The Shifting Landscape: Cleantech Capital in 2025

January 29, 2025

In 2025, the cleantech sector faces both opportunities and challenges that could reshape its trajectory. Federal investments in clean energy hang in the balance, with over $300 billion in funds initially allocated through the Inflation Reduction Act (IRA) and Infrastructure Investment and Jobs Act (IIJA) currently stalled due to new executive orders under the Trump administration. This includes nearly $50 billion in already-approved loans and $280 billion in pending requests now on hold.

In response, companies are innovating how they secure capital. Many are blending traditional private funding with direct-to-investor rounds, utilizing emerging platforms like DealMaker, an online capital-raising solution, as well as forging partnerships with state-level programs. This article examines how forward-thinking cleantech entrepreneurs are  leveraging these shifts to not only weather the current uncertainties but to drive innovation that could define the future of sustainable energy.

The Challenge Landscape

Cleantech stands apart from typical tech ventures for several reasons. First, these solutions often involve substantial upfront expenses for research, development, and infrastructure. Hardware-heavy projects—like solar panels or energy storage—can be far more capital-intensive than software plays. This means early capital requirements can be daunting, especially now that traditional financing feels less predictable.

Timing is another hurdle. Cleantech projects tend to have longer development cycles and slower paths to commercialization, often extending beyond the standard 12-18 months venture capitalists typically aim for. Add in concerns about policy uncertainties—like fluctuating subsidies and evolving carbon-credit regulations—and investors can be wary of committing funds until the technology’s viability is clearer. It all makes for a challenging funding landscape—but, as we’ll discuss in this article, there are plenty of opportunities for cleantech companies willing to innovate in the way they raise capital.

Emerging Opportunities in the Cleantech Industry

Despite funding and regulatory challenges, the cleantech sector continues to evolve, driven by growing concerns about climate change and environmental sustainability. Despite governmental pullback, several key trends are reshaping the industry and opening compelling opportunities for both investors and entrepreneurs.

In 2025, clean energy technology supply spending is set to surpass investments in upstream oil and gas for the first time, with Photovoltaic (PV) technologies accounting for half of all cleantech investments and two-thirds of installed megawatts (S&P Global). This shift isn’t purely environmental—it’s also economic, creating fresh opportunities for cleantech companies to secure capital and scale operations in a market that increasingly demands sustainable energy solutions.

Energy storage technologies are advancing in tandem, with innovations in batteries and hydrogen fuel cells moving at a rapid pace. These solutions are crucial for addressing the intermittency challenges of renewable power (e.g., storing solar-generated power for cloudy days), effectively redefining our understanding of grid reliability and energy distribution. Investors with an eye on the critical role of storage in our energy future are showing strong interest in companies working in this space.

The electric vehicle (EV) sector represents another significant area of growth, driven by government incentives, falling battery costs and surging consumer demand. Beyond the vehicles themselves, entire ecosystems are forming around charging infrastructure, battery tech, and smart mobility solutions, offering distinct investment avenues for startups in those spaces.

Smart grid technology refers to modernized electricity networks that integrate advanced metering infrastructure, sensors, IoT capabilities, and two-way communication to optimize energy distribution, boost reliability, and accommodate renewable energy more effectively. By implementing these digital tools, power providers gain real-time insights into system performance, enabling rapid load adjustments and improvements to resilience. Companies that develop these solutions often appeal to investors seeking both innovation and practical market demand.

Carbon capture and storage (CCS) technologies focus on trapping CO₂ emissions from industrial processes and preventing them from entering the atmosphere. This approach typically involves capturing carbon at the source, transporting it, and storing it in geological formations or repurposing it for other applications. It has gained momentum in private equity and venture capital circles, given CCS’s potential to be a cornerstone of broader climate change mitigation strategies.

For cleantech companies pushing the boundaries of innovation, securing capital often hinges on matching your stage of growth with the right financing approach. Early-stage ventures working to validate prototypes may benefit from grants, small community-based raises, and targeted angel investments. Mid-stage firms with proven technology might turn to online capital-raising platforms or venture partnerships that can fuel broader commercialization efforts. Established market players, meanwhile, often rely on a blend of larger institutional backing and specialized programs—such as strategic corporate partnerships—to keep momentum going. By tailoring your strategy to where your company currently stands, you can deploy just enough capital to meet each milestone without getting overextended or missing key growth opportunities.

Building a Resilient Funding Strategy

Many of today’s leading cleantech ventures draw on a variety of capital sources, rather than relying on a single channel. For instance, EnergyX combined a Reg A raise with traditional venture capital and strategic partnerships, ultimately securing significant institutional backing from companies like General Motors. Blending resources—from government programs (ARPA-E grants or DOE loans) to digital capital-raising platforms—can reduce risk and help companies adapt as market conditions evolve.

