Mike Farber

President Obama's Energy Speech at MIT: A Field Report

It's not every day one is lucky enough to see the President of the United States speak. Add in the topic (energy), timing (eve of Senate hearings on the Climate Bill) and location (MIT) and you have a seriously major event.

The crowd began lining up three hours before the scheduled start time to clear security and nab seats in the intimate (at least for a Presidential speech) Kresge Auditoium at MIT.

Once the crowd entered the warm venue (it was pretty chilly outside), the auditorium turned into a big schmoozefest (with no food or drinks, they were prohibited along with laptops from coming inside). As usual for Presidential events, things started a bit late. In this case, it was because President Obama was receiving a briefing from professors and students on new clean technolgies being developed at MIT, including wind.

President Obama entered to a rousing ovation. After a few jokes, he launched into a speech that was classic Obama--soaring language meant to inspire. One of my favorite passages:

"I'm excited being here and seeing these extraordinary young people...because it taps into something essential about America -- it's the legacy of daring men and women who put their talents and their efforts into the pursuit of discovery. And it's the legacy of a nation that supported those intrepid few willing to take risks on an idea that might fail -- but might also change the world."

But the President wasn't at MIT just to inspire. Obama used his speech as a call to action for America to innovate more rapidly and solve the energy problem, framing it as an economic imperative:

"Countries on every corner of this Earth now recognize that energy supplies are growing scarcer, energy demands are growing larger, and rising energy use imperils the planet we will leave to future generations. And that's why the world is now engaged in a peaceful competition to determine the technologies that will power the 21st century. From China to India, from Japan to Germany, nations everywhere are racing to develop new ways to producing and use energy. The nation that wins this competition will be the nation that leads the global economy. I am convinced of that. And I want America to be that nation."

And Obama was clearly conscious of the hurdles within the US political system that still need to be cleared, in some eyes taking the fight directly to the opposition:

"I think it's important to understand that the closer we get, the harder the opposition will fight and the more we'll hear from those whose interest or ideology run counter to the much needed action that we're engaged in. There are those who will suggest that moving toward clean energy will destroy our economy -- when it's the system we currently have that endangers our prosperity and prevents us from creating millions of new jobs. There are going to be those who cynically claim -- make cynical claims that contradict the overwhelming scientific evidence when it comes to climate change, claims whose only purpose is to defeat or delay the change that we know is necessary."

The President brought it home with more words of inspiration--"This is the nation that will lead the clean energy economy of tomorrow, so long as all of us remember what we have achieved in the past and we use that to inspire us to achieve even more in the future," and then he was done.

I was pretty sure he wouldn't work a rope line (he was already late to a Governor Deval Patrick fundraiser), but he dove in. Sensing a chance for a shake, I rushed up and extended my hand. Sure enough, I got my first Presidential shake.

A fantastic finish to a great day...but more importantly, the cleantech community received indisputable scientific evidence that President Obama is a huge supporter of innovation's role in solving the energy problem.

Posted by Mike Farber on October 24, 2009 at 7:13 AM
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Obama's MIT Speech Keeps New England in the Cleantech Spotlight

On the heels of the spectacular A123 IPO, President Barack Obama's "major" energy policy speech tomorrow at MIT keeps the cleantech spotlight on New England. It's a great validator for what I (and many others) believe about New England's role in the cleantech economy--we've got some some of world's biggest brains and it is through scientific innovation at places likes MIT that we'll solve the energy problem.

By simple virtue of its timing the speech is a big deal. As The New York Times reports, the Clean Energy Jobs and American Power Act (aka the Climate Bill) is finally ready for take-off:

"Obama's speech in Cambridge, Mass., comes the same day that U.S. EPA Administrator Lisa Jackson plans to release the agency's economic and environmental analysis of the climate bill (S. 1733 (pdf)) from Sens. John Kerry (D-Mass.) and Barbara Boxer (D-Calif.). With the EPA analysis in hand, Boxer is set to begin a three-day series of hearings in her Environment and Public Works Committee on Tuesday, Oct. 27, with testimony from Kerry, Jackson, Energy Secretary Steven Chu, Transportation Secretary Ray LaHood and Federal Energy Regulatory Commission Chairman Jon Wellinghoff."

