Inevitable

Dr. Steve Davis is the head of Climate Science at Watershed. Watershed is a leading provider of carbon accounting software. They help large companies such as Walmart, Airbnb, Sweet Green, BlackRock, and many others measure, report, and reduce their emissions. They announced a $70 million series B financing on a $1 billion valuation co-led by Sequoia and Kleiner Perkins in February 2022. And Steve joined Watershed shortly after that in July 2022.Steve spent the last decade as a professor in the Department of Earth System Science at the University of California Irvine. At Watershed, he works to help close the gap between science and business, ensuring that the pathways that Watershed offers to its customers are scientifically viable. He's also a contributor to the Energy Systems chapter of the most recent IPCC report and the lead author of the National Climate Assessment mitigation chapter.In this episode, Steve and Cody dive into his background, why he jumped into a startup from academia, what Watershed is and does, an overview of carbon accounting, the decisions Steve sees companies make around decarbonization priorities, and the advice he has for startups hiring their first climate scientist and vice versa. In this episode, we cover: [2:18] Steve's climate journey from law to science and climate [3:57] What makes the Rocky Mountains particularly unique (Steve's Ph.D. focus)[5:28] Steve's decision to transition to work on climate [7:13] His primary research focus at the University of California Irvine: international trade and its effects on emissions [10:22] Steve's transition to the private sector at Watershed [13:19] Challenging areas for decarbonization[15:10] The National Climate Assessment and Steve's work on it [17:28] An overview of Watershed and its mission[19:40] Scope 1, 2 and 3 emissions [21:47] Reporting standards and requirements for company disclosures [24:32] Watershed's acquisition of Vital Metrics [26:02] The data challenge of Scope 3 emissions [27:50] Creating roadmaps for how companies can reduce emissions over time [29:17] The lowest-hanging fruit of direct decarbonization[31:56] Advice for companies considering emissions reductions and some examples including Sweet Green, Imperfect Foods, etc.[36:26] How data usage factors into a company's footprint[40:49] Opportunities for scientists to get involved in climate tech and solutionsGet connected: Cody Simms Twitter / LinkedInDr. Steve Davis Twitter / LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on June 26, 2023 (published on July 13, 2023) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. Sebastian Heitmann is a partner at Extantia Capital. Extantia Capital is a platform to invest in breakthrough technology solutions that address the climate crisis via mitigation and adaptation. The 300 million euro platform includes Extantia Flagship, which backs scalable deep decarbonization companies; Extantia Allstars, which partners with mission aligned climate tech, venture capital fund managers; and Extantia Ignite, a sustainability hub, advancing knowledge and competence in climate innovation and ESG practices.In this episode, we cover: [02:02]: An overview of the Extantia platform and its investment strategies[03:03]: What Extantia looks for when evaluating opportunities[05:14]: Sebastian's background and the origin of Extantia[08:32]: The changing market and political environment that created opportunities for Extantia[12:19]: The unique skillsets and expertise within the Extantia partnership[16:10]: The evolution of Extantia, starting with a pilot fund[18:06]: Extantia's extension projected impact calculation (EPIC) methodology for measuring impact[19:43]: The current fund structure and status of fundraising for Extantia's Flagship fund[20:18]: Extantia's focus on B2B tech solutions that address the "energy trilemma"[22:25]: Investment opportunities in the hydrogen economy and breakthrough cooling tech[25:29]: How Extantia thinks about returns and why Sebastian doesn't like the term "impact fund"[27:44]: The kinds of LPs the firm targets, including pension funds, insurance companies, sovereign wealth funds, and corporates[31:14]: The need for successful exits in the climate tech space[33:00]: How current energy models underestimate the impact of innovation[38:56]: Alignment between the US and Europe in climate tech innovation and investment[43:43]: The types of clean energy tech Sebastian is most excited about[45:54]: Advice for people seeking a career transition into the climate sector[47:24]: Who Sebastian wants to hear fromResources mentioned:Speed & Scale: An Action Plan for Solving Our Climate Crisis Now (John Doerr)How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need (Bill Gates)Get connected: Jason Jacobs Twitter / LinkedInSebastian Heitmann LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on June 20, 2023 (published July 12, 2023)  Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Dr. Scott Moore is the director of China Programs at the University of Pennsylvania, and the author of the book, China's Next Act: How Sustainability and Technology are Reshaping China's Rise and the World's Future. China is a complicated climate topic: on the one hand, China is the largest solar energy producer in the world and has the largest EV industry in the world, each of which rose from being nearly non-existent 15 years ago. On the other hand, China generates more than 60% of its electricity from coal and is the world's largest annual emitter of greenhouse gases. Scott and Cody cover a lot of ground, including how the Chinese economic and political system operates, how the solar and EV industries came to be, China's climate policies, global commitments, and the country's current climate, tech and innovation priorities. Given China's role and impact in just about everything, we probably should do another 100 or more MCJ episodes on topics related to China. Hopefully this initial primer can help us all get oriented.  