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2021-03-29

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Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>

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Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.<blockquote>根据普华永道的数据，2006年至2011年间，风险资本家在清洁技术领域投资了250亿美元，其中约一半化为乌有。由于对惨淡的回报感到失望，风投将注意力转向了应用程序开发人员、软件和人工智能（AI），这些领域承诺在不需要巨额资本注入的情况下获得更大回报。</blockquote> In sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.<blockquote>与此形成鲜明对比的是，中国在扩大太阳能发电规模、推动风能和电动汽车电池成本大幅降低方面取得了巨大成功。</blockquote> Which makes this year's clean energy selloff all the more seem likedéjà vu.<blockquote>这使得今年的清洁能源抛售看起来更加见过。</blockquote> After a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,iShares Global Clean Energy ETF(ICLN), down 20.4% in the year-to-date while its solar peerInvesco Solar Portfolio ETF(TAN) is down 17.1% over the timeframe.<blockquote>经过过去两年的大幅上涨，清洁能源行业正在经历该行业最受欢迎的基准的调整，iShares全球清洁能源ETF(ICLN)，今年迄今下跌20.4%，而其太阳能同行景顺太阳能投资组合ETF(TAN)在此期间下跌了17.1%。</blockquote> But make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.<blockquote>但毫无疑问：清洁技术2.0是一条单行道，没有回头路。毕竟，它还有更多的优势，包括紧迫的气候目标、更强有力的政府支持、硅谷更强有力的支持，以及从清洁技术1.0中收集到的数千条有用的经验教训。</blockquote> As Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:<blockquote>正如旧金山Obvious Ventures董事总经理安德鲁·毕比(Andrew Beebe)简洁地指出的那样：</blockquote> \"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category.\"<blockquote>“我真的不相信有一条途径让我们回顾过去并说，‘哦，清洁技术2.0不起作用。’这不会发生——这种转变，我们所走的道路，是一条单行道。我们不会回到汽油车，我们不会回到燃煤电厂；如果我们有选择的话，我们不会回到肮脏的空气和不健康的生活条件。在过去的十年里，我们学到的是，我们几乎在每个类别中都有选择.\"</blockquote> But as this year's correction proves, this is by no means going to be a walk in the park.<blockquote>但正如今年的调整所证明的那样，这绝不是在公园里散步。</blockquote> China's success<blockquote>中国的成功</blockquote> With Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.<blockquote>在北京的支持下，中国的清洁能源企业家能够迅速扩大规模，太阳能成本在过去十年中降低了80%。中国产量的激增压低了多晶硅的价格，多晶硅是太阳能电池板的关键原材料。</blockquote> This lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.<blockquote>这减少了对美国风险资本支持的创新技术的需求蒸发了。更糟糕的是，美国投资者搬起石头砸自己的脚，这要归功于硅谷的“登月计划”方法，即寻找重大突破，而不是专注于较小的增量进步。</blockquote> The result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.<blockquote>结果是：大多数第一批美国太阳能初创公司都倒闭了，因为它们无法与中国竞争。几乎所有硅谷支持的初创公司都倒闭了，其中太阳能初创公司MiaSolé和电池初创公司A123 Systems等少数公司被中国公司收购。</blockquote> Learning from China<blockquote>向中国学习</blockquote> But, finally, Silicon Valley is getting its act together.<blockquote>但是，最终，硅谷正在齐心协力。</blockquote> Whereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.<blockquote>尽管硅谷与太阳能成为世界上最便宜的能源形式关系不大，但中国在扩大太阳能规模以及降低风能和电动汽车电池成本方面的成功为其提供了蓝图，为清洁能源初创公司的新一波投资奠定了基础。</blockquote> First off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.<blockquote>首先，硅谷全力支持该行业和大规模的ESG热潮。</blockquote> The failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).<blockquote>清洁技术1.0的失败与其说是由于技术问题，不如说是缺乏融资选择。幸运的是，清洁技术2.0正在享受更多种类的资本选择，包括空白支票公司，又名特殊目的收购公司(SPAC)。</blockquote> SPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startupQuantumScape, which was backed byBreakthrough Energy Ventures—a $2 billion fund by Silicon Valley tech heavyweights includingMicrosoft Inc.(NASDAQ:MSFT) andAmazon Inc.(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.<blockquote>SPAC是传统IPO流程的替代方案。SPAC IPO在过去几年中确实呈爆炸式增长，过去12个月中记录了220多起SPAC IPO，总收益超过740亿美元，而一年前的总收益为136亿美元。事实上，我们现在有一只SPAC ETF——SPAC and New Issue ETF（纽约证券交易所股票代码：SPCX），这是第一只专门针对该资产类别的主动管理基金，于去年推出。去年有40家气候相关公司与SPAC合并，其中包括电动汽车电池初创公司量子景观，由突破能源风险投资公司-由硅谷科技巨头投资的20亿美元基金，包括微软公司。（纳斯达克：MSFT）和亚马逊公司。（纳斯达克：AMZN）投资于有前途的清洁能源初创公司。QuantumScape目前估值为210亿美元。</blockquote> Part of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.<blockquote>部分吸引力在于，SPAC不仅为早期投资者提供了退出头寸的途径，还能让初创公司筹集更多资金，从而扩大生产规模。