RESEARCH TRIANGLE PARK – Funding for solar power startups in the U.S. is growing in 2023 despite an overall decline in venture capital funding, according to a new report.

Data from venture capital research firm CrunchBase was analyzed by Avent Abacus, a provider of electronics distributor which weorks with engineers developing new projects.

Funding reached $8.5 billion in the first two quarters, up from $8.3 billion year-over-year. For all 2022 U.S. firms raised $14.3 billion.

Globally, investment in solar startups is up 50% to $19.1 billion, and the European market is up 414% on last year at $6.53 billion, the report notes.


Investment totals set record pace

“The average amount going into US solar startups in 2023 is $121.6m, peaking above last year’s average of $118.1m. The average funding round so far this year in European solar is $141.9m, compared with an average of $88.3m in 2022 and $22.9m in 2021. Globally, this year, the average amount of funding going into solar firms sits at $116.1m compared with 2022’s average of $93.2m,” the report states.