PitchBoo-k-2024年二季度碳與排放技術(shù)報告（英）-2024-WN8

EMERGINGTECHRESEARCH

Carbon&Emissions

TechReport

VCtrendsandinnovationspotlights

Q2

2024

REPORTPREVIEW

Thefullreportisavailablethrough

thePitchBookPlatform.

Contents

Verticalupdate3InstitutionalResearchGroup

Q22024timeline4

Analysis

Carbon&emissionstechlandscape5

JohnMacDonaghSeniorAnalyst,EmergingTechnology

john.macdonagh@

Carbon&emissionstechVCecosystemmarketmap6

pbinstitutionalresearch@

VCactivity7

Data

Innovationspotlight15

CollinAndersonDataAnalyst

Geospatialtechnologies16

Publishing

Selectcompanyhighlights19

ReportdesignedbyJoeySchafferandJennaO’Malley

SamsaraEco20

PublishedonJuly30,2024

Neustark22

MORFO24

Q22024Carbon&EmissionsTechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

Q22024timeline

Q2VCdealcountsummary

239

totaldeals

April3May8May28

-21.9%

QoQgrowth

TheUSDepartmentofEnergyannounces

theBetterBuildingsinitiative,which

willworkwithentitiesinthepublicand

privatesectorstoimprovedomestic

manufacturingandadoptionof

heatpumps.

Directaircapture(DAC)technologydeveloper

Climeworks’Mammothfacilitybeginsoperations.

Withafinalnameplatecapacityof36,000tons

peryear,2thisisthelargestoperatingDACfacility,

anditsubstantiallyincreasesthecompany’stotal

DACcapacity.

TheBidenadministrationreleases

ajointpolicystatementand

principlesforvoluntarycarbon

marketsthataimtoincrease

overallmarketintegrityandbuyer

confidence.

-13.7%

YoYgrowth

-5.7%

YTDgrowth

Q2VCdealvaluesummary

April11

May22June24

$2.1B

totaldealvalue

Madrid-headquarteredbioplasticscompany

SUSPOLraises$101.2millioninearly-stageVC

fundinginitsfirstVCfundraisinground.The

companydevelopstechnologiesforarangeof

applications,includingpackaging,cosmetics,3D

printing,andchemicalrecycling.

Microsoftpurchases1.6millionforest-

restoration-basedcarboncreditsfrom

developerPonterra.Thisformspartof

Microsoft’swiderstrategytodecarbonize

internallyandtoseekarangeofcarbon

creditsforadditionaldecarbonization.

DACtechnologydeveloperHeirloom

announcesthedevelopmentand

constructionoftwofacilitiesinLouisiana

withacombinedcapacityof320,000tons.

Thefirstfacilityisscheduledtocommence

initialoperationsin2026.

-40.3%

QoQgrowth

-40.9%

YoYgrowth

-24.0%

YTDgrowth

2:“Mammoth:OurNewestFacility,”Climeworks,n.d.,accessedJuly10,2024.

Q22024Carbon&EmissionsTechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG4

Carbon&emissionstech

landscape

Carbontech

Industry

Builtenvironment

Landuse

Q22024Carbon&EmissionsTechReport

VCactivity

Carbon&emissionstechVCdealactivity

InH12024,carbon&emissionstechcompaniesraised$5.6billionacross545deals,compared

withfull-year2023’s$19.3billionacross1,160deals.IfVCdealactivityremainssteadyfortherest

941

1,0531,160

oftheyear,full-year2024wouldreachjust$11.9billion,whichwouldbethelowestfiguresince

2020’s$6.3billion.InH12024,late-stageandventure-growthdealvaluesfellmorethanpre-seed/

seedandearly-stagedealvalues,suchthatlate-stageandventure-growthdealsaccountedfor

53.5%oftotalH12024dealvalue,comparedwithanaverageof71.7%from2020to2023.Based

581

545

465

274348

$1.6$2.3$3.8$6.3$16.0$14.8$19.3$5.6

onH12024numbers,early-stageVCistheonlystagethatisontracktoexceed2023figures,with

20172018201920202021202220232024*

$2.2billionindealvalueinH12024,overhalfwaytothe$4.2billionindealvalueforfull-year2023.

