New Wave.

🌊 The Fifth Swell Has ArrivedWhat does circularity really look like when the hype fades?I sat down with Guillaume Gras, Investment Director at ECBF and former Innovafeed co-founder (raised over €250M), to unpack how climate VCs think about circularity, and what truly drives growth and resilience.In this episode, we explore what circularity means beyond buzzwords and regulation, and how founders can build scalable businesses that turn waste into value without losing sight of economics.***Connect with Guillaume: ECBF.VCGuillaume Gras | LinkedInOr ask me for an intro!***🌊 Next Up on The Swell An interview with former co-founders of two unicorns now turned climate VC… This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week on New Wave Weekly: 👉 The case for “boring” industriesWhy old-school sectors like steel, cement, mining, and logistics may be the best places for climate founders to win (if you can crack GTM and avoid CapEx traps).👉 Product vs. commodity: know your fightIf you’re selling into consolidated commodity markets with decade-long relationships, how do you build venture-scale outcomes?👉 Market growth vs. GTM speedShould you chase TAM growth blindly or go for large markets where urgency is spiking?***Wave Makers: Matthew Blain - Voyager VenturesHampus Jakobsson - Pale Blue Dot***(00:00) Introduction(00:51) The Case For “Boring” Industries.(19:30) Market growth vs. GTM Speed.(26:00) Recruiting Talents.(28:08) Wrap-up***✨Leave a reviewApple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Supported by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Apply here.***🌊 The Fourth Swell Has ArrivedToday, we’re joined by Laura Fox, Streetlight Ventures founding partner and the operator who scaled Citi Bike to ~$120M ARR.She’s now backing the next wave of city-scale climate builders, in mobility, logistics, energy, water, waste, and adaptation.We dig into why adaptation is finally investable, how to build where the payer = beneficiary, and Laura’s anti-FOMO framework for spotting what actually matters in climate.***My 5 takeaways: Cities = Climate’s Front Line: Half the world lives in cities, which generate ~70% of global emissions. Cities also control the capital, infrastructure, and policy that shape everything else. We won’t solve climate change without solving for cities.The Cost of Adaptation: Extreme weather is already a balance-sheet issue: the WEF estimates $4T in corporate P&L losses from climate impacts. Above 90°F (32°C), productivity can drop by 50%. Climate resilience becomes critical to operating.Utilities in Permanent Crisis Mode: U.S. utilities spend $100B+ a year on disaster recovery, and still face more outages per capita than any other developed nation. Reliability is the new frontier for climate innovation.The Adaptation VC Filter: Laura’s test for what’s VC-backable is simple: the payer and the beneficiary must be the same. If the customer directly benefits (less asset loss, safer operations, lower costs), it’s investable. But when the benefits are public or shared (like cooling a whole city block), the model breaks. That’s where government, not venture, has to lead.Laura’s Anti-FOMO Investing Playbook: Does it matter? Is the market big enough? Is the customer pain urgent? And does the solution drive real climate impact? If those hurdles aren’t met, the conversation doesn’t move forward.Can they do it? Founders must show industry fluency, ideally firsthand experience with the problem, or deep learning through research and customer discovery. Laura looks for founders who can tell a clear story, sell across stakeholders, and attract early believers.Can it scale? Feasibility (proof from early pilots)Desirability (validated customer insights and pipeline)Viability (a credible path to margins and scale)***Connect with Laura: Streetlife VenturesLaura Fox | LinkedInOr ask me for an intro!***🌊 Next Up on The Swell A deep dive with Hampus Jakobsson, General Partner at Pale Blue Dot. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week on New Wave Weekly: 👉 Stegra and the Billion-Euro GapSweden’s Stegra (formerly H2 Green Steel) raised €6.5 billion to build Europe’s largest green-steel plant, then the FT called it a “funding crisis.” Is this media clickbait, or is Europe’s gigascale model showing cracks?👉 All Aboard: The Collaborative Fund MovementA new US initiative is pooling $300M from top VCs to de-risk first-of-a-kind climate projects. Should Europe follow suit, or is public capital our real advantage?👉 AI as a Climate CatalystFrom DeepMind’s fusion simulations to data centers that run on nuclear-scale power, could AI become the unexpected accelerant for decarbonization?***References:Swedish green steel firm Stegra seeks another $1.1 billion in financing | ReutersSHS Raises $2 Billion for Green Steel Project in Germany - ESG TodayStegra announces agreement with Microsoft - green steel - StegraLaurie Menoud on scaling climate-techFlagship green steel start-up in funding crisisAll aboard a game-changing initiativeThe real reason Google DeepMind is working with a fusion energy startupFAST by Patrick Collison[Book] - Breakneck: China’s Quest to Engineer the Future” by Dan Wang“AI Infrastructure: Trojan Horses for Climate Infrastructure”What Denmark’s Hippie Teachers Can Teach Us About Financing Climate Tech***Wave Makers: Jonny Everett - MarbleMaxi Pethö-Schramm - HV CapitalYair Reem - Extantia***Chapters:(00:00) Introduction(01:05) VC Money. Infra Problems.(29:29) The First Collaborative Fund?(41:46) AI for Fusion?***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***🌊 The Third Swell Has ArrivedWe’re joined by Peter Platan, Investment Director (Fund of Fund) at Tesi (Finnish sovereign wealth fund), one of Europe’s most active LPs backing ~125 funds.In this episode, we dive into the real bottlenecks in European climate capital and unpack what it takes for GPs to win LP trust. We also touched on one of Peter’s expertise: financing first-of-a-kind (FOAK) plants. If you’re a GP building or raising in climate tech, this one is for you.***My 10 key takeaways:The Capital Squeeze: Every €1 of LP capital is being chased by ~€3 in GP demand; exits are slow, NAV is stuck, and distributions are thin. The European Landscape: Early-stage climate investing is crowded. The scarce resource is growth and hardware/FOAK capital. What LPs Look For: Real track record (DPI), operator/engineering chops, and go-to-market expertise.LPs Don’t See Climate as Special: “Climate GPs aren’t different from any other vertical. We shouldn’t look at climate as a separate vertical that’s somehow special.”Returns Check: Finland VC vintages 2009–2015 posted ~18.5% IRR and 2.71x TVPI; newer vintages look softer given exits. FOAK Financing: FOAK plants aren’t VC-size bets. They demand €30–€300M blended stacks of equity, debt, and grants. Winning teams de-risk engineering, financing, and offtake together. Success requires project finance and industrial know-how, not just venture instincts. Climate’s Relabeling: With the “green premium” fading, winners will sell cost-advantaged solutions with real market pull (energy storage, grid efficiency, space-enabled monitoring, circularity). Advice to GPs: Choose partners with complementary skills, high conviction, and the stamina for a 10-year journey.LP Alignment is Key: Unlike other sovereign LPs, Tesi avoids “home-country” investment quotas. According to them, mandating local reinvestment can misalign LPs and distort GP strategy.Emerging Funds Need an Investor: LPs expect emerging funds to include at least one partner with full-cycle experience, someone who’s sourced, invested, created value, and exited with real DPI. The standard: a GP who’s done ~20 VC deals and delivered a positive portfolio multiple. ***Reach out to Peter: TESIPeter Platan | LinkedIn***🌊 Next Swell IncomingDon’t miss our next deep dive with Hampus Jakobsson, General Partner at Pale Blue Dot.***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.***🌊 This week on New Wave: 👉 Base Power’s $1B Series CThe fastest-growing energy startup in America raises $1 billion at a $3 billion pre-money valuation. Is this a pure execution play or a new model for distributed energy? And is vertical integration the new moat in climate?👉 EIP’s $1.3B Growth FundEnergy Impact Partners closes its largest vehicle yet, a $1.3 billion fund. But with few late-stage climate companies to back, where will all that capital go? And are specialist billion-dollar funds the new normal?👉 Germany launches €6B decarbonization programGermany launches an industrial decarbonization package that finally includes carbon capture and storage. Pragmatism or surrender? Are we entering the “capture era” of Europe’s energy transition?