SEP Report Ranks the Top 100 US Cleantech Innovation Hubs
Updated Nationwide Data Reveals Unexpected Compass for Cleantech Solutions & Commercialization Gap
BOULDER, Colo. – April 3, 2025 – Saoradh Enterprise Partners (SEP), a Colorado-based venture capital (VC) and research firm, has released the 2024 US Cleantech Innovation Hubs Survey, the second edition of its comprehensive ranking and analysis of cleantech ecosystems across the US. SEP defines innovation hubs as ecosystems driven by research funding, technology development, and venture formation. The report evaluates the 100 leading cleantech hubs in the nation, identifying their strengths, weaknesses, and potential for impact.
In 2025, the urgency for global climate action remains at the forefront, including in the US at the state and metropolitan levels. Investments in cleantech have surged, outpacing fossil fuel investments for the first time. According to PitchBook Data, Inc., global clean energy markets are projected to reach $1.3 trillion in 2025 and $2 trillion in 2030, marking a significant shift toward sustainable energy solutions. VC investments into companies innovating clean energy technologies support this shift, which equaled $17.9 billion in 2024 and $89.4 since 2020.
Despite this momentum, many promising cleantech hubs remain overlooked. SEP’s Survey highlighted a cleantech commercialization gap — the disconnect between regions receiving VC funds and those leading in research and development (R&D). While California, Massachusetts, and New York secured 45% of VC cleantech funding, they accounted for only 25% of university R&D cleantech spending. This discrepancy suggests that the nation’s cleantech research remains under-commercialized, slowing decarbonization efforts.
One major challenge contributing to this gap has been the lack of comprehensive datasets on cleantech innovation hubs to inform investors, policy makers, and other stakeholders. This scarcity results in investment decisions that lack an understanding of regional cleantech ecosystems and a rigorous, data-driven analysis necessary to assess technology availability, viability, and market deployment.
“At SEP, we aim to close this commercialization gap by using the Survey as a compass to find great technology and build the companies that commercialize it – and to share its findings with other investors, corporations, economic development agencies, and policymakers to drive optimal cleantech development in the US,” said Paul Nelson, Managing Partner of SEP.
The SEP Survey includes a robust index scoring system with 13 datasets grouped into three stages (research, technology, and venture) to rank cleantech hubs at the granular level of metropolitan statistical areas. The 35-page Survey Whitepaper and accompanying online Hubs Data System provide access to underlying details. Examples of the Whitepaper’s content include:
Key changes since 2021 for the top 40 hubs, plus a ranking of all 100 hubs
Background, methodology, and correlation analysis
Hub index scores by stage: research, technology, and venture
Research-intensive hubs and how university research is transformed into companies
Insights such as cleantech intensity (index scores weighted by workforce), young firm knowledge, state-level cleantech policy support, renewable energy jobs, and rankings by nine cleantech sectors
Top 10 2024 Cleantech Innovation Hubs
Bay Area
Boston
New York
Los Angeles
Colorado Cleanrange
Chicagoland
D.C.
Houston
Seattle
Philadelphia
Leaders across the US reviewed the Survey and provided their take on its benefits to cleantech development and are using it to help solve critical issues such as global warming, including the American Energy Society, Colorado Cleantech, Pitchbook, Heartland Forward, Colorado Governor’s Office, Research Triangle, Stanford University, Center for Houston’s Future, Energy Capital Ventures and more.
