Fellow Climate Warriors,

We’re back in action again with the 3rd deep dive into our fund’s consumer climate tech investment strategy.

But first, ICYMI, we launched Climate Tech Coffee this week! Exclusive for Climate Tech Cocktails Substack subscribers, Coffee is a shorter caffeine-infused version of Cocktails.

Also, don’t forget to submit your application for the 2nd cohort of our CTC Fund Fellowship. Do you want some hands on climate tech VC experience while helping laey the foundation for CTC Fund II? Say no more and APPLY HERE today!

Also, we launched our very first CTC Marketing Fellowship! Learn more about our marketing fellowship and APPLY HERE while the gettin’s good!

Alriiight, alriiight, alriiight. Back to the main course. Today we tap the surface about how corporates are going to need consumer climate tech solutions to ultimately hit the metrics they need to hit in order to meet their ESG targets. Round of applause for CTC Fund fellow Elizabeth Blankenship for penning this post.

If you are an accredited investor and would like to learn more ping us at m@climatetechcircle.com.

Warmly,

CTC

CTC Investment Strategy Deep Dive

Part 3: Corporate Response

Corporate Sustainability: A Response to Shifting Consumer Demand and Emerging Regulations

One of the biggest, and easiest, proof points that consumer climate tech is the next big thing can be found at the highest level of American capitalism: corporations. Over the past two weeks we’ve examined two profound forces at the forefront of this sustainable shift, compelling corporations to reevaluate their practices: the pull of consumer demand and the regulatory push from governments. Now, we dive into how corporations are responding to these dual pressures and are building a more sustainable future. Corporations are at a crossroads, keep up or be left behind. But, what does that actually mean? 

Corporations both large and small are taking sustainable action in two pivotal ways: by implementing corporate-level changes in Environmental, Social, and Governance (ESG) policies and by creating more sustainable products. 

Response #1: Making Corporate-Level ESG and Sustainability Changes

The rise of ESG criteria is reshaping how companies manage and govern themselves. ESG is not just a buzzword; it's now a critical consideration for investors and management alike. Companies are drastically shifting long-term goals at the highest corporate level, and, because regulations now prevent corporations from making false claims, we know that this turn towards sustainability is real.  According to the G&A Institute, 96% of S&P 500 companies and 81% of Russell 1000 companies now publish ESG reports in some form. These reports provide quantifiable metrics, revealing the extent to which companies are making real changes to their operational processes and supply chain practices. It looks like we’re close to a world where 100% of the world’s biggest corporations are transparently reporting their carbon footprints.

The original graph can be found and linked from here. 

Companies are backing up their reporting by incorporating sustainability into their DNA. Because sustainability practices cannot merely be lip service anymore, companies must embed sustainability into corporate strategies. Boardrooms are having serious discussions about long-term sustainability commitments, recognizing that these are no longer peripheral matters but central to their survival and growth. For many, this means adopting ambitious carbon neutrality commitments. The growth of net-zero commitments among publicly traded corporations is a testament to this shift. In late 2020, there were 417 such commitments; by mid-2023, this number had surged to 929. 

The original graph can be found and linked from here.

In the US, a whopping 49% of the largest corporations have made a Net Zero target, while a further 23% have made other mitigation targets (think significant ESG goals other than carbon neutrality). We expect this number to continue growing exponentially. See how we stack up to other economies below. 

Response #2: Creating Sustainable Products

So, what does this new policy implementation look like at the ground level?  One of the biggest ways companies need to meet their goals is by transforming their product offerings. The modern consumer isn't just seeking convenience; they are demanding products that echo their values. Sustainable products are hitting shelves at their highest rate ever: products marketed as sustainable grew ~2x faster than products not marketed as sustainable and achieved a 5-YR CAGR of 9.43% vs. 4.98% for their conventional counterparts. 

A great example of this shift is the consumer packaged goods (CPG) sector. Looking at the sector at the corporate level, 52% of CPG companies say that sustainability is in their top three priorities. Diving deeper, research conducted by a team from the NYU Stern Center for Sustainable Business found that "...while sustainability-marketed products make up only 17.3% of total (CPG) sales, they are responsible for 30% of the growth in the sector. In fact, in 2021, one of every two new CPG products sold had one or more sustainability attributes. Some categories such as dairy, yogurt, and toilet paper have more than 60% of products sold with sustainable attributes."  Similar product offerings can be seen across essentially every consumer product sector sold in America today, from things as small as face serums (C16 Biosciences) to reusable food containers (Dispatch Goods) to clothing (Bloom Labs). Companies are reimagining their offerings to align with the sustainability narrative consumers want and regulators demand.

