The failure of Silicon Valley Bank unleashes an earthquake in the ecological transition of the United States
"We withdrew the money at 5:00 p.m. US East Coast (10:00 p.m. PST) on Thursday, Silicon Valley Bank (SVB) suspended payments the next day." This is the answer given by Peter Reinhardt, co-founder of Charm Industrial, the startup that buries Microsoft's CO2. He and his three partners form one of the more than 1,500 start-ups in the climate technology sector affected by the bankruptcy that has unleashed nerves in the economic world.
In the SVB portfolio there are companies that manufacture batteries, related to hydrogen or solar panels. “It has been focused exclusively on providing financing to the US climate technology market,” says Daniel Firger, managing director of Great Circle Capital Advisors, a consultancy focused on transitioning capital markets to a net-zero emissions model.
...