💸 Climate tech boom: Tracking the $1 trillion wave

Hello👋 In a market disruption reminiscent of the early 2000s, Microsoft has surpassed Apple as the world's largest company by market capitalization, with a record-breaking value of $2.887 trillion, attributed to its strategic focus on generative artificial intelligence (AI) and a substantial market surge over the past year, while Apple grapples with challenges including waning demand and intensified competition, particularly in China, signaling a shift in the tech landscape.

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5 major headlines

💸 OpenAI-backed 1X just raised $100m to bring its two-legged robot butler to your home. The funding will help the Norwegian startup scale the production of its new android.

💬 Instagram co-founders Kevin Systrom and Mike Krieger are discontinuing their AI-driven news app, Artifact, just a year after its launch, citing a limited market opportunity, with CEO Kevin Systrom mentioning in a blog post that despite a dedicated user base, the app's features like comments and posts required more moderation than the team of eight could sustain.

👩‍💻 Google has confirmed layoffs of around a thousand employees, extending beyond the Google Hardware team to impact core engineering and Google Assistant teams, with the company stating it eliminated "a few hundred" roles in each division on January 11, 2024, amid ongoing organizational changes.

👀 FedEx is set to unveil its new "data-driven commerce platform" called fdx, aiming to provide online merchants with comprehensive e-commerce solutions, incorporating existing tools and features like a "custom post-purchase experience" to enhance customer satisfaction, amid heightened competition with Amazon in the logistics sector.

🤝 E-scooter rental firms Tier Mobility and Dott said on Wednesday that they will merge to form the largest European operator, with their investors injecting an additional 60 million euros ($66 million) into the combined business.

💸 Climate tech boom: Tracking the $1 trillion wave

Snapshot: Climate tech, once strapped for cash, is now riding a $1 trillion wave as investors flock to the sector. Incentive-tracking apps and startups are seizing the opportunity to help businesses navigate the plethora of government incentives, tax credits, and grants pouring into the climate tech realm.

Rise of climate tech investments: Historically viewed as a cost, climate tech is now attracting significant investments, with over $1 trillion in incentives available. U.S. and European policies, like the Inflation Reduction Act and the Green Deal, contribute to this funding surge, spurring private investment.

Navigating the incentive maze: The influx of incentives poses a challenge as companies struggle to track and integrate them into their operations. Websites, apps, and startups like Upfront and Rewiring America are emerging to simplify the process, providing tools and calculators to help businesses and consumers make the most of available incentives.

Incentive-Tracking Solutions:

• Upfront: Matches merchants' products with energy efficiency data, rebate availability, and more. Offers a Javascript snippet or API for displaying rebate information on product pages.

• Rewiring America's IRA Savings Calculator: Focuses on the Inflation Reduction Act, simplifying the understanding of incentives for consumers. Also developing tools for existing electrification and efficiency incentives.

• Pioneer: Utilizes AI models to match climate tech companies with government funding opportunities. Provides a dashboard to manage grant applications and employs generative AI to streamline the application process.

Looking ahead: Climate tech's financial abundance is likely to persist, driven by government policies and the urgency to address climate change. Incentive-tracking solutions are just the beginning, offering a glimpse into the sector's evolving landscape. With the potential for a $3.5 trillion annual investment needed to combat climate change, the years ahead promise significant growth for climate tech.

Can you raise $100m without making the founders the face of the company? This one could 👇

Power Play in Silence: Breaking the startup norm, Ingrid Capacity secured a significant $100 million funding without featuring its founders prominently. This low-profile approach didn't hinder its rapid success, establishing six energy storage facilities across Sweden within a year of its April 2022 inception.

Energy Storage Surge in Sweden: A shift in battery prices and soaring electricity costs in Sweden fueled interest in battery energy storage solutions. Ingrid Capacity foresaw this trend and strategically timed its entry into the market, capitalizing on the surge in electricity prices since 2022.

Strategic Insights: Nicklas Bäcker, Ingrid Capacity's Chief Strategy Officer, highlights the importance of catching the right cycle in energy markets for swift growth. Deregulation creates opportunities, and companies with cost-effective systems can capitalize within a specific time window.

European Expansion and Ukraine Deal: Ingrid Capacity eyes European expansion, particularly in countries with increasing intermittent electricity production. The company signed a memorandum of understanding with Ukrenergo, Ukraine's power transmission system operator, to develop large-scale battery storage systems for securing the Ukrainian power system.

Founders in the Shadows: In a departure from the startup norm, Ingrid Capacity keeps its founders discreet, with no mention in press releases or on the company homepage. LinkedIn reveals co-founders John Hunter, Arvid Lilljeqvist, and Niklas Möller, each bringing unique expertise, including business development, entrepreneurship, and real estate.

Strategic Team Building: While the founders may not be technical experts in energy storage, Ingrid Capacity has strategically assembled a team with diverse competencies, including energy expertise, permitting, land, and procurement. This approach aligns with the belief that the most suitable person should represent the company publicly.

Stealth Mode Rationalized: The reluctance to showcase founders may be a strategic move to avoid criticism from energy experts at large energy suppliers. Ingrid Capacity emphasizes building a company where the most fitting representative discusses its initiatives.

Ingrid Capacity's unconventional path highlights the success that can be achieved when strategic timing, diverse expertise, and a discreet approach align in the dynamic energy sector.

Articles & links we dig

• Parents make great founders, so why are we constantly punished for it? (Sifted)

• Age tech at CES was much more than gadgets (TC)

• The unicorns that could be due a fundraise in 2024 (Sifted)

• What's the future of Too Faced without its founders? (Vogue Business)