2024 was a brutal year for hardtech climate startups. Sixteen companies—many in the e-mobility space—failed, leaving behind a stark reminder: 𝗶𝘁’𝘀 𝗲𝗮𝘀𝗶𝗲𝗿 𝘁𝗼 𝗿𝗮𝗶𝘀𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝘁𝗵𝗮𝗻 𝗶𝘁 𝗶𝘀 𝘁𝗼 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲 𝗮𝘁 𝘀𝗰𝗮𝗹𝗲.
Two of the casualties, Northvolt and Arrival, are stories I’ve delved into in my previous posts. But the broader trend is clear: these startups managed to impress investors but couldn’t deliver on the factory floor.
So, what went wrong?
Scaling hardtech isn’t just about flashy pitches or big fundraising rounds. It’s about execution—turning concepts into real, tangible products. And that requires people who’ve been there, done that. The common thread among the 16 failures? A lack of operational expertise.
If there’s one takeaway from these stories, it’s this: 𝗛𝗶𝗿𝗲 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗽𝗲𝗼𝗽𝗹𝗲 𝘁𝗼 𝗺𝗮𝗻𝗮𝗴𝗲 𝘆𝗼𝘂𝗿 𝘀𝗰𝗮𝗹𝗲-𝘂𝗽.
Manufacturing isn’t forgiving. Processes need to be honed, supply chains secured, and quality controlled to the nth degree. It’s messy, expensive, and relentless. That’s why the right team—seasoned professionals who know how to take hardtech from lab to line—is critical.
Scaling up is where dreams collide with reality. Investors might give you the runway, but without the right people to build and deliver, you’re not going anywhere.
For the full list of 2024’s hardtech casualties, check out the article here: Sifted’s roundup of startups that went bust.
𝗪𝗵𝗮𝘁’𝘀 𝘆𝗼𝘂𝗿 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗹𝗲𝘀𝘀𝗼𝗻 𝗳𝗿𝗼𝗺 𝟮𝟬𝟮𝟰’𝘀 𝗰𝗹𝗶𝗺𝗮𝘁𝗲 𝘁𝗲𝗰𝗵 𝘀𝗵𝗮𝗸𝗲𝘂𝗽? Drop your thoughts in the comments or shoot me a message. And as always, follow me for more no-nonsense takes on scaling cleantech!