In this episode, we cover: [02:36]: Scott's background and climate journey[06:08]: An overview of China's economy and its "two big bets"[08:11]: The nationalist, protectionist, and authoritarian approach to policy in China[10:24]: An overview of target-setting and policymaking[14:55]: The role of "corporate innovation parks" and local government in innovation[17:47]: China's role in technological development versus deployment[19:53]: Four big factors that led China to go all in on solar PV manufacturing[26:00]: The emergence of the EV industry[29:15]: Two distinct advantages China has in the clean tech ecosystem[30:38]: China's current energy mix[32:38]: The country’s emissions sources and intensity[35:35]: China’s two headline policy goals regarding emissions[38:19]: The country's compliance carbon market, the China Emissions Trading Scheme[39:39]: Entrepreneurial activity and emerging tech innovation in China[43:48]: China's current climate tech priorities, including hydrogen and thorium fission[45:16]: Scott's thoughts on competition and cooperation during the global energy transitionGet connected: Dr. Scott Moore Twitter / LinkedInCody Simms Twitter / LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on June 2, 2023 (released on July 10, 2023) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our Skilled Labor Series hosted by MCJ partner, Yin Lu. This series is focused on amplifying the voices of folks from the skilled labor workforce, including electricians, farmers, ranchers, HVAC installers, and others who are on the front lines of rewiring our infrastructure.Mark Martin is the regional director for advanced manufacturing for the Bay Area Community Colleges. He works with community college manufacturing programs to help build upon and develop innovative approaches to train students in meeting the needs of the local manufacturing industries. A veteran of the industrial manufacturing sector, Mark also sits on the boards of the Association of Manufacturers Bay Area and the Corporation for Manufacturing Excellence. We've talked about labor force needs in solar, HVAC, electrical work on the show in the past, but today we touch upon another critical sector of the skilled trades: manufacturing jobs. This means machining, welding, technical maintenance jobs, programmable logic control jobs, etc. We talk about why these jobs are so critical to climate tech solution scaling and how the State of California, through a role like Mark's, is helping match the talent supply to the growing demands for these skill sets. In this episode, we cover: [02:11]: Mark's background in engineering and manufacturing[03:27)]: An overview of Mark's current role and the California Community College system[05:02] Overview of career technical education paths (CTEs)[08:01]: Why Mark's role exists[10:19]: The process of creating a new program at a community college[15:48]: The knowledge gap and building awareness of skilled trades career pathways[18:44]: The importance of exposing more young people to skilled trades[21:22]: Mark’s vision for a career exploration class for young students[23:35]: The intersection of climate and manufacturing jobs[28:45]: Anticipated needs in climate tech manufacturing, the role of automation, and generational gaps in manufacturing labor[31:27]: International case studies of "earn and learn" apprenticeships[34:38]: Current tailwinds and opportunities driving innovation in manufacturing tradesGet connected: Mark Martin LinkedInYin Twitter / LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on May 3, 2023 (released on Jul 6, 2023) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. Rob Day is Partner and Co-founder at Spring Lane Capital. Spring Lane Capital provides hybrid project capital with equity for small-scale systems and projects across food, water, energy, transportation, and waste markets. They also bring experienced tools and capabilities to help developers and entrepreneurs succeed with their project deployments. Rob has been around the block in climate tech even before it got its name, and he’s learned a lot of useful lessons. Not to mention, Spring Lane has an innovative approach that plays in the capital gap, that so many people talk about between early-stage venture capital and project finance. In this episode, we cover: [2:36] An overview of Spring Lane Capital and the firm's origin story [4:49] The large gap between venture capital and project finance[8:05] Spring Lane Capital's broad approach to different areas of climate [10:52] Capitalizing early-stage companies, scaling, and the role of equity and debt[13:42] Advice for entrepreneurs thinking about different types of capital at various stages of a company's lifecycle [16:06] Triggers for founders to understand when equity is optimal vs debt (Rob's Atlas Organics example)[22:22] How terms vary with Spring Lane Capital's deals vs more traditional lenders [24:43] Where first-of-a-kind (FOAK) projects fit in [30:41] Spring Lane Capital's fund two and its institutional investors[33:19] Skillsets required to be successful in Spring Lane's capital allocation[38:23] Success milestones and Spring Lane's