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    Partners at Climate Tech Venture Funds Urge Federal Leadership for Energy Transition


    May 16, 2022 - PR Newswire

     

      DURHAM, N.C., May 16, 2022 /PRNewswire/ -- SJF Ventures and 38 other climate venture funds write letter to congress and administration:

      We need federal action to accelerate America's move to a more affordable, secure, clean, and vibrant energy industry

      Dear President Biden, Leader Schumer, Speaker Pelosi,

      As leaders of venture capital funds investing in entrepreneurial companies leading the clean energy transition, we are writing to urge you to pass the pending energy legislation this spring to accelerate America's move to a more affordable, secure, clean, and vibrant energy industry. The war in Ukraine has made the mission to cut global reliance on fossil fuels all the more urgent.

      Many companies we have funded have scaled tremendously in the solar, wind, hydro, storage, efficiency, resilience, and biofuels industries and now provide more than four million jobs1 in the U.S. and produce 21% of the country's power2. These companies are helping on-shore the supply chain for the energy industries of the future, creating high quality manufacturing and installation jobs in every state and county.

      Our funds and many others are speeding up the pace of investment in energy innovation. In 2021, $56 billion in venture capital was invested in over 1,600 Climate Tech companies in the U.S., increasing by more than 5X over the past six years.3

      However, to confidently invest, we need consistent federal policy leadership. We appreciate the smart grid, electric vehicle, carbon capture and R&D measures in the bipartisan infrastructure bill passed last fall. Now we ask you to proceed on the remaining pending legislation including clean energy tax credits, research support, domestic manufacturing incentives, resilience and mitigation investments, and electric vehicle incentives. We also encourage the Administration to remove barriers to building more clean energy infrastructure, such as rapidly settling the recent solar module trade case.

      For the U.S. to build a vibrant and healthy economy of the future, we must accelerate public investment to match the level of private dollar spending, including by funds like ours. These investments will strengthen the U.S. response to fossil fuel driven autocracies and will also help prevent the U.S. from falling further behind in leading these critical industries as countries like China invest heavily to support innovation and deployment of clean energy technologies.

      The U.S. energy industry has led the world in technology and innovation. Our funds are excited to invest in the industry's future, helping to create quality jobs, build a vibrant and resilient economy, reduce emissions, and enhance national security.

      Sincerely,

      Dave Kirkpatrick, SJF Ventures

      Rob Day, Spring Lane Capital

      Tim Woodward, Prelude Ventures

      Tripp Baird, The Builders Fund

      Emily Fritze, The Westly Group

      Sameer Reddy, Energy Impact Partners

      Anup Jacob, Activate Capital

      Scott Jacobs, Generate

      Josh Posamentier, Congruent Ventures

      Emily Kirsch, Powerhouse Ventures

      Praveen Sahay, WAVE Equity Partners

      Paul Straub, Wireframe Ventures

      Erik Lensch, Leyline Renewable Capital

      Stonly Blue, Third Sphere

      Amy Francetic, Buoyant Ventures

      Jason Blumberg, Energy Foundry

      Wal van Lierop, Chrysalix Venture Capital

      Erik Snyder, Drawdown Fund

      Tom Amis, Equilibrium Capital

      Kevin Tidwell, Grantham Foundation

      Tom Rand, ArcTern Ventures

      Karl Khoury, Arborview Capital

      Dan Goldman, Clean Energy Ventures

      Andrée-Lise Méthot, Cycle Capital

      Paul Richardson, Renewal Funds

      Dawn Lippert, Elemental Excelerator

      Sasha Brown, Ecosystem Integrity Fund

      Daniel Prawda, GEF Capital Partners

      Tyler Lancaster, Energize Ventures

      Tom Steyer & Katie Hall, Galvanize Climate Solutions

      Josh Cohen, City Light Capital

      Ron Gonen, Closed Loop Partners

      Monica Varman, G2 Venture Partners

      Justin Desrosiers, SustainVC

      Mike Jackson, Earthshot Ventures

      Paul Seidler, Evergreen Climate Innovations

      Whitney Haring-Smith, Anzu Partners

      Scott Tierney, Valo Ventures

      Brendan Bell, Aligned Climate Capital

      Contact: Dave Kirkpatrick, (919) 908-8365

      1 Fact Sheet, Climate Jobs 2021, Environmental and Energy Study Institute, a research nonprofit founded by a bipartisan group of members of Congress in 1984. https://www.eesi.org/papers/view/fact-sheet-climate-jobs

      2 'Renewables became the second-most prevalent U.S. electricity source in 2020', U. S. Energy Information Administration, July 2021. https://www.eia.gov/todayinenergy/detail.php?id=48896

      3 'The Future of Climate Tech' 2022 report, Silicon Valley Bank, https://www.svb.com/trends-insights/reports/future-of-climate-tech.

      Cision View original content:https://www.prnewswire.com/news-releases/partners-at-climate-tech-venture-funds-urge-federal-leadership-for-energy-transition-301548105.html

      SOURCE SJF Ventures

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