***References:Germany launches 6 billion euro industrial decarbonisation programBase Power raises $1B to deploy home batteries everywhereEnergy Impact Partners Closes Latest Flagship Fund***Wave Makers: Jonny Everett - MarbleJulia Attwood - Sightline ClimateHampus Jakobsson - Pale Blue Dot***Chapters:(00:00) Introduction(01:26) Base Power raises $1B(35:46) EIP closes a $1.3B fund(47:09) Germany launches €6B decarbonization program***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***🌊 The Second Swell Has ArrivedWe’re back with Terhi Vapola, Founding Partner at Greencode Partners, a €70M venture capital fund investing in software solutions accelerating the green transition.We dive into why software matters in climate, how to build defensible moats in a world of AI tools, and what it takes to raise a first-time fund in the toughest market in years.In our conversation, we covered:Why software is key to scaling climate impact fasterThe difference between angel investing and managing other people’s moneyHow Greencode raised €70M as a first-time fundWhere software has real climate impact (AI, energy, industry)How to assess risk and defensibility in climate SaaSIf you’re a software founder or investor in climate tech, this one’s a must-listen.***Reach out to Terhi: Greencode VCDr. Terhi (TJ) Vapola | LinkedInOr ask me for an introduction! 👋***🌊 Next Swell IncomingDon’t miss our next deep dive with Peter Platan, Investment Director (Fund of Funds) at Tesi, Finland’s sovereign investment fund.***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***🌊 The First Swell Has ArrivedWe’re kicking off with Carolina Echecopar, investor at Carbon Equity, a fund-of-funds unlocking access to climate venture capital.If you’re building or raising a climate fund in Europe, this one’s for you.We dive into the brutal fundraising reality, what LPs look for beyond the deck, and why some climate VCs might not make the next wave.In our conversation, we cover:What LPs really look for in early-stage climate fundsThe minimum viable track record (and what counts as proof)Europe vs. US LP sentiment, who’s still writing checks?Carbon Equity’s full due diligence checklistThe branding debate: is “climate tech” becoming taboo?Lessons from investing in 250+ companies and 20+ fundsIf you’re a GP building or raising in climate tech, this one is for you.***Reach out to Carolina: Carbon Equity - Do good by investing betterCarolina Echecopar | LinkedIn***🌊 Next Swell IncomingDon’t miss our next deep dive with Terhi Vapola, Founding Partner at Greencode Ventures.***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.***This week on New Wave Weekly: 👉 $45M for Genomines: Plants vs MinesThe French startup growing nickel from plants just raised $45M, one of the largest Series A in Europe for climate-tech companies. We’ve looked at all the details and are sharing key insights. 👉 CVCs Are Taking OverHyundai, Microsoft, Siemens… corporate VCs are writing bigger checks and locking in as customers. Are they the future of climate capital?👉 Is Climate Tech Dead?Media says “dual-use is hot, climate is not.” But is this the death of climate VC, or just the cleansing fire we needed to kill bad ideas and sharpen the next generation of winners?***References:Sifted: Genomines raises $45M Series AForbion Co-lead Release (PDF)DT Capital Partners Press ReleaseMicrosoft doubles down on green steelmaker StegraPwC Report: Climate Tech & Corporate VCSifted: Climate tech out, dual-use inImpact Loop: Lubomila Jordanova warns of greenwashing***Chapters:(00:00) Introduction(01:26) $45M for Genomines(21:46) CVCs are taking over(36:09) Long Live Climate-Tech! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.***This week on New Wave Weekly: change is no longer a scientific forecast.👉 Fusion Energy: Is It Around The Corner?Proxima Fusion raises $200M, U.S. players pull in mega-rounds up to $900M… and suddenly everyone’s bullish. But is fusion coming in 2030, or 2100? Game-changing tech or just another beautiful mirage?👉 The capital stack goes creativeGrants, debt, PPAs, infra equity, climate finance is finally evolving beyond pure VC. But who’s funding $100M FOAK projects? And where are all the climate-native CFOs?👉 OpenAI x Oracle, $300B and 4.5 GWOne AI deal = 4 nuclear reactors. As data centers suck up grid capacity, could the compute boom drag climate tech into the fast lane?***References:FT: Europe’s fusion race heats up with billions in fundingTechCrunch: CFS books $1B power deal for its future reactorTechCrunch: Google inks its first fusion power deal with CFSLinkedIn: Proxima Fusion extends its Series ACTVC: Fusion roundup — big rounds, big dealsCFS: CFS raises $863M Series B2 to accelerate commercializationSifted: SunSave raises $113M to expand solar subscriptionsWSJ: OpenAI and Oracle sign $300B computing deal***Wave Makers:Hampus Jakobsson - Pale Blue DotMatthew Blain - Voyager Ventures***Chapters:(00:00) Introduction(01:12) Is Fusion Happening?(28:31) The Creative Capital Stack(42:20) A Deal That Needs 4.5GW***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

ESG is under fire. Some say it’s “good for the brand” but not foundational to the strategy. Others call it flat-out fraud.So I wanted to find out:Is ESG in venture capital just a PR exercise, or can it actually create value?To unpack this complex topic, I invited Damien Didier, Head of ESG at Daphni, a French VC firm with over €500M AUM and one of the funds that truly walks the talk.And I’ll be honest: I used to see ESG as a box-ticking exercise.But after this conversation, I left convinced that when done right, ESG can improve startup performance, strengthen returns, and unlock real impact.We covered:What ESG really means in VC (and why most people get it wrong)Their framework to assess ESG in early-stage startupsWhy asking for too much ESG data too early is a mistakeHow ESG ties into margins, exit premiums, and long-term value…and more!***References:Daphni - https://www.daphni.com/Damien Didier - https://www.linkedin.com/in/damien-didier/ESG Toolbox - The ESG Toolbox by daphniTime4 - A New Fund to Change the Game!Les Déterminés - https://www.lesdetermines.fr/Live4Good - https://www.live-for-good.org/HEC IncubatorsIncluded VC - https://www.included.vc/***In this episode, we cover:(00:00) Introduction(00:41) ESG in Venture?(10:24) Is ESG relevant at pre-seed?(13:14) The S of ESG(23:04) Implementing ESG(28:55) The Future of ESG in VC(31:50) Fire Questions 🔥***What’s next?👀This was the last episode before we launch a new format and brand. Stay tuned! 👋***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Sir Ronald Cohen is not your average climate investor. In 1972, he co-founded one of Europe’s first VC funds, which became Apax Partners, now with €80B+ deployed in private equity and venture capital.At 60, he had a realization:“I didn’t want my epitaph to read: ‘He delivered a 30% annual return.’ I had always known that life should have a greater purpose.”Since then, he’s spent two decades reimagining what finance can be, and asking what it should become. And so I asked him: Is venture capital the right instrument to solve climate change?***In this conversation:Why risk–return–impact outperforms traditional investingHow impact accounting could reshape global portfoliosWhy public markets are shrinking (and what that means for climate exits)How to measure impact in dollars, not just KPIs…and much moreWhether you’re an investor, founder, or just curious about the future of finance, this is one you won’t want to miss.***Links:Sir Ronald CohenImpact (Sir Ronald’s Book)***Episode guide:(00:00) Introduction(01:23) The case for impact VC(09:23) Fund structures and patient capital(16:40) What makes a company truly impactful?(24:04) Portfolio rotation is coming(33:28) This will change all of finance(35:12) Closing: Are you optimistic? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***Climate change is no longer a scientific forecast. It's a daily reality for many people in the Global South.Crops are failing, cities are flooding, and wildfires are becoming the norm.Yet, only a fraction of climate finance goes toward climate adaptation solutions.Why does adaptation remain so drastically underfunded?And what does it take to invest in adaptation?To unpack this complex topic, today we are joined by Timothy Rann, Managing Partner at Mercy Corps Ventures. Timothy has led over 70 investments in emerging markets with one goal: to build real climate resilience where it matters most.***What we discussed:Adaptation vs mitigation: why we need bothWhy adaptation finance lags despite a $300B funding gapThe missed opportunities for global investorsInvestment case studies with Pula and MeridiaThe role of governments, regulations, and public goods… and more!***References:Mercy Corps VenturesLinkedIn - Timothy RannPula (agricultural insurance)Meridia (farm data & traceability)Wasoko (supply chain resilience)***In this episode, we cover:(00:00) Introduction & Sponsor(01:57) Adaptation vs. Mitigation(11:39) The Case for Adaptation(18:20) Investment Strategies in Adaptation(25:57) The Social Mission of VC?(34:49) Investing in Adaptation(47:31) Can You Make Money in Climate?(49:52) Fire Questions 🔥***Who’s next?