Why So Many Energy Startups Struggle to Scale | Capital Efficiency in Climate Tech | Shaun Stewart | The Down Low with Joe | LMC

Why has there been so little consolidation in the energy management software space? Why do so many promising startups plateau at the same level? And how can investors or buyers tell which ones are built for the long haul?

In this episode of The Climate Gap Podcast, Joe Aamidor and Lewis Martin are joined by Shaun Stewart — formerly VP of Product at Noda and Dalos — to reveal the findings of a new industry-first analysis on capital efficiency across energy startups.

They analyzed over 20 energy management companies covering:

• 4.1 billion square feet of buildings
• $684 million in capital raised
• And a wide variance in outcomes…

The result? A 4-quadrant framework showing who’s scaling efficiently, who’s overspent, and who’s flying under the radar with lean growth.

Shaun and Joe explore:

• Why switching costs and vendor fragmentation create a growth ceiling
• What separates the “leaders” from the “sell-the-book” firms
• Why some high-performing tech won’t scale unless they rethink their strategy
• How large incumbents (OEMs) might spark the next wave of M&A
• What capital-efficient growth actually looks like in climate tech

Whether you’re an investor, founder, or energy buyer - this is a must-listen for understanding the future of smart building and climate tech startups.

🎬 Watch the full video on YouTube: The Climate Gap Podcast

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