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The climate tech IPO window could finally be cracking open

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Climate tech startups are capital intensive, timelines are long, and the technology is often considered “first of its kind.” What’s more, a key value proposition is addressing pollution — an externality that is, at best, poorly priced by the market. Those aren’t the qualities stock pickers tend to favor.

And yet, public markets appear to be warming to climate tech startups — or at least some of them.

This week, nuclear startup X-energy went public, raising $1 billion in an upsized share offering that appears to have delivered a windfall for its investors, including Amazon. Retail investors apparently can’t get enough, with the stock popping 25% in its first hour of trading. Also this week, geothermal startup Fervo said it filed for an initial public offering. The size of the Fervo IPO has yet to be disclosed, but private investors have valued the company at around $3 billion, according to PitchBook.

The move to go public aligns with what investors told TechCrunch at the end of last year. After years of tepid attitudes toward climate tech companies, they expected public markets to start welcoming energy-related startups. Nearly every investor that weighed in on the question said the startups with the best chances of going public specialize in either nuclear fission or enhanced geothermal. Fervo, specifically, was mentioned several times.

Thank data centers for that. The AI craze has taken a trend of rising demand for electricity and made it sexy and salable. Companies that were already betting on the upswing lucked into a trending narrative that coincided with their technological maturity. Fortune certainly favors the prepared.

The IPOs are also certain to please investors, letting them return capital to their LPs. The recent dearth of IPOs has kept a chunk of climate tech funding locked up, at a time when many funds would like to start cashing out.

But it’s not just about cashing out.

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Fervo and X-energy have followed the traditional route to public markets, suggesting there is confidence that a broad base of investors wants to participate. If it were just about freeing up investor capital, the startups could have followed the SPAC route. (Several have.) But these two companies took the longer path.

Yet for all that success, a wide swathe of climate tech will probably be left out of the IPO wave.

Companies that aren’t entangled in energy markets will have to find other ways to press on — and without access to the deep pockets the public market provides. The divergence suggests the climate tech world is starting to go K-shaped, a trend which Mark Cupta, managing director at Prelude Ventures, suggested when I spoke to him a little over a week ago.

Companies stuck on the poorer side of the IPO window still have private investors to lean on. But there, too, a K-shaped trajectory is starting to appear.

Venture capital and growth funds raised about $6.5 billion last year, according to Sightline Climate. That’s the same as in 2021, but because there are more funds today, each fund is now smaller. For founders, that could be bad news since funds have less to draw on. On the upside, more competition could drive better fundraising results.

At the same time, the big funds keep getting bigger. Infrastructure dominated climate tech fundraising last year, with 42 funds raising 75% of all dollars in the sector, according to Sightline Climate. That success will spill over into the startup side if it’s a company with a mature technology that is ready to build big.

Sightline said that many new infrastructure funds are specializing in renewables, grid technologies, and energy storage. In other words, the K-shape isn’t going away anytime soon.

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FG Issues Flood Warning, Warns Residents in 17 States

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The Federal Government has issued a fresh flood warning, alerting residents in 17 states to the risk of flooding over the next seven days as rising water levels continue to threaten communities across the country.

The warning was issued by the Nigeria Hydrological Services Agency (NIHSA) in its National Flood Advisory (Alert No. NFA-2026-200), covering the period from July 21 to July 27.

According to the Director-General of NIHSA, Umar Mohammed, the alert followed a steady rise in water levels at key river monitoring stations, increasing the likelihood of localised flooding along river channels and floodplains.

The states identified as being at medium flood risk are Adamawa, Bauchi, Benue, Borno, Edo, Gombe, Imo, Jigawa, Kaduna, Kano, Kebbi, Nasarawa, Niger, Plateau, Taraba, Yobe and Zamfara.

Mohammed said river levels at several critical locations had already exceeded warning thresholds, raising concerns about possible flooding in surrounding communities.

