Cleantech businesses that raised hundreds of millions of dollars from SoftBank, Amazon and other big investors are closing, while other green companies — including some touted by the Biden administration — are struggling to survive.
Start-up cleantech businesses that easily raised money from venture firms just two or three years ago are now finding it harder to get hold of fresh cash. Stung by high interest rates and some delays from federal tax credit support, cleantech businesses have found that winning investments from private equity and infrastructure funds has become more difficult.
These challenges could dent the Biden administration’s goals for renewable energy growth and reducing carbon emissions.
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