Jarna Hyvönen, Volare on Why Climate Hardware Needs a New Funding Playbook

In climate hardware, the capital stack shapes everything. This is according to Jarna Hyvönen, Co-Founder and CEO of Volare.She joins Andreas Munk Holm and co-host Carmel Rafaeli, Founding Partner at The Table, in this episode of Leaders Shaping a Resilient Planet to break down what it takes to finance and scale industrial climate companies.Volare is building a circular platform using black soldier flies to turn food industry side streams into protein, oils and fertilisers. Jarna explains how they structured a mix of equity, debt, mezzanine and grants to fund their first industrial facility, and what it takes to align these instruments in practice.Key topicsMulti-instrument funding from day oneInterdependent capital and fundraising complexityThe importance of early financial capabilityDe-risking through proven systemsWhen unit economics become visible at scaleTimestamps(00:00) Climate tech funding gap(03:00) From research to industrial scale(06:00) Inside the mixed capital stack(10:00) Interdependent financing(14:00) Financial strategy and CFO role(18:00) De-risking and innovation(22:00) Market shift to viability(26:00) Scaling and unit economicsSubscribe to EUVC, the home of European tech, for more insights: https://www.eu.vc/subscribe