Photo: Consumer Reports

So how are corporations actually going to create and scale more sustainable products?

From Goal Setting to Action: Corporate Venture Capital and Accelerators

For corporations to enact true and lasting change, many companies are seeking external innovations in the form of climate tech startups.  A notable trend in the investing landscape today is the surge of Corporate Venture Capital (CVC) arms and corporate accelerators with a laser focus on climate tech. This strategic shift is more than a financial investment, it's a profound integration into the core business strategies of these corporations.

Corporate Venture Capital (CVC): Pioneering the Green Frontier

Beyond philanthropy or mere compliance with regulations, CVCs offer a dynamic approach to integrating sustainability into a corporation's DNA.  By strategically investing in early-stage climate tech startups, corporations gain more than just a financial stake.  They gain a front-row seat to cutting-edge technologies and are often the startup’s first customer, sometimes allowing them a certain influence over product development itself.  It’s a win-win for both corporations and startups: each one has something that the other needs–startups are nimble and have innovative tech, and corporations have scale and money to bring those innovations to market. 

To put this into scale, we estimate that CVCs were involved in 30% of all VC investments last year, equalling approximately $774 billion in AUM in 2022.  Within the last 5 years, some of the largest and most prestigious CVCs have recognized the opportunity and importance of climate-focused investments and have made significant shifts in their strategies to invest in this segment.  Traditional energy companies have led the charge with BP Ventures deploying over $1B in capital already, with their investments being labeled “a critical enabler of BP’s commitment to be net zero by 2050”. Additionally, Shell Ventures launched a $1.4 billion fund to invest in the clean energy transition while Chevron Technology Ventures is currently investing out of their second Future Energy Fund ($300M). Notable CVCs across almost every industry have joined the charge towards climate investing, including big names like Google Ventures ($30M through Google.org’s Impact Challenge), National Grid Partners ($150M), BMW i Ventures ($300M), Bosch Ventures ($295M), and SalesForce Ventures impact fund ($100M), to name a few.

Source: Climate Tech VC

Accelerating Change: Corporate Accelerators and Grants

In tandem with the rise of CVCs, corporate accelerators and grant programs focusing on climate tech have emerged as powerful catalysts for change. These accelerators provide a structured framework for startups to fast-track their growth while allowing corporations to help shape and harness cutting-edge technologies at their earliest stages. The collaborative nature of these programs fosters an environment where startups benefit from corporate mentorship, access to extensive resources, and a potential launchpad into mainstream markets. Typically, the sponsoring corporations don't take an equity position in the venture, and the startup isn't held in an exclusivity or non compete clause. This gives the startup great exposure to the larger industry while maintaining flexibility, and often attracts other powerful corporations as early customers. 

Case in point: Keel Labs (formerly known as AlgiKnit)

A vivid illustration of the transformative power of corporate accelerators unfolds in the story of Keel Labs (formerly Algiknit) and the Fashion for Good Plug and Play Accelerator.  In 2018, Keel Labs participated in this collaborative initiative involving Fashion for Good, with C&A Foundation as a founding partner, Plug and Play, and corporate partners Kering, Galeries Lafayette Group, and C&A. Emerging from this accelerator, Keel Labs, which transforms sea kelp into sustainable yarns and textiles, garnered not only early-stage funding, but also invaluable insights and support from industry giants. 

Since graduating in 2018, the young venture has grown at an impressive clip - Keel Labs secured $13M in Series A funding last summer, with participation from corporate powerhouses H&M and LVMH's venture arms. Following their fundraise, Keel Labs established a production facility in the Research Triangle of North Carolina where they can achieve commercial-scale production of their innovative yarns. 

Just last month, Keel Labs marked a standout moment as their collaboration with renowned fashion designer Stella McCartney debuted at Paris Fashion Week. As part of McCartney's Spring 2024 show, she premiered two crochet knit looks created from Keel Lab's sustainable kelp-based yarn, Kelsun.