👀Next week, I’ll be joined by the Head of Sustainability at Daphni to unpack the role of ESG in venture capital. Too often dismissed as box-ticking, ESG can actually be a powerful framework for building resilient, future-proof startups. Stay tuned to learn more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Can circularity deliver on both carbon reduction and financial performance?Today, we’re joined by Nic Gorini, Managing Partner at Spin Ventures, a fund dedicated to the circular and regenerative economy. In this episode, Nic reframes circularity as a path to business efficiency, not just environmental good. Forget the “waste = trash” mindset. Circularity is about designing smarter systems that cut costs, increase profit, and reduce environmental impact. As Nic puts it: “Less carbon, more profit.”Still have doubts? Vinted, Back Market, Vestiaire Collective are all worth $1B+. If you’re a founder building with efficiency in mind or a VC looking to stay ahead of the curve, this episode is packed with insights.***Where to find Nic & Spin:Spin Ventures: Spin Ventures Ltd.House of Circularity: The House of CircularityLinkedIn: Nic Gorini***In this episode, we cover:(00:00) Introduction(01:20) Less Carbon, More Profit(07:23) The Three Pillars of Circularity(17:38) VC Guide to Circularity(24:04) Are Consumers Ready?(28:33) Can Generalists Play?(31:26) Deep Tech + Circularity?(34:51) Fire Questions 🔥***Who’s next?👀Next week, I’ll be speaking with someone who has backed 60+ founders in emerging markets, where climate resilience isn’t optional, it’s survival. We explore why VCs often overlook adaptation, and why that’s a missed opportunity for impact and returns. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Artificial Intelligence is seen as a critical tool for solving climate change. We talk about optimizing grids, accelerating material discovery, and predicting extreme weather.But can AI really help us solve the climate crisis faster than it contributes to it?Today I’m joined by three sharp thinkers in the world of climate:- Hampus Jakobsson: founding partner at Pale Blue Dot and a bullish believer in AI for climate- Pippa Gawley: founding partner at Zero Carbon Capital and a cautious observer of the AI hype- Matteo Turchetta: co-founder and CTO at KoraLabs and PhD in AI for sustainable agriculture from ETH ZürichTogether, we answer the question: Is AI a good thing for the climate?***We talk about: Why adding “AI” to your pitch won’t save a climate startupHow smaller, smarter models could reduce emissionsWhether climate data is good enough to train real solutionsWhen AI crosses the line from helpful to harmfulHow small AI wins might unlock massive physical world impactWhen regulation makes sense, and when it stifles innovation… and more!***Where to find Hampus, Pippa & Matteo:Hampus | Pale Blue Dot | The DropPippa | Zero Carbon CapitalMatteo | KoraLabs***Timestamps:(00:00) Introduction (01:30) AI Solution Categories (03:57) Investor Skepticism (06:54) Practical Use Cases (12:30) Data Quality Matters (17:17) Environmental Impact of AI (23:05) Solving Real Problems (33:57) Accelerating Dirty Industries (40:05) Responsible Use of AI (46:06) Key Takeaways***Other episodes you might like: - How Climate Startups Get Their FIRST Investor***Sign up for my free newsletter: - VCo2 | The Climate Investing Podcast | Hugo Rauch | Substack This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Batteries are the backbone of the energy transition. From grid-scale storage to next-gen chemistries, the world is racing to shape a trillion-dollar industry.But what are the fundamental differences between battery types? And which are actually game-changers?To explore the battery market, I’m joined by Dave Borlace, the voice behind Just Have a Think, a YouTube channel trusted by 600,000+ people for its break down of complex climate and energy topics into compelling narratives.***What we discussed:Why battery tech is essential for the future of the gridA breakdown of 6 battery types (from lithium-ion to aluminium-ion)How China took the lead in battery manufacturingWhat metrics matter: energy density, cycle life, cost, safety, and weight… and more!***Where to find Dave Borlace:YouTube: Just Have a ThinkLinkedIn: Dave Borlace***(00:00) Introduction(01:33) Batteries and the Energy Transition(10:45) Lithium-Ion Dominance(24:49) Exploring Lithium-Sulfur(31:04) Is Sodium-Ion Viable?(35:07) The Promise of Solid-State Batteries(38:53) Incumbents vs. Innovators(42:07) What’s Up with Flow Batteries?(47:06) The Potential of Aluminum Batteries(49:58) Rapid Fire Questions 🔥***This episode is a bit different from our usual format. Typically, I sit down with climate investors, angels, VCs, and PEs. But this time, I wanted to try something new.It's summer, and I thought it was the perfect moment to invite Dave Borlace, creator of Just Have a Think and one of the clearest voices on climate technology, to break down the battery landscape for us.He's not an investor, but he’s a brilliant educator. I hope you enjoy this special episode as much as I did.***Leave a review:Apple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

How do you secure that first yes from a climate investor?And how do you build the conviction needed to write the first check?***Co-hosted by Climate Drift and VCo2, this brutally honest conversation features three of the sharpest minds in early-stage investing, Hampus Jakobsson (Pale Blue Dot), Jonny Everett (Marble), and Andreas Klinger (Prototype Capital), to lift the curtain on how decisions are made when there’s barely a product, let alone traction.You’ll learn:→ Why traction isn’t what gets deals done→ What “founder-problem fit” really means→ The checklists behind venture decisions→ How to cut through the noise and get noticed→ … and more!This conversation is gold if you’re raising a first round, backing pre-seed startups, or trying to figure out how to stand out in a crowded fundraising market.***⌛TIMESTAMPS00.00 Introduction01:28 What Hampus Looks For02:31 Investors Can Be Fast04:11 Checklist to Build A Startup06:25 An Investor's Checklist17:27 Matching People and Ideas22:50 Market Shifts 202535:19 Getting Investor Attention40:48 Planning for Returns42:19 What is a Good Investor?47:38 Planning Future Rounds52:35 The Dynamics of Fundraising56:02 Honesty in Rejections1:02:04 Engineering Momentum1:05:09 Seek a No1:10:06 Building Real Relationships1:13:35 Getting Noticed by Marble1:16:22 The Upside of Failure1:17:52 Closing Thoughts***Pale Blue Dot: https://paleblue.vc/ The Drop: https://thedropconf.com/ Prototype: https://www.prototypecap.com/contact/ Andreas' Channel: ⁨@prototypecap⁩ Marble: https://marble.studio/about Climate Drift: https://www.climatedrift.com/ VCo2: https://climateventuresvco2.substack.com/***📚 STARTER PACKWe have prepared this Starter Pack as your crash course in early-stage climate investing, the people doing it, the psychology behind it, and the playbook that gets the first check over the line. Enjoy!***💚 LEAVE A REVIEWApple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week, we sit down with Tove Larsson, General Partner at Norrsken VC, one of the largest climate VCs in Europe with already 3 unicorns in their portfolio and built on top of Norrsken Foundation, launched by Niklas Adalberth (founder of Klarna).We discuss why the geopolitical landscape is creating new opportunities, how Europe’s startup ecosystem is maturing, and what VCs need to change about their approach to impact investing.In this episode, you’ll learn:Why Europe is a more attractive climate tech market than ever beforeHow the European policy landscape (Green Deal, CBAM, etc.) is shaping startupsThe sectors with the strongest unicorn potential in climateExamples of booming sectors from Norrsken’s portfolioHow to support startups during and after failureWhat LPs really think about impact funds, and why that’s changing… and more!***Thank you to DealMaker for sponsoring this episode. 💚 Big raises. No gatekeepers. DealMaker helps cleantech companies bypass traditional funding barriers and raise millions on their own terms, by going directly to investors online. Ready to fuel your vision? Visit DealMaker.tech to learn more.***⌛TIMESTAMPS00:00 Introduction & Europe's Investment Boom04:49 Norssken & Klarna's Story06:44 Key Sectors in Climate09:28 AI For Climate?16:09 European Policy Landscape20:05 It's Time for Climate Unicorns 26:37 We Need More LPs In Climate31:10 Embracing Risk & Failure 38:41 Rapid Fire Questions 🔥***💚 LEAVE A REVIEWApple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week, we sit down with Helena Wasserman, the co-founder of Investors for Climate, a global network of over 400 climate-focused investors across 24 cities. In this episode, we dive into the engine behind that momentum: a community that connects capital with founders at seed stage, and creates deep relationships between VCs, angels, and family offices worldwide.***Thank you to DealMaker for sponsoring this episode. 💚 Big raises. No gatekeepers. DealMaker helps cleantech companies bypass traditional funding barriers and raise millions on their own terms, by going directly to investors online. Ready to fuel your vision? Visit DealMaker.tech to learn more.***⌛TIMESTAMPS00:00 Introduction to Investors For Climate04:16 How the Community Started06:43 The Community Playbook09:58 Why Community Matters14:28 Investor Preferences17:56 City Expansion Strategy19:18 Notable Investment Examples20:36 You Need Strict Rules 21:45 Fire Questions***💚 LEAVE A REVIEWApple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

