Report: BlocPower Abandons Various Building Electrification, Decarbonization Projects

BlocPower, a high-profile green building and climate tech startup, has quietly deserted its electrification and workforce training programs in Ithaca and several other cities, WSKG reported.

The reasoning: BlocPower has changed its direction to focus on providing financing services and construction management for energy-saving projects, COO Sydney Tanaka said, according to the report.

“This means we’ve sunsetted many of our city programs, including Ithaca,” Tanaka told WSKG. “This shift represents our continued commitment to building a profitable company that delivers impact, and equitable [sic] reduces the carbon footprint of America’s buildings.”

The business pivot comes after the surprise resignation of former BlocPower CEO Donnel Baird in 2024.

The company, founded in 2014, is based in Brooklyn, New York. Multiple venture capital and financial services firms lined up to support the company's climate tech mission over the past decade or so. 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.

Fast forward to 2025. and the company is striving to march toward profitability. But the abandoned projects reinforce question marks about the green building and climate tech startup. And we don't know the company's cash burn rate or financial runway.