Venture capital deployed · 2026 YTD
Sector market cap
Largest raise · trailing 12mo
Catalysts ahead · next 12mo
Companies tracked
Nothing on the calendar yet.
Mega-rounds dominate the last 12 months: Commonwealth Fusion's $4.0B Series C, Base Power's $1.0B Series D, Form Energy's $750M Series G, and Antora's $550M growth round. Seed and Series A checks remain small, typically $25M to $60M.
Capital is concentrating late. Since 2025, growth, Series D-plus, and post-IPO rounds account for most of the dollars, while early-stage deals are fewer and smaller. Convertibles from Eos Energy also show public-market financing is active.
Samsung C&T led Kairos Power's $100M growth round, and Generation Investment Management, Activate Capital, and Vitol co-led Voltus's $225M Series D. B Capital led both Fervo's $462M Series E and Lunar's $232M Series D. Breakthrough Energy Ventures has gone quiet since its 2024 Type One seed.
Data centers are becoming the grid's new demand anchor, rewiring how renewables and storage get financed and built.
Tariff-driven solar cost collapse is masking an infrastructure crisis in grid-scale batteries that tariffs alone cannot solve.
Data centers are forcing a storage-first energy transition—but the grid may not be ready for it.
The grid-forming battery wave is outpacing policy—and that’s a risk for the energy transition’s next phase.
As of 2026-08-01
Natron Energy ceased all operations effective September 3, 2025 after its board determined on August 27, 2025 that it could not secure sufficient funds for ongoing operations. The company filed an assignment for benefit of creditors, with Sherwood Partners liquidating assets via private sale. The collapse was driven by a >70% crash in lithium carbonate prices that undermined the sodium-ion value proposition, combined with delays in UL certification that prevented order fulfillment.
Sunnova filed Chapter 11 bankruptcy on June 9, 2025, burdened by $8.9B in long-term debt and only ~$13.5M cash. NYSE suspended trading and commenced delisting immediately. The bankruptcy court confirmed the Chapter 11 plan on November 10, 2025; substantially all assets were sold to Solaris Assets LLC for ~$118M and operations transitioned to SunStrong Management LLC. The plan became effective November 14, 2025 and the remaining estate is undergoing orderly wind-down.