Top 10 Energy VC Countries Ranked By Fundraising Totals

These energy vc countries are ranked by 2025 energy venture capital fundraising, measured in Million USD (2024, MER), in the International Energy Agency's The State of Energy Innovation 2026. The IEA table assigns fundraising by the location of start-up headquarters and also reports the number of start-ups funded and the top area for each country in 2025.

The United States leads the ranking with 13,921 Million USD (2024, MER), well ahead of the United Kingdom at 2,003 Million USD (2024, MER) and China at 1,890 Million USD (2024, MER). Together, the top three countries account for 17,814 Million USD (2024, MER), or 75.6% of the list total.

Energy Vc Countries Ranked By Energy Venture Capital Fundraising in 2025

How We Ranked These 10 Countries

• Ranked by: energy venture capital fundraising in 2025 (Million USD (2024, MER)), 2025 data. This is the only measure used for the order.
• Data source: International Energy Agency (IEA), The State of Energy Innovation 2026, retrieved 2026-11-07.
• Included: Includes country totals for energy venture capital raised by start-ups, based on the headquarters location in the IEA table.
• Excluded: Excludes non-energy start-ups, non-equity funding and countries not shown in the table.
• Ties: none in this list. If two entries had the same figure, number of start-ups funded in 2025 would decide.
• Figures: reported exactly as published by the source. CleanTech Journal does not estimate or adjust them; comparisons between entries are our own calculation from these figures.

1. United States: 13,921 Million USD (2024, MER)

The United States ranks first with 13,921 Million USD (2024, MER) in 2025 energy venture capital fundraising. That amounts to 59.1% of the list total. The gap to the second-ranked United Kingdom is 11,918 Million USD (2024, MER), which is the largest gap between neighbors in this ranking. The IEA records 229 start-ups funded in the United States in 2025, and Nuclear is listed as the top area. In the source table, fundraising is grouped by the location of start-up headquarters, so this figure reflects where the funded companies are based rather than where investors are located.

2. United Kingdom: 2,003 Million USD (2024, MER)

The United Kingdom places second with 2,003 Million USD (2024, MER) in 2025 fundraising. Its total represents 8.5% of the list total. The United Kingdom sits 11,918 Million USD (2024, MER) behind the United States, but only 113 Million USD (2024, MER) ahead of third-ranked China. The IEA says 60 start-ups were funded in the country in 2025, and Electricity grids was its top area. That places the United Kingdom in a close contest for the second and third positions while still clearly separated from the much larger US total above it.

3. China: 1,890 Million USD (2024, MER)

China ranks third with 1,890 Million USD (2024, MER) in 2025 energy venture capital fundraising. That equals 8% of the total across the 10 ranked countries. China is 113 Million USD (2024, MER) behind the United Kingdom and 437 Million USD (2024, MER) ahead of France, so it sits between a very tight race for second place and a wider step down to fourth. The IEA records 41 start-ups funded in China in 2025, with End-use: transport named as the top area. As in the rest of the table, the figure is tied to the headquarters location of the start-ups.

4. France: 1,453 Million USD (2024, MER)

France is fourth with 1,453 Million USD (2024, MER) in 2025 fundraising. Its share of the list total is 6.2%. France trails China by 437 Million USD (2024, MER), but it is just 5 Million USD (2024, MER) ahead of Germany, the smallest gap between neighboring countries in the ranking. The IEA lists 29 start-ups funded in France in 2025, and End-use: transport is the country's top area. France and Germany form the closest pair in the top 10 by fundraising total, with very little distance between fourth and fifth place.

5. Germany: 1,448 Million USD (2024, MER)

Germany ranks fifth with 1,448 Million USD (2024, MER) in 2025 energy VC fundraising. That is 6.1% of the list total. Germany sits only 5 Million USD (2024, MER) behind France, which is the smallest gap between neighbors, and 581 Million USD (2024, MER) ahead of sixth-ranked India. The IEA records 50 start-ups funded in Germany in 2025, with End-use: transport as the top area. This places Germany in the same broad fundraising band as France while leaving a more visible break before the totals move down to India.

6. India: 867 Million USD (2024, MER)

India takes sixth place with 867 Million USD (2024, MER) in 2025 fundraising. The country accounts for 3.7% of the list total. India is 581 Million USD (2024, MER) behind Germany and 86 Million USD (2024, MER) ahead of Canada, placing it in the middle of a relatively close pairing with the country below. The IEA says 44 start-ups were funded in India in 2025, and End-use: transport was the top area. India is also part of a run of countries from third through sixth where End-use: transport appears repeatedly as the leading fundraising area.

7. Canada: 781 Million USD (2024, MER)

Canada ranks seventh with 781 Million USD (2024, MER) in 2025 energy venture capital fundraising. That equals 3.3% of the total across the ranked countries. Canada is 86 Million USD (2024, MER) behind India and 290 Million USD (2024, MER) ahead of Sweden. The IEA records 36 start-ups funded in Canada in 2025, and Nuclear is listed as the top area. Canada therefore sits below a transport-led India and above an efficiency-led Sweden, while sharing Nuclear as a top area with the United States at the top of the ranking.

8. Sweden: 491 Million USD (2024, MER)

Sweden is eighth with 491 Million USD (2024, MER) in 2025 fundraising. Its share of the list total is 2.1%. Sweden trails Canada by 290 Million USD (2024, MER) and stands 133 Million USD (2024, MER) ahead of Australia. The IEA says 22 start-ups were funded in Sweden in 2025, and its top area was Energy efficiency in buildings and industry. Among the 10 countries in this ranking, Sweden is the only one whose top area is recorded in that category, which sets it apart from the transport, nuclear and grid-focused profiles around it.

9. Australia: 358 Million USD (2024, MER)

Australia ranks ninth with 358 Million USD (2024, MER) in 2025 energy VC fundraising. That represents 1.5% of the list total. Australia is 133 Million USD (2024, MER) behind Sweden and 12 Million USD (2024, MER) ahead of Japan. The IEA records 18 start-ups funded in Australia in 2025, with Electricity grids as the top area. Australia and Japan are the closest pair near the bottom of the list after France and Germany, and Australia's grid-led profile matches the top-area classification also seen in the United Kingdom.

10. Japan: 346 Million USD (2024, MER)

Japan completes the ranking in tenth place with 346 Million USD (2024, MER) in 2025 fundraising. Japan also represents 1.5% of the list total. It sits 12 Million USD (2024, MER) behind Australia, making the final two positions close in value even though Australia remains ahead. The IEA lists 16 start-ups funded in Japan in 2025, and End-use: transport is identified as the top area. That links Japan to China, France, Germany and India, where the same area leads, but Japan's overall fundraising total is the lowest among the 10 ranked countries.

The Top Three Countries Capture 75.6% Of Energy VC Fundraising

Across the 10 ranked countries, combined 2025 fundraising reached 23,558 Million USD (2024, MER). The top three countries alone accounted for 17,814 Million USD (2024, MER), or 75.6% of that total, and the United States by itself represented 59.1%.

The ranking also shows a very uneven distribution from top to bottom. The spread from the United States at #1 to Japan at #10 is 13,575 Million USD (2024, MER). The largest gap between neighbors is the 11,918 Million USD (2024, MER) separating the United States and the United Kingdom, while the smallest is just 5 Million USD (2024, MER) between France and Germany.