🌎 How founders are raising in 2026 #311

Happy Monday!

ICYMI, we released our 2026 climate tech founders survey, in partnership with Elemental Impact. What founders said about raising, commercialization, and general vibes below.

In deals, $200m for autonomous middle-mile trucking in California; $150m for grid-interactive data centers in Washington, DC; and $120m for electric seaglider manufacturing in Massachusetts.

In other news, groundbreaking fusion projects (literally!), ammonia project deployment in Louisiana, and Vietnam’s clean energy plans.

And Currence’s new Q3 Data Centers Outlook is out! Download it here, or read about it in Semafor here.

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The 2026 Founder Survey, by CTVC and Elemental Impact

CTVC and Elemental Impact ran a survey earlier this year to ask how you’re financing (and also, how you’re feeling) in 2026. 100+ climate tech founders picked up the call, and we’re bringing you the aggregated results below.

Financing structure

This was a multi-select question (up to 2). Equity is the top answer by a wide margin (70% of founders selected it), but non-dilutive grants (47%) and blended finance (29%) show strong appetite for structures beyond traditional venture.

Even though founders will take equity, they consider it the wrong structure. 73% flag capital structure as a top financing challenge, the highest of any barrier, even as 70% say equity is what would most accelerate their growth. VC wasn't necessarily built for capital-intensive, long-horizon projects.
Different challenges hit as companies scale. “Not enough capital” peaks early; 42% of pre-commercial and 38% of pilot-stage founders name it their #1 challenge, then tapers as companies mature. “Wrong structure” peaks later, at early commercial expansion (35%), and is far less common at pre-commercial (16%) and FOAK (18%).

Founders’ fundraising targets reflect where capital is concentrating across the broader market. Nuclear and geothermal companies are more likely to be pursuing $100 million+ raises, consistent with the rise of large investments in energy and other asset-heavy sectors. Meanwhile, emissions and reporting companies cluster toward smaller rounds, reflecting the lower upfront capital needs of more asset-light business models.

Barriers to scale

Technology performance / scale-up risk leads at 26% of mentions, followed by offtaker/customer acquisition (20%) and permitting (16%). We’re seeing that execution risk is the main barrier to founders beyond capital. But structural issues like permitting and grid interconnection combined rival it.
The named risk differs by stage, unsurprisingly. Tech/scale-up risk is an even bigger proportion of biggest risk at pre-commercial stage (77%), but falls as companies scale. Customer/offtaker signing as a risk peaks at 52% at the early commercial stage.

Catalytic capital

Catalytic finance for FOAK projects (27%) and grants (25%) top the list, with advanced market commitments and pre-FID development capital tied for third (17% each). Founders say catalytic capital can de-risk their real-world deployments.

Founder sentiment

43% of founders say project capital access has worsened over the past year (23% slightly, 20% significantly), vs. 32% who say it's improved. A quarter reports no change.
Net sentiment is negative, but there’s a sharp sector split. Breaking it down further: in nuclear, 83% report improved; in carbon removal, 64% say it worsened.

"Challenging" was the single most common response, followed by "volatile," "uncertain," and "bleak."
There were also some positives, including “hopeful” and “execution” to reflect founders’ ability to dig in and pivot where needed despite challenges.

Policy

The barriers holding up projects today aren’t necessarily the same issues founders want policymakers to address. Permitting and grid interconnection are among the biggest obstacles founders face on the ground, challenges that are growing as AI and data centers increase demand for power and infrastructure. But founders ranked carbon pricing (30%) and stable tax credits (21%) as their top policy priorities, suggesting that clearer, more predictable market conditions would do more to help projects move forward today.

Key takeaways

Founders need equity, but equity alone isn’t the right fit. While 70% say equity would most accelerate growth, 73% say traditional VC structures aren’t a good fit, highlighting the importance of a broader mix of capital.
Technology alone isn't enough. 26% of founders say technology scale-up is their biggest commercialization challenge (that number jumps to 77% if you're focusing on pre-commercial companies), while 20% cite customer acquisition. Founders need deployment partners in addition to capital.
Smaller projects can be the bridge to scale. Half of respondents are financing smaller-scale projects, suggesting that catalytic capital can help technologies prove their solutions through early deployments and unlock larger pools of commercial finance.

Check out Elemental’s write-up here. A massive thanks to Elemental and to all of you who participated and shared this survey! Stay tuned for more.

