2/ As entrepreneurs, investors, researchers, philanthropists, and policymakers we have a singular North Star that guides everything we do.pic.twitter.com/uZQdXGWasb
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2/ As entrepreneurs, investors, researchers, philanthropists, and policymakers we have a singular North Star that guides everything we do.pic.twitter.com/uZQdXGWasb
3/ Together, we have a shared goal of getting to Zero Emissions. All the technologies that we care about…the companies we start....and the policies we enact...are to get to this True North.pic.twitter.com/9yuFRgPtTL
4/ And for us to be successful, to get to zero, the companies we build and technologies we invent have to be AT SCALE. And as investors, when you get to scale, there tends to be something very valuable at the end of the road.pic.twitter.com/q2e2OVSLk8
5/ We produce over 55 gigatons of CO2 equivalent emissions each year. Our task as innovators is to home in on those sources of emissions and remove them. The largest contributors are electricity, agriculture & land use, and industry. Then followed by transportation & buildings.pic.twitter.com/SYBFCpMoyr
6/ The road to scale is not a straight one. Translating what happens in the lab into a factory often takes more time and capital than you would think. When you think about the technologies we need by 2030/40, the companies that will scale those need to be invested in now.pic.twitter.com/ThR8HchLKV
7/ Time is an expensive thing. And we need to learn from it. In sum, there was a period of optimism. A period of carnage. A wake. And then the moment we are in now, a period of urgent optimism. I’ll take you through each period and we can relive it together.pic.twitter.com/EmWgRswq2k
8/ The spark for cleantech investing started in 2004. The price of oil peaked up. @algore began giving his speeches that turned into the 2006 movie, @aitruthfilm. There was a collective feeling as energy costs were rising and an impending crisis that we needed alternatives.pic.twitter.com/32caddL1Qd
9/ It led to a world where founders saw opportunity. And in those founders, investors like @kleinerperkins and @khoslaventures saw an opportunity to invest.
In 2001, there were less than $300M invested & 30 deals. By the time we hit 2008, over $6B was invested across 300 deals.pic.twitter.com/LbYm2UR9Nv
10/ Unfortunately, within 3 years most everything crumbled. This is the story that we all know. Many investors lived through it. The rest of us were on the sidelines watching it happen.pic.twitter.com/MW1enSYfpo
11/ We never put our best foot forward on how we exactly wanted to support our new forms of energy. Countries like China were willing to subsidize a space to provide a strong foundation for their companies. That edge put US companies out of business, but led to cheap solar PV.pic.twitter.com/UcLcF1GKWk
12/ In the wake there was a massive constriction in early stage investing. At the peak in 2008, we saw $6B invested in total, but only $1B of that went towards Series As. After 2009, you barely saw a year that crossed $300M. Compared to billions flowing to other industries.pic.twitter.com/Neccn5TQW1
13/ With solar cheaper and wind becoming more efficient and effective with longer blades - investments continued to pour into project financing and deploying more of it around the world. Most of these dollars went into projects in Europe and Asia.pic.twitter.com/u6SHfHos2W
14/ But you also had a set of companies that actually survived and thrived during that period of time. The amount of grit the founders each had. The capital they needed to raise. The headwinds they all faced. But when you step back, as an investor, these are incredible returns.pic.twitter.com/iCh8bHMzoU
15/ In the background behind these signs of success is the reality of the climate crisis. It has not slowed down. We had the second warmest year on record. The warmest decade. Record melting. Displacement of people because of floods and droughts. https://blogs.scientificamerican.com/eye-of-the-storm/the-top-10-weather-and-climate-stories-of-2019/ …pic.twitter.com/0vs2tRQlvP
16/ Today, we are in a period of urgent optimism. The amount of venture capital flowing into clean technology companies has been increasing. The private valuations are good too.pic.twitter.com/lFazQSiGpM
17/ Even with new and existing investment vehicles to support companies pursuing "Zero Emissions at Scale”. It is still not enough. We need more early-stage capital and ways to support audacious founders reaching for the North Star. From government, philanthropy, and investors.pic.twitter.com/vfDcopmOMy
18/ We need to share what worked and what didn't. I encourage others to share their hard lessons. As founders, investors, and policymakers we can learn from them so we can have the best chance of succeeding.pic.twitter.com/x6UgOppx2x
19/19 This is only an abbreviated history. There's so much to learn and dig into to appreciate the past. Links to all the data and sources can be found in the deck: https://www.slideshare.net/RyanPanchadsaram/zero-emission-investing-226688251 …pic.twitter.com/ynFlWqBldB
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