New Wave.

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Can Capitalism Survive the Planetary Boundaries?We’re joined by Timothée Parrique (website), researcher in ecological economics at the University of Lausanne and one of the leading voices challenging the idea that endless economic growth can coexist with a finite planet.In this episode, we dive into the uncomfortable tension between capitalism, climate innovation, and ecological limits, and unpack what it would actually take to build an economy that operates within planetary boundaries.From venture capital and climate tech to sufficiency, cooperation, and post-capitalist systems, this conversation pushes far beyond the usual climate debate.In our conversation, we covered:→ Why climate change may be the easiest ecological crisis to solve→ The difference between innovation… and “exnovation”→ Why green growth hasn’t reduced ecological overshoot fast enough→ Why capitalism structurally depends on expansion and growth→ The limits of venture-backed climate solutions→ Why policy alone won’t solve the transition→ The role of NGOs, cooperatives, and non-profit models in a post-growth economy→ Why degrowth is not collapse, but a planned downscaling of production and consumption→ The hidden contradiction between finance and nature→ Why cooperation, not competition, may define the next economic system✨ Leave a review and share the episode if this conversation challenged the way you think about growth, innovation, and sustainability. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 When AI hits the atomWhy the future of materials discovery won’t be built on simulations alone.We’re joined by Ahmed Ismail, Co-founder & COO of Dunia, a Berlin-based deeptech company building AI- and robotics-powered systems to accelerate the discovery and scale-up of industrial breakthrough materials.In this episode, we dive into one of the biggest bottlenecks in climate and industrial innovation: materials discovery, and unpack why the real opportunity is not just asking AI to invent new formulas, but building the physical infrastructure to test, validate, and scale them.In our conversation, we covered:→ Why so many scientific breakthroughs still depend on serendipity — and how AI might increase the frequency of those “lucky” moments.→ The difference between AI-generated materials, simulation-first approaches, and autonomous industrial labs.→ Why the sim-to-real gap is the central challenge in AI for materials: what looks perfect on a computer often fails in a reactor.→ How Dunia built IRIS, an autonomous industrial lab designed to generate high-quality, device-level data for real-world applications.→ Why the future may belong to vertical, industry-specific AI systems — not one general “ChatGPT for materials.”AI for good. 🔥 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Charging the TransitionWhy electric trucks won’t scale without rethinking energy infrastructureWe’re joined by a Carl-Magnus Norden, a veteran entrepreneur and founder of Decade Energy, previously behind Volta Trucks, one of Europe’s most ambitious electric truck startups.In this episode, we dive into why electrifying transport isn’t just a vehicle problem, it’s an energy system problem, and unpack what it really takes to build the infrastructure layer before the demand fully arrives.In our conversation, we covered:→ Why the “electric vs hydrogen” debate is effectively over for trucks→ Lessons from building (and losing) Volta Trucks, and why it still mattered→ Why trucking is a “big boys game” requiring massive upfront capital→ The real bottleneck: grid access, not vehicle technology→ Why depots are the key to scaling truck charging→ Decade’s strategy: secure power before trucks arrive→ Turning battery storage into revenue via grid services→ Europe vs China vs Tesla: who wins the electric truck race?→ Why resilience and energy independence are becoming critical drivers→ The long-term vision: software orchestrating trucks, batteries, and gridsAt the core: the transition won’t fail because of trucks, it will fail because of power.Let’s go electric! 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you’re coming from Hugo at New Wave.****🌊 Inside an LP’s MindWhat it really takes to raise climate-tech funds.We’re joined by Lea Strumberger, investor at KfW Capital, where she focuses on climate tech, impact, and deep tech investments.In this episode, we dive into how LPs actually make decisions, and unpack what it really takes to raise your second fund in today’s climate market.In our conversation, we covered:→ Why Fund II is a completely different game, and what LPs expect now→ The truth about DPI, TVPI, and what “performance” really means early on→ How to build trust with LPs (hint: it’s still a people business)→ The Series B funding gap in Europe, and why it’s still unresolved→ What climate sectors worked (energy), and where we got it wrong (food/alt protein)→ Why climate is no longer “impact”, but a real investment vertical✨ If you want to help this show, don’t forget to leave a review on Apple Podcasts or Spotify. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 The Fuel Problem No One Talks AboutWhy replacing fossil fuels isn’t just about energy, it’s about how we carry it. We’re joined by Andy Lubershane, Partner at Energy Impact Partners and author of Steel For Fuel. In this episode, we dive into energy carriers, and unpack what it really takes to replace fossil fuels not just as energy sources, but as the backbone of global storage and transport.In our conversation, we covered:→ Why fossil fuels are two things at once: energy source + perfect carrier→ The uncomfortable truth about batteries (even lithium-ion)→ Why planes, ships, and global trade still have no real solution→ The limits of hydrogen — and why it may not scale as hoped→ Breakthrough storage: iron-air, thermal, and sodium-ion→ Metal fuels — the most radical (and promising) bet for global energy transportFossil fuels aren’t just powerful, they’re incredibly convenient. They store energy cheaply, move easily, and scale globally. Beating them requires more than incremental innovation. It requires something closer to a civilizational leap.This is episode five of a five part series. Subscribe to receive every episode. 👇 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Decentralizing the Fuel StationWhy EV charging, not the car, is the real bottleneck to electrificationWe’re joined by Arnaud Tran, Co-founder & CEO of Voltaback, a company building the software layer for charging corporate electric vehicles at home.In this episode, we dive into the hidden infrastructure problem behind EV adoption, and unpack what it really takes to turn fragmented, at-home charging into a scalable system for companies.In our conversation, we covered:→ Why EV adoption is accelerating, but the system around is breaking→ The “decentralized fuel station” problem companies didn’t anticipate→ Why charging at home is 3-4x cheaper, and still underused→ How Voltaback tracks, measures, and reimburses charging with precision→ The data challenge behind energy loss (and why accuracy matters) → Why corporate fleets, not consumers, drive EV adoption→ The China vs Europe gap in EV infrastructure and scale→ How scheduling charging could unlock another 25% savings→ What happens when millions of EVs hit the grid at onceLet’s go electric! 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Drilling for the Future of EnergyCan geologic hydrogen and deep geothermal actually power the world?We’re joined by Andy Lubershane, Partner at Energy Impact Partners and author of Steel For Fuel. In this episode, we go deep underground, into geologic hydrogen and geothermal, and unpack what it really takes to unlock planet-scale, zero-carbon energy from beneath our feet.In our conversation, we covered:→ Why hydrogen went from “Swiss Army knife” to overhyped, and where it actually matters→ The brutal economics of green hydrogen vs. gray hydrogen (and why cost still dominates)→ Geologic hydrogen: drilling for a naturally occurring clean fuel→ The wild uncertainty: from niche resource to “powering civilization for millennia” → Why geothermal today is tiny, and what’s blocking it from scaling globally→ The real bottleneck: drilling deeper (and why it’s harder than it sounds)→ Why deep geothermal could outperform fusion, if we solve the engineeringThis is episode four of a five part series. Subscribe to receive every episode. 👇 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

Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you’re coming from Hugo at New Wave.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Drilling the Future, Can Geothermal Power Everything?From 0.01% to 8%, what it takes to unlock next-gen geothermal at scale.We’re joined by Torsten Kolind, Co-founder of Underground Ventures, a specialist VC fund backing next-generation geothermal technologies.In this episode, we dive into why geothermal, one of the most reliable and abundant energy sources, remains almost invisible today, and unpack what it really takes to turn a niche resource into a global energy backbone.In our conversation, we covered:→ Why geothermal is still ~0.014% of global energy, and what’s holding it back→ The breakthrough behind “next-gen geothermal”→ How oil & gas infrastructure could be repurposed to scale geothermal globally→ Why geothermal might not compete with solar and wind, but complement them→ The rise of companies like Fervo, and what their success unlocks→ Europe vs US: heat vs power, and diverging market dynamics→ Why drilling, flow control, and steam conversion are the real bottlenecks→ The “super hot rock” opportunity, and how 400°C could 10x efficiency→ Why Underground Ventures is betting on picks & shovels, not power plants→ What’s still missing in the geothermal stack, and where founders should buildLet’s go underground! 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Crazy Cheap RenewablesWhat if solar becomes the cheapest energy source on Earth?We’re joined by Andy Lubershane, Partner at Energy Impact Partners and author of Steel For Fuel. In this episode, we dive into the future of ultra-cheap solar, and unpack what it really takes to push renewables into a new cost paradigm that reshapes global energy systems.In our conversation, we covered:→ Why solar’s cost curve has been one of the biggest success stories of the energy transition→ What “crazy cheap” actually means (hint: ~50% cheaper than today)→ Why cost of capital is now solar’s biggest bottleneck→ The real constraints: land, transmission, and grid infrastructure→ Why efficiency gains (not cheaper panels) are the next big unlock→ The rise of tandem cells and perovskites as a potential step change→ Why installation and labor are now major cost drivers→ The surprising reality: solar costs have recently increased in some markets→ Why wind likely won’t reach the same scalability as solarThis is episode three of a five part series. Subscribe to receive every episode. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Energy Security Is Climate StrategyWhy geopolitics may become the strongest accelerator of Europe’s energy transition.We’re joined by James Gutman, strategist at The Carlyle Group and a longtime commodities and energy expert with experience spanning Ford, Goldman Sachs, and hedge funds.In this episode, we dive into the collision between geopolitics, energy markets, and climate innovation, and unpack what it really takes for Europe to build an energy system that is not just cleaner, but more resilient.This conversation starts with the current geopolitical moment, but quickly moves into Europe’s dependence on imported energy, the limits of the transition so far, and why security may now matter as much as sustainability in shaping the next wave of climate investment.In our conversation, we covered:→ Why disruption in global oil and gas trade changes the logic of the energy transition→ Why Europe remains vulnerable even as renewables scale→ The hard-to-replace fossil fuel use cases still shaping industry, aviation, and grid stability→ Why China’s clean energy buildout is as much about security as climate→ Why Europe may need to think less about first-best ideas, and more about scaling what works now→ How energy resilience could become the biggest driver of climate tech deploymentMy key takeaway: Energy security is no longer separate from climate strategy. Read more from James: You can’t print molecules.A crude awakening. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Fusion, and Other Fusion-Level BetsWhy the dream of limitless clean energy is still alive, and why the real question is cost, not physics.We’re joined by Andy Lubershane, Partner at Energy Impact Partners and author of Steel For Fuel. In this episode, we dive into nuclear fusion, the most ambitious energy technology on the table, and unpack what it really takes to turn a scientific breakthrough into a commercially viable power source.In our conversation, we covered:→ Why fusion has been “20 years away” for the last 60 to 80 years→ The physics behind the challenge: hot enough, dense enough, for long enough→ What Q = 1 really means — and why the headlines often get ahead of reality→ Why Andy still believes some companies may hit real net energy gain soon→ The difference between a scientific milestone and an investable commercial one→ Why fusion could be the ultimate energy prize, if it ever becomes affordableAndy breaks down the famous triple product at the heart of fusion: you need to create conditions that are extraordinarily hot, incredibly dense, and stable for long enough to generate more energy than you put in. That is easy to describe. It is brutally hard to do.We also unpack the gap between lab success and market success. A fusion reaction can be scientifically impressive and still be economically irrelevant. That distinction matters. A lot.And then there is the upside. If fusion works at scale, especially in a form that uses abundant fuel and avoids the safety, waste, and proliferation issues of fission, it starts to look like one of the biggest energy breakthroughs humanity could hope for.This is episode two of a five part series. Subscribe to receive every episode. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 The Case for a Nuclear RenaissanceWhy fission might be the most under appreciated climate bet of our time.We’re joined by Andy Lubershane, Partner at Energy Impact Partners and author of Steel For Fuel. In this first of five episode, we dive into nuclear fission as a “fusion-level bet”, and unpack what it really takes to build a scalable, secure, and low-emissions energy system beyond hydrocarbons.In our conversation, we covered:→ Why hydrocarbons are still so hard to replace (and what they do exceptionally well)→ The reality of nuclear safety, and why perception diverges from data→ Cost, timelines, and why nuclear failed to scale in the West→ China’s nuclear buildout, and what it teaches us→ The rise of SMRs and Gen IV reactors, hype vs. reality→ Why investing in nuclear is a “winner-takes-most” game→ A different way to invest: betting on project development, not reactor design→ Andy’s scorecard: cost, safety, emissions, speed, scalabilityThis is episode one of a five part series. Subscribe to receive every episode. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 The Methane Blind SpotWhy one of the most powerful climate levers stayed invisible, and what it takes to build around it.We’re joined by Abhi Desai, Solo GP at Desai Ventures (an Indian family office), an early-stage investor focused on deep tech solutions across methane detection, satellites, and climate infrastructure.In this episode, we dive into methane, the overlooked climate lever, and unpack what it really takes to build and invest in technologies that measure the invisible.In our conversation, we covered:→ Why methane is 80x more potent than CO₂ (short term), yet historically ignored→ The real challenge: you can’t fix what you can’t measure→ Satellites vs drones vs sensors, the stack of methane detection technologies→ Why “naming and shaming” isn’t enough, and what actionable data actually looks like→ The business case: lost gas = lost revenue (sometimes)→ Where carbon credits fit, and why they’re still evolving→ The core rule of climate VC: impact scales with revenue, not philanthropy→ How to diligence deep tech when you don’t fully understand the science→ Why collaborative due diligence might unlock more climate capital 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 The Invisible Problem Inside Every FactoryWhy advanced manufacturing is still wildly inefficient — and how real-time sensing could unlock the next wave of climate tech.We’re joined by Jared O’Leary, Co-founder of SirenOpt, a deep-tech company building real-time sensing systems for advanced manufacturing.In this episode, we dive into why even the world’s most advanced factories operate with massive hidden inefficiencies, and what it really takes to move toward autonomous, self-optimizing manufacturing for climate technologies like batteries and beyond.In our conversation, we covered:→ Why manufacturing is inherently probabilistic, and why every product exists on a distribution of quality→ The hidden cost of variability in battery factories, including massive scrap rates and conservative processes→ Why “98% yield” doesn’t actually mean what people think→ How missing data inside the manufacturing line creates huge blind spots→ Why real-time sensing is the missing layer for Industry 4.0 factories→ How cold plasma sensing works, and why it enables non-destructive measurement at millisecond speed→ Why better manufacturing could unlock next-generation batteries like solid-stateWithout the ability to manufacture advanced materials reliably, even the best lab breakthroughs never scale.📬 Reach out to Jared O’Leary: [email protected] 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Obsession, Timing & the 50x DecisionWhat it really takes to back, and double down on, a climate breakout.We’re joined by Otto Birnbaum, Founding Partner at Revent, an early-stage fund backing companies at the intersection of climate, demographic, and technological change. Revent was an early investor in tem, which recently raised a $75M round. In this conversation, we unpack what happens inside a fund when a breakout company emerges, and how to think about follow-on strategy, ownership, timing, and conviction.This episode is a masterclass in early-stage venture mechanics.In our conversation, we covered:→ How to spot exceptional founders (obsession, clarity of vision, and relentless execution)→ Why Revent avoids the word “impact” (and what they focus on instead)→ The original investment thesis behind tem→ What a $200M+ valuation means for a $60M fund→ How much ownership early-stage funds really need→ When to double down, and when to de-risk at 50x→ Why timing might matter more than anything else→ Why 2026 belongs to AI, but climate infrastructure is far from dead→ “Looking left” when everyone looks rightOtto breaks down fund math transparently:10% ownership at a $300M valuation = ~$30M positionFor a $60M fund, that’s half the fund returned, at least on paperTrue breakout? When it returns the whole fund.We also explore:Why SPVs matter when you hit concentration limitsHow to construct angel-heavy cap tables with “superpowers”Why growth rate alone isn’t enough, margin and revenue stickiness matterAnd the brutal truth: timing can kill or make a company. