Jasmine Energy was a Washington, DC-based climate tech startup founded in 2022 and accepted into Y Combinator's Summer 2022 batch. The company set out to modernize the Renewable Energy Certificate (REC) market — a $5–10 billion segment of the clean energy economy where solar owners earn tradeable credits for the electricity they generate. Over three years, Jasmine executed two distinct product pivots: first building a blockchain-based DeFi marketplace for RECs, then rebuilding as an AI-powered compliance automation platform targeting residential and commercial solar owners who were missing out on REC income due to manual, utility-centric registration processes.
Jasmine failed to achieve product-market fit across either iteration. The blockchain product attracted crypto-native partners rather than energy-industry customers; the AI pivot addressed a genuine pain point but targeted a fragmented, low-urgency customer base that had never been successfully aggregated at scale. The company likely exhausted its ~$2.5–3M in seed funding before the AI product could generate meaningful commercial traction.
YC lists Jasmine as "Inactive" with no acquisition, shutdown announcement, or founder post-mortem on record. The website remained live as of mid-2025, and the founders launched on both Hacker News and Product Hunt in April 2025 — suggesting a gradual wind-down rather than a clean shutdown event. No follow-on funding was found beyond the 2022 seed round.
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Jasmine Energy was founded in 2022 by three co-founders with complementary but unconventional backgrounds for an energy compliance startup: Nathalie Capati (Co-Founder & CEO), T. Dalton Combs (Co-Founder & CPO), and Matt Mayberry (Co-Founder).[1]
Capati brought hardware engineering credentials. A Forbes 30 Under 30 honoree in the Energy category and a former Apple engineer on special projects, she had worked as a primary inventor on highly modular energy storage systems.[2] Her background gave Jasmine early PR credibility and a genuine understanding of the physical energy infrastructure layer — though her expertise was in hardware storage, not REC market operations or regulatory compliance software.
Combs brought repeat-founder credibility and an unusual academic pedigree. He holds a PhD in NeuroEconomics from the University of Southern California and previously co-founded Boundless Mind, a persuasion AI company that was acquired in 2019.[3] His background in behavioral AI and prior exit gave investors a signal of execution capability, though his domain expertise was similarly distant from energy markets. Focal VC, one of the seed investors, described both Combs and Mayberry as "repeat founders" when announcing the investment in January 2023.[4] Matt Mayberry's specific background and role within the company are not publicly documented.
The founding insight was structural: the REC market, despite representing billions of dollars in annual transactions, ran on infrastructure that hadn't meaningfully evolved since the early 2000s. Registration took weeks. Trading took days. The process was designed for utilities, not for the growing population of residential and commercial solar owners who were generating RECs but couldn't easily claim or monetize them. The founders framed this as a market frozen in a "dot com time capsule" — a genuine inefficiency that created a clear wedge opportunity.[5]
The initial vision was ambitious and crypto-native: build a decentralized, blockchain-based marketplace that would bring DeFi-style liquidity and accessibility to climate assets. The founders believed that modernizing the REC market required not just better software but a new market structure — one that included speculative trading as a mechanism for price discovery and liquidity. As Capati put it in July 2023: "If we want to replace oil, we need to operate like oil, which means including speculative markets."[6]
Read the complete post-mortem, the rebuild playbook, and the exact reasons Jasmine Energy is still worth studying now.
