In this context, a net-zero tech firm is a company focused on engineering solutions for offsetting CO2 emissions. The valuation of these companies rose from £17.8bn in 2020 to £34.8bn in 2021, according to Tech Nation’s Net Zero 2021 Report.
The sector has been bolstered by the arrival of 10 new companies in the past year, but the hike in value was driven by funding rounds and stock market listings at established companies. For instance, Arrival, the UK-based EV manufacturer, saw its valuation rise to £11.3bn after being listed on the Nasdaq in March for £9.5bn in a record floatation for a UK tech company. Octopus Energy, meanwhile, saw its value rise to £3.6bn after a funding round in September while going public boosted energy storage firm ITM Power to a valuation of £2.1bn.
The huge growth in valuations of UK net-zero companies is largely due to existing companies acquiring the coveted $1bn (£730m) 'unicorn' status.
London alone accounted for...