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Removing CO₂ at 420 ppmIs direct air capture a distraction, or a necessity for net zero?We’re joined by Thor Gutierrez, Founder & CEO of Sirona Technologies, former Tesla engineer now building one of Europe’s most ambitious direct air capture (DAC) companies.Direct air capture fascinates as much as it divides.Some see it as essential for net zero.Others call it an expensive distraction.In this episode, we unpack what it really takes to scale DAC, economically, technically, and politically, and why starting now might be non-negotiable.In our conversation, we covered:→ Why we’ll need to remove ~10 gigatons per year→ Why DAC should likely represent only ~1–2% of climate capital→ Who’s actually buying carbon removal credits→ Why voluntary markets are the “bootloader” for compliance markets→ The Tesla playbook: speed of iteration > scale too early→ Why modular, containerized plants outperform mega-projects→ The real cost today: ~$800–900 per ton, and the roadmap to $250 by 2030→ Why buyers demand a visible cost curve before signing contracts→ Solid sorbents vs liquid solvents, and why modularity wins→ Energy reality: DAC only works with abundant clean power→ Why Kenya, the Middle East, and Norway make geographic sense→ The 90% removal efficiency debate, and what the LCA actually showsThor makes a clear argument:If you don’t believe in regulation, you don’t believe in solving climate.Voluntary markets fund learning.Compliance markets unlock scale. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 No Green Premium, The 2026 Climate VC PlaybookWhy price parity, resilience, and market-rate returns are the only strategy that works now.In 2022, climate was hot. Capital was cheap. ESG was mainstream.Today? The pendulum has swung.In this episode, with Fabian Heilemann, General Partner at AENU, we dive into what has fundamentally changed in climate investing, and what founders and GPs must do now if they want to build real businesses that survive political cycles and LP scrutiny.Fabian doesn’t mince words:“If you ask for green premium, go home.”In our conversation, we covered:→ Why the voluntary carbon market thesis stalled, and what AENU got wrong→ Why climate funds must now prove market-rate returns (30%+ IRR)→ The shift from “climate tech” to energy security, efficiency & resilience→ Why adaptation and systemic resilience may be the next wave→ Europe’s structural crisis between the US and China→ The rise of “Green Infra 2.0”, hardware-led electrification plays→ The real exit pathways for energy companies (hint: mostly trade sales)→ What LPs actually think, and why tourist capital is gone→ Fabian’s founder survival framework: routines, meditation, and long-term legacyFabian’s thesis for 2026 is clear:If your product cannot compete on price parity and feature parity, it will not scale. Climate benefit must be interlocked with commercial ROI, not sold as moral persuasion.Because the market right now rewards:Energy resilienceIndustrial efficiencyAdaptationClear customer economicsNot virtue signaling.And yet, the physics of the climate crisis hasn’t changed.Only the narrative has. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****Listen now:Apple // Spotify // YouTube🌊 The Inflection Point Nobody NoticedWhy electrification, materials innovation, and better unit economics are reshaping climate VC.We’re joined by Sarah Sclarsic, General Partner & Co-Founder at Voyager Ventures, a transatlantic VC firm backing foundational innovations across energy, materials, and machines.Sarah has spent decades building companies in climate, crafting federal policy, and investing across cycles, from Cleantech 1.0 to today’s electrified, AI-accelerated industrial wave. In this episode, we dive into what LPs really think about climate right now, and why the fundamentals have never been stronger, even when headlines suggest otherwise.Because while sentiment swings, physics doesn’t.In our conversation, we covered:→ The LP perception gap, why institutional investors see long-term fundamentals while headlines focus on short-term noise→ The quiet inflection point, electricity is now the dominant global energy form (~34%)→ Why falling battery costs (90%+ in a decade) change everything→ What emerging managers must prove to LPs beyond “the thesis”→ Why deeptech no longer can hold a green premium→ The electro-tech stack advantage (and why fossil-based models are structurally weaker)→ How to evaluate hardware startups in 2026→ Why teams, not tech, build billion-dollar companies→ The compounding gains of electrification + AI + advanced manufacturing→ Rebuilding 1,000-year-old industrial processes with modern toolsSarah’s core lens is simple:If it can’t win on price and performance, without subsidies, it won’t dominate a global market.Voyager backs companies that:Replace fossil-based processes with inherently superior systemsBenefit from declining input costs (electrification, automation, AI)Have durable innovation engines, not one-off breakthroughsWe also explore two fascinating examples:A company reinventing alloy production using high-powered energy wavesA rare-earth refining startup using nature-derived proteins instead of fossil heatThe pattern?Massive industries built on outdated industrial assumptions are being reimagined from first principles.If you’re building or investing in climate, this episode is a masterclass in thinking long-term while executing fast. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Mining Without MinesHow plants could unlock the next wave of critical metals.We’re joined by Fabien, Co-Founder & CEO of Genomines, a company rethinking how the world sources nickel, not by digging deeper, but by growing smarter.In this episode, we dive into a radical idea at the heart of the energy transition: what if we could produce critical metals using plants instead of mines? Fabien walks us through hyper-accumulator plants, the brutal economics of mining, and why biology might be the most under-appreciated extraction technology of our time.This is a conversation about cost curves, patience, and why sustainability only scales if it wins on unit economics.In our conversation, we covered:→ Why electrifying everything doesn’t work if metals stay carbon-intensive→ How hyper-accumulator plants pull nickel straight from soil→ The brutal reality of mining economics — and why most deposits aren’t viable→ Why nickel isn’t rare, just inaccessible→ Raising deep-tech capital when everyone thinks you’re crazy→ Why winning on cost matters more than winning the climate argument→ Transitioning from an R&D lab to an operating company→ How cheap nickel could reshape batteries, EVs, and geopoliticsIf you’re building in deep-tech or mining innovation, Fabien is someone worth listening to. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Building a Sovereign Copper SupplyWe’re joined by Katie Marsh, Co-Founder & CEO of Recupere Metals, a next-gen industrial company rethinking how copper is produced for electrification.Fresh off a €5M seed round closed in just 30 days, Katie shares how Recupere is turning scrap copper into high-performance electrical wires, without smelting, without green premiums, and without compromising on quality.In this episode, we dive into the coming copper supply crisis, and unpack what it really takes to build a climate-critical industrial company that can scale fast, compete on cost, and integrate directly into global supply chains.In our conversation, we covered:→ How to run a fast, disciplined fundraising process in a brutal market→ Why copper supply, not batteries, may be the real bottleneck to electrification→ The technical breakthrough that makes scrap copper competitive→ Why smelting is the hidden carbon and cost villain in metals→ How software and data create Recupere’s defensibility→ What Europe gets wrong about sovereignty, supply chains, and resilience→ The real risks founders face when moving from lab to first commercial plantKatie also explains why price parity matters more than climate narratives, how OEMs think about supply-chain de-risking, and why the best climate businesses don’t rely on green premiums to win. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 Building Cities Without Breaking the SystemWhy urban climate tech must be faster, better, and cheaper to truly scale.We’re joined by Jacob Bro, General Partner at 2150, one of Europe’s most thoughtful urban climate investors, fresh off the close of €210m Fund II.In this episode, we dive into what it really takes to fund the next generation of urban climate infrastructure, and why climate tech is no longer a “vertical,” but a defining layer of the global economy.Jacob shares hard-earned lessons from Fund I, how LP expectations have evolved, and why sustainability only matters if the economics work.In our conversation, we covered:→ Why raising Fund II took longer, and why that’s actually healthy→ What LPs are really worried about in today’s macro environment→ Why “climate tech” is maturing into an economic reality, not a niche→ The danger of business models that rely too heavily on regulation→ Why team > idea, even in deep tech and Series A–C investing→ How AI + energy + industry are colliding into a once-in-a-generation opportunity→ Why 80% of global GDP, and emissions, are urban. And how to fix it.→ When price matters in venture, and when it really doesn’tJacob also unpacks 2150’s evolving definition of urban climate tech, their growing exposure beyond Europe, and why emerging markets matter if you believe in future prosperity at scale. 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