Deals of the Week (8/24 – 8/31)

VC / Growth

🚛 Gatik, a Santa Clara, CA-based autonomous middle-mile trucking network, raised $200m in Series D funding from Qatar Investment Authority, Koch Disruptive Technologies, Millennium Management, ARK Invest, Intact Private Capital, and other investors.

🏠 Emerald AI, a Washington, DC-based grid-interactive data center platform, raised $150m in Series A funding from ADVentures, Aramco Ventures, Collective Global, DCVC, Earthshot Ventures, and other investors.

✈️ REGENT, a Boston, MA-based electric wing-in-ground-effect seaglider manufacturer, raised $120m in Series B funding from AE Ventures, Caffeinated Capital, DCVC, Founders Fund, Giant Step Capital, Japan Airlines (JAL), Lockheed Martin Ventures, and Mare Liberum.

🛵 Airbound, a Bengaluru, India-based autonomous delivery drone manufacturer, raised $37m in Series A funding from Greenoaks, DoorDash, Lachy Groom, Lightspeed, and Humba Ventures.

⚡ Quaise Energy, a Houston, TX-based geothermal drilling technology developer, raised $46m in Series B funding from Nabors.

🏭 Voya Energy, a Hayward, CA-based developer of carbon-free metal-fuel power systems, raised $35m in Series A funding from Energy Impact Partners, Founders Fund,MANTIS Venture Capital, Overmatch, and other investors.

🛵 Matter Motors, an Ahmedabad, India-based electric motorcycle manufacturer, raised $25m in growth funding from Helena, Capital 2B, Japan Airlines & Translink Innovation Fund, and the Shakopee Mdewakanton Sioux Community.

🐄 Breedr Impact, a Chichester, England-based platform enabling data-driven beef production, raised $27m in Series B funding from Latitude, Outsiders Fund, and Partech.

⚡ Apollo Atomics, a Cambridge, MA-based developer of compact pressurized water SMRs, raised $26m in Seed funding from Alumni Ventures, Duke Capital Partners, FundersClub, Nucleation Capital, Pelion Venture Partners, Robinhood Ventures, TeleSoft Partners, and Y Combinator.

🌾 Vitalfluid, an Eindhoven, Netherlands-based developer of plasma technology applications, raised $20m in Series A funding from Alder Tree Investments, Brabantse Ontwikkelings Maatschappij (BOM), Future Food Fund, Goeie Grutten Impact Fund, Graduate Ventures, Horticoop, Innovation Industries, Invest-NL, and VDL Groep.

💨 Mantel, a Cambridge, MA-based molten-salt carbon capture technology developer,, raised $18m in Series A funding from Azimut Investments and Constellation Technology Ventures.

🔋 Certain Energy, a UK-based manganese flow battery developer, raised $14m (£10m) in Series A funding from British Business Bank, Centrica, Ceres Power, and Catalytic Capital for Climate and Health (C3H).

🌾 TerraBlaster, a Redwood City, CA-based developer transforming sustainable agriculture through enhanced automation, raised $12m in Seed funding from Ag Startup Engine, Artesian Capital Management, Bidra Innovation Ventures, Builders Vision, GrainInnovate, and other investors.

🛰️ InspeCity, a Thane, India-based in-orbit satellite servicing and propulsion developer, raised $10.5m in a pre-Series A round from Ashish Kacholia, Speciale Invest, Shastra VC, and Antler.

🌾 MAASH, a Brussels, Belgium-based fungal protein (mycoprotein) developer, raised $9m from Ambra Capital, InvestPro, Bpifrance, Nordzucker, and Tereos.

⚡ Teragen Energy, a Southborough, MA-based solid oxide fuel cell developer, raised $6m in Pre-seed funding from BEVC, Energy Capital Ventures, AP Ventures, AIC Ventures, Massachusetts Clean Energy Center, and UntroD Capital.

🏭 CarbonStrong, a Bengaluru, India-based low-carbon concrete binder developer, raised $1.3m in Seed funding from IAN Group, Rainmatter Capital, Social Alpha, Spectrum Impact, and Full Circle Venture Capital.

Project Finance / Debt

⚡ Swift Current Energy, a Boston, MA-based renewable energy project developer, raised $750m in Debt funding from undisclosed investors.

⚡ Greenvolt, a Portugal-based renewable energy developer, raised $254m in PF Debt funding from UniCredit, to finance its Ełk and Turośń BESS projects in Poland.

✈️ REGENT, a Boston, MA-based electric wing-in-ground-effect seaglider manufacturer, raised $120m in Debt funding from Erebor Bank.

