As corporations play an increasingly active role in Climate Tech, tracking their investment and partnership strategies is critical for understanding market dynamics. According to the State of Climate Tech 2024 Report, more than 850 deals involving at least one corporation totaled over $20 billion, with Europe and the US leading in corporate participation and Asia emerging as a growing player.
With a new US administration in 2025, evolving global policy shifts, and changing corporate climate commitments, Net Zero Insights is closely monitoring corporate activity to assess whether trends from 2024 will persist, shift, or align with long-term decarbonization goals.
The 6 Most Active Corporations and CVCs in 2024
1. Toyota Ventures – 14 Deals
Toyota Ventures took the top spot in 2024, participating in 14 deals across various Climate Tech sectors. The company has maintained a strong focus on mobility, sustainable energy solutions, and advanced materials, aligning with Toyota’s broader decarbonization strategy. Notable investments include Joby Aviation, Starfish Space, e-Zinc.
2. Siemens – 13 Deals
Siemens continued its investment in smart infrastructure, energy storage, and industrial decarbonization technologies. The company’s 13 deals highlight its ongoing push toward making manufacturing and energy grids more sustainable. Key investments included Statera Energy, Zenobē, and Stegra.
3. Aramco Ventures – 11 Deals
Despite its roots in the oil industry, Aramco Ventures made 11 strategic investments in 2024, largely in carbon capture, hydrogen, and alternative fuels. The company is leveraging its capital to expand into emerging decarbonization technologies. Among its investments were Xpansiv, Seeq Corporation, CarbonCapture Inc.
4. Shell – 10 Deals
Shell remained an active corporate investor, participating in 10 Climate Tech deals focused on renewable energy, carbon management, and e-fuels. The company’s investment strategy reflects its long-term ambition to transition toward a low-carbon future. Notable investments included Li Industries, Strohm, Zap Energy.
5. GS Futures – 7 Deals
GS Futures, the venture arm of GS Group, invested in seven Climate Tech startups in 2024, primarily focusing on circular economy solutions and clean industrial technology. The firm continues to expand its portfolio into emerging sustainable materials and waste-to-value innovations. Key investments included Antora Energy, Mitra Chem, ZymoChem.
6. KDDI – 7 Deals
KDDI, a major Japanese telecom company, was actively involved in seven Climate Tech deals, particularly in smart cities, energy efficiency, and digital sustainability solutions. The firm’s participation reflects growing corporate interest in integrating tech solutions with sustainability. Notable investments included Clean Energy Connect, ASUENE Inc., Chemix, Inc.
Geographic Breakdown of Corporate Climate Tech Activity
While the most active corporate investors come from various industries, their geographic distribution is also shaping Climate Tech’s global expansion. Europe and the US continue to dominate corporate investment, while Asia’s presence is steadily growing. Below is a visual breakdown of corporate Climate Tech activity by region:
Where Are Corporations Investing?
The most active corporate investors in 2024 focused their capital on three key areas:
- Renewable Energy
- Energy Storage
- Circular Economy Solutions
Meanwhile, sectors like Natural Environment and Built Environment saw less corporate investment, often requiring stronger government support to scale.
Investment Approaches: Large vs. Small Corporations
Investment strategies varied based on company size:
- Large corporations were more likely to engage in joint ventures and equity investments to scale Climate Tech solutions.
- Small corporations preferred unilateral investments, favoring independent collaborations over shared ownership models.
This divergence highlights differences in risk appetite, resource allocation, and long-term sustainability strategies across corporate players.
Challenges in Corporate-Startup Partnerships
Despite increasing corporate participation in Climate Tech, several challenges persist:
- Large corporations face internal resistance to change and integration challenges when working with startups.
- Small corporations often encounter capital constraints and difficulties scaling Climate Tech solutions.
- Across all corporate sizes, misaligned strategic goals and scaling uncertainties remain common hurdles.
Get the Full Analysis
For a deeper dive into corporate investment strategies, key deals, and expert insights, download the full State of Climate Tech 2024 report. Hear directly from industry leaders at EDP, Cemex, and Schmidt + Clemens on the future of corporate Climate Tech investments.
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