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****🌊 A VC Playbook for Industrial BiotechWhat it really takes to turn great biology into scalable, venture-backable companies.We’re joined by Joško Bobanović, Partner in Industrial Biotech at Sofinnova Partners, one of Europe’s most experienced investors at the intersection of biology, industry, and climate.In this episode, we dive into how industrial biotech companies are really built, from lab-grade science to full-scale production, and unpack what it takes to turn ambitious biology into durable businesses.Joško has been investing in this space since long before “climate tech” was fashionable. His perspective is shaped by scars, cycles, and decades of pattern recognition.In our conversation, we covered:→ What industrial biotech actually means→ Why generalist VCs struggle without deep technical partners→ The difference between great science and venture-scale companies→ Platforms vs. product companies, and why too many choices can kill startups→ Why IP strategy and freedom to operate are often underestimated→ How teams must evolve from scientists to industrial operators→ Why exits in industrial biotech still skew toward IPOs, not M&AThis is a masterclass in how long-cycle climate technologies really scale, and why patience, specialization, and realism matter more than hype. 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

Subcribe to the newsletter:New Wave | Hugo Rauch | Substack****Thank you to this week’s sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.****🌊 Why Circularity Is the Real Climate LeverWhy staying within planetary boundaries demands a rethink of how we design, use, and reuse everything.We’re joined by Martijn Lopes Cardozo, Partner at Regeneration.VC, one of the world’s leading investors in the circular economy. In this episode, we dive into why climate alone isn’t enough, and unpack what it really takes to build venture-scale companies that protect biodiversity, water, materials, and supply chains, not just CO₂. Martijn argues that even at 1.5°C, we can still lose the planet, unless we radically rethink how products are designed, consumed, and regenerated.In our conversation, we covered:→ Why circularity impacts 90% of biodiversity loss, not just emissions→ The real VC opportunity hiding in design, use, and reuse phases→ Why competing on a “green premium” is a losing strategy→ How brands like IKEA, and H&M pull circular startups through the supply chain→ What Martijn looks for in a “big seed” (late-seed) circular startup→ How better measurement could unlock capital→ The rise of asset-utilization models (and why sharing beats owning) 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

