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What's Changed and What's Coming in Climate Investing with Rob Day and Raj Atluru, Ep #127
Episode 127

What's Changed and What's Coming in Climate Investing with Rob Day and Raj Atluru, Ep #127

Invested In Climate · Jason Rissman

January 13, 202653m 52s

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Show Notes

We’re back with the sixth installment of our Missing Middle in Climate Tech series, produced in partnership with Spring Lane Capital.

As we kick off 2026, this episode offers a timely, grounded conversation with two seasoned investors who bring decades of perspective to where climate investing has been and where it’s headed next. Rather than focusing on predictions alone, the discussion goes deeper into the nuance of how capital is actually being deployed in today’s market.

Rob Day, Co-Founder of Spring Lane Capital, and Raj Atluru, Managing Partner at Activate Capital, trade ideas and reflect on how the climate tech landscape has evolved.

Together, they unpack how investor priorities have shifted over time, the metrics they look for in growth-stage companies, and the opportunities emerging from today’s macro forces, including interest rates, deglobalization, and AI’s rapidly escalating energy demand.

For listeners looking to understand how experienced investors are navigating complexity, risk, and scale in climate tech right now, this is a conversation worth spending time with.

Explore the full Missing Middle in Climate Tech series or reach out with ideas for future collaborations at investedinclimate.com.

On today’s episode, we cover:

  1. 02:20 – Guest Intros & The “Missing Middle” Problem
  2. 04:39 – A Second Lens on the Missing Middle
  3. 07:00 – Origin Story of Activate Capital
  4. 10:40 – Energy, Load Growth & Macro Shifts
  5. 12:09 – “Why Now?” and Today’s Load Shock
  6. 17:27 – Structural Causes of the Missing Middle
  7. 19:26 – Heavy Lifting at Growth Stage
  8. 25:43 – Hardware Is Back: Fund III Themes
  9. 30:16 – Scaling, Learning Curves & Project Execution
  10. 33:00 – From Founder-Led to Scalable Sales
  11. 40:13 – Being Contrarian (EVs, AI & Hype Cycles)
  12. 43:57 – EV Fundamentals & Infrastructure Gaps
  13. 45:15 – Policy vs. Interest Rates
  14. 47:55 – Home Electrification & Rooftop Solar
  15. 48:06 – Speed-Round Predictions for 2026
  16. 49:26 – Dry Powder & Exit Fuel
  17. 51:50 – Climate Tech Becomes “Just Tech”
  18. 53:06 – Closing & Call to Action

Resources Mentioned

  1. Spring Lane Capital
  2. Activate Capital
  3. DFJ (Draper Fisher Jurvetson)
  4. SolarCity (historical, now part of Tesla Energy)
  5. Enpal
  6. Voltus
  7. Crusoe Energy
  8. XNRGY
  9. Aerones
  10. Infravision
  11. Jetson
  12. Muon Space
  13. Soluna
  14. Lunar Energy

Connect with us

  1. Rob Day
  2. Raj Atluru
  3. Jason Rissman

Keep up with Invested In Climate

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