SEP Report Ranks the Top 100 US Cleantech Innovation Hubs

BOULDER, Colo.--(BUSINESS WIRE)--Apr 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.

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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 billion 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 report and accompanying online Hubs Data System provide access to underlying details. Examples of the Whitepaper’s content include:

Top 10 2024 Cleantech Innovation Hubs

Leaders across the US reviewed the Survey, 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, Governor of Colorado, 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)

All quotes can be viewed on SEP’s website. Access to the executive summary, Whitepaper, and online data system here.

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).

To learn more, visit www.saoradh.com.

Map highlighting the newly announced 2024 Cleantech Innovation Hubs across the United States.

Spanish star Jon Rahm won't be part of the next version of LIV Golf, dealing a setback to the beleaguered circuit as it tries to emerge from bankruptcy and forge a new path without the financial muscle of Saudi Arabia's sovereign wealth fund.

John Beck, the attorney Rahm hired for LIV's bankruptcy proceedings, said during a Wednesday hearing in the U.S. Bankruptcy Court of New Jersey that Rahm reviewed the proposed terms of LIV 2.0 and decided he would not be participating in 2027.

Rahm, a Masters and U.S. Open champion and the last player to be No. 1 in the world before Scottie Scheffler, was among the biggest and most stunning acquisitions by LIV Golf at the end of 2023 when he was the reigning Masters champion.

Rahm had said in May he has several years left on his contract. His signing bonus, never confirmed, was reported to be in the $300 million range.

While the hearing was confirmation he wants out of LIV — he had not answered questions directly most of the summer — the decision was not surprising.

The court earlier this week allowed Sergio Garcia to end his contract when the 46-year-old Spaniard and former Masters champion asked for clarification on his status. Garcia was among the first to defect to LIV in 2022.

Still to come was formal separation from LIV Golf and word on where Rahm would play next. The PGA Tour has said it would not hold conversations with any LIV player still legally under contract. Beck declined to comment when reached by phone.

PGA Tour CEO Brian Rolapp brought back five-time major champion Brooks Koepka with heavy financial stipulations at the start of this year, after Koepka negotiated an end to his LIV contract. Rolapp offered the deal to three other major champions, including Rahm, giving them a two-week deadline to decide. None took the offer.

Two months later, the Public Investment Fund of Saudi Arabia said it would no longer bankroll the rival league after the 2026 season.

The PGA Tour did not immediately comment on Rahm’s decision.

Rahm's plans were revealed two days after BC Partners Credit announced an initial investment payment to LIV Golf 2.0, which still requires approval, that would allow the league to move forward with a team-focused theme in which players would be equity owners.

Part of LIV's amended restructuring support agreement extended the deadline for players who decide whether they want to stick around for LIV 2.0.

LIV Golf CEO Scott O'Neil had said Monday: "We believe deeply in the future of this league and in the opportunity to build something distinctive alongside our players. We’re delivering on our major milestones, and while there is still work ahead, today marks meaningful progress toward a player-owned, team-focused, truly global league that complements the wider game and creates new opportunities for players, fans, partners and the next generation of golfers.”

Rahm was the individual points champion each of the last three years, when the prize money was $20 million for individual competition and bonuses were awarded for the points race. His total earnings from LIV over the last three years topped $100 million.

Rahm withdrew this week from the Spanish Open because his wife, Kelley, is home in Arizona expecting their fourth child. He remains a European tour member and plans to play in Abu Dhabi and Dubai at the end of the year.

The PGA Tour typically bans players for one year after their last LIV event, though it made an exception for Koepka. Bryson DeChambeau, among those who filed an antitrust lawsuit against the tour when LIV began, has not indicated any desire to return.

Rolapp has consistently said he wants what's best for the PGA Tour, and Rahm is LIV's best player as a former No. 1. He is still at No. 15 despite limited access to world ranking points.

See AP’s full golf coverage here

FILE - Captain Jon Rahm of Legion XIII celebrates after putting on the 18th hole green during the final round of HSBC LIV Golf Hong Kong at Hong Kong Golf Club Fanling, Sunday, March 8, 2026 in Hong Kong. (Mike Stobe/LIV Golf via AP, File)

FILE - Captain Jon Rahm of Legion XIII reads his putt during the final round of LIV Golf Bedminster at Trump National Golf Club on Sunday, Aug. 9, 2026 in Bedminster, N.J. (Montana Pritchard/LIV Golf, File)