New Wave.

🌊 The Fifth Swell Has ArrivedWhat does circularity really look like when the hype fades?I sat down with Guillaume Gras, Investment Director at ECBF and former Innovafeed co-founder (raised over €250M), to unpack how climate VCs think about circularity, and what truly drives growth and resilience.In this episode, we explore what circularity means beyond buzzwords and regulation, and how founders can build scalable businesses that turn waste into value without losing sight of economics.***Connect with Guillaume: ECBF.VCGuillaume Gras | LinkedInOr ask me for an intro!***🌊 Next Up on The Swell An interview with former co-founders of two unicorns now turned climate VC… 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

This week on New Wave Weekly: 👉 The case for “boring” industriesWhy old-school sectors like steel, cement, mining, and logistics may be the best places for climate founders to win (if you can crack GTM and avoid CapEx traps).👉 Product vs. commodity: know your fightIf you’re selling into consolidated commodity markets with decade-long relationships, how do you build venture-scale outcomes?👉 Market growth vs. GTM speedShould you chase TAM growth blindly or go for large markets where urgency is spiking?***Wave Makers: Matthew Blain - Voyager VenturesHampus Jakobsson - Pale Blue Dot***(00:00) Introduction(00:51) The Case For “Boring” Industries.(19:30) Market growth vs. GTM Speed.(26:00) Recruiting Talents.(28:08) Wrap-up***✨Leave a reviewApple 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 newwavenewsletter.substack.com

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.***🌊 The Fourth Swell Has ArrivedToday, we’re joined by Laura Fox, Streetlight Ventures founding partner and the operator who scaled Citi Bike to ~$120M ARR.She’s now backing the next wave of city-scale climate builders, in mobility, logistics, energy, water, waste, and adaptation.We dig into why adaptation is finally investable, how to build where the payer = beneficiary, and Laura’s anti-FOMO framework for spotting what actually matters in climate.***My 5 takeaways: Cities = Climate’s Front Line: Half the world lives in cities, which generate ~70% of global emissions. Cities also control the capital, infrastructure, and policy that shape everything else. We won’t solve climate change without solving for cities.The Cost of Adaptation: Extreme weather is already a balance-sheet issue: the WEF estimates $4T in corporate P&L losses from climate impacts. Above 90°F (32°C), productivity can drop by 50%. Climate resilience becomes critical to operating.Utilities in Permanent Crisis Mode: U.S. utilities spend $100B+ a year on disaster recovery, and still face more outages per capita than any other developed nation. Reliability is the new frontier for climate innovation.The Adaptation VC Filter: Laura’s test for what’s VC-backable is simple: the payer and the beneficiary must be the same. If the customer directly benefits (less asset loss, safer operations, lower costs), it’s investable. But when the benefits are public or shared (like cooling a whole city block), the model breaks. That’s where government, not venture, has to lead.Laura’s Anti-FOMO Investing Playbook: Does it matter? Is the market big enough? Is the customer pain urgent? And does the solution drive real climate impact? If those hurdles aren’t met, the conversation doesn’t move forward.Can they do it? Founders must show industry fluency, ideally firsthand experience with the problem, or deep learning through research and customer discovery. Laura looks for founders who can tell a clear story, sell across stakeholders, and attract early believers.Can it scale? Feasibility (proof from early pilots)Desirability (validated customer insights and pipeline)Viability (a credible path to margins and scale)***Connect with Laura: Streetlife VenturesLaura Fox | LinkedInOr ask me for an intro!***🌊 Next Up on The Swell A deep dive with Hampus Jakobsson, General Partner at Pale Blue Dot. 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

