Reinventing Venture Capital for the Energy Transition with Evan Caron (Montauk Climate)

Sep 23, 2025

Evan Caron, the visionary founder and CEO of Montauk Capital, dives into the innovative realm of the 'electron economy.' He discusses how traditional venture models fall short in the complex energy sector and introduces Montauk's unique reverse incubator approach. Evan highlights the importance of skilled teams in scaling climate solutions and delves into his contrarian view of making coal cleaner through emissions cleanup. He also explores the impact of intelligent data centers on grid flexibility and market dynamics.

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INSIGHT

Studio-First Company Building

Montauk Climate uses a venture-studio model that originates ideas and builds companies with recruited expert management teams.
They fund and scale companies until ready to spin off, having launched ten companies in two years.

ANECDOTE

From Trading Desk To Electron X

Evan described his trading background and how access to exchanges became expensive after price volatility increased in ERCOT.
That experience inspired Electron X to democratize electricity market access via a new exchange.

INSIGHT

Power Quality Is The New Constraint

The grid's major issue is shifting from power quantity to power quality as renewables and data centers change dynamics.
Grid-enhancing technologies must address voltage, reactive power, and inverter interactions to avoid inefficient derating.

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Traditional models of company building often fall short in the energy transition space. Unlike apps or SaaS, energy is complex, capital-heavy, and tied to physical assets that keep the lights on.

But the rise of the 'electron economy' see’s a new approach to building companies, and could help unlock the next wave of innovation for the energy transition, supporting the convergence of electricity, technology, and infrastructure.

In this conversation, Evan Caron CEO and Founder of Montauk Climate joins Quentin to explore all things energy and venture capital. Key topics covered include:

Key topics covered include:

• How the ‘electron economy’ is reshaping markets and business models.

• The shortcomings of the traditional venture model in energy and infrastructure.

• How Montauk Capital flips the incubator model to build companies from the ground up.

• The importance of deep expertise and management teams in scaling climate businesses.

• What investors, entrepreneurs, and policymakers can learn from this new approach.

About our guest

Evan Caron is the founder of Montauk Capital, a venture studio dedicated to building companies for the energy transition. He brings extensive experience across energy markets, venture capital, and infrastructure investment, with a career dedicated to advancing the intersection of finance and the energy system. Evan leads a structured approach to building businesses in the electron economy identifying high-impact opportunities, developing strategies, and assembling expert leadership teams to scale solutions that address some of the most complex challenges in energy and climate. For more information on Montauk Climate, head to their website

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.