Source: Vogue.com

The support from corporate accelerators not only accelerated Keel Labs' growth, but also facilitated strategic partnerships with major players in the fashion industry. Keel Labs stands today as a beacon of successful collaboration.  Keel Labs demonstrated how startups, armed with innovative climate solutions, can seamlessly integrate into ecosystems of established corporations, driving sustainability and innovation hand in hand. 

Wrap It Up: A Role for Consumer Climate Tech Companies

The interplay of consumer demand and regulatory pressure is compelling companies to adapt, change, and innovate. As these dual forces converge, companies are rethinking not only what they produce, but also how they operate. This intersection presents an immense opportunity for growth, collaboration, and transformation. 

In this seismic shift, we see an immense opportunity for consumer climate tech companies. As corporations work to fulfill their sustainability commitments, they are increasingly seeking innovative partners who can help them achieve their net-zero targets. This creates a fertile ground for consumer climate tech startups to form strategic partnerships, secure investments, and even be acquired by these legacy corporations. From electric vehicles (Lightship) to plant-based meat alternatives (SCiFi Foods), and household appliances (Copper) to energy (Dimensional Energy), consumer-focused climate tech is fertile ground in which corporations can play. 

In the next article of this series, we will delve deeper into the historical and proven returns of consumer climate tech–if we haven’t convinced you yet, we think the numbers will show that this isn’t a sector you want to sleep on–unless the mattress cover is made from natural synthetic fibers, of course!

We’re back in action again with the 2nd deep dive into our fund’s consumer climate tech investment strategy. But first, ICYMI, we launched the application for the 2nd cohort of our CTC Fund Fellowship. Do you want some hands on climate tech VC experience while helping lay the foundation for CTC Fund II? Say no more and APPLY HERE today!

Also, we launched our very first CTC Marketing Fellowship! Learn more about our marketing fellowship and APPLY HERE while the gettin’s good!

Ok, back to business. Today we wade into the regulatory waters and explore how climate regulatory tailwinds will also benefit consumer climate tech. Big shout out to CTC Fund fellow Isabella Todaro for authoring this section.

If you are an accredited investor and would like to learn more ping us at info@climatetechcircle.com.

Warmly,

CTC

CTC Investment Strategy Deep Dive

Part 2: Regulatory Tailwinds

As promised, we’re diving into the nitty gritty details to explain our belief in consumer climate tech. Last week, we described how consumers are increasingly demanding climate solutions in their everyday lives. Today, we’re breaking down the regulatory developments that are both a result of this consumer pressure and making it possible for consumers to build a high quality, low-carbon, lifestyle. 

Regulatory Tailwind #1 | Largely in response to activism, there’s been a crackdown on greenwashing. 

Following a wave of consumer demand for climate-friendly products, companies rushed to respond. In CPG, the response was largely driven by what companies could say to their customers. Greenwashing proliferated. Without standardization, companies made climate and carbon claims based on narrow measurements of their emissions and a heavy reliance on carbon credits from the voluntary market, many of which have proven to deliver much less carbon benefit than promised. 

In response, just last month, the EU reached a provisional agreement to ban several forms of greenwashing, including vague sustainability claims, product labels that are not third party verified, and unproven durability claims. 

In the US, there have been a series of lawsuits directed at companies like Evian and Delta over their carbon neutrality claims. This has led leading consumer brands like KitKat and Gucci to preemptively drop their own climate marketing claims.  The FTC is in the process of updating their Green Marketing guides and observers are expecting the agency to tighten the scope for allowable climate and carbon claims on products, bringing US greenwashing regulation closer to the European standard. 

This creates an opportunity for consumer climate tech companies that offer direct solutions. 

Anti-greenwashing legislation will force consumers who used to select for climate-friendly candy bars, water bottles, and airlines to look for more radical solutions that maintain their standard of living while addressing emissions directly. Candy bar manufacturers will have to take substantive actions to actually decarbonize their products, which will drive demand for inputs like synthetic palm oil from C16 Biosciences. They’ll shop for airlines who actively trap and utilize carbon to power airplanes, like Dimensional Energy. 

Regulatory Tailwind #2 | Meaningful carbon emissions regulation is here at the state and local level.  

The recently passed California State Climate Corporate Data Accountability Act will require nearly all companies operating in California to measure and disclose their Scope 1-3 emissions and climate risks. Also in California, by 2035, all new vehicles sold must be EVs (see below for projected adoption).

