9/20/2023 0 Comments Ardour capital![]() ![]() There is a battery company that was doing all sorts of government business. While that’s not a bad thing, it overlooks how to build a competitive business going forward. You also saw companies establishing business models that revolved around government subsidy programmes. And that’s what we have seen over the last 20-something years, peaks of excitement when everybody buys, then all of a sudden people go, ‘what do you mean they’re not going to be profitable for the next ten years?’ and the stock plummets again. And of course, there’s nothing sustainable there so then it goes right back down. The Lehman Brothers analyst picks Plug Power, so its share price goes from two dollars to $153 in a matter of two months. I went to a conference in 1999 and each analyst on the panel was asked, what’s your pick for next millennium. Seb: Tell me more about buried skeletons and dramatic failures. The New American Energy Fund has been up and running now for well over two years. And I’m also the managing director at Ardour Capital. I’m the chief investment officer of New American Energy. As opposed to just an asset management fund firm or just an investment bank, we do both, we cross over. Their experience dovetailed with that of Ardour Capital, allowing us to establish a merchant bank model. We met Nick Rohleder almost two years ago now, when he was starting New American Energy with his partner. There’s not a lot of people that can anecdotally discuss the milestones or dramatic failures that we lived through over the course of the of the two decades. So we know the space and we know where the skeletons are buried. And that’s what we’ve done for just about 20 years now. Walter Nasdeo : We started Ardour Capital back in 2002 with the sole purpose of doing nothing but alternative energy, cleantech, renewables and sustainability. Seb Kennedy: Walter, let’s start with a brief overview of where you started in clean energy technology investment research, and your work at Ardour Capital and New American Energy. Walter Nasdeo of Ardour Capital (left) and Nick Rohleder of New American Energy Whether hydrogen can overcome cost and efficiency challenges to find its place in the energy transition The chances of achieving zero-emissions power grids by 2035 ![]() The use of forced labour in some Chinese polysilicon factories Solar PV cost inflation versus materials innovation In a wide-ranging interview with Energy Flux founding editor Seb Kennedy, Nasdeo and Rohleder discuss: ![]() He is also chief investment officer of New American Energy, a clean energy technology and infrastructure asset management firm and hedge fund, which is co-founded and co-led by investment strategist Nick Rohleder. Nasdeo is managing director at boutique investment bank Ardour Capital, headquartered in New York City. That’s according to Walter Nasdeo, a straight-talking veteran Wall Street cleantech investment analyst. But none of today’s market turmoil can derail the decarbonisation megatrend that is funnelling ever-greater sums of capital into clean energy technologies. The post-lockdown bull run is unlike anything the world has seen this century, with markets threatening to overheat. Energy and commodity inflation is running rampant. ![]()
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