Chinese firms accounted for five of the top 10 global venture capital deals involving clean energy in H1 2024, making up 66% of those deals by value, reports the South China Morning Post. The five China deals primarily involved companies in the supply chain for battery-powered and hybrid vehicles, according to Preqin, which provides data on private capital and hedge funds.
Together, these deals raised $2.93 billion from private investors–mainly domestic institutions–in the year’s first six months, or 65% of the $4.5 billion raised by the top 10 deals involving low-carbon energy globally.
China’s dominance in the first half builds on a trend. In 2022, the aggregate volume of clean energy deals in China reached $12 billion, surpassing the US at $11.6 billion. In 2023, China’s deal volume for clean energy increased 22% to almost $15 billion – more than double the US total of $7 billion – with a third coming in the electric vehicle sector.