As industrial greentech scales, it faces hypertransformation: disrupting value chains, deploying new tech, demanding huge capital, and struggling with rapid growth. This is a stage at which traditional startup playbooks can’t keep up.So, how do founders and investors survive, and thrive, through this chaos?Laurits Bach Sørensen, Co-Founder of Nordic Alpha, shares a powerful new framework: Hypertransformation. This is how Nordic Alpha sold Spirii to Edenred for €175M and Wiferion to Tesla for €80M+.In this conversation, we cover:- Why green tech needs more than capital to win- The $215 trillion reindustrialization opportunity- How U.S. and China outplay Europe on policy- The 4 forces of hypertransformation- Why Northvolt failed, and how it could’ve been saved- … and more!⌛TIMESTAMPS00:00 Introduction02:13 Introduction to Nordic Alpha5:24 The Need for Re-Industrialization11:42 Skepticism in Climate Tech15:18 Understanding Hyper Transformation19:01 Four Forces of Hyper Transformation27:54 Capital Expenditure in Hypergrowth36:48 Managing Hypergrowth39:20 Northvolt Case Study49:50 Free Tools You Can Use53:34 Rapid Fire Questions 🔥📚 STARTUPS AND FRAMEWORKSHyper-Transformation FrameworkBCSA - Better, Cheaper, Simpler, AvailableHyper-Replication ModelAuto-Projections & BTM ModelSpirii – sold to Edenred for €175MWiferion – sold to Tesla for €82MNorthvolt – Swedish EV battery companySTABL – Nordic Alpha portfolio company using second-life batteries💚 LEAVE A REVIEWApple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week, we sit down with Desirée Petterson, Head of Impact at Satgana, to dive deep into climate investing in Africa, a region often overlooked by mainstream VC but holding the key to many climate challenges.***Thank you to DealMaker for sponsoring this episode. 💚 Big raises. No gatekeepers. DealMaker helps cleantech companies bypass traditional funding barriers and raise millions on their own terms, by going directly to investors online. Ready to fuel your vision? Visit DealMaker.tech to learn more.***⌛TIMESTAMPS 00:00 Introduction3:12 Journey to Satgana 7:54 Climate Realities in Kenya 9:56 Africa’s Venture Capital Landscape 18:14 Leveraging Africa’s Unique Strengths 21:32 Rethinking VC: A New Playbook 27:41 Why Bottom-Up Investments Work in Africa 32:04 Not Investing in Africa Is the Bigger Risk 34:24 Rapid Fire Round ***📚 STARTUPS AND FUNDSRevivo - Refurbished electronics marketplace in KenyaKubik - Turning hard-to-recycle plastics into low-carbon building materialsSirona - Direct air capture startup utilizing Kenya’s geothermal energySatgana - Climate and frontier market-focused VC fundGrounded Investment Company - Fund innovating in agri-value chains***💚 LEAVE A REVIEW Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

In this episode, we dive into one of Europe’s greatest climate venture studios: Marble.Ben Tincq, founding partner at Marble, joins us to discuss how they build companies from scratch that aim to solve the hardest climate problems.Here’s what we cover:- Finding hard climate problems and solutions- Recruiting great deep tech founders- Going from “minus one to one”- Trading market risk for technical risk… and more!Watch the full conversation on YouTube 👇***Thank you to DealMaker for sponsoring this episode. 💚 Big raises. No gatekeepers. DealMaker helps cleantech companies bypass traditional funding barriers and raise millions on their own terms, by going directly to investors online. Ready to fuel your vision? Visit DealMaker.tech to learn more.***⌛TIMESTAMPS0:00 Introduction02:09 The Genesis of Marble07:54 Building the Right Team11:41 Picking Climate Problems17:51 Creating Startups Systematically23:22 Balancing Ambition and Returns26:42 Clean Energy Abundance30:33 Traits of Great Founders37:43 Rapid Fire Questions📚 STARTUPS MENTIONEDRenaissance Fusion: Fusion energy startupVema: Geologic HydrogenStealth methane-reduction company from Marble🤝 SPONSOR THIS PODCASTFill in this form: Become a sponsor of the podcast💚 LEAVE A REVIEWApple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

From COVID-19 to the war in Ukraine, recent shocks have exposed a hard truth, Europe isn’t resilient yet. With the climate crisis accelerating, can we upgrade our infrastructure, economy, and innovation systems in time? To explore this topic, today we’re joined by Craig Douglas, founding partner at World Fund, one of Europe’s largest climate-tech VC. ⌛TIMESTAMPS 0:00 Introduction1:05 Craig’s VC Path 4:17 What Is Resilience? 10:20 Europe’s Weak Spots 19:19 VC Lens on Resilience 24:40 Case Study: Cylib 31:06 The European Bottleneck 39:52 Predictions for Europe's Resilience 42:14 Fast Fire Round 📚 REFERENCESSTARTUPSCylib – battery recyclingInstaGrids – portable power unitsFUNDSWorld FundScottish Equity PartnersSet VenturesNATO Innovation FundEIB (European Investment Bank)PROGRAMS AND POLICIESEuropean Commission energy policyIRA (Inflation Reduction Act) – U.S.SFDR Article 9Germany’s “Debt Brake” removalDOE Loan Program (US)🤝 SPONSOR THIS PODCASTFill in this form: Become a sponsor of the podcast💚 LEAVE A REVIEW Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

From improving food security to decarbonizing heavy industries and even transforming human health, microbes are emerging as a powerful tool in the fight against climate change.But could they also be the next multi-billion-dollar opportunity? And can generalist VCs understand the space well enough to back the right teams?In this episode, I’m joined by Olivier Mougenot, partner at Wind, a French deep-tech climate VC firm. Olivier is not a scientist. He’s not a biologist either. But he’s convinced that microorganisms will reshape our industries for the better and that biotech is now a business-first game where traditional VCs can support startups.We discuss:- What VCs can learn from SaaS to back the next generation of biotech startups- How to evaluate microorganisms projects (hint: performance, price, scale)- What AI can’t do yet in synthetic biology (but might soon)- How the best biotech startups de-risk their business- … and more!⌛TIMESTAMPS0:00 Introduction2:59 Wind: A Deep Tech VC Firm6:34 Microorganisms & Sustainability12:37 Biotech Beyond Scientists16:46 Ethics of Microorganisms21:23 Why Impact Funds Fit Biotech27:00 Wind’s Investment Thesis34:27 AI in Biotech37:45 Biotech Predictions41:54 Advice for Founders & VCs🤝 SPONSOR THIS PODCASTFill in this form: Become a sponsor of the podcast💚 LEAVE A REVIEWApple Podcasts - https://shorturl.at/HIDcgSpotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.In this episode, I’m joined by Lauri Reuter, founding partner at Nordic FoodTech VC. We go deep into the mechanics of food tech. Not the kind you see on supermarket shelves, but the kind powering the supply chain, transforming ingredients, and reshaping global agriculture.We talk about:* Investing when consumers don’t care about sustainability* The underestimated complexity of food innovation* Case studies in ingredient and input replacement* How biotech is redesigning egg whites, chocolate, and aroma compounds* The food tech trends to ignore, and the ones to back* … and more!Watch this episode on YouTube. 👇⌛TIMESTAMPS * 0:00 Introduction* 01:35 Why Food Tech?* 05:22 Understanding the Food Tech Opportunity* 09:51 Investing When There's No Appetite for Sustainability* 15:59 Building Conviction in Food Tech* 25:20 Investing in Deep Tech Startups* 33:28 Nordic Innovation in Food Tech* 37:15 Rapid Fire Questions with Lauri Reuter📚 REFERENCES* Endless Food (cocoa alternative)* Evodia (aroma from engineered yeast)* Chromologics (natural food colors through fermentation)* Onego Bio (egg white via fermentation)🤝 SPONSOR THIS PODCAST* Fill in this form: Become a sponsor of the podcast💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.From underwater data cables to aging transformers, the infrastructure powering our world is under pressure, and increasingly, under threat. But could national security, not just decarbonization, be the force that finally accelerates the energy transition?In this episode, I’m joined by Austin Wood, Investment Manager at SET Ventures, to unpack why security is becoming a central force behind the energy transition and how their latest investment in OPTICS11 plays at the intersection of deeptech, defense, and critical infrastructure.We explore:* Why energy systems are now national security issues* The mechanics and strategy behind their investments in OPTICS11* How fiber optic sensing can detect failures before they happen* The overlap between climate, security, and infrastructure* The economics of partial discharge monitoring (and why you should care)* … and more!Watch this episode on YouTube. 