Inevitable

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Rob Day is Partner and Co-founder at Spring Lane Capital. 

Spring Lane Capital provides hybrid project capital with equity for small-scale systems and projects across food, water, energy, transportation, and waste markets. They also bring experienced tools and capabilities to help developers and entrepreneurs succeed with their project deployments. 

Rob has been around the block in climate tech even before it got its name, and he’s learned a lot of useful lessons. Not to mention, Spring Lane has an innovative approach that plays in the capital gap, that so many people talk about between early-stage venture capital and project finance. 

In this episode, we cover: 

• [2:36] An overview of Spring Lane Capital and the firm's origin story 
• [4:49] The large gap between venture capital and project finance
• [8:05] Spring Lane Capital's broad approach to different areas of climate 
• [10:52] Capitalizing early-stage companies, scaling, and the role of equity and debt
• [13:42] Advice for entrepreneurs thinking about different types of capital at various stages of a company's lifecycle 
• [16:06] Triggers for founders to understand when equity is optimal vs debt (Rob's Atlas Organics example)
• [22:22] How terms vary with Spring Lane Capital's deals vs more traditional lenders 
• [24:43] Where first-of-a-kind (FOAK) projects fit in 
• [30:41] Spring Lane Capital's fund two and its institutional investors
• [33:19] Skillsets required to be successful in Spring Lane's capital allocation
• [38:23] Success milestones and Spring Lane's role
• [40:46] Changing macroeconomics and their impact on Spring Lane's corner of the industry 
• [43:48] Spring Lane's process, key steps, diligence, etc. 
• [50:17] Issues with financing FOAK projects and Spring Lane's plans to address them

Get connected: 
Jason Jacobs Twitter / LinkedIn
Rob Day Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Jun 14, 2023 (aired on July 5, 2023) 

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
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*Editing and post-production work for this episode was provided by The Podcast Consultant

Sara Harari is the Associate Director of Innovation and Strategic Advisor to the president at Connecticut Green Bank. Connecticut Green Bank was established in 2011 and was the first Green Bank in the USA, of which there are now dozens that are live or in formulation. They look to accelerate the green economy by using public dollars to catalyze private investment into clean energy and other environmentally positive solutions. CT Green Bank started with a focus on residential solar deployment, and at 2021 expanded their model to include new areas of environmental infrastructure including climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. 

In this episode, we cover: 

• [01:56]: The concept of a green bank
• [06:45]: The origins of CT Green Bank
• [10:07]: How CT Green Bank determines its priorities
• [12:32]: Sara's background and early interest in clean energy
• [15:31]: Her work at National Grid
• [17:13]: The Green Bank's EV charging carbon credit program
• [20:45]: How their scope expanded to include broader environmental infrastructure
• [23:05]: Innovative financial incentives and structures to support parks and land conservation
• [25:32]: What Green Bank looks for when hiring
• [27:30]: Green Bank's open rolling RFP for project ideas and investments made to-date
• [32:28]: Areas of innovation Sara is excited about, including the Innovative Energy Solutions program
• [34:58]: Federal funding opportunities, including the EPA's Clean School Bus Program and the Greenhouse Gas Reduction Fund
• [39:54]: How Green Bank hopes to support the contractor community with workforce development training and pre-apprenticeship programs
• [42:52]: Environmental justice at the core of the Green Bank's mission, and examples of working with low and moderate-income homes
• [45:56]: How the Green Liberty Notes program works
• [47:08]: What Sara is most excited about right now

Get connected: 
Sara Harari Linkedin
Cody Simms Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on June 20, 2023 (aired on July 3, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

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• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Anastasia Volkova is the CEO and Co-founder of Regrow, which was named Fast Company's number one most innovative company in agriculture in 2023. They empower the world's largest brands such as Kellogg's, Cargill and General Mills to reduce greenhouse gas emissions across their supply chains. Their product began as a data and analytics offering to agronomists and farmers to help build a localized growing roadmap, identifying what crops to plant, what fertilizer and other inputs to use, how much of it to use, and an irrigation plan. By building this roadmap for growers, Regrow realized that it could then help food brands and processors have a much deeper knowledge of how the food they source is grown. Beyond expertise, Regrow's product helps companies proactively lower their supply chain emissions by incentivizing best practices across their grower network. 

