Cleantech for Iberia has released its annual report, providing key insights into the clean technology investment landscape in 2024, major policy advancements, and prospects for 2025. You can access the full report here.

With a record-breaking €426 million invested in emerging clean technology companies—a 37% increase from 2023—the Iberian Peninsula continues to gain momentum as a clean tech hub in Europe. However, challenges remain, particularly in scaling investments in growth stages and ensuring long-term competitiveness. If you would like to learn more or discuss these results in greater detail, feel free to reach out to us.

Investment Trends: Strong Growth with More Work to Do

2024 marked a record year for investments in innovative clean technologies in Iberia. Early-stage financing remained dominant, with Series A investments increasing from 14 to 18 deals across sectors such as transport & logistics, agriculture & food, waste & recycling, and energy. Growth capital reflected rising investor confidence, although late-stage funding for startups has yet to accelerate, with Series B investment levels remaining stable and seed capital experiencing a modest decline.

While Spain still lags behind France and Germany in total clean tech investment, it has emerged as one of the top five EU countries in venture capital transactions. Public funding has also played a key role in driving advancements, including the approval of nine projects under the EU Innovation Fund, Spain’s €750 million incentive plan for renewable energy supply chains and storage, and Portugal’s €110.6 million DeepTech fund.

Policy Developments: A Transformative Year

Spain and Portugal implemented ambitious policy measures in 2024, updating their National Energy and Climate Plans (NECPs) with bold targets for 2030. These plans include key measures for energy storage, transmission grid planning, energy system digitalization, and carbon capture & storage.

Additionally, Spain’s newly approved Industry Law aims to drive green reindustrialization and enhance industrial competitiveness, while Portugal’s National Roadmap for Aviation Decarbonization sets a strategic course for advancing sustainability in the aviation sector.

Looking Ahead: 2025 – A Defining Year for Iberian Clean Tech

Clean technology financing is entering a critical phase with the launch of the Clean Industrial Deal in February 2025 under the new European Commission led by Ursula von der Leyen. This initiative aims to de-risk private investments and mobilize strategic public funding to support clean industry manufacturing.

“The Iberian Peninsula can play a crucial role in ensuring Europe’s competitiveness in clean technologies. The region has both the resources and the ambition, but without adequate financing mechanisms and public strategies to incentivize private investment, we risk falling behind. We need to activate industrial demand for cutting-edge clean technologies and implement policies that mobilize Europe’s €38 billion in private capital, directing it toward green reindustrialization. Spain must swiftly implement its Industry Law, and Portugal needs a Green Industry Strategy backed by substantial investments. Now is the time to move from ambition to action, ensuring that Iberia becomes a leader in clean industrial innovation,” stated Bianca Dragomir, Director of Cleantech for Iberia.