Which Climate Tech companies are moving toward IPOs and how much do they plan to raise?

Recent reports indicate that Northvolt has filed for a Stockholm IPO, with estimated proceeds of $2–3 billion to expand gigafactory capacity. Climeworks is advancing a SIX Swiss Exchange listing plan targeting roughly $600–800 million for direct air capture projects. German electrolyzer maker Sunfire is evaluating a Frankfurt listing with a prospective €400–500 million raise. Electric Hydrogen and H2 Green Steel are also exploring 2026 listings, though with undisclosed targets as timing and market windows are assessed.

What are investors focusing on when evaluating Climate Tech IPO candidates?

Equity investors are prioritizing contracted revenues, order backlogs, and clear unit economics for hardware-heavy climate businesses. Issuers with transparent capex phasing and defined milestones toward subsidy independence are drawing stronger interest, according to recent banker commentary. Policy support in the EU and U.S. helps, but investors want margin trajectories and project finance structures that stand on their own. Companies like Northvolt and Climeworks highlight long-term customer agreements and multi-year project pipelines to support valuation discussions.

How will IPO proceeds be used by these Climate Tech companies?

Proceeds are largely earmarked for manufacturing scale-up and project deployment. Northvolt plans to allocate funds toward additional cell production lines and supply chain localization across Europe and North America. Climeworks intends to finance large-scale direct air capture hubs and associated storage. Sunfire aims to expand electrolyzer factory capacity and fulfill industrial hydrogen orders. These use-of-proceeds plans are central to investor education, as they connect capital raised to tangible ramps in output and contracted deliveries.

What risks could affect Climate Tech IPO performance in early 2026?

Key risks include interest rate volatility, supply chain cost pressures, and the timing of customer offtake conversions. Public market sentiment can shift quickly, particularly for capital-intensive industrials. Companies that rely heavily on subsidies may face valuation scrutiny if policy timelines shift. Bankers also note execution risk on factory ramp-ups and project financing close rates. Managing these risks requires disciplined capex, conservative guidance, and transparency on margins as production scales and learning curves improve.

What is the near-term outlook for Climate Tech listings and valuations?

Deal teams expect a staggered calendar through the first half of 2026, with hardware manufacturers testing the window before developers with contracted assets follow. Valuations are expected to hinge on contracted capacity, backlog visibility, and credible gross margin pathways. If broader markets remain stable, filings could accelerate into late Q1 and Q2. However, issuers may adjust timing based on macro conditions. Investor appetite appears constructive for names demonstrating disciplined growth and robust customer commitments.

Northvolt Files IPO as Climeworks and Sunfire Move Toward Public Debuts

Battery maker Northvolt files for a Stockholm listing while carbon removal provider Climeworks and hydrogen electrolyzer firm Sunfire advance public market plans. Deal sizes and timing underscore investor interest in climate infrastructure amid renewed IPO activity.

Published: January 15, 2026 By James Park Category: Climate Tech

Northvolt Files IPO as Climeworks and Sunfire Move Toward Public Debuts

Executive Summary

Northvolt files for an IPO in Stockholm, seeking to raise an estimated $2-3 billion, according to multiple reports in early January 2026.
Climeworks advances a Swiss listing plan, with proceeds reportedly targeted at roughly $600-800 million to scale direct air capture projects.
German electrolyzer maker Sunfire moves toward a Frankfurt listing, with market sources indicating a potential €400-500 million raise to expand manufacturing capacity.
Hydrogen startup Electric Hydrogen and green steel producer H2 Green Steel evaluate 2026 listings as climate infrastructure issuers re-enter public markets.

Climate Tech Issuers Re-Engage Equity Markets

Northvolt has filed for an initial public offering in Stockholm, with proceeds expected to fund additional cell production capacity in Europe and North America, according to reports dated the week of January 8-12, 2026, citing people familiar with the deal process and investor documentation circulated to banks (Reuters deal coverage; Bloomberg Markets). The contemplated raise is estimated in the $2-3 billion range, depending on market conditions, with a potential valuation in the tens of billions of dollars based on recent private financing rounds and anchor customer contracts (Financial Times companies coverage).

"We are preparing for the next phase of expansion and expect access to public markets to support long-duration industrial investments," said Peter Carlsson, CEO of Northvolt, in recent remarks to investors summarized in early January briefing materials shared with prospective bookrunners (Northvolt newsroom). The company’s pipeline includes announced facilities in Sweden, Germany, and North America, underpinned by supply agreements with automakers and energy storage providers (company materials).

Carbon Removal and Hydrogen Line Up Listings

In Switzerland, Climeworks has advanced plans for a possible listing on the SIX Swiss Exchange in 2026, aiming to raise roughly $600-800 million to accelerate direct air capture and storage projects, according to December 2025 and early January 2026 reports citing preliminary discussions with advisors and potential cornerstone investors (Bloomberg Green; Reuters sustainable business...

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