Subcribe to the newsletter: New Wave | Hugo Rauch | Substack****🌊 Pricing Nature As An AssetWhy the next wave of climate returns will be built on data, ecosystems, and riskWe’re joined by Jahed Momand, General Partner at Cerulean Ventures, a pre-seed fund backing founders applying AI and software to the physical world, from nature and oceans to grids, steel, and supply chains.In this episode, we dive into what “investing in nature” actually means, and unpack how turning ecosystems into measurable, investable assets could unlock entirely new markets, business models, and venture-scale returns.Jahed shares how Cerulean thinks about pre-seed conviction, why data gaps in the physical world are the biggest opportunity in climate, and what it really takes to back founders before the story is obvious.In our conversation, we covered:→ Why nature is the most underpriced input in the global economy→ How environmental data becomes an investable asset→ The real business models behind “nature tech” (beyond carbon credits)→ Why insurance, supply chains, and pharma are early buyers→ How AI in the physical world creates defensibility most startups miss→ What pre-seed investing actually optimizes for (and why Cerulean sometimes overpays)→ How to build a contrarian thesis that later-stage funds will follow 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

Thank you to this week’s sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***🌊 Hardware Is Hard. That’s the Point.What it really takes to fund, build, and scale climate hardware in EuropeWe’re joined by Jessica Burley, Investor at Planet A Ventures, one of Europe’s leading climate and deep tech VCs pioneering a science-based approach to venture capital.In this episode, we dive into why climate hardware is fundamentally different from software — and unpack what it really takes for founders and investors to scale atoms (not just bits) without breaking the cap table.From capital stacks and bankability to team composition and customer urgency, this is a grounded, insider conversation for anyone building or backing climate infrastructure.In our conversation, we covered:→ Why hardware isn’t broken — but VCs need a new playbook→ The real reason climate hardware fails (hint: it’s not the science)→ How to structure a capital stack beyond pure equity→ What “bankability” actually means for first-of-a-kind plants→ Why sustainability alone doesn’t close customers→ Where climate hardware is quietly becoming profitable right now 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

Thank you to this week’s sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***🌊 How To Commercialize ScienceWhy Europe’s world-class research rarely becomes global companies, and how to fix it.We’re joined by Erik Engellau-Nilsson, Founder of Norrsken Launcher and former CEO of the Norrsken Foundation, one of Europe’s most influential platforms for impact-driven entrepreneurship.In this episode, we dive into why most science never leaves the lab, and unpack what it really takes to turn deep tech and climate breakthroughs into scalable, profitable companies. From cap tables and commercialization risk to why the VC model fails scientists, Erik shares a brutally honest view of what’s broken and what actually works.In our conversation, we covered:→ Why great science gets stuck in universities→ The cultural gap between scientists and company builders→ Norrsken Launcher’s hands-on model: fewer bets, deeper ownership→ Why Europe produces world-class science, but not world-class companies→ Clean cap tables, IP ownership, and the “teacher’s exemption.”→ Strategic investors: accelerator or hidden landmine?→ Why “patient capital” is often the wrong answer→ How to build climate and deep tech companies that actually scale 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