⚡ AmpIn Energy Transition, a New Delhi, India-based renewable energy and storage provider, raised $98m in PF Debt funding from undisclosed investors.

⚡ Apollo Atomics, a Cambridge, MA-based developer of compact pressurized water SMRs, raised $5m in Debt funding from Oakridge Financial Partners.

Exits

🏠 Citadel Roofing & Solar, a Northern California-based residential roofing and solar contractor, was acquired by MARS Energy Group for an undisclosed amount.

Funds

🏭 RunwayVC, a Norway-based early-stage venture firm, reached a $47m first close for Fund II, targeting industrial AI, software, robotics, automation, and autonomous systems, with Aker returning as cornerstone investor alongside new LPs Halliburton, Aker BP, Aker Solutions, and pension fund KLP.

This is a sample of deals available for Currence clients. Can’t get enough deals?

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Reading List

☢️ Vietnam's National Assembly approved the country's first commercial nuclear plant, a 2.4GW two-reactor project, while Ho Chi Minh City separately began reviewing feasibility for up to 6GW of offshore wind. [Link]

Vietnam’s grid is growing fast, and it’s hard to rely on increasingly expensive energy imports. Energy security is a priority across Southeast Asia, and Vietnam's approval locks in proven Russian reactor technology as its answer.

⚛️ Pacific Fusion has broken ground on its fusion facility in New Mexico. It’s targeting net facility gain by 2030 using pulsed magnetic technology, with an MOU signed alongside NNSA for high-yield fusion research. [Link]

Commercial fusion is still a ways away, but this is a big milestone for the company. And Pacific Fusion is chasing commercial fusion energy and national security applications on the same machine, which gives it a funding rationale boost.

💧 CF Industries began construction on Blue Point, a massive new blue ammonia plant in Louisiana. [Link]

A big milestone for blue ammonia and for the Louisiana industrial corridor, which is consolidating as the US hub for the category. The contrast with Air Products walking away from its Louisiana blue hydrogen project is notable, ammonia has offtake that hydrogen does not.

☢️ The US Army is moving forward on miniature nuclear reactors for installations. [Link]

Defense procurement is a massive influx of demand for microreactors, and it pairs with the NRC's Part 57 rulemaking we covered earlier this year. Military bases pay a premium for resilient onsite power, which makes them the ideal first market.

⛏ Argentina and Chile are reviving a 1997 cross-border mining integration treaty that could unlock an estimated $20.7bn in investment and roughly 540,000 tonnes per year of additional copper production across Los Azules, El Pachón, and Vicuña. [Link]

Copper is the binding constraint on electrification, and these Andean deposits sit right on a border that has made them uneconomic to develop. Half a million tonnes a year is a meaningful addition to global supply.

🛢 Sinopec says China's oil demand very likely peaked last year. [Link]

It’s a big message from the largest oil-importing country’s top refiner. China is continuing to reduce its import dependence on oil, raising questions for the world’s top crude drillers.

🔋 Global BESS cell shipments topped 490GWh in H1 2026, nearly doubling year-over-year. [Link]

🏭 Heidelberg Materials put its flagship Edmonton cement CCS project on hold, citing Canadian carbon credits trading around US$32/t as too low to justify the US$979m cost. The 1Mt/yr project was due to be commissioned by year-end 2026. [Link]

🧪 Shell is drawing Exxon interest in an $8bn sale of US chemical assets. [Link]

🤖 Robotics maker Unitree shares have slumped roughly 45% since a more than fivefold jump on their Shanghai debut, triggering bubble and IPO system concerns. Around 300 companies make humanoids in China. [Link, Link]

🌊 The glacier collapse that fueled the deadly flash floods on the Nepal-China border. [Link]

♻️ Captura and ElectraLith partnered to combine direct ocean carbon capture with lithium extraction for a cool use case. [Link]

🎧 Our own Guy Cohen is on the Power Plays podcast! [Link]

Opportunities & Events

💡AI x City Climate Action Hackathon 2026: Reminder that the last day for submissions is today, August 31st.

💡EIC Accelerator: The EU's flagship deep tech funder is running its renewed 2026 program with a €414M budget, offering grants up to €2.5M plus equity for startups scaling breakthrough climate and energy tech. Short applications are rolling, but the next full-proposal cutoff is Sep 2.

📅 Climate Week NYC 2026: 1,000+ climate events across the city alongside the UNGA, September 20–27, New York City. Check out our guide to climate tech and climate capital events here.

Share events & opportunities here