Click here to read the full article.
Silicon Valley Bank collapsed on Friday and following its seizure by regulators with the Federal Deposit Insurance Corporation (FDIC) it has been revealed that the bank was vital to the “climate-tech sector,” in addition to it being heavily used by tech companies based in Northern California and many venture-backed companies.
According to Heatmap News, a managing director at climate change venture capital firm Prelude Ventures, Gabriel Kra, said, “Silicon Valley Bank (SVB) was an integral part of the early-stage climate tech community and I hope that they survive in some form to continue that role.”
The outlet reports that SVB “bragged” on its website about its support of hydrogen, solar, and energy-storage companies, noting that the bank provided finance to the community solar industry upwards of 60 percent.
The largest residential solar company in America, Sunrun, received a revolving line of credit from SVB before its fall.
Kra said, “They were careful, thoughtful, and willing lenders to early-stage companies.”
Continue reading here.
Scroll down for comments and share your thoughts!
GIPHY App Key not set. Please check settings