VA decade ago, clean tech was a dirty word. Venture capital investors burned billions betting on solar panels, batteries, and biofuels, causing them to retreat from the industry.
Now the clean-tech industry is roaring once more, though many investors have given it a new label: Climate tech.
VCs have poured almost $16 billion into the sector already this year, according to clean-tech data PitchBook shared with Business Insider. That’s up from an average of about $5.6 billion per year between 2008 and 2016. And 6 cents of every VC dollar spent last year went towards climate tech, a recent PwC report shows.