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SOSV Climate Tech Summit Highlights - 2023 | SOSV

SOSV hosted the third annual SOSV Climate Tech Summit in September, 2023. The summit brought together top investors, founders, and scientists to discuss climate tech as an emerging category for startups and venture investing. Our goal is to deepen venture, academic, corporate, and media understanding of the accomplishments and potential of startups in climate tech. Human and planetary health is a key mission at SOSV, and we believe that this mission includes educating the startup ecosystem on how best to take on the emerging climate tech category. The summit follows the launch of the SOSV Climate Tech 100 list, published earlier this year and noted by TechCrunch, which established SOSV as a leading pre-seed and early stage investor in climate tech. In five months, the SOSV Climate Tech 100 startups value grew by 44% and 25 startups on the list raised new funding. The largest contributors to the jump in valuation were major raises at NotCo, Formlabs, and R-Zero. [00:00:00] Climate tech requires completely rethinking our means of production, and it's really happening. We're really building now. There will be, you know, Microsoft, Google, you know, Amazon type [00:00:15] companies that come out of this space. There's a dozen areas of deep technology that matter, and hence we only need a dozen instigators of large change in these dozen areas. [00:00:27] Frankly, the competition is great out [00:00:30] there. There's amazing companies. The feeling of optimism that I have is that there's so many people who want to start companies to solve this problem. We are at the dawn of the fastest, most far reaching industrial revolutions in human history. Climate solutions are [00:00:45] not a separate industry. [00:00:46] It's the act of rebuilding every single industry we have. I've never heard of a job function that I couldn't apply a climate lens to. Digging up and burning old dinosaur bones is expensive. The reality is anyone who continues down that path is just [00:01:00] gonna get left behind by the biggest economic transformation in the history of the planet. [00:01:04] What the Inflation Reduction Act does is effectively puts clean energy on sale through a variety of tax credits, grants, loan guarantees, rebate programs, et cetera. You know, it's interesting, [00:01:15] this first year is a lot about setting the stage, and really I think the next three years is where we're really going to see, like, steel in the ground and the rubber meet the road. [00:01:21] I think everyone agrees that we have all the technologies that we need to get to this goal of reducing carbon. The irreversible momentum has started. And it [00:01:30] is moving at speed and scale. We're getting really serious about the climate problem and starting to put the things in place so that even in a market downturn, companies can still move forward. [00:01:40] Nuclear energy is seeing a revival with the development of smaller, [00:01:45] lower cost, and more distributed solutions. Solar and wind power require about two to five times as much copper compared to traditional energy sources. Copper is essential for the clean energy transition. At Nova Loop, we take plastics that are ubiquitous, [00:01:59] but really hard to [00:02:00] recycle. And we transform that on a molecular level to high performance materials. Conventional meat will always require raising and slaughtering an animal. The only way to get rid of it and still have animal cells that we love to eat is cultivated [00:02:15] meat. And that's not a simple innovation. [00:02:17] It's a transformative innovation. It's going to take time. But the first principles are sound. Geothermal is the most powerful and abundant renewable on Earth. Much more so than wind, solar, all nuclear, and all fossil [00:02:30] combined. The people who take the high risk on the hard areas are the ones who deserve credit for trying to solve the global problem. [00:02:37] I am very confident we will end up with a decarbonized, fully reliable and very affordable electric system. Where we're really [00:02:45] headed is a world where fuels and chemicals can be made from waste. The really powerful ideas are the ones that do something that's never been possible before. We're in the industrial revolution 2.0 [00:02:57] So literally you could have a better business that's better for the [00:03:00] planet and you can be making more money. So you're like, wait a second, it's a win, win, win. We're going to get this done. We have to get it done.