As we enter the new year, a new energy company can too.
With 2023 receding into the rearview, investors and entrepreneurs are turning their sights on the year ahead and starting to make bets on the technologies that will take off and the market conditions that will enable or inhibit them.
What happened to the previous year, so we can look to the new one.
First, let’s take a look at the last year. If narrowed to a single theme, 2023 was the year of AI. It was also a year marked by a tepid IPO market, downsized valuations, and a sluggish fundraising environment. New Energy Company.
In the climate space, 2023 was a year of highs and lows. It dealt blows to the overall climate venture and growth ecosystem while also serving as an inflection point for the climate labor market and a courier of maturing climate companies.
Facing the new year with a new power company on our side
What will 2024 be the year of? Only time will tell, but here are my top five crystal ball predictions for what 2024 will bring in the climate corner of private market investing.
Electricity will be in high demand—and we’re going to feel the strain.
Electricity sales are expected to rise in the U.S. next year, driven in part by the data center computing needed to power digital tools—an under-discussed component of the AI boom—and the growing popularity of electrified assets like EVs.
I expect the heightened demand to be felt through both increased outages and increased conversations around energy consumption and grid management.
New year, new challenges, new energy company all it's here.
With the growing supply and demand gap comes the opportunity for tech innovation, from hardware equipment to the digital backbone needed to optimize it. I’m particularly excited to see how software tools rise to the occasion to provide solutions such as preventative maintenance systems, lifecycle tracking, and energy grid analytics.
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