Citation: California Air Resources Board  

In New York City, Local Law 97 will have widespread implications (see below for a snapshot of lots covered) for building owners who will soon have to comply with emissions caps and reporting requirements and, at the state level, New York has banned gas burning cooktops in new buildings and is stoking induction cooking innovations to replace gas stoves in old buildings. 

Citation: NYC.gov

These are just a few examples of the state regulations requiring consumer climate tech solutions. 

California’s EV law will accelerate adoption of charging station technologies for cities like It’s Electric’s platform to empower property owners to install public charging stations. The wave of legislation in New York aimed at residential properties will drive adoption of retrofit solutions like those offered by Channing Street Copper, which makes it much easier to retrofit units for electric cooktop suitability. 

Regulatory Tailwind #3 |  Governments are subsidizing the growth of climate technologies. 

In 2019, the EU passed the European Green Deal to accelerate the region’s transition to net-zero emissions by 2050 and promised €1 trillion in government spending on climate solutions. The US followed along with its own suite of spending packages including the Bipartisan Infrastructure Law, the CHIPS Act, and the Inflation Reduction Act, which will equal nearly $2 trillion in government spending, much of which is directed specifically towards climate solutions. 

Both packages offer generous consumer tax credits. The IRA alone offers $43 billion in credits that help to make EVs, rooftop solar, and home energy improvements more competitive (see below for breakdown of total IRA spending).

Citation: McKinsey

Additionally, the IRA also provides incentives for R&D to develop nascent consumer climate technologies. One example is up to $1.75 per gallon tax credits for the development of sustainable aviation fuels.

For consumer climate tech, specifically, all of this government spending is a boon. 

For example, the IRA’s basket of incentives for the HVAC industry – including low-cost financing and demand-generating tax credits will make it both easier for companies like Gradient to grow faster and to sell their solutions to homeowners more easily. 

Nascent energy and fuel technologies, like those being pioneered by Avalanche and Dimensional will benefit from IRA money too – whether through tax credits or R&D funding.  

To sum it up – we believe recent government spending packages, combined with a regulatory crackdown on greenwashing, create a unique opportunity for consumer climate tech companies to enable corporations to directly reduce emissions as opposed to offsetting their way out of the problem.  In fact, some consumer climate tech companies will earn market share away from legacy consumer brands, even those who have attempted to make their products more “sustainable”.  

Next week, we’ll dive into how legacy corporations are involved in this transition themselves! 

In case you missed last week’s post, we painted CTC’s approach to consumer climate tech with broad brush strokes. Today, we take a deeper dive into how changing consumer sentiment is setting the table for exciting investment opportunities in the consumer climate tech landscape. Please give a huge round of applause for CTC Fund fellow Lexi Demarco for penning the below.

If you are an accredited investor and would like to learn more ping us at info@climatetechcircle.com.

Warmly,

Team CTC

CTC Investment Strategy Deep Dive

Part 1: Changing Consumer Sentiment

The sheer magnitude of the impact consumption has on the economy makes it a necessary sector to transform if we want to align growth with sustainability.  Consumer spending accounts for $14Tn annually (almost two thirds of the US economy) while consumer lifestyles are responsible for two thirds of global greenhouse gas emissions. Just last week, the WSJ reported that, despite high interest rates and inflation, the US economy grew almost 5% this summer primarily powered by US consumer spending. Thus, if consumer behavior can be more sustainable, it will have an outsized impact on the economy. As we mentioned in our post last week, we have calculated the consumer climate tech market opportunity to be over $455B and expect it to grow to $1.2Tn by 2030. One of the top forces underpinning this large opportunity is consumers’ changing sentiment towards wanting a more sustainable future. Today, we are excited to highlight some research and data around changing consumer behavior and dive into more detail about how consumers, especially millennials and GenZers, are prioritizing sustainability and are voting with their wallets.

Consumer Awareness Leads to Behavior Change

From 1980-2022 there was an average of 8.5 billion-dollar climate disaster events each year in the US. However, in the past 5 years (2018-2022), the annual average has increased to 18 billion-dollar events a year. In 2023 (through October) alone there have been 24 billion-dollar climate events in the US. Due to the increasing number of devastating climate crises happening not only in the US, but across the world, there has been a rising awareness of climate change and its adverse effects. Encouragingly, consumers are recognizing the need to transition to a more sustainable future and are becoming more conscientious of their spending habits; a resounding 78% of US consumers expressed the importance of embracing a sustainable lifestyle in a recent Nielsen IQ survey. 

