VCo2 | The Climate Investing Podcast

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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.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 climateventuresvco2.substack.com