Dealvalue($B)Dealcount

Thedeclineindealvalueisfairlyevenlydistributedacrossthefoursegmentsinthevertical,with

theindustrysegmentbeingbyfarthelargest,at$1.0billionraisedinQ22024,comparedwith

thenext-largestsegment,carbontech,at$536.3million.2024exitactivityinthespaceremains

Source:PitchBook?Geography:Global?*AsofJune30,2024

limitedcomparedwithhistoricvalues,withapeakof$3.8billionin2021,followedbyadeclineto

$2.0billionin2022and$1.9billionin2023.2024hassofarseenonly$100.0millioninexitactivity,

thoughexitvaluedataissomewhatlimited.

Carbon&emissionstechVCexitactivity

21

19

14

11

8

12

$0.0$0.0

3

$0.2

$0.6$3.8$2.0$1.9$0.1

20172018201920202021202220232024*

Exitvalue($B)Exitcount

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024Carbon&EmissionsTechReport

VCACTIVITY

Keycarbon&emissionstechpre-seed/seeddealsinQ22024*

CompanyClosedateCategoryStageDealvalue

($M)

Post-money

valuation($M)Leadinvestor(s)

Valuation

step-up

CuspAIJune18Directaircapture,point-sourcecarboncaptureSeed$30.0N/AHoxtonVenturesN/A

MORFOJune18Ecosystemhealth&monitoringSeed$11.9N/ADemeterPartners,RaiseVentures,TeamPact

VenturesN/A

SiTrationMay7Lithiumbatteryrecycling,greenminingSeed$11.8$35.021502.4x

PascalMay8Heating&coolingSeed$9.0N/AEngineVentures,KhoslaVenturesN/A

ClearlyMay16Carbonaccounting/analyticsSeed$7.1$26.2NineRealms,PaceVenturesN/A

RenewableMetalsMay2LithiumbatteryrecyclingSeed$6.9$15.9InvestibleN/A

SironaTechnologiesJune26DirectaircaptureSeed$6.5N/ALocalGlobeX,XAngeN/A

MycocycleMay8Recycling-polymersSeed$6.1N/AAnthropoceneVentures,ClosedLoopPartnersN/A

XCarbonTechnologiesApril11Carbonaccounting/analyticsSeed$6.0N/AN/AN/A

atmioJune19Climate/EarthdataSeed$5.5N/ANotionCapitalN/A

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024Carbon&EmissionsTechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG10

VCACTIVITY

Keycarbon&emissionstechearly-stageVCdealsinQ22024*

CompanyClosedateCategoryStageDealvalue

($M)

Post-money

valuation($M)Leadinvestor(s)

Valuation

step-up

GraceApril19Greenchemicals&materialsEarly-stageVC$124.9$394.6N/AN/A

SUSPOLApril12Greenchemicals&materialsEarly-stageVC$101.2N/AN/AN/A

SyreMay23Recycling-polymersEarly-stageVC$100.0N/ATPGN/A

SamsaraEcoJune26Recycling-polymersEarly-stageVC$65.0N/AMainSequenceVentures,TemasekHoldingsN/A

CylibMay15Recycling-metalsEarly-stageVC$59.0N/ABoschVentures,PorscheVentures,WorldFund(Germany)N/A

280earthMay21DirectaircaptureEarly-stageVC$50.0$600.0Alphabet,BuildersVC,GideonYuN/A

M2XEnergyJune20Greenchemicals&materialsEarly-stageVC$40.0N/AConiferInfrastructurePartnersN/A

PrincetonNuEnergyMay13LithiumbatteryrecyclingEarly-stageVC$34.3$104.0HondaMotorCompany,WistronMedicalTechnology2.7x

GreenEnergyParkApril26Greenchemicals&materialsEarly-stageVC$30.0N/AN/AN/A

WindfallBioApril8FertilizeralternativesEarly-stageVC$28.0N/APreludeVenturesN/A

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024Carbon&EmissionsTechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG11

SELECTCOMPANYHIGHLIGHTS:SAMSARAECO

Keycompanyinformation

Overview

HeadquarteredinSydney,SamsaraEcodevelopspolymerrecyclingtechnologiesbasedonan

Founded

2021

Employees

60

Totalraised

$104.8Moverfourdeals

Lastfinancing

$65.0MinSeriesAfunding

Post-moneyvaluation

N/A

Firstinstitutionalround

$0.8Minseedfunding

enzymaticapproach.Thisapproachisoneofseveraltechnologiesemergingforadvancedpolymer

recycling—sometimesreferredtoasdepolymerizationorchemicalrecycling—whichbreaks

downwastepolymersintofreshchemicalfeedstocksfromwhichnewplasticscanbemade.

