Results of Clean Energy Innovation Analysis Released
June 13, 2025 – The Connecticut Green Bank announces the release of two appendices to the 2024 Connecticut Clean Energy Industry Report (CEIR), focused on clean energy innovation in the state and energy-related patents, based on supplemental analysis conducted by BW Research Partnership. While this is a first for the Connecticut report, BW Research has completed similar data collection and analysis for various states.
The data presented in appendix D was drawn from federal datasets for Small Business Innovation Research (SBIR), Small Business Technology Transfer (STTR), ARPA-E, Office of Science, and SunShot, the Crunchbase investments database, and other Connecticut resources. These innovation investments are categorized into the major clean energy technologies included in the 2024 CEIR to examine investment trends and gaps.
A few key findings are:
- There has been over $153 million in innovation funding between 2018 and 2023 across 99 deals in Connecticut’s clean energy economy and significant momentum in Connecticut’s clean energy innovation ecosystem.
- Clean energy innovation funding has grown by 34.7 percent from 2018 to 2023.
- Investments to support clean energy innovation in Connecticut are largely Alternative Transportation and Energy Efficiency ventures.
- Phase I innovation investment (involving basic research and ideation) has seen huge growth between 2018 and 2023, based on three-year averages, while phase II funding (involving technology testing, demonstration, and refinement) was declining until recent growth.
- Between 2018 and 2023, there were seven phase III investments (involving full development and commercialization) in clean energy innovation in Connecticut totaling $29.3 million and nine phase III outliers totaling $2.4 billion.
In Appendix E, BW Research has pulled patent data related to clean energy through the U.S. Patent and Trademark Office (USPTO) using their custom definition and USPTO’s native coding schema for other states.
These appendices can be found here and the 2024 CEIR is available on the societal impact page of the Green Bank’s website.