This week on New Wave Weekly: 👉 Stegra and the Billion-Euro GapSweden’s Stegra (formerly H2 Green Steel) raised €6.5 billion to build Europe’s largest green-steel plant, then the FT called it a “funding crisis.” Is this media clickbait, or is Europe’s gigascale model showing cracks?👉 All Aboard: The Collaborative Fund MovementA new US initiative is pooling $300M from top VCs to de-risk first-of-a-kind climate projects. Should Europe follow suit, or is public capital our real advantage?👉 AI as a Climate CatalystFrom DeepMind’s fusion simulations to data centers that run on nuclear-scale power, could AI become the unexpected accelerant for decarbonization?***References:Swedish green steel firm Stegra seeks another $1.1 billion in financing | ReutersSHS Raises $2 Billion for Green Steel Project in Germany - ESG TodayStegra announces agreement with Microsoft - green steel - StegraLaurie Menoud on scaling climate-techFlagship green steel start-up in funding crisisAll aboard a game-changing initiativeThe real reason Google DeepMind is working with a fusion energy startupFAST by Patrick Collison[Book] - Breakneck: China’s Quest to Engineer the Future” by Dan Wang“AI Infrastructure: Trojan Horses for Climate Infrastructure”What Denmark’s Hippie Teachers Can Teach Us About Financing Climate Tech***Wave Makers: Jonny Everett - MarbleMaxi Pethö-Schramm - HV CapitalYair Reem - Extantia***Chapters:(00:00) Introduction(01:05) VC Money. Infra Problems.(29:29)  The First Collaborative Fund?(41:46) AI for Fusion?***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 newwavenewsletter.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.***🌊 The Third Swell Has ArrivedWe’re joined by Peter Platan, Investment Director (Fund of Fund) at Tesi (Finnish sovereign wealth fund), one of Europe’s most active LPs backing ~125 funds.In this episode, we dive into the real bottlenecks in European climate capital and unpack what it takes for GPs to win LP trust. We also touched on one of Peter’s expertise: financing first-of-a-kind (FOAK) plants. If you’re a GP building or raising in climate tech, this one is for you.***My 10 key takeaways:The Capital Squeeze: Every €1 of LP capital is being chased by ~€3 in GP demand; exits are slow, NAV is stuck, and distributions are thin. The European Landscape: Early-stage climate investing is crowded. The scarce resource is growth and hardware/FOAK capital. What LPs Look For: Real track record (DPI), operator/engineering chops, and go-to-market expertise.LPs Don’t See Climate as Special: “Climate GPs aren’t different from any other vertical. We shouldn’t look at climate as a separate vertical that’s somehow special.”Returns Check: Finland VC vintages 2009–2015 posted ~18.5% IRR and 2.71x TVPI; newer vintages look softer given exits. FOAK Financing: FOAK plants aren’t VC-size bets. They demand €30–€300M blended stacks of equity, debt, and grants. Winning teams de-risk engineering, financing, and offtake together. Success requires project finance and industrial know-how, not just venture instincts. Climate’s Relabeling: With the “green premium” fading, winners will sell cost-advantaged solutions with real market pull (energy storage, grid efficiency, space-enabled monitoring, circularity). Advice to GPs: Choose partners with complementary skills, high conviction, and the stamina for a 10-year journey.LP Alignment is Key: Unlike other sovereign LPs, Tesi avoids “home-country” investment quotas. According to them, mandating local reinvestment can misalign LPs and distort GP strategy.Emerging Funds Need an Investor: LPs expect emerging funds to include at least one partner with full-cycle experience, someone who’s sourced, invested, created value, and exited with real DPI. The standard: a GP who’s done ~20 VC deals and delivered a positive portfolio multiple. ***Reach out to Peter: TESIPeter Platan | LinkedIn***🌊 Next Swell IncomingDon’t miss our next deep dive with Hampus Jakobsson, General Partner at Pale Blue Dot.***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 newwavenewsletter.substack.com

