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Daily Update — March 10, 2026

Beyond the Hydrogen Hype; India Seeking Alternate Crude; and Private Equity Funding Rounds Down

Today is Tuesday, March 10, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

Listen: Kim Hedegaard, Topsoe, on Moving Beyond the Hydrogen Hype

 

Renewable hydrogen is entering a more disciplined phase, where project viability and secured offtake agreements are taking precedence over headline-grabbing announcements. In this episode of the "CERAWeek Podcast with Atul Arya," Kim Hedegaard, CEO of Power-to-X at Topsoe, discussed what it will take to scale clean fuels on commercially sound foundations.

 

The discussion explored the sector's transition toward industrial maturity — a stage where access to competitive power, effective risk mitigation and capital discipline are decisive factors for project advancement.

 

High-temperature electrolysis, which can deliver 20%-30% greater efficiency compared to other electrolyzer technologies, demonstrates how technology can improve project economics. However, bankability will determine how quickly projects move from concept to reality.

Energy & Commodities

India weighs alternate crudes, refining costs, economic fallout as Iran conflict drags on

 

Indian refiners are maintaining normal throughput levels but are seeking additional crude oil cargoes from the US, Russia and West Africa to ensure supply continuity if the conflict in the Middle East persists. India relies heavily on imports transiting the Strait of Hormuz, which accounts for an estimated 50%-55% of the country’s crude oil and LNG imports.

 

While alternative sourcing may help sustain physical crude availability, industry analysts and refining sources cautioned that higher procurement prices, increased freight and insurance costs, and longer shipping routes could significantly impact cost structures. Industry officials also noted that Indian refiners may limit oil product exports and divert some volumes to the domestic market if the conflict in the Middle East continues for an extended period. 

Private Markets

Global private equity-, venture capital-backed funding rounds down in February

 

Global private equity and venture capital investments through funding rounds fell 19.4% month over month to $39.8 billion in February, according to S&P Global Market Intelligence. The number of funding rounds also dropped 33.5% month over month to 912 — the lowest monthly count since at least January 2024.

 

Despite these declines, funding rounds for the first two months of 2026 generated $89.16 billion — almost twice the amount recorded during the same period in 2025 — signaling a robust start to the year.

 

The technology, media and telecommunications (TMT) sector remained the primary recipient of investments, raising $26.8 billion in February, or 67.3% of total funding. This, however, represents a 45.7% decrease from January’s $49.4 billion. Funding rounds for the sector fell 22.8% month over month to 309. Within TMT, application software led with 171 rounds, followed by systems software with 34. Both subsectors experienced significant year-over-year declines in funding rounds, dropping 48.5% and 43.3%, respectively.

In case you missed it

  • US pension funds issued a total venture capital mandate of $9.25 billion in 2025 — the highest since 2022 and a 39% increase from the $6.66 billion allocated in 2024, according to data from With Intelligence, a part of S&P Global Market Intelligence.
  • Major container carriers suspended bookings to and from the upper Persian Gulf as escalating conflict in the Middle East disrupts shipping operations, following broader disruptions such as halted vessel transits through the Strait of Hormuz and suspended trans-Suez sailings via the Bab el-Mandeb Strait.
  • Asian methyl tertiary-butyl ether prices climbed about 5% to a near two-year high on March 3, with further increases expected in the near term, as the ongoing conflict in the Middle East raised concerns about potential cuts to crucial feedstock supplies from the region, according to several Asia-based producers and traders.

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