The iconic garage in Silicon Valley has become synonymous with startup lore, and that’s exactly where Molten Industries began – in the garage of a Stanford professor’s on-campus home, where Kevin rented an apartment.
With the space and power needed, Caleb Boyd and Kevin Bush set out to revolutionize methane processing, aiming to extract hydrogen from carbon without emitting harmful carbon dioxide into the atmosphere.
Utilizing the professor’s EV charger, they heated up a methane pyrolysis reactor, reaching temperatures of around 1,000 degrees Celsius to break down methane,” Boyd explained to TechCrunch.
While the garage served as an ideal setting for basic research, transitioning to the next stage posed challenges. Climate tech companies often encounter a “valley of death” between experimental lab work and establishing a viable company.
Traditionally, founders have been left to navigate this phase on their own. However, there is a growing trend of early investor intervention.
During their time in the garage, Boyd and Bush were visited by Ashley Grosh, a vice president at Breakthrough Energy, a climate tech organization backed by Bill Gates. Grosh was representing Breakthrough Energy Discovery, a division focused on supporting early-stage companies.
The Discovery program, an evolution of Breakthrough’s Fellows initiative, identifies promising first-time founders and provides grants of up to $500,000, along with digital resources and access to conferences and networking opportunities.
Breakthrough Energy Fellows have seen notable success, with 42 companies in diverse climate tech sectors raising a total of $250 million. The program aims to fill the gap left by government funding and traditional venture capital, ensuring promising solutions are not overlooked.
Funding basic research: Earlier than early
Breakthrough Energy’s application process has revealed areas where basic research still lacks funding, prompting the organization to support research projects that show potential for impact.
Azolla Ventures, on the other hand, has deployed a tech scout fellow model to identify promising projects, tapping into graduate students’ insights and overlooked research opportunities.
Even top-tier academic institutions can miss out on groundbreaking research, highlighting the importance of initiatives like Breakthrough Energy and Collaborative Fund in nurturing early-stage ideas.
From lab to real business: How founders benefit
For founders like Mattia Saccoccio of NitroVolt, access to business support from organizations like Breakthrough Energy is invaluable. The guidance and mentorship provided help bridge the gap between scientific innovation and commercial viability.
By fostering a collaborative community and offering business resources, these programs enable founders to navigate the complexities of running a startup and attract investment opportunities.
The journey from concept to implementation is a challenging one for climate tech startups, but with the backing of supportive investors and programs, the odds of success are steadily increasing.