Evident shifts in consumer behavior are aligned with this trend of sustainable consumption, encompassing the deliberate reduction of purchases with plastic packaging, a preference for goods crafted from recycled or sustainable materials, and a willingness to invest more in sustainable products. Consumers are also opting for energy-efficient household appliances and transitioning their homes and transportation to renewable energy sources. Pew Research found that two thirds of US adults believe that our country should prioritize the development of alternative renewable energy sources versus expanding oil and coal production. 

Consumers are not just talking about making sustainable purchases, but are actually doing it. McKinsey and NielsenIQ tracked the actual spending behavior of consumers instead of self-reported intentions and found that there is a material link between ESG-related claims and consumer spending, with ESG products resulting in a CAGR of 6.4 percent from 2018-2022 as compared to a CAGR of 4.7 for products that made no such claims (See Exhibit 1). This further underscores that consumers are putting their money where their mouth is.

Exhibit 1 - Source: McKinsey & Company

Generational Shift

Another driving force is that the next decade will witness a significant transformation in both the workforce and population dynamics, largely driven by Millennials and GenZ. Combined, these two generations currently represent 43% of the US population and 49% of the global population. As we move forward, they are on the cusp of inheriting a substantial wealth transfer amounting to tens of trillions of dollars.

A defining feature of these generations is their formative experiences amidst pivotal global events, including but not limited to the COVID-19 pandemic, the Black Lives Matter movement, and an unending series of natural catastrophes. These occurrences have profoundly shaped their perspectives, engendering a heightened concern for environmental and social matters that transcends that of preceding generations. Seventy-five percent of Millennials are eco-conscious to the point of changing their buying habits to favor environmentally-friendly products. Additionally, 62% of GenZers prefer to buy from sustainable brands and 73% are willing to pay more for sustainable products (Exhibit 2). These statistics signify that the impending influence of these two generations will play an outsized role in shaping future consumption patterns.

Exhibit 2 - Source: FirstInsight

In a market where consumer preferences have considerable influence over the products and services available, it's evident that the momentum is surging toward a greater emphasis on sustainability. This trend underscores our conviction that the consumer climate tech sector will provide a massive opportunity over the next decade.

Next week: Regulatory Forces Driving Change

Now that we've explored the evolving consumer sentiment towards sustainability, which is spurring an increased demand for more environmentally responsible products from corporations, next week, we will delve into another critical factor shaping corporate behavior: government regulations and incentives related to sustainability.

As some of you may already know, this January we launched an AngelList rolling fund, CTC Fund I, to invest in badass founders we discover through the Climate Tech Cocktails platform with a focus on consumer climate tech.  We focus on consumer climate tech because we believe that, ultimately, in order to solve climate change PEOPLE need to be empowered to drive the change with their time, energy and wallets.  

So what is “consumer climate tech”, exactly, and why do we think it’s the biggest thing since sliced bread?  Funny you ask.  We’ve been working diligently with our first fellowship cohort to further refine CTC’s investment strategy and communicate our approach to consumer climate tech with the broader CTC community. Today, we are excited to share a bite size version of our investment strategy, and over the coming weeks we will go into more detail on each section below.  If you are an accredited investor and would like to learn more ping us at info@climatetechcircle.com.

First, a huge shout out to our fellows who have worked their tails off on the content to come:

Elizabeth Blankenship, Isabella Todaro, Lexi DeMarco, Momoko Ishii, Natacha Jouonang, and Sanchit Joshi

We look forward to hearing your feedback as we release our research and thoughts around consumer climate tech because we view everything we do as a community effort.  Thank you for your support, and see you soon!

Warmly,

Team CTC

CTC Consumer Climate Tech Strategy

At CTC, we firmly believe the solution to climate change begins and ends with people. That is why our fund focuses on companies transforming the way consumers live, including the electrons we consume, the food we eat, the houses we live in, the transportation we use and the clothes we wear. We calculated the size of the consumer climate tech market, and found these sectors currently present a combined market value of $455B+ and will grow to $1.2T by 2030. This opportunity is underpinned by a number of market forces, including consumer sentiment, regulatory tailwinds, corporate commitments and the outsized returns consumer climate tech companies have seen in recent years.

