Funding for renewable energy and sustainability is set to hit nearly $8 billion for 2021, according to data from CBInsights.
Funding for renewables more than doubled from 2018 to 2020, according to data from the investment industry tracker. The numbers are only expected to increase as funding comes through from Congress in the form of the latest infrastructure bill.
One of the biggest gains has come from the solar industry, where funding grew to reach $2.4 billion so far in 2021, up from $1 billion in 2016.
Much of that funding came in the form of mega-rounds to companies like Enpal, which recently announced the final close of $290 million on its latest round of financing.
That company is one of several startups to reach a $1 billion valuation in the solar energy space. Others, like Goodleap (formerly known as Loanpal) raised $800 million earlier this year.
As CBInsights notes, the popularity of solar has meant other kinds of energy investment has suffered. Wind is off from a peak of $1.3 billion in 2017 to less than $400 million so far this year.
One notable element of the CBInsights data is the increasing investment in Hydrogen. In recent years investments into Hydrogen-related technologies have steadily increased from a trough in 2016.