Sign up to New Wave's newsletter. ***This week on New Wave Weekly:👉 AI won’t magically invent new materialsAlphaFold worked because biology had great data. Inorganic materials don’t. Sparse datasets, missing thermodynamics, and poor characterization remain the biggest blockers.👉 The real moat is synthesis, not modelsFrom rare-earth-free magnets to catalysts, value is created in the lab: making, characterizing, and scaling materials that actually work in the real world.👉 Vertical beats generalist (for now)Foundational models are capital-intensive moonshots. Highly verticalized plays, magnets, catalysts, specific industrial use cases, have a much clearer path to market.👉 Commercialization is brutally hardDiscovery is step one. Producing at scale, at cost, and getting industry adoption is where most materials stories break, graphene being the cautionary tale.👉 Europe’s materials moment?With critical minerals concentrated in China, supply-chain security is creating real pull from industrial players, not just curiosity, but urgency.***Wave Makers:Matt - Voyager VenturesRobina - ContrarianVera - Apex VenturesHugo - New Wave 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

Thank you to this week’s sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***🌊 A New Swell Has ArrivedHow the European Investment Fund is shaping the next generation of climate VCs.We’re joined by Anna Finizio, Investment Manager at the European Investment Fund (EIF) Green-Tech, one of Europe’s most influential LPs in climate investing.EIF isn’t just backing climate funds. It’s building the market.In this episode, we unpack how Europe’s largest public LP thinks about first-time managers, risk, performance, and impact, and what climate fund managers actually need to do to earn EIF’s conviction.From anchoring funds to setting impact accountability, this is a rare look inside the LP that has quietly shaped Europe’s climate VC ecosystem over the last decade. 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

🌊 Simon Belka on fixing the grid.Why long-duration storage and microgrids may define the next energy system.We’re joined by Simon Belka, Co-Founder of Shifted Energy, a long-duration energy storage startup building compressed-air systems for the decentralized grid.In this episode, we dive into one of the biggest paradoxes in clean energy: we’re producing more cheap renewable electricity than ever, yet still burning gas because the grid can’t move or store it fast enough. In our conversation, we covered:→ Why grid congestion, not renewables, is now the real problem→ How microgrids work (and why they’re a €135bn market)→ Why batteries fail beyond ~6–8 hours of storage→ Inside Shifted Energy’s compressed-air “air battery”→ How long-duration storage competes with hydrogen and thermal systems→ Early traction: microgrids, mines, logistics hubs, and off-grid sites→ The economics: efficiency, CapEx, and levelized cost of storage→ What it takes to scale from 100 kW pilots to megawatt systems→ Why Europe is uniquely positioned to lead this transition 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

🌊 Eglantine Dupuy on what the data says about European climate tech.Why deep tech is winning, VC is retreating, and corporates are stepping in.We’re joined by Eglantine Dupuy, Research Associate at Dealroom.co, where she tracks Europe’s climate and deep tech ecosystem through one of the most comprehensive data platforms in venture.In this episode, we take a hard look at European climate tech in 2025, what’s slowing down, what’s quietly accelerating, and why the next wave will look very different from the last.We covered:→ Why European climate VC is down ~30% YoY→ How deep tech now captures ~50% of climate funding in Europe→ The real cost of deeptech: $100M+ in VC to reach $100M revenue→ Why Europe struggles at Series B, and how foreign capital fills the gap→ Corporates vs VCs: who’s actually funding climate innovation now→ Defense, sovereignty, and resilience rebrands, hype or strategy?→ Early signals for 2026: biomaterials, circular economy, and AI overlap 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

🌊 David Ferguson on pilot-to-scale partnerships.Why corporate-startup partnerships fail and how to design the ones that actually work.We’re joined by David Ferguson, Head of Innovation (UK) at EDF, a 20-year energy veteran working at the intersection of climate, technology, and large-scale infrastructure.In this episode, we dive into why corporates love pilots but struggle to scale them, and unpack what it really takes for startups and big utilities to build collaborations that survive beyond the proof of concept.In our conversation, we covered:→ Why most climate pilots die before reaching scale→ How to design a trial that stands on its own (not a fake path to procurement)→ The four real ways corporates can work with startups, beyond selling→ Culture clash: speed, risk, incentives, and decision-making→ Why corporates need startups as much as startups need corporates→ What EDF actually wants from climate startups right now→ Why flexibility and long-duration storage are the next big battlegrounds 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

🌊 Marc Lechantre on industrial decarbonization.We’re joined by Marc Lechantre, Partner at Axeleo Capital’s Green Tech Industry Fund. After 15 years in the automotive industry, Marc now backs the founders building the factories, materials, and energy systems that actually move the climate needle.In this episode, we dive into industrial climate tech, and unpack what it really takes to finance, scale, and de-risk hardware-first startups in Europe.We covered:→ Why software alone won’t solve climate change→ The real funding gap in industrial climate tech→ How to de-risk industrial investments→ Why Europe still has a shot at re-industrialization→ What VCs often miss about hardware risk, and why it’s different, not worse→ Why “green premiums” are over, and climate solutions must now win on cost→ What investing actually looks like when you’re building physical infrastructure 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

Sam Goodall on Europe’s Climate Tech “Supercluster”In Paris, I sat down with Sam Goodall, CEO of Cambridge Cleantech and co-founder of the Climate Tech Supercluster.We unpacked a question I kept hearing:Why does Europe lead in climate innovation, but fall behind on scale?Sam’s take is refreshingly clear: Climate tech is spread too thin. We miss an obvious “Silicon Valley” to go to.That’s why he created the Supercluster approach: a series of events across Europe (London, Paris, Amsterdam) that increases the collision rate, and let smart people collaborate.Here’s what we covered:→ Europe’s superpower: the research base (TRL 1-3)→ Where the system breaks: scaling post-TRL 7 + “value leakage”→ The missing link: capital that matches deeptech timelines→ Why corporates are the de-risking engine for FOAK → 2026+ opportunities: industrial decarb + data center energy 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