👇⌛TIMESTAMPS * 00:00 Introduction to the episode* 02:00 Austin's Story* 03:10 SET Ventures Investment Strategy* 08:05 Optics 11: Security as a Driver of the Energy Transition* 17:20 Explaining Partial Discharge* 19:50 What Convinced SET to Invest?* 28:09 Investment Mechanics* 30:01 Security as a New Driver for Energy Transition* 36:50 LP Appetite for Climate-Tech* 38:51 Rapid Fire Questions📚 REFERENCES* Optics 11 – Fiber optic sensing for infrastructure and subsea monitoring* Wallbox Chargers – EV chargers and energy management software* Partial Discharge Monitoring – Detecting early failure signs in transformers* Royal Smitt – Transformer OEM + servicing partner* Dutch Navy – Early adopter and signal of defense relevance* SET Ventures – Digital energy VC based in Amsterdam* Join Capital – Dual-use and defense-focused VC syndicate partner🤝 SPONSOR THIS PODCAST* Fill in this form: Become a sponsor of the podcast💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.Thank you to BioEsol for sponsoring this episode. 💚BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.This week, we’re joined by Andrew Shebbeare, co-founder of Counteract, to unpack the state of carbon removal in 2025, what's broken, what's working, and what needs to change. From LP dynamics to resilient startup models, we cover it all. In this episode, we discuss:* Why raising capital for CDR is harder in 2025* The shift from hype to fundamentals in CDR* Carbon credits vs. carbon-negative business models* Advice for both investors and founders in the carbon space* Why MRV and ecosystem enablers matter more than ever* … and more! Watch this episode on YouTube. 👇⌛TIMESTAMPS * 00:00 Introduction to the episode* 03:45 A sci-fi take on the current political/economic moment* 08:30 What founders are experiencing on the ground in 2025* 11:09 The carbon credit myth: what startups really sell* 14:35 Business models from the Counteract portfolio* 21:00 Has the hype died? What Hello Tomorrow 2025 revealed* 25:19 Headwinds vs tailwinds for carbon removal* 29:52 How much CO₂ has Counteract catalyzed so far?* 33:40 What LPs are now looking for in climate funds* 39:03 How to identify resilient carbon removal startups* 42:24 The role (and limits) of storytelling in CDR* 45:11 🔥 Fire Questions📚 STARTUPS MENTIONED* Chloris Geospatial (trees from space)* Seqana (soil MRV)* AgriCarbon (robotic soil sampling)* Adaptavate (carbon-negative wallboards)* Concrete4Change (CO₂ in concrete)* Crew Carbon (alkaline wastewater)🤝 SPONSOR THIS PODCAST* Fill in this form: Become a sponsor of the VCo2 Podcast💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.Thank you to BioEsol for sponsoring this episode. 💚BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.This week, we’re joined by Dr. Hendrik Brandis, co-founder and partner at Earlybird Venture Capital, to explore the surprising role space technology can play in fighting climate change.We discuss:* How satellite imagery helps monitor earth activities* Why space-based solar farms could be a game-changer * The economic & environmental impact of launching satellites* The opportunities and risks of "sun shields" to combat global warming* Why venture capital needs to think bigger about climate tech scalability.* … and more! If you’re passionate about climate innovation and frontier technologies, this episode is for you. 👇⌛TIMESTAMPS * 00:00 Introduction to the episode* 02:06 The Role of Space Technology in Climate Solutions * 09:47 The Debate on Space Pollution * 14:47 Personal Motivation Behind Climate Action * 19:21 Investment Opportunities in Space Technology * 25:01 Net Zero Space Launch * 26:31 Investment opportunities in space tech * 33:14 Investment Strategies in Deep Tech * 40:46 Synergies Between Space Tech and Climate Tech * 43:13 Rapid Fire Questions ▶️ CONNECT WITH HENDRIK* Dr. Hendrik Brandis - https://www.linkedin.com/in/dbrandis/🤝 SPONSOR THIS PODCAST* Fill in this form: Become a sponsor of VCo2 Podcast💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Annick Verween, Head of Biotope at VIB, where she backs early-stage biotech startups working to improve planetary health. With Biotope recently named one of Europe's leading startup hubs by the Financial Times, it's the perfect time to dig into what’s really going on in early-stage biotech.In this episode, we explore:* Why investors are hesitant to back early biotech startups* How incubators like Biotope bridge the pre-seed funding gap* The “valley of death” in biotech, and how to survive it* What makes a startup fundable at the seed stage* How scientists can become founders and sellers* The growing opportunity in biotech x AI* … and more! If you’re a founder raising capital, an investor exploring biotech, or just curious about what’s next for the sector, this is a must-listen. 👇***⌛TIMESTAMPS * 00:00 Introduction to the episode* 03:12 Early Stage Biotech Startups* 05:35 Understanding the Funding Gap in Biotech* 07:24 Supporting Early Stage BioTech* 09:45 How Biotope Impacts Startups* 11:49 What Makes a Biotech Startup Fundable?* 15:13 Navigating the Valley of Death* 18:50 Trends in Early Stage Biotech Investment* 26:00 Approaching Investors for Funding* 29:32 Investment Timelines in Biotech* 30:51 Scientific Validation and Funding* 32:17 Opportunities in Biotech Startups* 38:18 The Role of Advisors in Biotech* 40:51 Rapid Fire Questions on Biotech******▶️ CONNECT WITH ANNICK* Annick Verween (Head of Biotope at VIB) – LinkedIn***📚 REFERENCES AND MENTIONS* Technology Readiness Levels (TRL)* “Valley of Death” in startup financing* Pre-seed to seed funding gap* VIB (Flemish Institute for Biotechnology)* Biotope (early-stage investment and incubation arm)*** 🎙️PAST EPISODES YOU’LL LOVE* How to Exit a Deep Tech Startup - Matt Jones (Syensqo)* USA vs Europe: Who Wins In Climate? - Matthew Blain (Voyager Ventures)* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Thank you to BioEsol for sponsoring this episode. 💚BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.***This week, we’re joined by Matthew Blain, Principal at Voyager Ventures, a climate fund investing across Europe and the US. In this conversation, we break down the key differences between Europe and America. We discuss:* Why Europe’s software climate startups are outperforming* The deeptech-commercialization gap and how to fix it* What the US loan program office got right (and why it matters)* Lessons from academia, accelerators, and growth capital* The cultural differences in ambition between European and US VCs* How founders and funds can think globally from day one* … and more! ***⌛TIMESTAMPS * 00:00 Introduction to the episode* 01:46 Europe has great research universities* 02:58 Comparing Investment Ecosystems: Europe vs. US* 05:57 The European Advantage* 08:40 The Role of Accelerators and Government Support* 10:50 Grant Financing: The US advantage* 11:28 The Loan Program Office* 12:54 The problem with European Growth Fund* 16:21 How can investors drive change* 19:58 Ambition and Global Mindset in European Startups* 25:13 Europe vs America: who wins in climate tech?* 29:59 Collaboration Between US and European Investors* 33:51 VC to VC conversation* 35:54 Rapid Fire Insights***▶️ CONNECT WITH MATTHEW* Matthew Blain - https://www.linkedin.com/in/matthew-blain-vc/* Voyager Ventures - https://www.voyagervc.com/***📚 REFERENCES AND MENTIONS* Activate – US deeptech accelerator * Loan Program Office (US DOE) – Government debt vehicle* ARIA (UK) – Advanced Research & Innovation Agency* SPRIND (Germany) – Government agency backing breakthrough innovation* BPI France – State-backed French investment bank* Atomico’s State of European Tech – Annual report on EU startup activity* Book: Venture Deals – by Brad Feld & Jason Mendelson*** 🎙️PAST EPISODES YOU’LL LOVE* How to Exit a Deep Tech Startup - Matt Jones (Syensqo)* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Matt Jones, Managing Partner at Syensqo, to break down one of the toughest challenges in climate tech: how to exit.With 25 years of experience and a front-row seat to both successful and failed exits, Matt shares:* How to recognize the right window for exiting* The biggest red flags in corporate partnerships* How CVCs think about alignment, strategy, and exits* What founders get wrong when they pitch to corporations* How to make deep tech exits work* … and more! ***⌛TIMESTAMPS * 00:00 Introduction to the episode* 0:54 Climate Tech Exits 101* 02:22 Understanding Exit Strategies for Investors* 04:55 How to assess the exit environment?* 05:47 The IPO Dream: Are Startups Ready?* 07:33 Taking a company public as a CVC?