430MSeriesB

€215MSeriesD

$150MGrowthEquityVC

€108MLateVC

$96MSeriesB

€87MLateVC

$30MSeriesA

Focus

Buildingenergymanagement

Residentialsolarinstallation

SaaSforend-to-endresidentialsolaroperations.

HeatStorage

Buildingenergymanagement

Heatpumps

Smartheatingretrofit

Page/30Source:Dealroom.co.DataasofNov1st2023.

Buildingenergymanagementhasattractedthemostfunding,followedbyresidentialsolar.Heatpumpsandenergyretrofithavealsoshownstronggrowth.

Explore300+Buildingenergye?iciencystartups

Investmentintobuildingenergye?iciencystartups

?viewonline

Page/31Source:Dealroom.co.DataasofNov1st2023.2018peaktoduesmartwindowsmegaround

“

OftheenergyconsumedinU.S.multi-familybuildings,

approximately25%isusedforspaceheating.

Startupsaretacklingoldbuildingsenergy

e?iciency,supportedbyincreasing

buildingregulation.

Retrofittingoldbuildingsisexpensive,thereforeweneedinnovative

waystomakebuildingsmoree?icient.

“NewYorkCityalonehasover3.5millionapartmentsheatedbyine?icient,centralboiler-poweredsteamradiators.Kelvin's

non-invasiveapproachdeliverssubstantialenergysavingsandemissionsreductions,avoidstheneedtoretrofittheunderlyinginfrastructurescompletely,andsetsupthebuildingtofully

electrifyatboilerend-of-life.Thisempowersbuildingownerstotakecontroloftheseoldradiatorsandunlocksdecarbonizationbenefitsforthemillionsofolderbuildingsheatedbylegacy

steamsystems.”

LocalLaw97(LL97)inNYCputscarboncapsandreductionson

buildingsover25ksqft.

A?ordableHousingBuildingsthatincludea?ordableand

rent-regulatedhousingarenotexemptfromtherequirementsofLocal

Law97butmaybetreateddi?erently.Startingin2024,manyaspects

ofthelawwillphaseinovertime.Carboncapswillbecomemore

stringentoveraseriesofcomplianceperiodsthrough2049.In2050,all

buildingswillhavetomeetzeroemissionsrequirements.

MarshallCox

FounderandCEOatKelvin

MapofNewYorkbuilding

energye?iciency.

MostbuildinginNewYorkstill

ranklowonenergye?iciency

rating.

Source:

/

Page/32Source:2150,Dealroom.co

6

Experience

Sensorsandplatformstomonitor,controland

optimizebuildings,cities,andstreets.

Wildfiresisoneofthebiggestthreatstothesecurityofcitiesandtheirdevelopment.

Therisingriskandimpactofwildfires

Forestfiresnowresultin3Mmorehectaresoftreecoverlossperyearcomparedto2001,andaccountedformorethanone-quarterofalltreecoverlossoverthepast20years.Infact,onlyintheperiodbetweenJanuaryandJuly2023,Canadasaw9.5Mhectaresofitslandwiped,theequivalentsurfaceareaofPortugal1.

Wildfirescanalsomakecitiesunlivable,drasticallyworseningairquality.AsaresultofCanadianwildfires,NewYorkCityexperiencedtheworstdayofair

pollutiononUSrecord2.

Thewildfirecrisisisalsobecominganinsurancecrisis.In2023intheUS,wildfireshavealreadycausedover$1Bindamages.Asaresultinsurersarenowrefusingtoo?erinsurancecoverageincertainhigh-riskareas3.

Wildfiresnotonlydisruptsthelivesandcommunitiesexposedtoit,butalsoleaves

alastingimpactontheenvironment.Thisyear,Canadaexperiencedthe

widespreade?ectsofwildfires,