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of the money went to energy start-ups in North than the VC market, and private sector spending on
America. Yet over the last three years, Chinese R&D may be three or more times larger again.
companies have represented over 50% of deal va- Furthermore, certain types of technologies are un-
lue as well as most very large deals, some of which derserved by the type of capital that is mobilised
have been as large as USD 1 billion. by VC. These notably include capital-intensive har-
In the first half of 2019, there have been fewer deals dware for renewables and large-scale low-carbon
in China, but Europe is on track to claim its highest technologies, such as carbon capture. The risks for
share of the market yet. If we exclude deals over investors in technologies that have long lead times
USD 50 million, one-third of the 2019 deal value and uncertain markets are higher. As if to illustrate
went to companies in Europe, also representing this point, Faraday Grid, a top fundraiser as recen-
one third of the deals by number. tly as January 2019, entered administration in Au-
Overall, VC and corporate investment in energy gust. Boosting economic growth and transforming
technology start-ups have returned to growth, the energy sector through low-carbon innovation
and the types of technologies they are suppor- will require governments and the private sector to
ting are broadly aligned with clean energy transi- strengthen the interface between policy, research
tion goals. Both types of investment serve energy funding and VC investment.
innovation and bring private capital in support of Related commentaries have been published recen-
pressing global challenges. The IEA will continue to tly by the IEA that explore other key factors shaping
monitor these trends as useful indicators of where the value chain for energy investment and finance,
companies and markets are placing bets on future including changing business strategies in the oil
technology value. and gas and power sectors, and capital allocation
choices between different energy sectors in energy
VC deals still much less than transitions.
government or private R&D Reprinted with permission from IEA’s original article
first published on September 27, 2019, as an IEA
However, VC deals still remain a small element in web commentary:
the context of total R&D spending. We estimate total https://www.iea.org/newsroom/news/2019/sep-
public research and development (R&D) spending tember/energy-companies-lead-a-record-year-for-
by governments to be at least three times larger corporate-investment.html.

simon Bennett

Simon Bennett is an analyst in the International Energy Agency’s Sustainable Technology and Outlooks
Directorate, where he co-leads work on energy technology innovation policy and investment. In 2019, he
was a lead author of the IEA report The Future of Hydrogen. He joined the IEA in 2012 from the European
Commission’s Directorate-General for Energy, where he was responsible for carbon capture and storage
(CCS) projects and policy, as well as Smart Cities innovation and policy development.
He holds a Ph.D. in Energy Policy from Imperial College London and Master’s degrees in Environmental
Technology and Chemistry.

Anno record negli investimenti in società

start-up di energia pulita

dalle imprese energetiche non tradizionali

Gli investimenti in società innovative “blue sky” ci dicono dove vengono indirizzate le scommesse sul futuro del settore
energetico. Tali investimenti sono aumentati rapidamente nel 2016, principalmente per la tecnologia dell’energia pulita.
L’analisi in questo articolo include un lungo elenco di aziende e i loro investimenti. I sensori digitali, le batterie, i veicoli
elettrici e gli algoritmi intelligenti sono tra i principali destinatari di quest’anno. Altre affascinanti categorie includono la
produzione di calcestruzzo a basse emissioni di carbonio, centrali elettriche virtuali, leasing solare, rifiuti da biocarbu-
ranti, digestori di biogas e l’intelligenza artificiale. È importante sottolineare che non sono solo le società energetiche
a fare gli investimenti. Imprese di trasporto, ICT, venture capital (VC) e altre si stanno unendo, uscendo dai confini del
settore. E non è solo il Nord America a ottenere gli investimenti da questo tipo di iniziative. Ora vanno anche in Cina e
in Europa. Ma l’attività di venture capital - il più ‘blu’ del pensiero del ‘blue sky’ - è ancora molto inferiore alla ricerca di
enti governativi o privati, e le categorie ad alta intensità di capitale sono ancora servite poco.

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