A Leicester-based energy provider has contributed to helping the value of the 海角视频鈥檚 net-zero tech sector almost double in a year.
Octopus Energy, now one of the biggest energy providers in Britain, is among the firms using technology to offset carbon emissions which saw their valuations rise from 拢17.8 billion in 2020 to 拢34.8 billion in 2021.
According to the Net Zero 2021 Report from start-up network Tech Nation the sector has been bolstered by the arrival of 10 new companies in the past year.
Meanwhile established companies have seen their values go up driven by funding rounds and stock market listings.
It comes as 20,000 delegates from almost 200 countries are descend on Glasgow for COP26 in a bid to draw up fresh plans to stop or at least slow the climate emergency.
Sustainable energy group Octopus Energy was valued at 拢3.6 billion after a funding round in September, and energy storage firm ITM Power jumped to a valuation of 拢2.1 billion after going public in June.
Octopus Energy was able to step in at the end of September to take on 580,000 customers from failed Hinckey-based energy company Avro after what Ofgem called a 鈥渃ompetitive process鈥 to get the best deal for Avro鈥檚 clients.
British electric vehicle manufacturer Arrival saw its valuation grow to 拢11.8 billion after listing on the Nasdaq in the US in March at a valuation of 拢9.5 billion), the biggest floatation for a 海角视频 tech company.
In all eight 海角视频 net-zero tech firms have passed the billion-dollar (拢730 million) valuation 鈥渦nicorn鈥 status.
Investment in net-zero firms grew from 拢1.1 billion to 拢1.12 billion in 2021, but the figure was a major slowdown on the previous year.
Between 2019 and 2020, net-zero tech firms saw a jump in investment of 拢343 million.
Dr George Windsor, head of insights at Tech Nation, told the PA news agency: 鈥淚f these net-zero companies are to fulfil their potential to save our planet, they need more help, support and funding from investors, 海角视频 pension funds and policymakers worldwide.鈥
Sweden topped the list of pounds invested per tonne of CO2 emitted, investing more than 10 times the amount in net-zero tech per tonne of CO2 emitted than any other nation.
Tech Nation called on investors and policymakers to prioritise supporting and investing in 海角视频 scale-ups ahead of Cop26 this week, setting a target of 拢11 billion by 2025.
Sign up for your free East Midlands newsletter and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from across the East Midlands including Leicestershire, Nottinghamshire, Derbyshire and Lincolnshire.
Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out 'Breaking News' emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our