* 08:38 Navigating Acquisitions: Finding Potential Buyers* 11:23 The Role of Corporates in Exit Strategies* 13:53 Is it important for founders to have an exit strategy?* 15:37 Common Mistakes in Engaging with Corporate VCs* 17:35 Rapid Fire Questions: Insights and Advice***▶️ CONNECT WITH MATT* Matt Jones – LinkedIn* Syensqo | Advancing Humanity***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* The Lean Startup – Startup playbook on building fast & learning from customers.* Syensqo Ventures – Corporate VC backing climate and materials startups.* Breakthrough Energy Ventures – Climate tech fund backed by Bill Gates.* M&A – Mergers & acquisitions as startup exits.* IPOs – Taking a private company public.* SPACs – A faster alternative to IPOs via shell companies.* EBITDA & Accretive – Key financials in exit deals.* Corporate VC (CVC) – Corporates investing in startups.* Exit Windows – Timing matters for exits.*** 🎙️PAST EPISODES YOU’LL LOVE* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)* Solving the Energy Crisis with Software - Jan Lozek (Future Energy Ventures)* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Thank you to BioEsol for sponsoring this episode. 💚BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.***This week, we’re joined by Alina Klarner, the General Partner at Impact Shakers - a fund, accelerator, and ecosystem built to back diverse impact founders. In this episode, we explore how climate and social challenges intersect, and why investing at that intersection leads to stronger outcomes.We discuss:* Why investing in diverse teams is a competitive advantage* The business case for aligning climate and social impact* Embedding systemic thinking into startup models from Day 1* What VCs can do to make the ecosystem more inclusive* … and more! ***⌛TIMESTAMPS * 00:00 - Introduction* 04:31 - Co-Founder Dating is Key* 06:29 - Investing at the Intersection of Climate and Social Issues* 08:52 - The Economic Rational Behind Climate + Social** 12:33 - Embedding Social Impact in Business Models* 14:29 - Investment Criteria for Diverse Founders* 16:22 - Tools for Assessing Impact* 20:18 - Investment Criteria for Diverse Founders* 23:58 - Access to Capital for Diverse Founders* 25:48 - Encouraging VCs to Invest in Climate and Social* 27:41 - Policies for Impact Investing* 32:26 - VCs talk to VCs* 35:24 - Fire Questions***▶️ CONNECT WITH ALINA* Alina Klarner – Alina Klarner | LinkedIn* Impact Shakers - Impact Shakers***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* Byway – Flight-free travel company* Nibs Etc. – Upcycled juice pulp into granola* Circular Library Network – Hardware/software for peer-to-peer sharing* Farcorda – Aggregates secondhand product listings across platforms* Vested Impact – Impact due diligence tool used by Impact Shakers* Impact Principles (Impact Shakers internal framework – link it)*** 🎙️PAST EPISODES YOU’LL LOVE* Dr Benedikt Buchspies - How to Use LCAs for VC Investments (Planet A)* Tina Dreimann on Community Investing in Climate Tech (better ventures)***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Jan Lozek, founder and managing partner at Future Energy Ventures, to discuss energy-tech investment opportunities and why software is the missing piece in this value chain.In this episode, you’ll learn:* Why AI is crucial for managing decentralized energy systems* How software turns homes and EVs into virtual power plants* How to build partnerships with utilities and navigate regulations* What every founder should know about scaling in energy markets* … and more! ***⌛TIMESTAMPS * 00:00 - Introduction* 01:01 - Most Exciting Energy Technologies* 02:22 - Current Trends in Energy Technology* 04:41 - Do We Need More Hardware Startups?* 06:14 - The Role of AI in The Energy Transition* 08:36 - There Are Two Large Challenges In The Grid* 10:49 - How Much Can We Power Europe with Renewables?* 11:58 - Are we consuming more energy than before?* 13:07 - The Future of Energy: Hardware vs. Software* 15:35 - Risks and Challenges For Energy Startups* 18:34 - Building The Dream Team for Energy* 23:40 - Scaling in the European Market* 25:42 - Support from VCs to Founders* 28:24 - Rapid Fire Questions and Closing Thoughts***▶️ CONNECT WITH JAN* Jan Lozek – https://www.linkedin.com/in/lozekjan/?originalSubdomain=de* Future Energy Ventures - https://fev.vc/***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* Piclo – Flexibility marketplace for energy systems* Reev – Smart EV charging infrastructure* Virtual Power Plants (VPPs)* Grid congestion & curtailment* Vehicle-to-Grid (V2G)* AI for real-time energy trading* Carbon Capture & Storage (CCS)* Technology Readiness Levels (TRLs) ***🎙️PAST EPISODES YOU’LL LOVE* Romain Vidal on How Elite Athletes’ Mindset Can Transform Startups (Teampact)* Yair Reem on The Death of The Green Premium (Extantia)***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Romain Vidal, co-founder of Teampact Ventures, a VC firm leveraging high-performance methodologies from professional sports to support climate and health startups. In this episode, we cover:* Why startups should learn from sports teams, not from corporates* How delayed gratification and resilience create long-term success* The mindset of elite athletes that founders should adopt* The importance of team culture in driving performance* … and more! ***⌛TIMESTAMPS * 00:00 - Introduction* 01:34 - The Philosophy Behind Teampact Ventures* 06:04 - The Importance of the Mission and Values* 07:50 - Lessons from Elite Athletes for Startups* 13:54 - Building Disciplines and Resilience in Startups* 16:24 - Individual vs. Collective Performance in Startups* 23:08 - Common Challenges For Startups* 24:48 - Peak Performance and Startups Readiness* 26:32 - The Value of Teamwork in Individual Sports* 29:02 - You Need to Collaborate with Your Ecosystem* 31:11 - The Role of Team Culture in Startups* 34:30 - Diversity in Investor Profiles* 39:08 - Athletes x Investors* 41:16 - The World Needs Better Role Models* 43:37 - Fire Questions***▶️ CONNECT WITH ROMAIN* Romain Vidal – https://www.linkedin.com/in/vidalromain/* Teampact Ventures - https://www.teampact.ventures/***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* Delayed gratification (Stanford marshmallow experiment)* Sports team models (All Blacks, Spurs, French handball team)* Nikola Karabatic (Handball)* Raphaël Varane (Football)*** 🎙️PAST EPISODES YOU’LL LOVE* Tina Dreimann on Community Investing in Climate Tech (better ventures)* Yair Reem on The Death of The Green Premium (Extantia)***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Yair Reem, Partner at Extantia Capital, to break down why the green premium is dead, and what’s next for climate-tech startups. In this episode, we explore:* The death of the green premium & rise of the green discount* How climate startups should price & pitch their solutions* What VCs really look for in climate investments* The future of climate tech & the biggest investment opportunities* … and more! ***⌛TIMESTAMPS * 00:00 – Introduction* 02:15 – What is the green premium, and why did it fail?* 06:42 – Why customers won’t pay more for green solutions* 11:30 – The rise of the green discount & new pricing strategies* 17:05 – Why startups must focus on industry problems, not sustainability* 28:45 – Case study: How Magnotherm found the right value proposition* 35:00 – The biggest investment opportunities in climate tech today* 42:15 – AI’s role in climate startups & competitive pricing* 48:10 – Rapid-fire questions* 54:20 – Final thoughts***▶️ CONNECT WITH YAIR* Yair Reem – https://www.linkedin.com/in/yairreem/* Extantia Capital - https://www.extantia.com/***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* Extantia Capital – Climate VC firm* Magnotherm – Reinventing refrigeration* Vamo – Heat pump company focusing on cost efficiency* Northvolt – European battery manufacturer*** 🎙️PAST EPISODES YOU’LL LOVE* Dr Benedikt Buchspies - How to Use LCAs for VC Investments (Planet A)* Tina Dreimann on Community Investing in Climate Tech (better ventures)* Tim Schumacher on selling to climate deniers (World Fund) ***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Tina Dreimann (thank you, Tim Schumacher, for the introduction), founder and General Partner of better ventures. Instead of following a traditional VC model, better ventures operates as a community of entrepreneurs investing in and supporting the next generation of impact-driven founders.In this episode, we explore:* Why community investing could outperform traditional VC* The formula: Community + Tech = Impact + Returns* The biggest challenges for impact entrepreneurs today* Why climate is just one piece - biodiversity, water, and soil are just as urgent* How tech and AI help scale early-stage investing* …and much more!