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Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***

Sam Goodall on Europe's Climate Tech “Supercluster”In Paris, I sat down with Sam Goodall, CEO of Cambridge Cleantech and co-founder of the Climate Tech Supercluster.We unpacked a question I kept hearing:Why does Europe lead in climate innovation, but fall behind on scale?Sam's take is refreshingly clear: Climate tech is spread too thin. We miss an obvious “Silicon Valley” to go to.That's why he created the Supercluster approach: a series of events across Europe (London, Paris, Amsterdam) that increases the collision rate, and let smart people collaborate.Here's what we covered:→ Europe's superpower: the research base (TRL 1-3)→ Where the system breaks: scaling post-TRL 7 + “value leakage”→ The missing link: capital that matches deeptech timelines→ Why corporates are the de-risking engine for FOAK → 2026+ opportunities: industrial decarb + data center energy 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

Makesense just closed its €25M pre-seed fund:So we sat down with Marion Schuppe to unpack what it really takes to build an impact-first VC from a nonprofit DNA.

This week on New Wave Weekly:

Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***

This week on New Wave Weekly:

We're joined by Alex Bakir, Partner at Norrsken Evolve, an operator-turned-investor who has built and scaled companies across Silicon Valley and Europe before launching one of the continent's most distinctive early-stage climate funds.In this episode, we dive into why Europe's climate tech story needs a new foundation, one rooted in productive capacity, supply-chain sovereignty, and operator-led support for founders, and what it really takes to convince LPs in today's market.In our conversation, we covered:→ Why climate cycles repeat, and why this one is different→ What Alex actually sold to LPs (and why he was oversubscribed)→ The real gap at pre-seed: sophistication, not capital→ Momentum as the new signal: how Norrsken Evolve picks winners→ Why resilience ≠ defense, and what Europe misunderstands→ The role of regionalization and the end of “global by default.” 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

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Today on New Wave Weekly: Sightline Climate just released the Globalization in climate tech report (download it here). I sat down with Julia Attwood, Head of Research at Sightline, to chat about the key takeaways for European investors.

We're joined by Hampus Jakobsson, Partner at Pale Blue Dot, longtime founder, operator, and one of Europe's most prolific early-stage investors.In this episode, we dive into what it means to be a “five” in agency, how great teams form, why climate became unavoidable for him, and how Pale Blue Dot built an unconventional fund model that actually works for founders.In our conversation, we covered:→ Why The Astonishing Tribe scaled from six friends to 180 people across the world→ The traits Hampus looks for in the first 10 hires of any startup→ How extreme agency became his superpower, and occasional liability→ The personal story that shaped his worldview on care, speed, and craft→ Why climate wasn't obvious at first… and then became the only rational choice→ How Pale Blue Dot balances “three solo GPs” inside one fund→ What founders consistently misunderstand about VC***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.***Listen now:Apple // Spotify // YouTubeConnect with Hampus:Hampus on LinkedInPale Blue DotOr ask me for an intro! 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

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How two founders turned a decade of building too-early ideas into a climate investment thesis for the next industrial wave.We're joined by Maex Ament and Philip Stehlik, co-founders of two unicorns (Taulia and Centrifuge) and now founding partners at Earth, a new European climate fund investing across the industrial stack.In this episode, we dive into how being “too early” became their edge, what it really takes to sustain a 20-year co-founder relationship, and how ex-founders think differently when they start backing the next generation of climate entrepreneurs.In our conversation, we covered:→ Why great co-founder relationships are like marriages (and how to make them last)→ Why being too early can be a founder's superpower, if you can survive it→ How ex-founders approach venture investing differently→ Why climate investing is the new industrial revolution (not just a cause)→ What “climate dynamism” really means, and why green premiums are dead***Supported by:☕ Climate Coffee: Max Bray and his co-founder have been building a fast-growing community and series of meet-ups connecting founders, investors, operators, and scientists in climate tech across Europe. Read more here.***Connect with Maex & Philip: Maex AmentPhilip Stehlikearth.nowOr ask me for an intro! 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

Today on New Wave: Altrove just raised $10M to reinvent how new materials are discovered, using AI and robotics to replace the world's rarest elements. This week, I sat down with Thibaud Martin, Altrove's co-founder and CEO, to unpack:

This week on New Wave Weekly:

This week on New Wave Weekly:

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.***

This week on New Wave Weekly:

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.***

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.***

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.***

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.***

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:

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.

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

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 climateventuresvco2.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

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

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 climateventuresvco2.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

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/***

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.

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.

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 €82M. 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!⌛TIMESTAMPS 00:00 Introduction02:13 Introduction to Nordic Alpha5:24 The Need for Re-Industrialization 11:42 Skepticism in Climate Tech 15:18 Understanding Hyper Transformation 19:01 Four Forces of Hyper Transformation 27:54 Capital Expenditure in Hypergrowth 36:48 Managing Hypergrowth 39:20 Northvolt Case Study 49:50 Free Tools You Can Use 53:34 Rapid Fire Questions

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.

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

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

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

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.

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.

Listen now on Apple, Spotify, and YouTube.Thank you to BioEsol for sponsoring this episode.

Listen now on Apple, Spotify, and YouTube.Thank you to BioEsol for sponsoring this episode.

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.

Listen now on Apple, Spotify, and YouTube.***Thank you to BioEsol for sponsoring this episode.

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***