Makesense just closed its €25M pre-seed fund:So we sat down with Marion Schuppe to unpack what it really takes to build an impact-first VC from a nonprofit DNA.👉 Fundraising: fun, exciting.. exhaustingWhat does it take for a nonprofit-rooted team to win over LPs and triple their fund size? More trust-building, cooperation, and resilience than most people think.👉 Why pre-seed impact investing needs small fundsMarion explains why “bigger is not better” at pre-seed, and why Makesense is doubling down on inclusive circular business models as the most resilient path to economic, social, and environmental value.👉 The hybrid model: NGO mindset, VC disciplineIncubation programs. Operating support. European subsidies. A 10% NGO investment pocket. Makesense is quietly building one of Europe’s most innovative capital stacks.Is this the future of early-stage impact investing? 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:👉 Why food & ag still scare generalist VCsDespite being a $8T industry employing more people than any other, exits are small, timelines are long, and the science is heavy. So why does capital hesitate? And what are they missing?👉 Where the real opportunities are in food techFrom ingredients with 1% inclusion rates, to functional foods, to GLP-1 alternatives, to sugar-free sweet proteins, which models actually scale in venture timelines?👉 Food as Medicine: the next multi-billion category?GLP-1 drugs reshaped consumer behavior… but can food do the same? We explore peptides, functional mushrooms, sugar replacement, and why nutrition may beat pharma at its own game.👉 The investment memo for food tech — across stagesWhat does “good” look like at pre-seed? Seed? Growth? Revenue thresholds, market entry strategy, brand vs B2B ingredients, regulatory cycles, and why biotech in food still needs ~15 years and $100M to get to market.👉 Do brands or ingredients win? The great debateLavie, Beyond Meat, Oatly, challenger brands vs. enabling technologies, and why doing “both biotech AND brand” almost never works.***Wave Makers: Nadine - World FundGil - Flora VCFabio - ZintinusHugo - New Wave 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

🌊 The Excellence of Machines, Inside Aris Machina’s $10.7M Pre-SeedHow do you build an agentic operating system for manufacturing, and why now?We’re joined by Siddharth “Sid” Khullar, Co-Founder & CEO of Aris Machina, the company building an agentic OS for complex manufacturing, starting with batteries. Sid previously led Software & AI at Northvolt, where he experienced firsthand the success and failure of the company as well as the manufacturing complexity that inspired Aris Machina’s creation.In this episode, we dive into what industrial super-intelligence really means, and what it takes to build software that can reason across tens of thousands of parameters, bridge the gap between human operators and AI agents, and transform modern manufacturing.In our conversation, we covered:→ How Northvolt’s collapse shaped Europe’s next wave of industrial founders→ Why modern factories drown in data but starve for insight→ The “aha” moment: a catastrophic yield problem that no dashboard could explain→ What an agentic OS actually is, and why it’s not “just an LLM”→ How Aris Machina avoids becoming a consulting company→ Why battery factories are the ideal proving ground→ How Sid raised a ~$10M pre-seed after 300 investor nos→ The long-term vision: an app store for manufacturing***Links:Sid on LinkedIn Aris MachinaOr ask me for an intro! 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

Thank you to this week’s sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***🌊 A New Swell Has ArrivedInside Better Society Capital’s approach to returns, impact, and the next gen of funds.We’re joined by Dougie Sloan, Head of Venture at Better Society Capital, the UK’s largest social impact investor and a cornerstone LP across 120+ impact-driven funds.In this episode, we dive into how an LP actually evaluates venture funds, and what it really takes to raise from an impact-oriented institutional investor. Dougie breaks down portfolio construction, return expectations, impact methodology, and the LP role in shifting European VC.In our conversation, we covered:→ How Better Society Capital selects funds → Why impact doesn’t imply concessionary returns→ Why Europe needs more specialist funds→ Where impact actually drives commercial performance→ The state of liquidity in venture across the world→ How LPs assess team, repeatability, and firm-building→ Practical fundraising advice for GPs raising today***Links:Douglas on LinkedInBetter Society CapitalOr ask me for an intro!Impact as a driver of value.Join the Impact VC community 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:👉 Aris Machina lands a monster “pre-seed”Founded by two former Northvolt leaders — including Peter Carlsson — Aris Machina wants to build the agent OS for manufacturing, unifying messy factory data into a global optimization layer. But can you really standardize manufacturing when every plant is different?👉 AI for Manufacturing: hype cycle or real inflection?Europe and the U.S. saw multiple rounds this week alone — Aris, Forges, Drift — as investors wake up to $8T in manufacturing inefficiency. But are we funding the next Palantir… or just fancy consulting with better branding?👉 Is China already at “nine sigma”?A live debate: Are Western factories actually decades behind? Some say China’s battery plants have already cracked near-zero-fault manufacturing — so what does that mean for European AI startups betting on yield optimization?***Wave Makers: Jonny Everett - MarbleMatthew Blain - Voyager VenturesYair Reem - ExtantiaHugo Rauch - New Wave 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

We’re joined by Alex Bakir, Partner at Norrsken Evolve, an operator-turned-investor who has built and scaled companies across Silicon Valley and Europe before launching one of the continent’s most distinctive early-stage climate funds.In this episode, we dive into why Europe’s climate tech story needs a new foundation, one rooted in productive capacity, supply-chain sovereignty, and operator-led support for founders, and what it really takes to convince LPs in today’s market.In our conversation, we covered:→ Why climate cycles repeat, and why this one is different→ What Alex actually sold to LPs (and why he was oversubscribed)→ The real gap at pre-seed: sophistication, not capital→ Momentum as the new signal: how Norrsken Evolve picks winners→ Why resilience ≠ defense, and what Europe misunderstands→ The role of regionalization and the end of “global by default.” 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: 👉 Einride’s $1.8B IPO: A look inside the priceThe Swedish freight-tech giant is heading to the NYSE via SPAC at a 40× revenue multiple. Is the market ready for a Tesla-for-freight, or is this déjà vu of the SPAC boom? 👉 Vertical integration vs. “just pick a lane” Einride builds hardware, software, autonomous systems, logistics optimization, everything. Too much stack risk, or the only way to make TCO work in freight? 👉 Europe’s climate champions keep listing abroad Another European climate-tech leader chooses the US public markets. What does this say about the European markets and the long-awaited EU-INC?***Wave Makers: Craig Douglas - World FundJulia Attwood - Sightline ClimateHampus Jakobsson - Pale Blue DotHugo Rauch - New Wave 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

