{
  "as_of": "2026-10-23",
  "records": [
    {
      "kind": "Total",
      "theme": "All energy start-ups",
      "value": 27,
      "value_label": "$27bn",
      "period": "2025",
      "momentum": "Falling",
      "note": "Third straight annual fall, while AI took almost 30% of all venture money. Seven growth areas, including fission, next-generation geothermal and carbon removal, took a third of energy venture capital, up from under 5% in 2015 to 2019.",
      "source_name": "IEA State of Energy Innovation 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/d24ccc77-ef68-491c-848d-b9c0ec0c484b/TheStateofEnergyInnovation2026.pdf",
      "tier": 1
    },
    {
      "kind": "Theme",
      "theme": "Fusion",
      "value": 4.48,
      "value_label": "$4.48bn",
      "period": "Year to July 2026",
      "momentum": "Rising",
      "note": "Up 69% on the year before, the most since the survey began in 2021; $14.24bn in total across 56 companies.",
      "detail": "Five companies have raised over $1bn each, all American. TAE Technologies and General Fusion are preparing Nasdaq listings, which will put company accounts in public filings for the first time. Fusion stays a weak signal on the scorecard until a plant produces more energy than it uses and signs a contract to sell power.",
      "source_name": "Fusion Industry Association",
      "The Global Fusion Industry in 2026": null,
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Theme",
      "theme": "Small modular and advanced reactors",
      "value": 1.35,
      "value_label": "$1.35bn+",
      "period": "Jun to Nov 2025",
      "momentum": "Too early",
      "note": "Two disclosed rounds: X-energy $700m and TerraPower $650m. Not a full count.",
      "detail": "No published series yet counts all venture money for fission start-ups, so this theme shows only rounds with a company release. The IEA lists nuclear fission among seven growth areas that together took a third of energy venture capital in 2025.",
      "source_name": "Company releases (X-energy",
      "TerraPower)": null,
      "source_url": "https://x-energy.com/news/x-energy-closes-oversubscribed-700-million-series-d-financing-round-to-continue-expansion-to-meet-global-energy-demand",
      "tier": 1
    },
    {
      "kind": "Theme",
      "theme": "Hydrogen",
      "value": null,
      "value_label": "4% of energy VC",
      "period": "2025",
      "momentum": "Falling",
      "note": "Down from a 13% peak in 2023. Aviation takes almost a quarter of hydrogen venture money.",
      "detail": "Project spending is still growing from a small base: nearly $7bn in 2025, about double 2024, and nearly $10bn expected in 2026. Venture money is moving away even as plants are built.",
      "source_name": "IEA Global Hydrogen Review 2026",
      "source_url": "https://www.iea.org/reports/global-hydrogen-review-2026/investment-and-innovation",
      "tier": 1
    },
    {
      "kind": "Region share",
      "region": "United States",
      "value": 50,
      "value_label": "~50%",
      "period": "2025",
      "note": "Nearly half of global energy venture capital, up from 2024.",
      "source_name": "IEA State of Energy Innovation 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/d24ccc77-ef68-491c-848d-b9c0ec0c484b/TheStateofEnergyInnovation2026.pdf",
      "tier": 1
    },
    {
      "kind": "Region share",
      "region": "Europe",
      "value": 25,
      "value_label": "25%",
      "period": "2025",
      "note": "Up from 15% five years earlier. Europe is home to over 40% of energy start-ups raising a first round.",
      "source_name": "IEA State of Energy Innovation 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/d24ccc77-ef68-491c-848d-b9c0ec0c484b/TheStateofEnergyInnovation2026.pdf",
      "tier": 1
    },
    {
      "kind": "Region share",
      "region": "Rest of world",
      "value": 25,
      "value_label": "~25%",
      "period": "2025",
      "note": "The remainder; the IEA does not split it further in its free report.",
      "source_name": "IEA State of Energy Innovation 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/d24ccc77-ef68-491c-848d-b9c0ec0c484b/TheStateofEnergyInnovation2026.pdf",
      "tier": 1
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "United States",
      "value": 28,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "United Kingdom",
      "value": 4,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "Germany",
      "value": 4,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "China",
      "value": 4,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "India",
      "value": 3,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "France",
      "value": 3,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Company base",
      "theme": "Fusion",
      "region": "Japan",
      "value": 3,
      "period": "2026",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "kind": "Split",
      "theme": "Hydrogen",
      "region": "China",
      "capacity_share": 60,
      "capacity_label": ">60%",
      "investment_share": 25,
      "investment_label": "~25%",
      "period": "2026",
      "source_name": "IEA Global Hydrogen Review 2026",
      "source_url": "https://www.iea.org/reports/global-hydrogen-review-2026/investment-and-innovation",
      "tier": 1
    },
    {
      "kind": "Split",
      "theme": "Hydrogen",
      "region": "Europe",
      "capacity_share": 20,
      "capacity_label": "<20%",
      "investment_share": 45,
      "investment_label": "45%",
      "period": "2026",
      "source_name": "IEA Global Hydrogen Review 2026",
      "source_url": "https://www.iea.org/reports/global-hydrogen-review-2026/investment-and-innovation",
      "tier": 1
    }
  ]
}