</blockquote> SPAC-mania is a real thing: Just a month ago, Brazilian iron ore minerVale S.E.(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.<blockquote>SPAC狂热是真实存在的：就在一个月前，巴西铁矿石开采商淡水河谷公司。（纽约证券交易所代码：淡水河谷）投资了旗下一家初创公司波士顿金属公司，该公司旨在生产低碳钢。</blockquote> Further, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.<blockquote>此外，风投的要求也变得更加苛刻，Breakthrough Energy只投资有潜力每年从大气中去除5亿吨温室气体（约占地球年产量的1%）的初创公司。</blockquote> But ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.<blockquote>但最终，每个人都想要一块清洁能源的最大原因很简单：回报更高。</blockquote> Companies supporting decarbonization have clearly been outperforming their more conservative peers.<blockquote>支持脱碳的公司显然优于更保守的同行。</blockquote> <img src=\"https://static.tigerbbs.com/e47ec0de8103497166ddd9691bb4e82e\" tg-width=\"450\" tg-height=\"321\">Source: The Financial Times<blockquote>资料来源：金融时报</blockquote> Government support<blockquote>政府支持</blockquote> The renewable energy sector has yet another powerful ally: Governments committing to climate goals.<blockquote>可再生能源行业还有另一个强大的盟友：致力于气候目标的政府。</blockquote> For instance, the U.S. solar sector now has the full backing of the government.<blockquote>例如，美国太阳能行业现在得到了政府的全力支持。</blockquote> A few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.<blockquote>几天前，拜登政府设定了未来十年将太阳能成本削减60%的目标。</blockquote> Specifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.<blockquote>具体来说，能源部(DoE)希望到2025年将公用事业规模太阳能目前每千瓦时4.6美分的成本降至3美分，然后到2030年降至2美分。美国能源部还计划在15年内让美国电网完全依靠清洁能源运行，这意味着太阳能的安装速度需要比目前快5倍。</blockquote> The DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.<blockquote>美国能源部已承诺斥资1.28亿美元用于钙钛矿太阳能电池等技术以及碲化镉和聚光太阳能技术等更新颖的技术。</blockquote> Ultimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.<blockquote>最终，将任何技术从实验室开发成具有降低全球排放潜力的低成本、大众市场产品不仅极其困难，而且通常需要很长的交付周期。然而，华尔街表示，这一次有所不同，因为企业家更好地了解需要什么，并且还得到了寻求运营脱碳的财力雄厚的企业投资者以及友好政府的支持。</blockquote> It's a one-way street that investors will have to travel.<blockquote>这是投资者必须走的单行道。</blockquote>","source":"lsy1606109400967","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nOilprice2021-03-29 16:38\n\n</h4>\n</header>\n<article>\nMany investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese withFirst Solar(NASDAQ:FSLR) andSunPower(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.<blockquote>许多投资者已经意识到，中国是太阳能和清洁能源领域全球最具主导地位的参与者。10家最大的太阳能设备制造商中有8家是中国制造商First Solar（纳斯达克：FSLR）和太阳电源（纳斯达克：SPWR）精英中唯一的美国代表。不过，这并不是因为缺乏尝试——在新千年第一个十年中期开始的第一波可再生能源转型中，硅谷向清洁能源企业注入了数百亿美元。</blockquote> Yet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.<blockquote>然而，清洁技术1.0是一场灾难，这一事实仍然像十五年前投资者杏仁核上的瘀伤一样挥之不去。</blockquote> According to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.<blockquote>根据普华永道的数据，2006年至2011年间，风险资本家在清洁技术领域投资了250亿美元，其中约一半化为乌有。由于对惨淡的回报感到失望，风投将注意力转向了应用程序开发人员、软件和人工智能（AI），这些领域承诺在不需要巨额资本注入的情况下获得更大回报。</blockquote> In sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.<blockquote>与此形成鲜明对比的是，中国在扩大太阳能发电规模、推动风能和电动汽车电池成本大幅降低方面取得了巨大成功。</blockquote> Which makes this year's clean energy selloff all the more seem likedéjà vu.<blockquote>这使得今年的清洁能源抛售看起来更加见过。</blockquote> After a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,iShares Global Clean Energy ETF(ICLN), down 20.4% in the year-to-date while its solar peerInvesco Solar Portfolio ETF(TAN) is down 17.1% over the timeframe.<blockquote>经过过去两年的大幅上涨，清洁能源行业正在经历该行业最受欢迎的基准的调整，iShares全球清洁能源ETF(ICLN)，今年迄今下跌20.4%，而其太阳能同行景顺太阳能投资组合ETF(TAN)在此期间下跌了17.1%。</blockquote> But make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.<blockquote>但毫无疑问：清洁技术2.0是一条单行道，没有回头路。毕竟，它还有更多的优势，包括紧迫的气候目标、更强有力的政府支持、硅谷更强有力的支持，以及从清洁技术1.0中收集到的数千条有用的经验教训。</blockquote> As Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:<blockquote>正如旧金山Obvious Ventures董事总经理安德鲁·毕比(Andrew Beebe)简洁地指出的那样：</blockquote> \"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category.