The Story of Plural Energy: Building the Full Financing Stack for the Clean Energy Transition

The Story of Plural Energy: Building the Full Financing Stack for the Clean Energy Transition

There’s a moment in every founder’s journey when they realize they’re asking the right question to entirely the wrong people. For Adam Silver, that moment came when he kept pitching large developers about renewable energy financing inefficiencies—only to be told, repeatedly, that his idea was bad.

In a recent episode of Category Visionaries, Adam Silver, CEO and Co-Founder of Plural Energy, shared the path from management consulting to building a clean energy investing platform—a journey shaped by family entrepreneurship, an obsession with smart contracts, and a market paradox that didn’t make sense.

A Family of Builders

Adam didn’t stumble into entrepreneurship. “I grew up in a family of entrepreneurs. Both my parents were entrepreneurs. My brother’s an entrepreneur. My wife just became an entrepreneur,” Adam explains. “So entrepreneurship was always something that was just kind of, like, standard in my family, and so was this interest in the public sector and societal problems.”

That combination—business building plus societal impact—created the perfect environment for a renewable energy company to take root. After college, Adam joined Deloitte Consulting, where “I became absolutely obsessed with the clean energy transition.” He went to business school focusing on energy, tried his first startup (which didn’t get far), then became a product manager at ServiceNow.

The Smart Contract Revelation

Everything changed when Adam discovered blockchain—specifically, smart contracts. “I became absolutely obsessed with smart contracts,” he explains. The pattern across his career became clear: “I could just see that every single one of the industries that I’d built products in or that I had studied was going to be impacted by the smart contract.”

That conviction was strong enough to bet on. Adam quit his job at ServiceNow to focus on smart contract applications in industry. But he still didn’t have a clear target—just a curiosity about a glaring market contradiction.

The $4 Trillion Paradox

The numbers haunted Adam. “According to the UN, we’re $4 trillion short of the amount of financing required to meet global climate goals. And today only 16% of the necessary climate projects get financed.” Yet simultaneously, “every day it feels like there’s a new net zero requirement coming out or an ESG goal for a fund. And more and more people around me are talking about investing in clean energy.”

How could both be true? “The fact that those, that people want to invest and the problem needs more money, it just didn’t make sense to me how those two problems could be together at once,” Adam recalls. “And so immediately you have the suggestion of some type of market inefficiency.”

That inefficiency became his obsession. Working alone as a solo founder, Adam started drilling into the problem, determined to understand what wasn’t clicking in the market.

Finding the Missing Middle

The early customer discovery was brutal. “I was like the most demoralized entrepreneur ever. I just kept hearing like, oh, nothing to solve here, kid,” Adam remembers. Large developers and infrastructure funds had no apparent problems—deep credit lines, sophisticated structures, everything working fine.

Then Adam shifted focus to smaller developers. The story completely changed. “I started to kind of see this, you know, second part of the industry forming, which we sometimes have referred to as the missing middle, where there’s projects that are too big for you and my rooftop, but too small to be worth KKR’s time, that are really high quality and absolutely struggle to get financing.”

This was the market inefficiency made tangible. High-quality renewable energy projects that couldn’t access capital—not because they weren’t good investments, but because the infrastructure to finance them didn’t exist.

The Post-5PM Dream

Adam and his team have a term for their long-term vision: the “post 05:00 p.m. question”—what you dream about after the critical daily work is done. The dream is ambitious: “We want to build a full financing stack for renewable energy companies where they can log on to their end of the portal structure a deal with plural. Click go, submit it to our team for review, and then immediately we can push it through a number of different distribution channels, all connected by smart contracts.”

Today, Plural Energy has $300 million in assets in their pipeline. They’re launching sustainable bitcoin mining paired with solar fields, offering investments with Inflation Reduction Act tax credits, and planning to bring DeFi innovations to clean energy financing.

The Vision: A Truly Decentralized Grid

Adam’s ambition extends beyond financing mechanisms. When solar panels first gained traction, the promise was “a grid where everyone’s a consumer and a producer, where everything is connected. It’s a two way street, a decentralized grid where energy production and energy consumption are happening closer together.”

Instead, economic realities pushed capital toward centralization. “What has happened instead, because of the economic structures of the industry, is we have a grid where many, where dollars move into giant megaprojects out in the desert that are just cranking out power and shooting them through long transmission lines to our homes.”

If Plural Energy succeeds in making financing accessible for smaller, distributed projects, they’ll enable the truly decentralized grid originally envisioned—not through regulation, but by solving the economic problem pushing capital toward centralization.

Money Shouldn’t Be the Bottleneck

For Adam and his team at Plural Energy, the mission is straightforward: “Money shouldn’t be the thing that stands between us and a clean energy future, especially when the deals that are going, that are being funded are higher returns than most out there.”

The team jokes that they hope Plural Energy is their last job ever—that they get to build this company for a lifetime. Given the scope of the energy transition and the size of the financing gap they’re addressing, they might just get their wish.

From a solo founder drilling into a market paradox to a team building the financing infrastructure for distributed renewable energy, Plural Energy’s story is ultimately about finding the customers everyone else overlooked and building the technology stack those customers desperately needed. The missing middle wasn’t missing—it was just waiting for someone to build the bridge.