The U.S. Cleantech Industry Is Struggling

📆 9/3/2024 10:15 AM
📰 OilandEnergy

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Cleantech News

Bankruptcy,Sunpower,Amazon

The U.S. cleantech industry has been hit by a wave of bankruptcies, with SunPower being the most notable casualty, as rising costs, delays in federal incentives, and increased competition have squeezed many startups.

U.S. renewable energy and cleantech companies have been struggling in recent months, with the highest number of such firms filing for bankruptcy since 2014. Many of the cleantech startups received support from investors and climate funds backed by Bill Gates or Amazon a few years ago.

Regulatory reforms in the state contributed to the weaker demand as they removed a large part of the incentives that drove people to put solar on their rooftops. SunPower was not the only victim of the troubles clean energy firms face. Battery start-up Moxion Power, which had raised $110 million, shut down in July and laid off all remaining 250 workers. Amazon invested in Moxion Power’s technology through its Climate Pledge Fund in 2022.

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