☀️ Solar Power to reach 7TW by 2035 + Indo-Pacific Climate Tech 100

Happy Monday 👋

The installed capacity of solar PV is set to reach 7TW by 2035, predominantly led by the APAC region. The market grew from a cumulative installed capacity of 227.4 GW in 2015 to 1.48 TW in 2023. This week we also highlight our Indo-Pacific Climate Tech 100, showcasing the region's most promising start-ups across the energy and storage, food systems, and mobility sectors.

This Week's Topics

🏆 Indo-Pacific Climate Tech 100. HolonIQ's inaugural list of the most promising Climate Tech start-ups from 14 IPEF partner countries
📈 Solar PV deployment. To exceed 7TW of cumulative installed capacity by 2035
📊 Electric Vehicle Stock Index. 31% decline as oversupply causes price volatility
📝 Annual Climate Tech Outlook. 230+ pages of trends, insights, and data
💰 Climate Tech Deals of the Week. Funding and M&A

Don't forget to check out the 2024 Global Climate Tech Outlook and sign up for our daily newsletters, Chart of the Day, and Impact Capital Markets. For unlimited access to over one million charts, request a demo.

🏆 Indo-Pacific Climate Tech 100

The Indo-Pacific Climate Tech 100 includes companies from all 14 IPEF partner countries, representing the region's most innovative and promising climate tech companies. The cohort represents companies with a combined total valuation of over $20B, employing over 12,000 people in green jobs in IPEF economies. The Indo-Pacific Climate Tech 100 cohort attracts total aggregate revenue of $1.5B, growing at more than 20% year over year, and has raised over $12B in total funding to date.

In partnership with the Indo-Pacific Partnership for Prosperity (IP3),  this ambitious climate tech initiative is designed to accelerate clean economy investment and climate impact in one of the world's largest and fastest-growing regions, the Indo-Pacific. 50 companies representing the Indo-Pacific Climate Tech 100 traveled from across the 14 IPEF partner countries to meet in person in Singapore last week with over 150 leading investors, philanthropies, and financial institutions seeking to raise $1-2B in fresh funding at the Forum.

📈 Cumulative Installed Capacity of Solar PV To Reach 7TW by 2035

Solar PV installations have been recording impressive growth, accounting for over 60% of clean energy installations in 2023 (510 GW). The market grew from a cumulative installed capacity of 229.3 GW in 2015 to 1.5TW in 2023 at a compound annual growth rate (CAGR) of 21.9%, with an addition of 382.5 GW in 2023 alone. Asia-Pacific installed 253.98GW of solar photovoltaic (PV) in 2023, more than double the amount installed by all the other regions combined.

While the increases in renewable capacity in Europe, the United States, and Brazil hit all-time highs, China’s acceleration was extraordinary. In 2023, China commissioned as much solar PV as the entire world did in 2022. China installed 45.74 GW of solar power capacity in the first quarter of 2024, a 35.8% year-over-year (YoY) growth, according to the National Energy Administration (NEA).

🚗 Electric Vehicles Grows 15%

HolonIQ’s Electric Vehicle index has experienced a 15% year-over-year increase, gaining momentum since November 2023 and maintaining a consistent upward trend, albeit with minor fluctuations. EVs are rapidly growing as climate and pollution concerns drive consumer and industry adoption for a greener future, reducing carbon emissions. In the last year, sales of electric vehicles have increased by 35%, with over 14M new electric cars hitting the roads worldwide. Also, factors like technological advancements, government policies, and initiatives, such as tax changes in China and incentives for localized production in Europe and the US, are contributing to sustained growth in the EV market. This trend has been evident in key stocks such as Stellantis NV ($71B MCap), which gained 49% YOY. While the growth rate in global EV sales is moderating, declining costs, and the expansion of charging infrastructure are paving the way for further growth in the coming years.

📊 2024 Global Climate Tech Outlook

HolonIQ's annual analysis of the evolving climate economy offers over 230 pages of in-depth insights on market data, investments, strategic shifts, and trends in energy, environment, infrastructure, and mobility. Download the extract or purchase the full report.

💰 Climate Tech Deals of the Week

HolonIQ actively monitors and tracks deals in the Climate Tech landscape across all world regions. Subscribe to our Daily Capital Markets newsletter to peruse the top deals for each day.

Funding

🔋 Battery Smart, an Indian battery swapping network, raised a $65M Series B from LeapFrog to further expand in the Indian market.

🔋 Echion Technologies, a UK-based battery materials company, raised a $37M Series B from Volta Energy Technologies to execute a go-to-market strategy.

☀️ Swift Solar, a California-based solar technology company, raised a $27M Series A from Eni Next and Fontinalis Partners to scale its technology and break ground on its first factory.

🌱 Candi, a Swiss renewable energy company, raised a $38M Series C from STOA & Norfund to expand the company's operations in India and Africa.

💡 ElectronX, a Chicago-based energy exchange, raised a $15M Seed from Innovation Endeavors to accelerate the US grid transition to renewable energy sources.

M&A

🏢 PremiStar, an Illinois-based industrial HVAC company acquired SI Mechanical, a Texas-based full-service HVAC and plumbing contractor.

♻️ Certified Recycling, a California-based recycling and waste management company, acquired Waste Control, a California-based waste and recycling consulting services company.

⚗️ IMCD, a Netherlands-based chemicals and ingredients distributor, acquired Selechimica, an Italian distributor in the pharmaceutical industry.

🏗️ Terracon, a Kansas-based engineering consulting service company, acquired Sage Environmental, a Rhode Island-based environmental health and safety consultancy.

Thank you for reading. Have a great week ahead!
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