I would say in climate tech it's a bit different. Yes companies can be suffering but typically for any of these energy technology companies they have significa

I would say in climate tech it's a bit different. Yes companies can be suffering but typically for any of these energy technology companies they have significant manufacturing costs and long periods in which they have to deploy that capital to physically manufacture goods. It isn't necessarily the competition that sinks the companies its the market structure and timing. In the case of solar what happened was that the Chinese government underwrote Chinese manufacturers who produced significant volumes of solar panels which they dumped on the global market for incredibly cheap prices which put pressure on all the other global manufactures and consolidated the market. That said a lot of the Chinese manufacturers also went bankrupt as they undercut each other on prices to fill out the manufacturer queue. Also in energy tech you don't have infinite upside like technology -- as you deploy hard capital you have a finite range that you can get returns on. In the electricity markets you typically have to build technology and sell it for cheaper than what is currently available (i.e. project finance your project on a PPA < market rates). Already a fundamentally difficult structure to do well in - add in regulatory slowdown, political mandates, utilities as your clients (slow lead times).