As 2024 wraps up, it’s time to reflect on a year that was anything but dull for the climate tech world. A buzzword dominated this year—FOAK (First-of-a-Kind). It symbolizes the growing realization that proving your tech in a lab is one thing, but scaling it to a factory is a different beast. Many startups found themselves stuck in the dreaded Valley of Death between proving a pilot and scaling up. I’ve written a few epitaphs on those who didn’t make it this year (here, here, and here), the biggest corpse left lying in this valley in 2024 is undoubtedly, Northvolt’s, but more on this later.
Let’s break down the year—the highs, the lows, and everything in between.
The Big Picture: Maturing Investments
2024 saw investors waking up to the reality: scaling hardware is hard. According to CTVC, private equity investors started stepping away from FOAK startups, leaving the space for long-term climate-focused funds.
Assets Under Management (AUM): Climbed 20% to $164B—steady, not spectacular growth.
Dry Powder: $86B ready for deployment in 2025—a promising setup for startups that truly know their game.
Despite this, the “missing middle”—financing FOAK projects—remains an unresolved challenge. Most investor advice stops at fundraising, offering little on actual execution.
Success of the Year
📈 JR Energy Solution (Korea):
Launched a 500MWh electrode factory in just 9 months.
They focus on manufacturing-as-a-service, helping battery startups scale without building costly factories.
Their execution offers a blueprint for FOAK success. Catch my interview with their founder, Duke Oh, here.
Failure of the Year
📉 Northvolt: From EU climate darling to bankruptcy, Northvolt’s collapse underscores the mantra: Execution is everything. Vision is nothing.
The fallout shook the industry, as insiders scrambled to reassure investors that they won’t follow the same fate. My best post of the year was also about the perils of battery manufacturing, raking up almost 700 reactions on LinkedIn and a few dozen comments from industry insiders.
Fad of the Year
🍿 Small Modular Reactors (SMRs): With hydrogen hype deflating, SMRs became the new bubble. Fueled by energy-hungry AI firms, SMRs are soaking up investments. My prediction? Watch them incinerate another pile of cash. Get your popcorn, and read my take on it here.
Book of the Year
📚 The Innovator’s Dilemma by Clayton Christensen: Though two decades old, its lessons on disruptive innovation are eerily relevant, especially for legacy industries like automotive. My review of the book was one of the best-read posts on my website, scoring 137 views. If you haven’t read it yet - grab a copy, and read over your holidays. Your view on innovation will never be the same.
Podcast of the Year
🎙️ Is Hydrogen the Fuel of the Future? by Climate Insiders: Ben James offers sharp, balanced insights into hydrogen—a rare treat in a divisive debate. My review is here.
Adventure of the Year
⛵ Three Seas, One Sail: This October, I fulfilled a childhood dream, sailing across the Marmara, Aegean, and Mediterranean Seas. 35-knot winds? Bring it on!
Achievement of the Year
📬 Growing This Community: My LinkedIn EcoPunk newsletter grew from 200 to over 1,000 subscribers in 2024. Thank you for joining me on this journey!
What’s Next?
I’m dedicating 2025 to scaling climate tech. My dedicated blog section already features 39 posts on the topic, and I aim to expand this into a hands-on FOAK guide. Packed with founder insights, investor strategies, and operational know-how, it’ll be your roadmap through the Valley of Death.
🎄 Happy Holidays and a Successful 2025!
Emin Askerov,
your ecopunk and scaleup consiglieri.