Solar Pioneer Jigar Shah’s Multiplier: Navigating Green Startups to the Next Energy Era

The clean energy transition is entering its most critical phase, and Jigar Shah—pioneer of the “solar-as-a-service” model and former director of the U.S. Department of Energy’s Loan Programs Office (LPO)—is betting big on startups to lead the charge. In 2025, Shah launched Multiplier, an advisory firm designed to bridge the gap between ambitious green technologies and the capital and expertise needed to scale them. With over $40 billion in LPO-backed projects under his belt, Shah is now focusing on the next frontier: helping startups navigate the complex interplay of finance, policy, and market demand.

The Vision Behind Multiplier

Multiplier’s mission is clear: to de-risk the transition to sustainable energy by advising startups on operational efficiency, financing strategies, and regulatory compliance. The firm targets sectors like solar, wind, and battery storage—technologies already proven to be “bankable”—as well as emerging fields such as nuclear fusion, geothermal energy, and advanced materials. Shah’s co-founder, Jonathan Silver, adds decades of experience structuring large-scale energy investments, most recently as a DOE loan program director under the Obama administration.

The firm’s launch coincides with a pivotal moment. While clean energy investments have surged, they remain insufficient to meet global decarbonization goals. According to BloombergNEF, a 4:1 ratio of decarbonization funding to fossil fuel investments is needed by 2030—a gap that remains unaddressed, with current spending at just 1:1. Multiplier aims to fill this void by guiding startups toward scalable, market-ready solutions.

Data shows solar capacity expanded from 760 GW in 2020 to an estimated 1.4 TW by 2025, underscoring the sector’s exponential growth.

Navigating a Shifting Landscape

The clean energy sector is not without its challenges. After the 2021–2022 market boom, which inflated valuations for many startups, 2025 has seen corrections, including BlackRock’s $2.7 billion write-down of renewable energy funds. Shah acknowledges these shifts but insists the underlying demand for clean tech remains robust. “This isn’t a bubble—it’s a recalibration,” he said at the BloombergNEF Summit. “Startups that focus on hard math—like energy density, cost curves, and grid integration—will thrive.”

Multiplier’s strategy leans into these realities:
1. Leveraging Policy: Shah advocates for startups to engage with tax incentives, like the Inflation Reduction Act’s expanded clean energy credits, which now allow companies to transfer credits valued at $23 billion annually.
2. Private Equity Partnerships: For technologies still in early stages (e.g., small modular nuclear reactors), Multiplier connects ventures with patient capital. In 2025, Shah joined Powerhouse Ventures, a VC firm backing net-zero startups, to amplify this effort.
3. Risk Mitigation: The firm emphasizes partnerships with utilities and infrastructure firms to pilot technologies, reducing market entry barriers. For example, a Multiplier-backed battery storage startup recently secured a pilot with Pacific Gas & Electric, leveraging the utility’s grid optimization needs.

Political Crosscurrents and Opportunities

Shah’s departure from the DOE in early 2025 coincided with a U.S. political shift that redirected the LPO’s $400 billion climate fund toward fossil fuel infrastructure. While critics argue this undermines green tech, Shah remains undeterred. “Banks can exit climate alliances, but they can’t exit climate reality,” he said. His focus on market-driven solutions—such as solar’s falling costs (now 70% cheaper than 2010 levels) and battery storage’s rapid scalability—positions Multiplier to thrive regardless of policy headwinds.

The Bottom Line: A Pivotal Moment for Green Startups

Multiplier’s launch reflects a critical truth: the energy transition is no longer optional. With global energy demand expected to grow 50% by 2050 and climate risks like extreme weather destabilizing grids, scalable clean tech is a necessity.

The firm’s early wins are promising. In 2025, Multiplier advised a startup developing low-cost perovskite solar cells, helping it secure a $150 million Series B round. Another client, a geothermal developer, leveraged Multiplier’s policy expertise to win a $200 million DOE grant.

Clean energy funding rose from $318 billion (2020) to $540 billion (2025), but still trails fossil fuel investments by nearly $1 trillion.

Conclusion: Multiplier’s Role in the Energy Transition

Multiplier is not just an advisory firm—it’s a catalyst. By combining Shah’s deep understanding of clean energy finance and Silver’s deal-making prowess, the firm is poised to accelerate the shift to renewables. With solar capacity set to double by 2025 and battery storage costs dropping 18% annually, the stage is set for startups to seize market share.

For investors, Multiplier’s approach offers a roadmap to navigate this transition. The firm’s focus on technologies with clear cost trajectories—like solar and EVs—and its ability to tap into both public and private capital streams (e.g., innovation funds, corporate partnerships) positions it as a critical player.

As Shah noted, the energy transition is “not a sprint but a marathon.” With Multiplier guiding the way, green startups may finally have the tools to finish the race.

Data sources: BloombergNEF, International Energy Agency, U.S. Department of Energy.