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Finance Summary Fundraising for Climate-related funds increased overall driven by Infrastructure funds focused on stationary storage for grid and data centers, while Venture/Growth funds raised declined slightly. There is rising thematic interest to fund the “missing middle” for the survivors of the last several years of battery private investments so they can scale up. Overall Private investment in battery companies declined due to slowing EV markets and overcapacity, but investment increased in niche high margin applications such as robotics, defense/aerospace, and stationary storage for data centers/AI. Public battery-related equities outperformed benchmarks over one year in 2025, but still lag market benchmarks over the past three years. Asian-listed battery companies gained market share and market valuation. In North America, select survivors of the wave of SPACS from several years ago had strong share performance driven by grid, AI and defense, but their market values remain far behind Asia.
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