We expect startup investment into energy efficiency and related sectors to rise 20-30% this fiscal year, especially if higher energy prices persist. The fuel crisis underscores that sustainability is no longer an ESG theme but an economic and energy security imperative, and we're watching renewed interest build in clean mobility, energy efficiency, batteries and grid infrastructure. That said, we're deploying far more selectively, prioritizing fleet electrification, charging infrastructure, battery tech and EV financing where unit economics are genuinely positive, given recent EV startup failures tied to weak growth capital access.
Over the next 12-18 months, we're not chasing pace for its own sake; we're comfortable sitting on cash when valuations don't make sense. We're reserving capital for follow-ons in performers like Battery Smart, Revfin and Euler Motors, while scouting energy storage, mobility infrastructure, waste management and climate software. Climate tech is now core economic infrastructure, not a niche impact category.
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