Climate-focused start-ups might be big losers in collapse of Silicon Valley Bank
A recent article in The New York Times says banks worked with more than 1,550 technology firms that are creating solar, hydrogen, and battery storage projects.
This headline from The New York Times grabbed our attention: “Silicon Valley Bank Collapse Threatens Climate Start-ups.”
According to the article (subscription required), the bank worked with more than 1,550 technology firms that are creating solar, hydrogen, and battery storage projects. It quoted Kiran Bhatraju, Chief Executive Officer of Arcadia, the largest community solar manager in the country, as saying that “Silicon Valley Bank was in many ways a climate bank. When you have the majority of the market banking through one institution, there’s going to be a lot of collateral damage.”
Community solar projects appear to be especially hard hit. Silicon Valley Bank said that it led or participated in 62 percent of financing deals for community solar projects, which are smaller-scale solar projects that often serve lower-income residential areas.