Two of tomorrow's most interested spectators represent one of the other big assets New England brings to the cleantech economy: the strength and leadership of our Congressional delegation. Rep. Ed Markey (D-Mass.) is heading the energy push from the House and Sen. Kerry is the lead sponsor of the Senate legislation.

For the cleantech economy to truly take off, there needs to be cooperation between the private sector, government and academia. Tomorrow's event represents one of the highest-profile examples yet of how the three constituencies intertwine...and it's happening here in New England.

Posted by Mike Farber on October 22, 2009 at 3:08 PM
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Cleantech is the New Leader in VC Funding

In retrospect it seemed inevitable, but according to a new report by the Cleantech Group and Deloitte & Touche, cleantech has emerged as the number one sector in U.S. venture capital investment. This is a big deal...literally. The numbers are staggering--in Q3 2009 $1.59 billion was invested in 134 cleantech companies.

The report indicates that over the next few quarters cleantech is expected to stay on top of the investment heap (over IT and biotech). Reasons include investment risk mitagation in the form of government support through grants and loan guarantees and the "A123 Systems" halo effect--a monster IPO that gives VCs hope for lucrative cleantech exits.

Posted by Mike Farber on October 1, 2009 at 4:28 PM
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Following the Money at GoingGreen East 2009

GoingGreen East 2009 was full of great chatter about energy efficiency, batteries, storage, VCs and the government's deep pockets. Check out a quick podcast discussing what we saw here.

Posted by Mike Farber on March 23, 2009 at 4:34 PM
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First Impressions from GoingGreen East

AlwaysOn GoingGreen East is underway here at the Four Seasons Boston. Some first impressions:

• Packed show. Despite the economy plenty of VCs, entrepreneurs, bankers, lawyers, cleantech pr types etc have deemed GoingGreen worth attendeding.
• Stellar panels. All top the VCs and east coast cleantech cos are here.
• Tone is realistic, not pessimistic. Cleantech cos will take off, it just may take a bit longer b/c of the recession.
• Particular enthusiam for efficiency, smart grid, battery storage.

Best way to stay on top of things is to follow our tweets, @mfarbs.

Posted by Mike Farber on March 10, 2009 at 12:03 PM
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Renewablog Live from GoingGreen East

GoingGreen East starts tonight at the Four Seasons in Boston. Renewablog is on the job, posting, podcasting and tweeting (@mfarbs).

As Scott Kirsner says, everyone from top VCs to Secretary of Energy/Environment Ian Bowles to the CEOs of 1366 Technologies, Ze-Gen, Mascoma, Oasys Water, and GreatPoint Energy will be in attendance. Check out both Renewablog and the live show feed on the GoingGreen site for real-time updates.

Posted by Mike Farber on March 9, 2009 at 2:23 PM
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Obama's call to action

Every time President Obama delivers a major speech energy is front and center. Tuesday's Congressional address was no exception. His words:

"Now is the time to act boldly and wisely, to not only revive this economy, but to build a new foundation for lasting prosperity.

Now is the time to jump-start job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy."

Obama later detailed his plans for energy, stating:

"Thanks to our recovery plan, we will double this nation’s supply of renewable energy in the next three years. We have also made the largest investment in basic research funding in American history – an investment that will spur not only new discoveries in energy, but breakthroughs in medicine, science, and technology.

But to truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy. So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America. And to support that innovation, we will invest fifteen billion dollars a year to develop technologies like wind power and solar power; advanced biofuels, clean coal, and more fuel-efficient cars and trucks built right here in America."

Take a close look at that language. Obama specifically calls for a US cap and trade system and pledges to invest $15 billion a YEAR in new clean tech technologies. Quite a committment.

To deliver on this committment, the entire cleantech eco-system--entrepreneurs, scientists, big energy, bankers, VCs, lawyers, cleantech PR professionals--needs to mobilize. One upcoming event here in Boston moving cleantech innovation forward is the AlwaysOn GoingGreen show (full disclosure, Schwartz is a sponsor). GoingGreen matches up entrepreneurs with the business eco-system (VCs, bankers, lawyers) they need to make their science reality.

