Silicon Valley Bank cast a wide shadow over climate tech, with half its startups doing business with there. The collapse could impact investment in the sector. “It was the go-to bank for clean tech startups,” said Leah Ellis, CEO of Sublime Systems.
The bank had long been a favorite of clean tech companies because of its deep understanding of the marketplace and sophisticated financing tools unique to the industry., a start-up spun out of the Massachusetts Institute of Technology that focuses on decarbonizing cement manufacturing. “So many of my colleagues banked there. They were great partners. They understood what type of products we needed. They sponsored events. They were a thread woven into the clean tech community.
Sachse had just wrapped a presentation last week at CERAWeek, a large energy conference in Houston, and was on his way back to Washington when he learned Silicon Valley Bank was in free fall. He spent the flight back texting with lawyers and others at the company, frantically assessing whether Panic had spread by then to the boards of venture capital firms. “If our portfolio folds, we are cooked,” said a partner at a venture capital firm with a large clean-tech portfolio, half of it companies that were banking with Silicon Valley Bank.
At the moment, most of the founders of clean-tech start-up companies are just relieved their businesses have lived to see another day.Whit Fulton said he burst into tears Sunday night when he learned the federal government would be covering the money his small Philadelphia solar-tech company had in Silicon Valley Bank. The start-up, called, had been working for a year to secure $40 million for technology that makes it easier to meter use of solar energy at residences.
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