Upstate New York is gaining momentum as a hub for climate innovation. Over the last decade, climate tech funding in the region has grown by 30x – marking a powerful shift in investor interest and startup momentum. From electric mobility to the circular economy, climate startups across Upstate New York are gaining serious traction.
Accelerated Funding
In 2024 alone, climate tech startups in Upstate NY raised $125M in venture capital, making it the 4th best year on record.
When you include all financing types – grants, debt, PE and project finance, VC and PIPE – more than $250M was awarded to climate tech companies in the region. Notably, Plug Power’s $78.9M grant helped set a record year for non-dilutive funding.
What’s Being Funded?
Historically, energy and transportation have led the way in climate tech funding. In 2024, real estate-related climate innovations took the top spot, reflecting growing investor interest in building decarbonization and energy efficiency.
Among specific climate segments, electric mobility continues to attract the most funding, while the circular economy is the fastest-growing area. This data signals that investors are leaning toward sustainability and materials innovation.
Regional Standouts
Within Upstate NY, Hudson Valley leads the pack with over $600M in VC funding since 2016 – more than any other region. Following it is Western New York with $300M and Southern New York with around $150M.
National Context
While California remains the top climate tech funder nationally, the growth in Upstate NY shows that innovation is thriving well beyond the coasts. With active regional support and increasing investor interest, Upstate NY is well-positioned to make a lasting impact in climate technology.
Why It Matters
The growth of climate tech in Upstate NY presents an exciting opportunity for investors, founders and ecosystem partners. From energy and real estate to mobility and materials, the momentum is real – and the time to get involved is now.
Resources
About Invest NY
Invest NY is Upstate Capital’s open-access data and intelligence platform, mapping the region’s startup and investment landscape. Built for founders, investors and ecosystem professionals, it offers real-time insights into emerging companies, funding activity and regional trends. Explore all of the data presented above and more on Invest NY.