role[40:46] Changing macroeconomics and their impact on Spring Lane's corner of the industry [43:48] Spring Lane's process, key steps, diligence, etc. [50:17] Issues with financing FOAK projects and Spring Lane's plans to address themGet connected: Jason Jacobs Twitter / LinkedInRob Day Twitter / LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on Jun 14, 2023 (aired on July 5, 2023)  Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Sara Harari is the Associate Director of Innovation and Strategic Advisor to the president at Connecticut Green Bank. Connecticut Green Bank was established in 2011 and was the first Green Bank in the USA, of which there are now dozens that are live or in formulation. They look to accelerate the green economy by using public dollars to catalyze private investment into clean energy and other environmentally positive solutions. CT Green Bank started with a focus on residential solar deployment, and at 2021 expanded their model to include new areas of environmental infrastructure including climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. In this episode, we cover: [01:56]: The concept of a green bank[06:45]: The origins of CT Green Bank[10:07]: How CT Green Bank determines its priorities[12:32]: Sara's background and early interest in clean energy[15:31]: Her work at National Grid[17:13]: The Green Bank's EV charging carbon credit program[20:45]: How their scope expanded to include broader environmental infrastructure[23:05]: Innovative financial incentives and structures to support parks and land conservation[25:32]: What Green Bank looks for when hiring[27:30]: Green Bank's open rolling RFP for project ideas and investments made to-date[32:28]: Areas of innovation Sara is excited about, including the Innovative Energy Solutions program[34:58]: Federal funding opportunities, including the EPA's Clean School Bus Program and the Greenhouse Gas Reduction Fund[39:54]: How Green Bank hopes to support the contractor community with workforce development training and pre-apprenticeship programs[42:52]: Environmental justice at the core of the Green Bank's mission, and examples of working with low and moderate-income homes[45:56]: How the Green Liberty Notes program works[47:08]: What Sara is most excited about right nowGet connected: Sara Harari LinkedinCody Simms Twitter / LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on June 20, 2023 (aired on July 3, 2023) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Anastasia Volkova is the CEO and Co-founder of Regrow, which was named Fast Company's number one most innovative company in agriculture in 2023. They empower the world's largest brands such as Kellogg's, Cargill and General Mills to reduce greenhouse gas emissions across their supply chains. Their product began as a data and analytics offering to agronomists and farmers to help build a localized growing roadmap, identifying what crops to plant, what fertilizer and other inputs to use, how much of it to use, and an irrigation plan. By building this roadmap for growers, Regrow realized that it could then help food brands and processors have a much deeper knowledge of how the food they source is grown. Beyond expertise, Regrow's product helps companies proactively lower their supply chain emissions by incentivizing best practices across their grower network. In this conversation, Anastasia traces her journey from starting Regrow to the company it has become and discusses the agricultural practices that can make the biggest difference in emissions mitigation. The company raised a Series B of financing last year from Galvanized Climate Solutions among others, and is a leader in driving regenerative agriculture practice changes at scale.In this episode, we cover: [02:30]: Anastasia's personal climate journey[04:43]: Discovering the potential of satellite imagery for agriculture during her PhD[07:24]: Agronomists' crucial role as "crop doctors"[10:05]: Regrow's initial focus on providing agronomists with data[10:40]: How satellite imagery fits into Regrow's software[13:10]: Regrow’s product evolution[15:38]: Lack of visibility as the main challenge in understanding the agri-food supply chain[17:08]: Deep dive into the nuances of Regrow's product[19:30] Regrow's business model: Brands paying farmers for emission reductions[23:48]: The agri-food industry's significant contribution (31%) to global emissions[26:52]: Key emissions factors on farms, including machinery and synthetic nitrogen fertilizers[32:08]: Topsoil degradation and the regenerative agriculture movement[39:04]: Challenges with creating a carbon credit methodology around soil organic carbon[43:41]: Systemic challenges to scaling regenerative agriculture[45:09]: The need for financing the transition to regenerative practices[47:09]: Predictions for upcoming farm bills[48:04]: What's next for Regrow[49:34]: Who Anastasia wants to hear from and career opportunities at RegrowResources mentioned:Kiss the Ground DocumentaryGet connected: Anastasia Volkova LinkedInCody Simms Twitter / LinkedInMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on Jun 15, 2023 (aired Jun 28, 2023) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. Temple Fennell is the Co-founder and Managing Partner at Clean Energy Ventures, an early-stage venture firm that funds disruptive capital-light technologies and business model innovations that can reshape how we produce and consume energy.Temple has been investing in climate tech (or "Cleantech" as it used to be called) for a long time, and has the learnings to show for