***⌛TIMESTAMPS * 00:00 – Introduction* 03:45 – Better Ventures: The Origin Story* 07:30 – The Biggest Global Risks & Where to Invest* 12:10 – How Better Ventures Finds & Selects Startups* 17:40 – Smart Capital: What Founders Need from Investors* 22:50 – Why Community Investing Outperforms Traditional VC* 27:15 – The Role of Tech & AI in Investment Decisions* 32:40 – The Future of Impact Investing & VC Evolution* 38:25 – Challenges in Partnering with Large Corporations* 42:10 – Fire Questions* 49:00 – Final Takeaways & Closing Thoughts***▶️ CONNECT WITH TINA* Tina Dreimann – https://shorturl.at/ndhKS* better ventures - https://www.betterventures.io/***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* Ocell (AI-driven forestry & carbon credit trading)* Everdrop (Eco-friendly consumer goods, plastic-free cleaning products)* Oxyle (Water filtration for PFAS & microplastics)* Planetary Boundaries Framework* World Economic Forum Global Risk Report* En-ROADS Model by MIT*** 🎙️PAST EPISODES YOU’LL LOVE* Dr Benedikt Buchspies - How to Use LCAs for VC Investments (Planet A)* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Tim Schumacher on selling to climate deniers (World Fund) ***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Dr. Benedikt Buchspies, a scientist at Planet A Ventures, one of Europe's leading climate-tech VC funds. Benedikt has been pioneering the use of lifecycle assessments (LCAs) in venture capital for years and is showing that science + VC = impact.In this episode, we cover:* What an LCA is and how it measures climate impact* Why most VCs ignore environmental data (and why they shouldn’t)* How impact and financial returns align in early-stage startups* The challenges of modeling long-term systemic impact* What VCs should do to implement LCAs in their funds* And much more.. 👉 If you’re an impact investor, this is a must-listen episode.***⌛TIMESTAMPS * 00:00 Introduction and the Journey from Science to VC* 05:30 Understanding Impact Assessment in Venture Capital* 10:20 Quantifying Environmental Impact and Systemic Change* 15:10 Correlation Between Financial and Environmental Performance* 20:02 Guiding Investment Thesis with Impact Assessments* 24:15 Integrating Sustainability into Investment Processes* 32:36 Pros and Cons of Life Cycle Assessment (LCA)* 38:05 Implementing LCA in Investment Firms* 40:23 Fire Questions and Conclusion***▶️ CONNECT WITH BENEDIKT* Dr. Benedikt Buchspies – https://shorturl.at/f40rA***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* LCA - A scientific method for measuring environmental impact* Emissions scopes – Different levels of carbon accounting for companies* Monte Carlo Simulation – A technique for modeling uncertainty * Systemic Impact Modeling – Assessing the broader effects of a startup* SFDR & EU Taxonomy – Sustainability regulations that apply to impact VCs* Scenario Analysis – A way to estimate how different variables affect an LCA result*** 🎙️PAST EPISODES YOU’LL LOVE* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Tim Schumacher on selling to climate deniers (World Fund) ***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***While traditional VC prioritizes financial returns, makesense invest is proving that social and environmental impact can be at the core of investing, without sacrificing performance. Marion Schuppe, an Investment Director at makesense Invest, joins the podcast to discuss their unique model that integrates a VC fund inside a non-profit. In this episode, we cover:* How makesense balances nonprofit with venture capital* Raising a first-time impact fund: lessons from securing LP commitments* Why their team takes zero carried interest, and where it goes instead* The reality of recruiting top talent without traditional VC compensation* How to measure success beyond financial returns* And much more.. ***⌛TIMESTAMPS * 00:00 – Introduction:* 02:23 Understanding Venture Capital* 05:34 Make Sense: Mission and Model* 09:08 Investment Strategy and Impact* 16:02 Challenges and Innovations in Impact Investing* 23:07 Raising and Structuring Impact Funds* 31:10 Investment Process and Criteria* 41:14 Future of Make Sense Invest* 45:44 Fire Questions and Closing Remarks***▶️ CONNECT WITH MARION* Marion Schuppe - https://www.linkedin.com/in/marion-schuppe-50b35345/***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - [email protected]* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* maksense – a nonprofit and impact ecosystem* European Investment Fund (EIF) – LP backing makesense invest* BNP Paribas – LP in makesense invest * Serena Capital – co-managed a €90M impact fund with makesense invest* Social & Solidarity Economy – Business models prioritizing impact over profit* France’s Banque des Territoires – Institutional LP supporting impact VC*** 🎙️PAST EPISODES YOU’LL LOVE* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)* August Solliv on cleantech 1.0 lessons (Impact Supporters)* Tim Schumacher on selling to climate deniers (World Fund) ***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Raphaele Leyendecker, a Managing Director at Techstars Sustainability Paris, where she has invested in 70+ climate tech startups, joins the podcast to discuss early-stage impact assessment and the french ecosystem as it compares to the global landscape. In this episode, we discuss:* Why early-stage impact assessment is often a myth* The biggest challenge for climate startups in France* How investors should really measure impact* The role of technological readiness levels (TRLs) in deep tech investing* How France’s climate tech ecosystem compares to the US and Nordics* Why founders should focus on revenue before certifications* And more...***TIMESTAMPS * 00:00 – Introduction:* 01:14 – Why Impact Assessment is Overrated for Early-Stage Startups* 04:45 – Defining Impact Metrics That Matter* 07:32 – Revenue vs. Impact: What Should Startups Prioritize?* 12:10 – Tools & Frameworks for Impact Investors* 18:25 – The Role of TRLs in Deep Tech & Hard Tech Startups* 22:40 – The Strengths & Weaknesses of the French Climate Tech Ecosystem* 30:15 – Why France is Slow to Scale Climate Innovation* 35:50 – Comparing France to the US, Nordics & Germany* 40:10 – Rapid-Fire Q&A: Advice for Founders & Investors* 48:00 – Closing Thoughts***CONNECT WITH RAPHAELE▶️ Raphaele Leyendecker - https://www.linkedin.com/in/raphaeleleyendecker***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com/🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch***INVESTORS MENTIONED * Citizen Capital* Wind Capital* Racine2* Techstars Sustainability * Bpifrance GreenTech* Pale Blue Dot* Planet A Ventures* World Fund* Revaia * ETF Partners * 2150 VC* Norsken VCASSESSMENT TOOLS AND FRAMEWORKS* CSRD (Corporate Sustainability Reporting Directive)* SFDR Article 8 & 9 (EU impact fund classification)* Life Cycle Analysis (LCA)* SDGs (UN Sustainable Development Goals)* Scope 1, 2, 3 emissions tracking* Impact Business Model (Dutch framework)* Mouvement Impact France (French tool)STARTUPS MENTIONED* Kumulus* Miners AI * NDB Technologies* BiB Batteries* Pelikan Mobility * CarbonBright* SustainSoftBOOKS MENTIONED * Ralentir ou Périr by Timothée Parrique*** PAST EPISODES YOU’LL LOVE* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)* August Solliv on cleantech 1.0 lessons (Impact Supporters)* Tim Schumacher on selling to climate deniers (World Fund) ***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Tim Schumacher, General Partner at World Fund, joins the podcast to share insights on building Europe's largest climate-tech VC and what it takes to back companies that even climate deniers would buy from.In our conversation, we explore:* World Fund's investment and fundraising strategy* Assessing startups with the climate performance potential (CPP) * Climate-tech that can sell to climate deniers * The founding of Ecosia* … and more!***TIMESTAMPS 00:00 Introduction01:22 Tim's Journey from Software to Climate Tech 06:18 Ecosia: A Climate-Friendly Search Engine 14:57 World Fund's Investment Strategy 20:11 The Importance of CO2 Reduction 26:03 Assessing Climate Performance Potential (CPP) 31:12 Defining the Ideal Founder 33:42 Global Applicability and Market Fit 37:32 Due Diligence in Climate Tech Investments 40:51 Selling to Climate Deniers 43:55 Future Outlook for Climate Tech 48:05 Rapid-Fire Questions 54:52 Closing Thoughts and Final Words***FRAMEWORKS* Climate Performance Potential (CPP) - A methodology developed by World Fund to assess how much carbon a technology can save over time.STARTUPS* Ecosia – A search engine that uses ad revenue to plant trees.* Planet A – chocolate alternative made from oats and precision fermentation.* Anaphite – Developing new battery production methods for electric vehicles.* Aedifion – AI-powered energy optimization for buildingsFUNDS* European Investment Fund (EIF): A major LP in World Fund.* World Fund – Europe's largest climate-tech VC.* Better Ventures – An impact-focused angel investment group.* Energy Impact Partners (EIP) – A later-stage climate-tech fund.