Comparatively,conventionalmechanicalrecyclingprocessesinvolvecreatingnewplasticproducts

withoutchangingthechemicalcompositionduringtherecyclingprocess.SamsaraEcoapplies

enzymesadaptedfromnaturalsourcestopolyethyleneterephthalateandpolyesterplastics,

producingrawchemicalfeedstocksandreducingtheneedforpetrochemicals.

ExitPredictor

Thecompanyraised$65.0millioninSeriesAfundinginQ22024inoneofthelargestpolymer

IPO:45%probabilityM&A:46%probabilityNoexit:9%probability

recyclingVCroundsonrecord.Thisfundingwillbeusedtoscaleoperationsanddevelopnew

Success:91%probability

facilitiesinSoutheastAsia.6Applicationsofthecompany’stechnologyhaveincludedpartnerships

withclothingretailerLululemontoofferproductlinesbasedonenzymaticallyrecycledpolyester.

LululemonhasinvestedinSamsaraEco’slasttwoVCfundingrounds.

Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.

6:“TemasekCo-LeadsUS$65MilSeriesA+Roundin‘Plastic-EatingEnzyme’CreatorSamsaraEco,”Yahoo!Finance,JoviHo,June26,2024.

Q22024Carbon&EmissionsTechReport

SELECTCOMPANYHIGHLIGHTS:SAMSARAECO

Financinghistory

Leadership

SeedSeriesA

?CEO:PaulRiley

?Chieffinancialofficer:VirginiaMarshall

June6,2021November2,2022

?Chiefcommercial&operationsofficer:SarahCook

?Chieftechnologyofficer:RaoulMcAlister

?Chiefofstaff:EllenBurtenshaw-Davies

Competingtechnologies

Enzymaticpolymerrecyclingtechnologycompeteswithseveralalternativerecyclingapproaches.

Standardmechanicalrecyclingtechnologiesareconsiderablymoremature,andtheiroutputscan

beimprovedviaintegrationofnewsortingandwastestreamanalysiscapabilities,whichreduce

Totalraised

$0.8M

Pre-moneyvaluation

$1.2M

Leadinvestor

N/A

Totalraised

$39.1M

Pre-moneyvaluation

$52.5M

Leadinvestor

MainSequenceVentures

contaminationofthefinalproducts.Ultimately,theoutputsofmechanicalrecyclingaremorelimited

intheirapplicationsthanproductionofrawchemicalfeedstocks,whichistheprimarybenefitof

advancedpolymerrecycling.Otheradvancedrecyclingtechnologiesarealsobeingdevelopedusing

Early-stageVCSeriesA

techniquessuchaspyrolysis,hydrothermaltreatments,andmicrowaves.Thesetechnologiesarealso

intherelativelyearlystagesofdevelopment,andthusmanyofthesetechnologieseitherarenotyet

July6,2023June26,2024

availableatcommercialscaleorarerelativelyuntestedatthesescales.

Totalraised

N/A

Totalraised

$65.0M

Whilerecyclingtechnologiesalsohaveimplicationsforplasticwastemanagement,intermsof

productoutput,advancedrecyclingtechnologiesalsocompetewithlow-carbonchemicaland

Pre-moneyvaluation

N/A

Pre-moneyvaluation

N/A

materialproduction.Thesetechnologiesarehighlyvariedandfrequentlyuseeitherbiomass(waste

orotherwise)orcapturedcarbonaskeyinputstonewchemicalsandmaterialsproduction.Advanced

recyclingtechniquesalsocompetewithwaste-to-fueltechnologiesforviableinputstreams,though

waste-to-fueltechnologiesmorecommonlyusebiomasswaste.

Leadinvestor

N/A

Leadinvestors

MainSequenceVentures,

TemasekHoldings

Q22024Carbon&EmissionsTechReport

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

PaulCondraHeadofEmergingTechnologyResearch

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