Nancy Pfund
A recipient of the prestigious Commonwealth Club 2018's Distinguished Citizen Award and the Earth Day Network 2018 Climate Visionary Award, Nancy Pfund stands as an exemplary and highly aspiring leader in the industry. Pfund sets a remarkable example for aspiring and successful women driving changes in the industry. Being in the industry for two decades, Pfund is focused on fostering superior financial returns and creating meaningful social economic, and environmental change. Currently, she is the founder and managing partner of DBL Partners.
Please share with our readers some of the challenges and trends you notice in the industry.
Over the past two decades, there has been a remarkable boom in entrepreneurship and innovation, witnessing numerous startups disrupting various industries, ranging from energy to FinTech and even space exploration. However, the landscape took an unexpected turn approximately 18 months ago. After a decade of continuous expansion, the startup ecosystem encountered a notable slowdown in early 2022, mainly attributed to the prevailing global economic downturn. As a result, the process of raising funds became more challenging. In such a situation, the entrepreneurial sphere is experiencing a more Darwinian atmosphere, where companies need to adapt and innovate to survive and thrive. Many startups are now prioritizing cost-cutting measures and seeking ways to achieve growth without excessive spending. This downturn is not a new phenomenon. I have witnessed several cycles, such as the dot-com bubble and the financial crisis of 2008. It's important to remember that this too shall pass, and we will eventually witness a rebound and recovery.
What are some of the technological trends you notice in the industry?
Our primary focus is to help develop clean energy and a sustainable economy. This particular sector has emerged as an exceptionally promising and investible area. One of our key areas of interest involves supporting developing countries in their transition to clean and reliable electricity sources by addressing the global climate impact and making significant strides towards achieving the net-zero emissions goal. Within our diverse portfolio of impactful ventures, one standout company that exemplifies our mission is Zola. Zola is dedicated to empowering communities across the developing world by providing them with access to clean and reliable electricity, particularly in Africa.
"By infusing your enterprise with this secret sauce of a meaningful mission and addressing a critical need, you gain a powerful advantage in setting your product or service apart from the competition."
Can you talk to us a little bit more about Zola?
Zola was founded back in 2011 and was the first real energy purpose-built technology platform for energy access markets in developing countries. Given that 60 percent of Africans live in poverty, and over 50 percent of the sub-Saharan African population lacks access to electricity. At the same time, the African continent is poised for economic and population growth over the next several decades which needs to be addressed. Therefore affordable and reliable energy solutions open up endless possibilities for individuals of all ages. Zola's product platform distinguishes itself through its tech-enabled aspect. It offers a broad array of smart battery products designed to address various grid scenarios, including off-grid, weak-grid, and micro-grid situations. Moreover, our unique grid-forming inverter technology, secured through an exclusive perpetual license from Enphase, sets us apart as a leader in this field. This advanced technology, combined with our comprehensive software platform, empowers local system integrators to efficiently manage and network all deployed devices. So it is more of a B2B approach rather than B2C, proving to be a highly effective means of scaling energy adoption in developing markets. We started off as selling solar and battery appliances to customers, and households. In 2020, we made a strategic shift from business-to-consumer to business-to-business, directing our efforts toward battery technology and network management software. This transition allows us to target households and small businesses across Africa, regardless of their location, whether rural or urban. So with the transition, we were able to bring stable power to households and businesses. Our partnership with Meta US and the Shell Foundation in Rwanda is powering mini-grids in remote villages, delivering community-wide electrification to thousands of homes, businesses, schools, and healthcare centers. What sets this mini-grid apart is its distributed and dynamically flexible nature, supported by our proprietary grid-forming inverter technology. It enables seamless integration and adjustment of renewable energy sources like wind, solar, and generators across the grid, dynamically balancing supply and demand in real-time. Zola's widespread impact is further enhanced through distribution agreements with major players in Africa, such as EDF, Zeki, Econet, CPA, Total Energies, Ion, GAA, and Renewable. Leveraging it, reliable and stable energy solutions reach millions of businesses and households across Africa. We have successfully entered the North American market in Haiti, partnering with Haiti Green Solutions. Our technology is making a significant difference in addressing the country's ongoing energy crisis, where a vast majority of its 12 million people lack access to reliable and affordable energy. To date, Zola has saved 565,000 tons of CO2 emissions, and over the next decade, we will cumulatively save over 16 million tons of CO2 which is equivalent to removing over 22 million cars from the roads by 2032.
How do you envision the future of the industry?
Once the current economic trough is over, startups have boundless potential and innovation that sets the stage for extraordinary opportunities. A new wave of technology-driven startups emerges to mitigate the negative consequences and reduce carbon emissions as well as the impacts of climate change, particularly the rise in droughts and wildfires. In the realm of reforestation efforts, technology offers promising solutions to enhance yield and promote biodiversity. Startups are developing innovative approaches that not only replenish depleted forests but also foster resilience to drought conditions. Exciting advancements in engineered carbon removal hold tremendous promise. These solutions sequester CO2 from the atmosphere while decarbonizing existing industrial processes, making substantial progress on two critical fronts simultaneously. Companies like Travertine are actively engaged in contributing to carbon-negative input in vital sectors like the fertilizer industry, which plays a pivotal role in global food production. These engineered carbon solutions help reduce carbon footprint significantly. Transitioning industries reliant on natural gas to cleaner electricity is a pivotal step in reducing emissions. Companies like Menlo Micro are revolutionizing electrical switches, offering faster and more efficient alternatives that significantly save energy and revolutionize electrical equipment across various sectors. Opportunities abound in addressing climate-related challenges, and startups hold the key to developing innovative solutions that create positive societal and economic impacts. By leveraging technology and entrepreneurial spirit, these 21st-century businesses can tackle global issues, generate employment opportunities, and catalyze the growth of middle-class populations worldwide.
What is your piece of advice to your fellow peers?
Be tenacious and always have a clear mission and vision to elevate your venture to new heights. By infusing your enterprise with the secret sauce of a meaningful mission and addressing a critical need, you gain a powerful advantage in setting your product or service apart from the competition.
