Energy — sector dashboard · fobi

Sign in Sign up free

Funding & analysis

Company

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

Total Raised

Round sizes
Round sizes have bifurcated sharply. The past 12 months show three $1B+ rounds (Base Power Series D, Crusoe Series E, X-energy IPO), versus seed/Series A median of $28–$87M. Mega-rounds ($400M+) now cluster densely in H2 2025, while early-stage capital remains scattered and smaller.
Stage mix
Late-stage dominance is unmistakable. Series D–G, Growth, and post-IPO rounds account for 68% of 2025 capital. Seed and Series A rounds totaled only $141M across 2024–2025, while Series E–G and mega-growth rounds exceeded $4.8B. Early-stage funding has effectively paused.
Lead investors
B Capital and Breakthrough Energy Ventures lead recurring syndications across battery and geothermal plays. Valor Equity Partners, Lightspeed Ventures, and new entrant Mubadala Capital emerged strongly in 2025. Traditional VC heavyweights (Khosla, Coatue) have gone quiet; strategic players (SK Inc., Devon Energy, Goldman Sachs) now dominate late-stage rounds.