***GUEST▶️ Tim Schumacher - https://www.linkedin.com/in/timschumacher/🔗 World Fund - https://www.worldfund.vc/***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)* August Solliv on cleantech 1.0 lessons (Impact Supporters)***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***August Solliv, a former climate VC, and author of the newsletter Impact Supporters joins the podcast to dive into the learnings from the first wave of cleantech startups and what it means for today’s climate-tech companies.In our conversation, we explore:* The reasons behind the rise and fall of Cleantech 1.0* The lessons learned for Climate Tech today.* The future of Climate Tech investments* ...and more! ⁠​***TIMESTAMPS 00:00 Introduction 01:15 Defining Cleantech 1.0 06:24 Case Study: Solyndra's Failure 20:21 Success Stories from Cleantech 1.0 27:38 The Emergence of Climate Tech 29:30 Differences Between Clean Tech and Climate Tech 38:26 The Future of Climate Tech Investments 41:12 Is Climate Tech Dead? 45:47 Rapid Fire Questions 50:31 Closing Thoughts and Recommendations***STUDIES* MIT Study on Cleantech 1.0 (2011)* John Doerr’s Cleantech Reflections* "Impact" by Sir Ronald CohenSTARTUPS AND FUNDS* Solyndra* Tesla* Northvolt* Kleiner PerkinsCONCEPTS* Evergreen Funds* Cleantech 1.0 (2006–2011)* Climate Tech 2.0 (Post-2010s)* Technology Readiness Levels (TRLs)***GUEST▶️ August Solliv - https://www.linkedin.com/in/augustsolliv/***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Heidi Lindvall, a general partner at Pale Blue Dot, a climate-focused venture capital fund from the Nordics, joins the podcast to discuss the unique challenges and opportunities in building a VC firm centered around climate impact.In our conversation, we explore:* Her approach to assessing impact as a climate-tech VC * Why intentionality is the most important criteria for impact * What we can learn from traditional startups and VCs * And more.. ***TIMESTAMPS 00:00 Introduction03:18 Why Invest in Climate Tech?05:31 Challenges and Opportunities in Climate Investing11:12 Understanding Impact Measurement22:23 Evaluating Founders and Intentionality30:46 Challenges with Climate Fund Restrictions34:39 Balancing Impact and Returns40:08 Annual Reporting and KPIs44:44 Carried Interest Linked to Impact47:22 Rapid Fire Questions54:15 Summary and Closing Remarks***REFERENCED• Impact Measurement Framework• SFDR Article 9 • Climate Pledge• Less is More by Jason Hickel***GUEST▶️ Heidi Lindvall - https://www.linkedin.com/heidi_lindvall***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES YOU’LL LOVE• Lisa Mangertseder on Carbon Removal (Carbon Removal Partners)• Eric Gossart on Impact VCs vs Traditional VCs (Serena x Racine2)***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Eric Gossart, a partner at Racine2, an 85 million euro impact fund focused on climate, health, and education, joins the podcast to discuss the differences between traditional venture capital and impact investing.⁠​⁠​In our conversation, we dive into:* The reasons behind his transition from traditional VC to impact investing* His approach to assessing and supporting impact-driven companies* The strategies he used and concerned he had when raising an impact fund⁠​***TIMESTAMPS 00:00 Introduction07:48 Defining “Impact” in Venture Capital10:42 Challenges and Strategies in Impact Investing15:07 The Role of VCs in Shaping the Future21:25 Aligning Business Models with Impact26:54 Measuring and Reporting Impact33:59 Understanding Technology Readiness Levels (TRL)37:49 Equity Stories and Fundraising Challenges43:39 Raising an Impact Fund56:54 Fire Questions***REFERENCED• Jean Moreau • Cap Horn• Serena and Racine2• Technology Readiness Level• Planet A• France 2030 • Antidote au culte de la performance***GUEST▶️ Eric Gossart - https://www.linkedin.com/in/eric-gossart***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES YOU’LL LOVE• Lisa Mangertseder on Carbon Removal (Carbon Removal Partners)• Dan Bowyer on Climate Tech and Efficiency (SuperSeed VC)• Thomas Bajas on Energy Markets for Startups (Founders Future) ***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Thomas Bajas, a VC at Founders Future, joins the podcast to discuss the energy market and how startups are trying to disrupt it. In our conversation, we explore:* The role of energy in modern economies and its link to climate change.* Innovations driving renewable energy, electrification, and smart grid technologies.* How to decarbonize energy and how we need to rethink the grid* Challenges for energy startups, from funding gaps to regulatory hurdles.* Venture capital’s role in driving innovation within the energy sector.***TIMESTAMPS 00:00 Introduction 05:52 The Role of the Grid08:22 Decarbonizing the Energy Mix09:13 Energy Efficiency and Smart Grids19:59 The Future of Energy Startups41:57 Venture Capital in Energy48:40 Final Thoughts and Predictions***REFERENCED• Vaclav Smil's "How the World Really Works"• First of a Kind (FOAK) Infrastructure• Green Premium Concept• Transmission System Operators (TSOs)• Distribution System Operators (DSOs)• Behind the Meter• Front of the Meter• V2G (Vehicle-to-Grid) and V2H (Vehicle-to-Home)• Startups: Plexigrid, Ampere Cloud, Plug***GUEST▶️ Thomas Bajas - https://www.linkedin.com/in/thomas-bajas/***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES YOU’LL LOVECarbon Removal 101 with Lisa Mangertseder (Carbon Removal Partners)Dan Bowyer on Climate Tech, Efficiency, and Sustainable Innovation***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Dan Bowyer, a partner at SuperSeed VC, a £50M UK fund investing in startups transforming the way the world works, joins the podcast to challenge conventional definitions of impact and climate tech.In our conversation, we explore:* The definition of impact and climate-tech* Doing more with less as a way to save the planet* How to transform industries through productivity and efficiency* Why B2B Startups can drive meaningful climate impact* The role of venture capital in creating scalable, sustainable change* Aligning economic and environmental goals in startup ecosystems* AI’s potential to revolutionize climate innovation***TIMESTAMPS 00:00 Introduction to Dan Bowyer and SuperSeed VC01:26 Dan's Investment Philosophy and Impact Definition02:46 Exploring Climate Tech and Impact05:45 Efficiency and Productivity in Business12:31 Examples of Impactful Investments26:05 The Role of Venture Capital in Climate Tech30:41 Rapid Fire Questions and Final Thoughts***REFERENCED• ThingTrax• Messium• AI Build• Maslow’s hierarchy of needs• Impact Reporting (sfdr 9)• GenCast by DeepMind• PACT.VC***GUEST▶️ Dan Bowyer - https://www.linkedin.com/in/danbowyer***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. My goal is to help you become a better climate-tech entrepreneur and smarter impact investor. CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** 🏁 PAST EPISODES YOU’LL LOVECarbon Removal 101 with Lisa Mangertseder (Carbon Removal Partners)Jacqueline Van Den Ende (Carbon Equity)LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.***Lisa Mangertseder, a venture capital associate at Carbon Removal Partners, joins the podcast to explore the critical role of carbon removal in combating climate change. Carbon Removal Partners has invested in 15+ startups including Climeworks, Carbonfuture, and Heirloom.In our conversation, we discuss:* The carbon removal methods: from nature-based to high-tech solutions* Measuring and verifying carbon removal effectively* Business models and the evolving role of buyers* The importance of venture capital in scaling carbon removal technologies* Challenges of achieving scalability and affordability* The significance of compliance markets in driving adoption* The future of carbon removal as a cornerstone for net-zero goals***TIMESTAMPS 00:00 Introduction 01:14 Understanding CO2 and Its Impact 04:34 The Rise of the Carbon Market 09:16 Carbon Removal Technologies Explained 18:53 Direct Air Capture: The High-Tech Solution 21:25 Business Models in Carbon Removal 22:16 Understanding Carbon Removal Credits 22:50 Key Players in the Carbon Removal Industry 23:21 Revenue Streams for Carbon Removal Companies 24:44 Buyers of Carbon Credits 26:05 Challenges in Carbon Removal 27:43 The Importance of Permanent Carbon Removal 30:14 Scalability and Affordability 37:27 The Role of Venture Capital43:15 Advice for Entrepreneurs and Investors 45:39 Future Milestones in Carbon Removal 46:51 Conclusion and Summary***REFERENCED• Kyoto Protocol (1997)• Paris Agreement (2015)• Technological Readiness Level (TRL)• CDR.fyi• IPCC Standards• Article 6.4 of the Paris Agreement• Carbon Removal Resources Database***GUEST▶️ Lisa Mangertseder - https://www.linkedin.com/in/lisa-mangertseder***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. My goal is to help you become a better climate-tech entrepreneur and smarter impact investor. CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - [email protected]🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** 🏁 PAST EPISODES YOU’LL LOVEJacqueline Van Den Ende (Carbon Equity)LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com