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: 👉 Base Power’s $1B Series CThe fastest-growing energy startup in America raises $1 billion at a $3 billion pre-money valuation. Is this a pure execution play or a new model for distributed energy? And is vertical integration the new moat in climate?👉 EIP’s $1.3B Growth FundEnergy Impact Partners closes its largest vehicle yet, a $1.3 billion fund. But with few late-stage climate companies to back, where will all that capital go? And are specialist billion-dollar funds the new normal?👉 Germany launches €6B decarbonization programGermany launches an industrial decarbonization package that finally includes carbon capture and storage. Pragmatism or surrender? Are we entering the “capture era” of Europe’s energy transition?***References:Germany launches 6 billion euro industrial decarbonisation programBase Power raises $1B to deploy home batteries everywhereEnergy Impact Partners Closes Latest Flagship Fund***Wave Makers: Jonny Everett - MarbleJulia Attwood - Sightline ClimateHampus Jakobsson - Pale Blue Dot***Chapters:(00:00) Introduction(01:26) Base Power raises $1B(35:46) EIP closes a $1.3B fund(47:09) Germany launches €6B decarbonization program***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 newwavenewsletter.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.***🌊 The Second Swell Has ArrivedWe’re back with Terhi Vapola, Founding Partner at Greencode Partners, a €70M venture capital fund investing in software solutions accelerating the green transition.We dive into why software matters in climate, how to build defensible moats in a world of AI tools, and what it takes to raise a first-time fund in the toughest market in years.In our conversation, we covered:Why software is key to scaling climate impact fasterThe difference between angel investing and managing other people’s moneyHow Greencode raised €70M as a first-time fundWhere software has real climate impact (AI, energy, industry)How to assess risk and defensibility in climate SaaSIf you’re a software founder or investor in climate tech, this one’s a must-listen.***Reach out to Terhi: Greencode VCDr. Terhi (TJ) Vapola | LinkedInOr ask me for an introduction! 👋***🌊 Next Swell IncomingDon’t miss our next deep dive with Peter Platan, Investment Director (Fund of Funds) at Tesi, Finland’s sovereign investment fund.***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 newwavenewsletter.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.***🌊 The First Swell Has ArrivedWe’re kicking off with Carolina Echecopar, investor at Carbon Equity, a fund-of-funds unlocking access to climate venture capital.If you’re building or raising a climate fund in Europe, this one’s for you.We dive into the brutal fundraising reality, what LPs look for beyond the deck, and why some climate VCs might not make the next wave.In our conversation, we cover:What LPs really look for in early-stage climate fundsThe minimum viable track record (and what counts as proof)Europe vs. US LP sentiment, who’s still writing checks?Carbon Equity’s full due diligence checklistThe branding debate: is “climate tech” becoming taboo?Lessons from investing in 250+ companies and 20+ fundsIf you’re a GP building or raising in climate tech, this one is for you.***Reach out to Carolina: Carbon Equity - Do good by investing betterCarolina Echecopar | LinkedIn***🌊 Next Swell IncomingDon’t miss our next deep dive with Terhi Vapola, Founding Partner at Greencode Ventures.***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 newwavenewsletter.substack.com

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: 👉 $45M for Genomines: Plants vs MinesThe French startup growing nickel from plants just raised $45M, one of the largest Series A in Europe for climate-tech companies. We’ve looked at all the details and are sharing key insights. 👉 CVCs Are Taking OverHyundai, Microsoft, Siemens… corporate VCs are writing bigger checks and locking in as customers. Are they the future of climate capital?👉 Is Climate Tech Dead?Media says “dual-use is hot, climate is not.” But is this the death of climate VC, or just the cleansing fire we needed to kill bad ideas and sharpen the next generation of winners?***References:Sifted: Genomines raises $45M Series AForbion Co-lead Release (PDF)DT Capital Partners Press ReleaseMicrosoft doubles down on green steelmaker StegraPwC Report: Climate Tech & Corporate VCSifted: Climate tech out, dual-use inImpact Loop: Lubomila Jordanova warns of greenwashing***Chapters:(00:00) Introduction(01:26) $45M for Genomines(21:46) CVCs are taking over(36:09) Long Live Climate-Tech! 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

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.👉 Fusion Energy: Is It Around The Corner?Proxima Fusion raises $200M, U.S. players pull in mega-rounds up to $900M… and suddenly everyone’s bullish. But is fusion coming in 2030, or 2100? Game-changing tech or just another beautiful mirage?👉 The capital stack goes creativeGrants, debt, PPAs, infra equity, climate finance is finally evolving beyond pure VC. But who’s funding $100M FOAK projects? And where are all the climate-native CFOs?👉 OpenAI x Oracle, $300B and 4.5 GWOne AI deal = 4 nuclear reactors. As data centers suck up grid capacity, could the compute boom drag climate tech into the fast lane?***References:FT: Europe’s fusion race heats up with billions in fundingTechCrunch: CFS books $1B power deal for its future reactorTechCrunch: Google inks its first fusion power deal with CFSLinkedIn: Proxima Fusion extends its Series ACTVC: Fusion roundup — big rounds, big dealsCFS: CFS raises $863M Series B2 to accelerate commercializationSifted: SunSave raises $113M to expand solar subscriptionsWSJ: OpenAI and Oracle sign $300B computing deal***Wave Makers:Hampus Jakobsson - Pale Blue DotMatthew Blain - Voyager Ventures***Chapters:(00:00) Introduction(01:12) Is Fusion Happening?(28:31) The Creative Capital Stack(42:20) A Deal That Needs 4.5GW***Leave a review✨Apple 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 newwavenewsletter.substack.com