Today on New Wave Weekly: Sightline Climate just released the Globalization in climate tech report (download it here). I sat down with Julia Attwood, Head of Research at Sightline, to chat about the key takeaways for European investors. 👉 Europe is committed to climate tech, but still missing the big checksEurope matches the US in number of deals and early-stage activity… so why are growth-stage rounds 31% smaller? Are we losing momentum at exactly the wrong moment?👉 Policy is Europe’s superpowerFrom the EU ETS and CBAM to the Clean Industrial Deal, Europe is quietly building the world’s most durable decarbonization incentives. Is this the “carbon price flywheel” moment?👉 Project deployment: Europe takes the lead55% of the global announced green cement capacity is in Europe, and 70% of what’s actually under construction. Industrial decarbonization is becoming a real market. 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

We’re joined by Hampus Jakobsson, Partner at Pale Blue Dot, longtime founder, operator, and one of Europe’s most prolific early-stage investors.In this episode, we dive into what it means to be a “five” in agency, how great teams form, why climate became unavoidable for him, and how Pale Blue Dot built an unconventional fund model that actually works for founders.In our conversation, we covered:→ Why The Astonishing Tribe scaled from six friends to 180 people across the world→ The traits Hampus looks for in the first 10 hires of any startup→ How extreme agency became his superpower, and occasional liability→ The personal story that shaped his worldview on care, speed, and craft→ Why climate wasn’t obvious at first… and then became the only rational choice→ How Pale Blue Dot balances “three solo GPs” inside one fund→ What founders consistently misunderstand about VC***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.***Listen now:Apple // Spotify // YouTubeConnect with Hampus:Hampus on LinkedInPale Blue DotOr ask me for an intro! 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: 👉 Why chip cooling is becoming a climate storyData centers are hitting thermal limits. Nvidia says liquid cooling is inevitable. Is cooling the hidden bottleneck of the AI revolution?👉 How to actually diligence deep techFrom techno-economic models to hyperscaler roadmaps, Maxi, Jordan, and Jake break down how investors separate real breakthroughs from nice demos.👉 Europe’s deep tech momentIs Europe better positioned to build the next climate mega-companies than in the software era?***Wave Makers: Maxi - HV CapitalJordan - IQ CapitalJake - Voyager VenturesHugo - New Wave***(00:00) Introduction(01:15) What chip cooling has to do with climate(03:15) Corintis and the future of liquid cooling(10:40) Selling to hyperscalers without dying(16:49) Gen 1 to Gen 3: crossing the valley of commercial death(18:25) How to assess “good deep tech”(27:03) Why deep tech valuations are high(32:29) Europe vs. the US: who wins the deep tech race?(37:03) Advice for generalist VCs entering deep 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

How two founders turned a decade of building too-early ideas into a climate investment thesis for the next industrial wave.We’re joined by Maex Ament and Philip Stehlik, co-founders of two unicorns (Taulia and Centrifuge) and now founding partners at Earth, a new European climate fund investing across the industrial stack.In this episode, we dive into how being “too early” became their edge, what it really takes to sustain a 20-year co-founder relationship, and how ex-founders think differently when they start backing the next generation of climate entrepreneurs.In our conversation, we covered:→ Why great co-founder relationships are like marriages (and how to make them last)→ Why being too early can be a founder’s superpower, if you can survive it→ How ex-founders approach venture investing differently→ Why climate investing is the new industrial revolution (not just a cause)→ What “climate dynamism” really means, and why green premiums are dead***Supported by:☕ Climate Coffee: Max Bray and his co-founder have been building a fast-growing community and series of meet-ups connecting founders, investors, operators, and scientists in climate tech across Europe. Read more here.***Connect with Maex & Philip: Maex AmentPhilip Stehlikearth.nowOr ask me for an intro! 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

Today on New Wave: Altrove just raised $10M to reinvent how new materials are discovered, using AI and robotics to replace the world’s rarest elements. This week, I sat down with Thibaud Martin, Altrove’s co-founder and CEO, to unpack:👉 AI Meets Material ScienceAltrove just raised $10M to accelerate the discovery of new materials that can replace rare earths - a mission that could redefine global supply chains.👉 From Serendipity to Systematic DiscoveryFor centuries, new materials were found by accident. Now, with AI and robotized labs, Altrove is inventing never-before-seen substances in weeks, not decades.👉 Europe’s Supply Chain AwakeningWith China controlling 90%+ of rare earth refining, Altrove’s tech could become a pillar of European sovereignty - one recipe at a time.***Wave Makers: Thibaud Martin - Altrove.aiHugo Rauch - New Wave 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: 👉 How LPs really select climate fundsFrom 500 decks to a handful of checks, LPs reveal how they go about screening and selecting funds at the top of the funnel.👉 What due diligence really looks likeThe invisible marathon: deep dives, and months of follow-ups. Here’s how to keep momentum alive until the check lands.👉 Impact vs. Returns: Can you have both?Ferd, Carbon Equity, and Aurum Impact all say yes, but the road to proving market-rate climate returns is long, patient, and full of nuance.***Wave Makers: Anniken - FerdBas - Carbon EquityJan - Aurum Impact***Chapters:(00:00) Introduction(02:24) Selecting Climate Funds(07:30) How to Get a First Meeting(13:45) LP–GP Fit(19:24) Common Mistakes(22:55) Building an Edge(26:54) Impact vs Returns(33:20) Branding and Strategy Drift(38:45) Market Sentiment & Returns(41:11) Due Diligence Behind the Scenes(47:41) Getting the First Commit 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

🌊 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