Posted by Mike Farber on February 26, 2009 at 6:41 AM
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Best Source for the Science

Yep, we here at Renewablog have our geek side. Spent part of my long weekend poring over a couple of old copies of the MIT Technology Review. They certainly know how to fuse clean tech science and business viability in a reader-friendly way.

My favorite recent piece is the February cover on the "smart" grid. Actual reporting (site visit to GE Global Labs in NY) and killer graphics showing how the current grid is set up backwards for solar and wind (big pipes by thirsty urban centers, small pipes in the solar Southwest and windy Great Plains) make it a must read.

I now have another set of tweets to follow...

Posted by Mike Farber on February 17, 2009 at 10:29 AM
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Carbon Cap and Trade Batting Leadoff?

President -elect Barack Obama has consistently linked the importance of the economy and energy. His latest statement came via video at today's Global Climate Summit in Beverly Hills.

In front of a large audience including twelve governors (yep, host Arnold Schwartzenegger was there too), Obama left no wiggle room for his Administration. He clearly stated that he will take an aggressive, multi-facted approach that will both rebuild the US economy through the creation of a new energy economy and stop climate change.

One intriguing tidbit: Obama infers that setting up a Federal cap and trade system may be his Administration's first step. Certainly makes sense. There needs to be action now, across multiple fronts.

Carbon cap and trade can be quickly and effectively deployed. Companies like EcoSecurities are already taking what they've learned in Europe and applying to the voluntary carbon market here in the US.

Re-building the US economy and solving climate change won't happen overnight. But we need to start immediately.

Posted by Mike Farber on November 18, 2008 at 3:20 PM
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GoingGreen with Katie Fehrenbacher of Earth2tech

Managed to grab the very busy Katie Fehrenbacher of earth2tech for a quick podcast. Great insights on the GoingGreen show and cleantech industry.

Please excuse the background hotel music--no sound proof studio at the show!

Posted by Mike Farber on September 22, 2008 at 12:17 PM
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Getting Going at GoingGreen

A whole crew of Schwartzers is here at GoingGreen, a dynamite show on cleantech (full disclosure, Schwartz is a sponsor). The speaking list is a who's who of leaders in the space,  from both the investment and company sides. We'll be filing posts throughout the next two days.

To paraphrase show head Tony Perkins, it's nice to be 3,000 miles away from Wall Street. Morgan Stanley has a big cleantech practice, and two of their senior foks, Michael Grimes and David Chen, laid the foundation for green investing. Insights include:

• In times of short-term market "volatility" (polite word for Wall Street exploding), long-term asset investing produces oversized returns. Cleantech fits this bill perfectly.
• While cleantech feels a lot like the dotcom boom (and bust), differences like 1) the fact that "end markets" are real (ie--we need to develop new energy sources), and 2) the "grid parity environment" will produce multiple winners in multiple sectors, bodes well for the market's future.
• There are three big factors in 2009 cleantech growth: 1) Need three or four good IPOs, 2) the next US president's green policies must help, and 3) credit markets need to stabilize.

Loads of impactful panels over the next two days, more to come...

Posted by Mike Farber on September 16, 2008 at 11:45 AM
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The Big Picture

Kids really ground you. They see things so simply.

The folks at Pixar get this, and as a result make brilliant and poignant movies that speak to kids and the kids within all of us.

Pixar's latest effort, Wall-E, is many things: a kid's movie, a love story, an homage to Chaplin.

However, at its core, Wall-E is an elegant, beautiful, moving Silent Spring for the next generation.

It's easy to get lost in the back and forth bickering over global warming, gas prices, regulation, competing green technologies, subsidies and every other Tag word in the blogosphere.

It's easy to lose the big picture.

Thanks to Wall-E for providing some focus.

Posted by Mike Farber on July 15, 2008 at 2:48 AM
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Green + Green = Growth

According to AlwaysON, green funding in Q4 2007 dipped a bit from the previous quarter.

Short-tem skeptic view: Yikes, a 50% dip from $1b to $500m shows that the market is stalling.

Long-term realist view: Get real. Look at year over year growth, this market is just starting to grow. Plus, check out the quality of these deals, like A123 Systems raising $30m.

I'm with the realists.

Posted by Mike Farber on March 25, 2008 at 10:15 AM
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