A balanced approach generally includes: 

  • Meticulous budgeting for setup and operational costs
  • Careful sequencing of funding stages
  • Ongoing evaluation and adjustment based on investor feedback or policy shifts

“Leveraging multiple funding channels helps us spread risk and maintain control over our trajectory,” notes Teague Egan, Founder and CEO of EnergyX. “It’s about staying flexible while building long-term relationships—a key element in a dynamic sector like cleantech.”

Entrepreneurs who adopt this multi-pronged funding strategy report greater resilience to market changes, as they’re not pinned to one capital source or investor type.

How to Navigate Online Capital-Raising

Faced with these headwinds, cleantech entrepreneurs are increasingly turning to digital capital. In the United States, three primary regulatory pathways enable online fundraising:

Regulation Crowdfunding (Reg CF) allows companies to raise up to $5 million annually from both accredited and non-accredited investors. This route is particularly appealing to early-stage cleantech startups that can tap into the support of their local or existing communities to gain momentum. Additionally, digital capital-raising connects sustainability-focused founders with a much larger global audience of environmentally conscious supporters, many of whom specifically seek opportunities to invest in cleantech—so you don’t necessarily need an established brand community to find backers.companies to raise up to $5 million annually from both accredited and non-accredited investors. This route is particularly appealing to early-stage cleantech startups that can tap into the support of their communities to generate momentum.

Regulation A+ (Reg A) enables raises up to $75 million. Although it requires more extensive documentation—including audited financials—it has gained favor among growth-stage cleantech ventures looking to raise substantial capital on their own terms.

Regulation D (Reg D) provides the flexibility to raise an unlimited amount from accredited investors, making it the go-to choice for well-networked cleantech companies that have more complex financing needs.

Keys to Successful Online Capital-Raising

Success in cleantech capital-raising often comes down to a few core principles. To thrive in this evolving market, cleantech companies should double down on several essentials:

Impact-Driven Storytelling
Cleantech has a built-in edge: genuine environmental impact. Successful campaigns strike a balance between technological innovation and measurable benefits, capturing the attention of both retail investors and impact-focused funds eager to see tangible change.

Community-First Fundraising
Companies often tap their existing communities first—like early adopters, sustainability advocates, and key industry partners. These stakeholders may invest initially and then champion your cause to a wider network.

Strategic Investor Acquisition & Alignment

As the funding landscape evolves, successful cleantech companies are adopting increasingly sophisticated investor acquisition strategies. The traditional approach of relying solely on investor meetings and pitch decks is giving way to multichannel, data-driven methods. Today's most successful raises combine precise targeting, compelling storytelling, and analytics-based optimization to stand out in an increasingly competitive market.

Seek out marketing partners who understand both the complexities of cleantech and the art of building momentum across diverse investor communities. For instance, DealMaker Reach has supported companies like EnergyX in tapping broader audiences and raising substantial capital—over $88 million in EnergyX’s case—through data-driven campaigns. By integrating targeted digital outreach with your overarching strategy, you can connect with a wide base of climate-focused investors and amplify the impact of your capital-raising efforts.

Compliance & Support Systems
When raising funds online, lean on experienced legal and financial advisors. Good documentation and rigorous reporting are non-negotiable, especially if you’re weaving together multiple funding avenues.

Multi-Channel Engagement
Rather than relying on a single channel or campaign, many companies mix digital marketing (showcasing breakthroughs and validation), educational content (to demystify complex tech), and virtual events (such as demo days or webinars), often in partnership with environmental organizations and industry heavyweights.

Transparent Progress Updates
Regular updates on milestones, pilot projects, and impact metrics keep investor trust high—especially since cleantech ventures can have longer development timelines than other industries.

Looking Ahead

The cleantech sector stands on the cusp of significant change. While institutional pullback poses challenges, it also motivates companies to seek new fundraising strategies. The rise of digital capital-raising platforms and the wider democratization of investment opportunities could unlock fresh avenues to secure the funding you need.

Ultimately, success will favor those willing to innovate, tap into diverse funding streams, and foster strong relationships with investors who truly value cleantech’s potential. Whether you opt for conventional channels or novel online platforms, the future of cleantech funding hinges on a willingness to match technological innovation with innovative financing—and on the art of telling that story to the right investors.

Monogram Case Study - DealMaker (Embed)

When VCs said no, Monogram turned to retail investors. That decision powered their rise from startup to publicly traded company—and even helped them raise an additional $13M privately after their Nasdaq debut.

