“I always worry something is going to happen and it will suck the wind out of the market,” said Craig Lawrence, who led energy and clean tech investing at Silicon Valley’s Accel Partners between 2008 and 2010.
Funding for clean tech projects is undergoing a massive boom. A record $501 billion was pumped into the energy transition in 2020, according to BloombergNEF. The WilderHill New Energy Global Innovation Index, which tracks shares in 125 global companies that aim to address climate change, hit an all-time high earlier this year.
But the failures of a decade ago still loom large. Before the Great Recession that followed the global financial crisis, Silicon Valley investors poured billions of dollars into sustainable energy startups they thought could become as big as Google. Then, as losses mounted, they fled — tainting the sector for years. By 2012, the value of venture capital deals in climate technology had slumped to a measly $1.1 billion.
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