\"<blockquote>“我真的不相信有一条途径让我们回顾过去并说，‘哦，清洁技术2.0不起作用。’这不会发生——这种转变，我们所走的道路，是一条单行道。我们不会回到汽油车，我们不会回到燃煤电厂；如果我们有选择的话，我们不会回到肮脏的空气和不健康的生活条件。在过去的十年里，我们学到的是，我们几乎在每个类别中都有选择.\"</blockquote> But as this year's correction proves, this is by no means going to be a walk in the park.<blockquote>但正如今年的调整所证明的那样，这绝不是在公园里散步。</blockquote> China's success<blockquote>中国的成功</blockquote> With Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.<blockquote>在北京的支持下，中国的清洁能源企业家能够迅速扩大规模，太阳能成本在过去十年中降低了80%。中国产量的激增压低了多晶硅的价格，多晶硅是太阳能电池板的关键原材料。</blockquote> This lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.<blockquote>这减少了对美国风险资本支持的创新技术的需求蒸发了。更糟糕的是，美国投资者搬起石头砸自己的脚，这要归功于硅谷的“登月计划”方法，即寻找重大突破，而不是专注于较小的增量进步。</blockquote> The result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.<blockquote>结果是：大多数第一批美国太阳能初创公司都倒闭了，因为它们无法与中国竞争。几乎所有硅谷支持的初创公司都倒闭了，其中太阳能初创公司MiaSolé和电池初创公司A123 Systems等少数公司被中国公司收购。</blockquote> Learning from China<blockquote>向中国学习</blockquote> But, finally, Silicon Valley is getting its act together.<blockquote>但是，最终，硅谷正在齐心协力。</blockquote> Whereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.<blockquote>尽管硅谷与太阳能成为世界上最便宜的能源形式关系不大，但中国在扩大太阳能规模以及降低风能和电动汽车电池成本方面的成功为其提供了蓝图，为清洁能源初创公司的新一波投资奠定了基础。</blockquote> First off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.<blockquote>首先，硅谷全力支持该行业和大规模的ESG热潮。</blockquote> The failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).<blockquote>清洁技术1.0的失败与其说是由于技术问题，不如说是缺乏融资选择。幸运的是，清洁技术2.0正在享受更多种类的资本选择，包括空白支票公司，又名特殊目的收购公司(SPAC)。</blockquote> SPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startupQuantumScape, which was backed byBreakthrough Energy Ventures—a $2 billion fund by Silicon Valley tech heavyweights includingMicrosoft Inc.(NASDAQ:MSFT) andAmazon Inc.(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.<blockquote>SPAC是传统IPO流程的替代方案。SPAC IPO在过去几年中确实呈爆炸式增长，过去12个月中记录了220多起SPAC IPO，总收益超过740亿美元，而一年前的总收益为136亿美元。事实上，我们现在有一只SPAC ETF——SPAC and New Issue ETF（纽约证券交易所股票代码：SPCX），这是第一只专门针对该资产类别的主动管理基金，于去年推出。去年有40家气候相关公司与SPAC合并，其中包括电动汽车电池初创公司量子景观，由突破能源风险投资公司-由硅谷科技巨头投资的20亿美元基金，包括微软公司。（纳斯达克：MSFT）和亚马逊公司。（纳斯达克：AMZN）投资于有前途的清洁能源初创公司。QuantumScape目前估值为210亿美元。</blockquote> Part of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.<blockquote>部分吸引力在于，SPAC不仅为早期投资者提供了退出头寸的途径，还能让初创公司筹集更多资金，从而扩大生产规模。</blockquote> SPAC-mania is a real thing: Just a month ago, Brazilian iron ore minerVale S.E.(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.<blockquote>SPAC狂热是真实存在的：就在一个月前，巴西铁矿石开采商淡水河谷公司。（纽约证券交易所代码：淡水河谷）投资了旗下一家初创公司波士顿金属公司，该公司旨在生产低碳钢。</blockquote> Further, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.<blockquote>此外，风投的要求也变得更加苛刻，Breakthrough Energy只投资有潜力每年从大气中去除5亿吨温室气体（约占地球年产量的1%）的初创公司。</blockquote> But ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.<blockquote>但最终，每个人都想要一块清洁能源的最大原因很简单：回报更高。</blockquote> Companies supporting decarbonization have clearly been outperforming their more conservative peers.<blockquote>支持脱碳的公司显然优于更保守的同行。</blockquote> <img src=\"https://static.tigerbbs.com/e47ec0de8103497166ddd9691bb4e82e\" tg-width=\"450\" tg-height=\"321\">Source: The Financial Times<blockquote>资料来源：金融时报</blockquote> Government support<blockquote>政府支持</blockquote> The renewable energy sector has yet another powerful ally: Governments committing to climate goals.<blockquote>可再生能源行业还有另一个强大的盟友：致力于气候目标的政府。</blockquote> For instance, the U.S. solar sector now has the full backing of the government.<blockquote>例如，美国太阳能行业现在得到了政府的全力支持。</blockquote> A few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.<blockquote>几天前，拜登政府设定了未来十年将太阳能成本削减60%的目标。