“Some are expecting the cleantech graveyard of startups to start filling up. But how companies wind down, sell off their assets, or morph into slimmer versions of their former selves, is a personal choice for the companies and investors […]”

From my Upstarta perspective, I mostly observe a fail in designing a sensible business model, and organisational structure. And yes, funding (or conscious absence thereof). If you keep doing things a certain way, the results will tend to be similar to the way they went before.