BlocPower CEO Donnel Baird Resigns; Green Building Startup Faces Business Performance Question Marks

High-Profile CEO Donnel Baird has resigned his chief executive post at BlocPower, reinforcing question marks about the green building and climate tech startup, which is backed by Goldman Sachs, VoLo Earth Ventures and Microsoft's Climate Innovation Fund.

At BlocPower, Baird's business pitch was simple and direct: He wanted to transform physical buildings into Teslas. His stated goal was to deliver "greener, healthier, and more valuable buildings to fight climate change," according to Baird's LinkedIn profile.

BlocPower, founded in 2014, is based in Brooklyn, New York. According to the company's LinkedIn page, BlocPower is "upgrading America’s buildings to be smarter, greener and healthier for all—fighting the climate crisis and creating good green jobs."

Multiple venture capital firms and financial services companies lined up to support that mission. BlocPower in 2023 raised $150 million -- including over $24 million of Series B corporate equity led by VoLo Earth Ventures, and $130 million of debt financing led by Goldman Sachs. Moreover, Microsoft's Climate Innovation Fund participated in that round.

BlocPower CEO and GM Depart Amid Business Performance Question Marks

Fast forward to October 2024, and BlocPower faces business challenges in terms of project rollouts, climate tech talent placement and pricing models, Bloomberg alleges. Moreover, Baird’s departure comes after Keith Kinch, BlocPower’s former general manager, departed the business in August 2024, according to a Kinch's LinkedIn account.

Still, BlocPower is putting a largely positive spin on the executive changes. In a BlocPower blog post announcing Baird's resignation, the company on September 26, 2024, said it was entering a "new era of growth" with a "leadership transition" that names Hanan Levin and Brian Lindsey as co-CEOs. In a LinkedIn post, Baird endorsed the co-CEOs.

To date, BlocPower has "upgraded over 1,100 homes and buildings across the country, reducing carbon emissions and fostering economic opportunity by training thousands of people for green jobs," the September 2024 company blog said. But the company did not disclose revenue or profit/loss figures.

BlocPower Financial Status?

We've reached out to BlocPower, requesting comment about the company's annual revenues, EBITDA, monthly cash burn rate and overall financial status. We realize BlocPower is privately held, and therefore does not need to publicly disclose such detailed financial information. But if we receive any clues or guidance from the company, we'll update this article accordingly.

Among anecdotes to note: Baird in September 2024 promoted a BlocPower crowdfunding raise that targeted a 10% interest rate and five-year term. The minimum eligible investment was a mere $5, according to a LinkedIn post.

Meanwhile, multiple climate tech startups are facing potential cash crunch challenges. The anecdotal evidence: Investors heard loads of startup pitches at the Climate Week NYC conference in September 2024, The Wall Street Journal reported. But those investors saw few bankable opportunities at a time when fledgling Climate Tech companies badly need the cash, the Journal said.