</blockquote> Specifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.<blockquote>具体来说，能源部(DoE)希望到2025年将公用事业规模太阳能目前每千瓦时4.6美分的成本降至3美分，然后到2030年降至2美分。美国能源部还计划在15年内让美国电网完全依靠清洁能源运行，这意味着太阳能的安装速度需要比目前快5倍。</blockquote> The DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.<blockquote>美国能源部已承诺斥资1.28亿美元用于钙钛矿太阳能电池等技术以及碲化镉和聚光太阳能技术等更新颖的技术。</blockquote> Ultimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.<blockquote>最终，将任何技术从实验室开发成具有降低全球排放潜力的低成本、大众市场产品不仅极其困难，而且通常需要很长的交付周期。然而，华尔街表示，这一次有所不同，因为企业家更好地了解需要什么，并且还得到了寻求运营脱碳的财力雄厚的企业投资者以及友好政府的支持。</blockquote> It's a one-way street that investors will have to travel.<blockquote>这是投资者必须走的单行道。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Silicon-Valley-Beat-China-In-Clean-Energy-Tech.html\">Oilprice</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Silicon-Valley-Beat-China-In-Clean-Energy-Tech.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111732743","content_text":"Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese withFirst Solar(NASDAQ:FSLR) andSunPower(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.\nYet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.\nAccording to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.\nIn sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.\nWhich makes this year's clean energy selloff all the more seem likedéjà vu.\nAfter a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,iShares Global Clean Energy ETF(ICLN), down 20.4% in the year-to-date while its solar peerInvesco Solar Portfolio ETF(TAN) is down 17.1% over the timeframe.\nBut make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.\nAs Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:\n\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category.\"\nBut as this year's correction proves, this is by no means going to be a walk in the park.\nChina's success\nWith Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.\nThis lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.\nThe result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.\nLearning from China\nBut, finally, Silicon Valley is getting its act together.\nWhereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.\nFirst off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.\nThe failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).\nSPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startupQuantumScape, which was backed byBreakthrough Energy Ventures—a $2 billion fund by Silicon Valley tech heavyweights includingMicrosoft Inc.(NASDAQ:MSFT) andAmazon Inc.(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.\nPart of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.\nSPAC-mania is a real thing: Just a month ago, Brazilian iron ore minerVale S.E.(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.\nFurther, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.\nBut ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.\nCompanies supporting decarbonization have clearly been outperforming their more conservative peers.\nSource: The Financial Times\nGovernment support\nThe renewable energy sector has yet another powerful ally: Governments committing to climate goals.\nFor instance, the U.S. solar sector now has the full backing of the government.\nA few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.\nSpecifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.\nThe DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.\nUltimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.\nIt's a one-way street that investors will have to travel.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":534,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/352758342"}