Equity
The hydrogen plateau and IRA funding crutch with Toyota Ventures' Lisa Coca
Sep 25, 2024
Lisa Coca, a Partner at Toyota Ventures and former Intel and GE Ventures executive, joins the discussion to delve into their Climate Fund's $300 million focus on climate innovation. She highlights groundbreaking startups like AM Batteries, which is revolutionizing battery manufacturing, and Ecoletro, leading in sustainable hydrogen production. The conversation touches on the pressing challenges of achieving cost parity with fossil fuels, methane mitigation strategies, and the transformative role of non-dilutive funding in startup valuations.
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Quick takeaways
- Toyota Ventures' $300 million Climate Fund supports diverse early-stage startups focused on innovative solutions in climate technology beyond mobility.
- Startups must achieve cost parity with fossil fuels to succeed and reduce greenhouse gas emissions, despite potential reliance on government funding like the IRA.
Deep dives
Overview of Toyota Ventures and Climate Fund
Toyota Ventures has approximately $800 million in assets under management across multiple funds, including a dedicated Climate Fund. Launched in 2021, the inaugural Climate Fund started with $150 million, followed by a second fund earlier this year, bringing the total for climate-related investments to $300 million. The firm typically invests in early-stage startups, with a focus on seed to Series A funding, but retains flexibility to explore opportunities beyond these stages. Unlike the initial perception of solely investing at the intersection of climate and mobility, Toyota Ventures maintains a broader mandate covering various sectors of climate technology.
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