File Photo: Flooding in Nigeria
File Photo: Flooding in Nigeria

He said, “River levels at Saminaka on the Karam River, Waya Dam site on the Waya River and Amber on the Amber River had exceeded watch and warning thresholds.”

The NIHSA boss added that no fewer than 16 river gauging stations across the country were currently recording elevated water levels, placing nearby communities at risk of localised flooding if heavy rainfall continues.

He urged state governments, local authorities and residents living in flood-prone areas to begin taking precautionary measures immediately to minimise the impact of possible flooding.

Bauchi State was identified as the most vulnerable, with the agency revealing that about 1,841 communities, 145 schools, 101 health facilities and eight markets are exposed to flood risks. The agency also listed several vulnerable communities and public facilities in Edo, Imo, Kaduna, Plateau and Benue states.

Mohammed called on the National Emergency Management Agency (NEMA), State Emergency Management Agencies (SEMAs), local government authorities and community leaders to activate emergency preparedness and response plans without delay.

He recommended that residents living on floodplains relocate to safer areas, taking along their families, livestock and valuables before floodwaters rise.

The NIHSA Director-General also advised emergency agencies to pre-position food supplies, medical materials and water treatment equipment in communities likely to be affected to ensure a quicker response if flooding occurs.

He stressed the need for early warning systems to reach vulnerable communities, urging authorities to mobilise local volunteers and utilise community communication channels to spread flood alerts promptly.

Mohammed also warned residents against attempting to walk, drive or ride through flooded roads, bridges and fast-flowing waterways, noting that such actions could result in avoidable loss of lives.

He further urged relevant authorities to clear blocked drains, culverts and waterways to improve the free flow of water and reduce the risk of flooding during the rainy season.

The latest advisory comes as Nigeria continues to experience heavy rainfall across several parts of the country, with recent flooding affecting communities in Lagos and other states. According to data from the National Emergency Management Agency, floods in 2025 claimed 232 lives, injured more than 600 people, affected over 315,000 residents, displaced more than 113,000 people and destroyed thousands of homes and hectares of farmland.

Mohammed advised both government agencies and members of the public to continue monitoring daily flood forecasts and advisories issued by NIHSA throughout the rainy season.

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Sokoto APC bans candidates from pasting campaign posters on roundabouts

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The All Progressives Congress (APC) in Sokoto State has directed all its aspirants and candidates seeking elective positions to stop pasting campaign posters on roundabouts and other public monuments across the state.

The directive was contained in a statement issued by the party’s State Publicity Secretary, Mohammed Umar, following concerns over the defacement of newly constructed and beautified public facilities in Sokoto metropolis and surrounding areas.

Speaking through the statement, the State Chairman of the APC, Haruna S. G. Adiya, described the indiscriminate display of campaign posters on public infrastructure as irresponsible, unacceptable and contrary to the party’s commitment to environmental cleanliness and urban development.

“The government has invested significant resources in beautifying public spaces, but those efforts are being undermined by political actors who continue to paste campaign posters on these facilities,” Adiya said.

“It is therefore unacceptable for any candidate or supporter to deface these facilities with campaign posters. Such actions constitute environmental abuse, visual pollution and a clear disregard for public infrastructure.”

He stressed that political campaigns must be conducted within the law and with respect for public property, warning that the party would not tolerate actions capable of damaging its image or frustrating government efforts to improve the environment.

Adiya directed all APC candidates and their campaign organisations to remove posters already pasted on roundabouts and avoid further violations.

“Any candidate or campaign team that fails to comply with this directive will face disciplinary action in line with the party’s constitution and internal regulations. We will not hesitate to impose appropriate sanctions on anyone who disregards this order because no one is above party discipline, and the APC remains committed to promoting responsible political engagement,” Adiya said.

He also appealed to party supporters and members of the public to help protect public infrastructure by reporting cases of poster vandalism and environmental abuse to the appropriate authorities and the party’s disciplinary committee.

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