☀️ SVB collapse won't stop community solar

Fallout from SVB collapse takes shape, apps open for $2.5b in EV charging infrastructure, and $450m+ in funding for solar deployments, software, and circular economy

March 20, 2023

Hey friends,

Welcome to this week’s debrief on climate tech, business, and policy.

This week’s debrief unpacks.

  • Fallout from SVB collapse takes shape

  • Apps open for $2.5b in EV charging infrastructure

  • $450m+ in funding for solar deployments, software, and circular economy

Let’s dive in.

Not a subscriber yet?

THE BIG DEAL

☀️ SVB collapse won't stop community solar

Following the collapse of Silicon Valley Bank (SVB), many have fixated on the claim that the bank had led or participated in funding for 62% of US community-solar projects. While SVB was an early backer of renewable energy projects and climate tech startups, the roster of community-solar backers has grown.

The CEO of the Coalition for Community Solar Access, Jeff Cramer, noted that the reality of community-solar financing is divorced from what is happening at SVB and expects existing projects on SVB's books to be transferred to one or multiple new banks.

However, new projects, especially from small private developers, could be slowed. Rising interest rates are an ongoing concern for all capital intensive industries. But the subsidies and tax credits in the Inflation Reduction Act should continue to make renewable energy projects with proven business models like community solar an attractive investment.

🎯 NEWS THAT MATTERS

Insights and trends across key climate sectors like energy, transportation, food, and more.

📈 BUSINESS
🏛 POLICY & POLITICS
💪🏼 SOCIETY & IMPACT
🚀 TECH & STARTUPS

💰 FUNDING

The latest funding and grants for climate tech startups and deployments.

Navisun, a solar energy company that owns and operates commercial and industrial solar projects, raised $235m in debt financing.

LRE, a leading renewable energy company that owns and operates a portfolio of wind, solar, and battery storage facilities, raised $185m in debt financing.

Green Li-ion, a deep clean technology that solves the existential risk to the precious metals industry and the environment, raised $20.5m in Series B funding.

Solarcycle, a solar technology company that builds a circular economy for solar and renewables, raised $30m in Series A funding led by Fifth Wall and HG Ventures.

Viridos, who develops genomic-driven solutions to address global energy and environmental challenges, raised $25m in Series A funding from Breakthrough Energy Ventures.

Andes, who develops an integrated microbial technology to help accelerate crop growth, raised $15m in Series A funding.

Sunhero, who delivers custom-built solar panel solutions, raised €10m in Series A funding led by Planet A Ventures and Vorwerk Ventures.

Fenix24, a part of the Conversant Group family of companies that focuses on post-incident disaster recovery and restoration, raised $5m.

Sunwealth Power, an operator of a tech-driven clean energy investment firm created to invest in clean and solar energy projects, raised $5m.

Controlled Thermal Resources, an oil and gas firm involved in lithium extraction, electricity generation, and geothermal power production, raised $5m.

Building Swell, develops and creates digital and online tools to help manage services and data of businesses from the construction industry, raised $3m.

The Climate Choice, a software platform for decarbonizing companies and their supply chains, raised $2m.

CollectiveCrunch, a leader in AI for the forestry industry focusing on forest inventories and carbon capture, raised €1.4m.

Agros, an agtech company offering an end-to-end solution to farmers that doubles their income and reduces carbon emissions, raised $2.7m in seed funding.

😎 COMMUNITY SPOTLIGHT

Must-reads, listens, and cool projects from the climate community 

Carbon Scoring Project by Resources for the Future

➡️ What are you working on? I’d love to share it, just send me the details here.