In March 2020, we witnessed the clean energy sector shed over 100,000 jobs, erasing a year of gains. Despite an already sizable hit, some estimates show that it’s only getting worse; by the time summer comes around, we could lose up to 500,000 jobs.
It’s not just jobs at stake either—it’s companies too. Even the largest energy companies are struggling to stay afloat while others have filed for bankruptcy protection. Companies that rely on solar installations for revenue are on thin ice too.
2020 projections for solar installations fell almost 20%. It’s a similar story with wind, as projections have installations dipping 6.5%. But despite the startling numbers and slower capital deployment from investors, some greentech companies are even thriving during the crisis.
One example is Amperon, an analytics company that helps energy retailers and grid operators anticipate electricity demand. Just yesterday, the startup announced a $2 million seed round led by Blackhorn VC with participation from others, the company shares in a press release.
Indeed, electricity demand has gone down during these unusual times, largely a result of larger commercial buildings and factories being temporarily shut down. But the demand drop hasn’t stabilized the grid. Quite the opposite, the COVID-19 pandemic has resulted in “never-before-seen grid volatility,” Powerhouse Fund CEO and Amperon investor says.
With that volatility comes with a great amount of responsibility for both energy retailers and grid operators. After all, they owe uptime to their end customers. So for energy analytics companies, their software is often in even more demand during the crisis.