it. This episode covers the origin story of Clean Energy Ventures, their approach, the mix of limited partners that back their fund, and their criteria for investment from an impact standpoint and a financial standpoint. A broader discussion follows about the climate tech capital stack, some of the learnings from Cleantech 1.0, why Temple believes this time is different, the state of institutional capital as it relates to climate tech fund investing, as well as what it will take to get more capital flowing in this direction.In this episode, we cover: [02:56]: Origins and overview of Clean Energy Ventures[04:50]: Distinction between Clean Energy Venture Group (CEVG) and Clean Energy Venture Fund[07:20]: Temple's background, family investments, and the clean energy space in Charlottesville, VA [11:11]: Overview of CREO (Clean Energy Renewable Environment Opportunities) syndicate[13:25]: Key learnings from Cleantech 1.0 [18:15]: CEVG check sizes, portfolio, and support for entrepreneurs[20:01]: History of CEVG's fund one and their use of SPVs (special purpose vehicles)[22:12]: Current investment focus and fund status[25:59]: Approach to impact measurement[30:20]: Approach to financial returns and causal link to impact[31:19]: Approach to selecting LPs[34:15]: Pension fund hesitance due to previous losses in Cleantech 1.0[38:18]: Why Cleantech 1.0 failed and how this time is different[41:02]: How limited DPI (distributed paid-in capital) poses challenges in attracting institutional investors [43:23]: Pricing, exit analysis, and the need for top decile returns[46:17]: State of the broader market vs. climate tech market, risk assessments, and team dynamics [48:56]: Gaps and opportunities in the capital stack, preference for capital-light companies, and importance of milestones   [52:21]: Who Temple wants to hear from [54:58]: Closing thoughts on the differences between "Tech-tech" and CleantechResources mentioned:Simple Emission Reduction CalculatorVenture Capital and Cleantech: The Wrong Model for Clean Energy InnovationGet connected: Temple Fennell Twitter / LinkedInJason JacobsMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on May 26, 2023 (released on June 28, 2023) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Michael Liebreich is the host of the podcast Cleaning Up, focused on leadership in the age of climate change. Michael was previously the CEO and founder of Bloomberg New Energy Finance. He has been involved with the organization for 20 years, still serving as a senior contributor. Michael also runs an advisory firm, Liebreich and Associates, focused on clean energy and sustainable development, and he's an advisor to the UK Board of Trade. All of this is just scratching the surface of Michael's background, which also includes having been a member of the British Ski Team and a participant in the 1992 Winter Olympics.This episode explores Michael’s accomplishments and how he came to focus on climate and clean energy topics, how he started New Energy Finance and the decision to sell the business to Bloomberg, as well as the legacy that he created with the business. Michael and Cody then cover a hit list of topics, including recent climate legislation in the US and the EU, the topic of green protectionism and Michael's “five horsemen” of big challenges the world faces as we try to decarbonize.This conversation merely grazes the surface of Michael's climate-related interests, including his deep focus on hydrogen. So, for more from Michael, you'll need to check out his conversations on the Cleaning Up podcast.In this episode, we cover: [01:58]: Michael's unique background[06:49]: Transitioning to journalism in the early internet era[08:48]: Michael's personal climate epiphany in the Swiss Alps[12:34]: Starting a data-driven media company to fill the clean energy information gap[18:05]: Pivoting to insight services[18:57]: Bloomberg's acquisition of New Energy Finance (NEF)[22:21]: Running Bloomberg NEF as CEO[25:27]: Stepping away from NEF and growing his professional network[26:53]: Paid speaking engagements and transitioning to podcasting during COVID[28:10]: Michael's approach to the Cleaning Up podcast[36:31]: The struggles and advantages of being generalists[38:34]: Europe's energy situation over the winter of '22-'23 and the urgent need to address dependence on Russian energy[40:54]: The role of Liquid Natural Gas (LNG) terminals in Europe[42:58]: European response to the Inflation Reduction Act and "Green Protectionism"[48:08]: Caution around the practice of recycling and re-exporting items for credits[51:22] Michael's main concerns for clean energy deployment, including rare metals and recycling[52:38] Addressing the speed with which societies can approve and build transmission[56:43]: Limited access to capital in developing countries[01:00:41]: Resilience and intermittency issues[01:03:49]: Closing thoughts and how to follow Michael's workGet connected: Michael Liebreich Twitter / LinkedInCody SimmsMCJ Podcast / Collective*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.Episode recorded on May 10, 2023 Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

John O'Donnell, Co-founder and CEO of Rondo Energy, talks about the massive emissions problem of industrial heat and how Rondo's heat battery solution aims to decarbonize heat. The episode explores the challenges of transitioning to renewable energy sources for industrial heat, the potential of using brick as a core material in heating technology, and the opportunities for enabling heat as a service and grid participation.