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No quick wins, no massive exits, mergers and acquisitions are limited, he added.
Most companies required more capital than assumed, and did not show enough traction.
Also, the regulatory tailwind completely failed in most cases.
The funding dip comes off the back of an exceptional run.
European climate tech funding has soared over the past decade.
Thats despite an overall poor funding environment that year.
Firstly, the market is maturing.
Some forms of cleantech that previously attracted heaps of VC cash like electric mobility startups have gone mainstream.
Investor hype around AI could also be fuelling the slowdown.
AI is taking the oxygen out of VC, at least for other sectors, Browne said.
ButPeciulaitis believes there could be a lot ofunannounced deals in the pipeline this year.
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Story bySion Geschwindt
Sion is a freelance science and technology reporter, specialising in climate and energy.