“It comes as no surprise that the Bay Area continues to rank 1st for innovating and commercializing cleantech, as identified by SEP in the 2024 Cleantech Innovation Hubs Survey. Leveraging the existing ecosystem of large companies, startups, academia, non-profits, and government organizations that exist within these Innovation Hubs is critical to building resilient cleantech ecosystems and to decarbonizing industry.”—Naomi Bones, Managing Director of Stanford University Natural Gas Initiative and Co-Managing Director, Stanford Hydrogen Initiative (Bay Area hub #1)
“Colorado has always been a leader in clean energy technology, and we are proud to be among one of the top in the country. Our cleantech industry creates good-paying jobs that power our economy, while developing innovations that protect our air quality and our state for future generations. While top ten is a good place to be, we won’t rest until we’re #1.” —Colorado Governor Jared Polis (Colorado Cleanrange hub #5)
"Cleantech innovation will create the molecules and electrons to move us into a sustainable future and fight climate change. With ever growing calls for more climate finance, SEP 2024 Cleantech Innovation Hubs Survey is filling a vital role to show where innovations are happening, how this ecosystem is changing, and highlighting key regions primed for investment and growth." —Elena Crete, Head of the Climate & Energy Program at the United Nations Sustainable Development Solutions Network (New York hub #3)
"I am pleased that Houston jumped 11 ranks to land in the Top 10 of SEP’s new US Cleantech Innovation Hubs Survey report. Based on our experience in leading the creation of the Gulf Coast clean hydrogen ecosystem, I can say that Houston's place is well earned and that, with continued collaboration across a range stakeholders and parties, I expect the region to jump even in higher in the next version of the report.” —Brett Perlman, Managing Director of the Center for Houston’s Future (Houston hub #8)
“The US cleantech landscape has shifted considerably in recent years, and current uncertainty around the future of high-level federal support has highlighted the importance of regional ecosystems for innovation, research & development, and commercialization of clean technologies. SEP’s Cleantech Innovation Hubs Survey provides valuable insight into regional cleantech hubs and their strength relative to each other across research, technology, and venture.” —John MacDonagh, Senior Research Analyst, Carbon & Emissions Tech and Clean Energy Tech at Pitchbook (Seattle hub #9)
"As we here in Chicagoland celebrate our rise to #6 in the 2024 Cleantech Innovation Hubs Survey (from #7 in 2021), this detailed report offers invaluable insights into both our strengths and growth opportunities. It highlights emerging trends, potential partnerships, and investment avenues that align with our regional advantages. This data-driven analysis will guide us in crafting targeted strategies to sustain our upward momentum, ensuring Chicagoland Hub continues to lead and innovate in the cleantech sector and green molecules™ for years to come. Thank you SEP for this incredible insight." —Vic Pascucci, Managing General Partner at Energy Capital Ventures (Chicagoland hub #6)
“I applaud SEP’s 2024 Cleantech Innovation Hubs survey for its invaluable insights into the key factors shaping tomorrow’s clean energy transition. With the focus of cleantech innovation shifting from the federal level to state and metropolitan areas, SEP’s new survey provides crucial data to support this evolution. I deeply appreciate SEP’s commitment to empowering energy professionals and driving the clean energy landscape forward.” —Eric J. Vettel, PhD, President of the American Energy Society (Bay Area hub #1)
"This 2024 Cleantech Innovation Hubs Survey Whitepaper underscores Colorado Cleanrange's continued strength as a leading cleantech hub, maintaining its position at #5 among the top 40 U.S. cleantech hubs. This invaluable data provides key insights into our strengths and areas for growth. With this data-driven guidance, Colorado Cleantech is well-positioned for continued success and innovation in the cleantech industry." —Laura Hickernell, Executive Director at Colorado Cleantech (Colorado Cleanrange hub #5)
“SEP's Innovation Hubs Survey continues to highlight the impact of regional collaboration in advancing cleantech innovation. Colorado’s strong culture of partnership among industry, academia, and policymakers has further solidified its position as a leading cleantech hub. We hope this model continues to inspire other regions seeking to drive technology leadership and energy innovation.” —Anja Richmond, Executive Director at the Colorado Energy Research Collaboratory (Colorado Cleanrange hub #5)
Access to the executive summary, Whitepaper, and online data system can be found at https://www.saoradh.com/marketplace.
About SEP
Saoradh Enterprise Partners (SEP) is an early stage cleantech venture capital and transactional research firm. The firm embodies a new approach to drive commercialization of impactful technologies across all sectors that comprise the cleantech ecosystem.
SEP leverages its innovative market and technology research platform to identify the best cleantech and invest in early stage companies to commercialize opportunities in US innovation hubs The firm partners with innovators, entrepreneurs, and corporations in a balanced approach at the magical intersection of science (what’s possible), finance (what’s bankable), industry (what’s needed), and planet (what matters).
Media contact: Lena Crabtree, (303) 448-2115, lena.crabtree@saoradh.com