Monogram at NASDAQ celebration

The Challenge: Raising Capital on Their Terms

The Challenge: Raising on Their Terms

Monogram Technologies was founded with a bold vision: to revolutionize orthopedic surgery with a robotic joint replacement system using custom 3D-printed joints. The market for this technology is massive—approximately $19.6 billion, with over 1 million knee replacements per year. But it's a capital-intensive, regulation-heavy space—and traditional VCs weren't biting.

Instead of compromising, co-founders Dr. Doug Unis and Ben Sexson went all-in on a different path: retail capital. Why?

  • Control and ownership: Not only were they able to raise the capital they needed to grow the business—they did it on their own terms.
  • Long-term asset: They wanted to build an army of true believers who wanted to see the company succeed and would continue to reinvest over the years.
  • A value-add network: Raising from retail allowed Monogram to amass a waiting list of thousands of patients eager to participate in future trials.
  • Aligned incentives: Their mission to improve patient outcomes and build a better future for those struggling with joint pain resonated with retail investors.

The Power of Retail: Monogram's Capital Journey

Start Date End Date Type Platform Amount Raised # Investors
3/13/193/31/20A+SeedInvest$14,588,6686,000
11/16/201/16/21A+StartEngine$2,965,5018,000
1/17/212/18/22A+StartEngine$23,647,85314,082
7/15/223/16/23CFDealMaker$4,673,0002,249
3/1/234/8/23A+Republic$232,275120
3/1/235/23/23A+DealMaker$15,958,3645,198
5/18/23-Nasdaq listing
7/2410/24Unit OfferingDealMaker$12,990,1032,745

Monogram Capital Raise Timeline

Monogram's first direct-to-investor raise was a $14.6M round in 2019. Since then, Monogram has raised retail capital six additional times, using Reg A+ as a springboard to a Nasdaq listing in 2023.

Each raise brought in new believers—and more importantly, kept bringing them back. That's the long-term power of retail capital. It's not just one campaign—it's a compounding asset that grows with the business.

$80M+
Raised across seven campaigns
~40,000
Investors championing Monogram's vision
20%
Of each raise came from previous investors

Marketing Excellence

DealMaker Reach provided strategic investor acquisition services, helping Monogram connect with the right audience through high-impact channels.

Premium Publications

Targeted campaigns in premium publications like Morning Brew captured qualified investors

High-Engagement Webinars

Engaging events that generated over $4.3 million in investments

Community Building

Strategic approaches that fostered a loyal shareholder base

Investment Momentum

Innovative approaches that amplified investment momentum

Monogram's Journey to Success

Monogram's journey has been defined by relentless innovation, strategic fundraising, and breakthrough advancements in robotic-assisted joint replacement. From early-stage research to a Nasdaq listing and beyond, Monogram's milestones reflect its evolution into a pioneering force in orthopedic surgery:

  • Filed its first patent application in 2017
  • Conducted clinical studies at UCLA and University of Nebraska
  • Expanded the team with key hires
  • Attracted a top-tier advisory board to guide clinical innovations
  • Signed their first distribution partnerships
  • Made headlines with cutting-edge live demonstrations
  • Secured 501(k) FDA clearance for the mBôs surgical system

Nasdaq Debut & Beyond

In May 2023, Monogram Orthopaedics successfully listed on the Nasdaq—a significant milestone offering liquidity and growth opportunities for the company.

For most companies, that would be the end of their story in the private markets. But for Monogram, it was just the beginning of a new chapter.

Public perception says you can't raise privately post-IPO. Monogram proved that wrong.

Defying conventional fundraising norms, Monogram raised an additional $13 million from private investors, powered by DealMaker. This move highlighted the power of a dedicated investor community and provided additional strategic growth capital. Meanwhile, strategic digital marketing for the private offering helped boost the public share price—a win-win for the company and its investors, both public and private.

This was retail capital at its best: strategic, repeatable, and aligned.

One vision. Zero compromises.

This wasn't a one-time raise. It was a multi-year capital strategy.

Retail capital helped Monogram:

  • Go from concept to commercialization without relying on VCs
  • Retain ownership and control in a high-burn industry
  • Build a base of loyal shareholders who invested not once, but over and over again
  • Uplist to the Nasdaq, and still keep raising post-IPO

This is what makes retail capital different. It doesn't expire—it compounds. And DealMaker is built to maximize that long-term value.

Dr. Doug Unis Quote
Ben Sexson Quote

Ready to Raise Capital on Your Terms?

Whether you're pre-revenue or post-IPO, DealMaker gives you the infrastructure, support, and strategy to raise from the people who believe in you most.

Explore Raising Capital with DealMaker
DealMaker Logo

The ultimate technology for raising capital online

Talk to the experts
The ultimate technology for raising capital online - talk to the experts