Photo illustration: Shoshana Gordon/Axios. Photo: Courtesy of Latitude Media.
There's plenty of funding out there for climate tech — founders just need to be creative on where to find it, Stephen Lacey tells Axios.
Why he matters: As former host of the "The Energy Gang" podcast and former editor of Greentech Media, Lacey is the closest thing climate tech has to a celebrity.
- He's executive editor of Latitude Media, which this week announced its expansion and rebranding from Post Script Media.
This interview has been lightly edited for length and clarity.
What's been the big story in climate tech this month?
- "The $3 billion partial loan guarantee from the Department of Energy for a 100,000-home virtual power plant.
- DOE has historically focused on big infrastructure projects. They're now experimenting with some interesting things. With this government backing, I think we'll see next-level development."
What would you add to the narrative?
- "We've seen these systems provide immediate relief under the threat of extreme weather. They've become more sophisticated, their costs have come down, there's recognition from utilities that this is not just a cute technology."
What do you feel is going unnoticed?
- "The U.S. is potentially an engineered carbon-removal powerhouse. It started in 2021 with the Carbon Removal Shot, a DOE goal to get the average carbon cost of engineered carbon removal to $200 per metric ton — a very ambitious goal.
- Then there was $1.2 billion in funding for carbon removal projects under the direct air capture hubs. The DOE has developed a commercial direct air capture technology prize. This month, the government put together a purchase pilot where they're going to start to buy credits from carbon removal projects.
- I don't see any other country doing it at the scale that the United States is doing."
One tip for climate-tech founders or investors?
- "Think more creatively about how to finance your project. The government is begging companies to work with them. There's a bunch of new corporate strategic partners out there. The oil and gas industry is involved. Banks are making large investments.
- There's a lot of funding — it's just not necessarily coming from venture capitalists."
💼 First job: "Manager at a movie theater."
👑 Proudest achievement: "Taking this market really seriously when there was a lot of early dismissal."
🤦 Facepalm achievement: "In 2010, when the Bureau of Ocean Energy Management approved construction plans for Cape Wind, I gave an interview to a local NPR station saying that it was basically a done deal. I stopped making projections like that."
