As the fallout of the collapse of Silicon Valley Bank continued to spread over the weekend, it became clear that some of the worst casualties were companies developing solutions for the climate crisis. The bank, the largest to fail since 2008, worked with more than 1,550 technology firms that are creating solar, hydrogen and battery storage projects. According to its website, the bank issued them billions in loans. The collapse of Silicon Valley Bank threatens to derail what was a fast and growing part of the venture capital sector. For many companies, it is the uncertainty about the ability to make substantial investments in the next few months that is the greatest concern.
By David Gelles. New York Times. March 12, 2023.