The failure of two green-tech firms a decade ago sent a chill through the market for solar and battery startups. Now cash is pouring in.
A flood of investment into clean tech propelled onetime startups such as Tesla Inc. into the stratosphere. For most young companies in the sector, the past decade was a fight to raise the funds needed for takeoff.
That is changing amid a boom in green investing. The new wave of cash is helping startups get from laboratory to market. Dubbed the valley of death, the gap between the invention of a potentially breakthrough technology and large-scale commercial production has wiped out many startups. Big investors have long been wary of businesses like solar farms and battery makers that require big capital spending long before profitability.
“It’s one thing to develop something really interesting, really cool in the lab,” Michael Edelman, chief executive of Massachusetts battery-technology company Ionic Materials, at a recent conference for the Energy Department’s Advanced Research Projects Agency-Energy program, known as ARPA-E.
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