1. Changing Consumer Sentiment

Consumer spending accounts for nearly two thirds of US GDP, equating to over $14 trillion annually. Given the sheer scale, it is unsurprising that the production and consumption of household goods and services contribute to 72% of global greenhouse gas emissions. Following several years of large-scale climate disasters, approximately 78% of US consumers now prioritize sustainable living habits. Key consumer trends include reducing purchases with plastic packaging, investing in sustainable products, and adopting energy-efficient appliances and renewable energy sources. 

2. Regulatory Tailwinds 

Consumer climate tech benefits from two significant regulatory factors: a crackdown on greenwashing has emerged as regulators worldwide scrutinize climate-related marketing claims, and government spending on climate infrastructure and technology has never been higher. Regulators in the EU and the UK have effectively banned claims like "carbon neutral" without third-party verification, so corporations claiming sustainability must actually be so. Government spending on climate infrastructure and technology, spurred by the European Green Deal and the US Inflation Reduction Act, has facilitated the climate tech sector's growth. Consumer climate tech benefits from these regulatory developments, with the IRA already spurring hundreds of billions of dollars in investment in climate technology within its first year. 

3. Corporate Commitments

In the evolving landscape of corporate sustainability, the two market forces we just discussed above are shaping the behavior of corporations: the push from consumers and the pull from government regulations. Rising consumer sentiment toward sustainability and climate-focused regulatory shifts have driven corporate claims and pledges. Over 900 publicly traded corporations have made net-zero commitments. However, companies have historically engaged in greenwashing, resulting in regulatory scrutiny and eroding consumer trust. The surge in ESG commitments is driven by a genuine desire to regain consumer confidence and comply with evolving regulations. Corporate giants are aiming to reduce greenhouse gas emissions and reach net-zero targets, creating significant opportunities for consumer climate tech startups to form strategic partnerships, receive investments, or even be acquired.

4. Historical Proven Returns in the Consumer Climate Tech Space

Between 2018 and 2023, climate tech startups attracted 25% of global venture funding, driven by growing consumer climate awareness, cost-effective eco-solutions, and government incentives. Successful consumer climate tech companies within CTC’s focus areas—energy, food and water, home, transportation, and apparel—demonstrate the sector's potential. Notable transactions include: Sunrun (residential solar) with a current market cap of $2.2B, Impossible Foods (plant based meat) with a $7B valuation as of 2022, Nest (smart thermostat) which was acquired by Google for $3.2B, and Tesla (EV) with a current market cap of $675B.

CTC Portfolio Companies:

Over the past 10 months, we have deployed capital through CTC Fund I into 9 incredible value aligned companies that are seeking to enable PEOPLE to drive the solutions to climate change.  

They are led by founders with true grit who convert haters into renewable energy powering them to create magical climate tech solutions out of thin air.  Bottom line: they’ll prove we can live in a world of abundance and still be in harmony with the planet.  Here is a glimpse at our current portfolio companies:

• Energy: Avalanche Energy is building small-scale nuclear fusion packs (that you can fit in your hand) which will enable decarbonized consumer activities, particularly transportation.

• Food + Water: SciFi Foods is combining plant-based components with cultivated meat cells producing more sustainable meat options to reduce the GHG hoofprint of the protein production industry.  Dispatch Goods is working to make reverse logistics possible in the food delivery space to eliminate packaging waste. 

• Built Environment: Copper is focused on developing energy storage equipped home appliances so that people can further electrify their homes. Gradient Comfort is building best-in-class heat pumps so we can continue to heat and cool our homes sustainably.  

• Transportation: Itselectric is developing curbside EV charging infrastructure for dense urban neighborhoods thereby increasing EV access for urban residents. Scalvy is paving the way for the decentralization and faster development of electric mobility systems through its modular electric powertrains.

• Apparel: C16 Biosciences is producing synthetic palm oil without palm trees so that we can continue producing personal care products, cleaning supplies, and food without destroying rainforests.

We are extremely excited about all of the companies in our portfolio and are eager to announce more consumer focused climate tech investments soon. Over the coming weeks we will take a deeper dive into each of the market forces driving our conviction in consumer climate tech.

So stayed tuned, you bright, brave circles.