In this conversation, Anastasia traces her journey from starting Regrow to the company it has become and discusses the agricultural practices that can make the biggest difference in emissions mitigation. The company raised a Series B of financing last year from Galvanized Climate Solutions among others, and is a leader in driving regenerative agriculture practice changes at scale.

In this episode, we cover: 

• [02:30]: Anastasia's personal climate journey
• [04:43]: Discovering the potential of satellite imagery for agriculture during her PhD
• [07:24]: Agronomists' crucial role as "crop doctors"
• [10:05]: Regrow's initial focus on providing agronomists with data
• [10:40]: How satellite imagery fits into Regrow's software
• [13:10]: Regrow’s product evolution
• [15:38]: Lack of visibility as the main challenge in understanding the agri-food supply chain
• [17:08]: Deep dive into the nuances of Regrow's product
• [19:30] Regrow's business model: Brands paying farmers for emission reductions
• [23:48]: The agri-food industry's significant contribution (31%) to global emissions
• [26:52]: Key emissions factors on farms, including machinery and synthetic nitrogen fertilizers
• [32:08]: Topsoil degradation and the regenerative agriculture movement
• [39:04]: Challenges with creating a carbon credit methodology around soil organic carbon
• [43:41]: Systemic challenges to scaling regenerative agriculture
• [45:09]: The need for financing the transition to regenerative practices
• [47:09]: Predictions for upcoming farm bills
• [48:04]: What's next for Regrow
• [49:34]: Who Anastasia wants to hear from and career opportunities at Regrow

Resources mentioned:

• Kiss the Ground Documentary

Get connected: 
Anastasia Volkova LinkedIn
Cody Simms Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Jun 15, 2023 (aired Jun 28, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Temple Fennell is the Co-founder and Managing Partner at Clean Energy Ventures, an early-stage venture firm that funds disruptive capital-light technologies and business model innovations that can reshape how we produce and consume energy.

Temple has been investing in climate tech (or "Cleantech" as it used to be called) for a long time, and has the learnings to show for it. This episode covers the origin story of Clean Energy Ventures, their approach, the mix of limited partners that back their fund, and their criteria for investment from an impact standpoint and a financial standpoint. A broader discussion follows about the climate tech capital stack, some of the learnings from Cleantech 1.0, why Temple believes this time is different, the state of institutional capital as it relates to climate tech fund investing, as well as what it will take to get more capital flowing in this direction.

In this episode, we cover: 

• [02:56]: Origins and overview of Clean Energy Ventures
• [04:50]: Distinction between Clean Energy Venture Group (CEVG) and Clean Energy Venture Fund
• [07:20]: Temple's background, family investments, and the clean energy space in Charlottesville, VA 
• [11:11]: Overview of CREO (Clean Energy Renewable Environment Opportunities) syndicate
• [13:25]: Key learnings from Cleantech 1.0 
• [18:15]: CEVG check sizes, portfolio, and support for entrepreneurs
• [20:01]: History of CEVG's fund one and their use of SPVs (special purpose vehicles)
• [22:12]: Current investment focus and fund status
• [25:59]: Approach to impact measurement
• [30:20]: Approach to financial returns and causal link to impact
• [31:19]: Approach to selecting LPs
• [34:15]: Pension fund hesitance due to previous losses in Cleantech 1.0
• [38:18]: Why Cleantech 1.0 failed and how this time is different
• [41:02]: How limited DPI (distributed paid-in capital) poses challenges in attracting institutional investors 
• [43:23]: Pricing, exit analysis, and the need for top decile returns
• [46:17]: State of the broader market vs. climate tech market, risk assessments, and team dynamics
•  [48:56]: Gaps and opportunities in the capital stack, preference for capital-light companies, and importance of milestones   
• [52:21]: Who Temple wants to hear from 
• [54:58]: Closing thoughts on the differences between "Tech-tech" and Cleantech

Resources mentioned:

• Simple Emission Reduction Calculator
• Venture Capital and Cleantech: The Wrong Model for Clean Energy Innovation

Get connected: 
Temple Fennell Twitter / LinkedIn
Jason Jacobs
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 26, 2023 (released on June 28, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Michael Liebreich is the host of the podcast Cleaning Up, focused on leadership in the age of climate change. Michael was previously the CEO and founder of Bloomberg New Energy Finance. He has been involved with the organization for 20 years, still serving as a senior contributor. Michael also runs an advisory firm, Liebreich and Associates, focused on clean energy and sustainable development, and he's an advisor to the UK Board of Trade. All of this is just scratching the surface of Michael's background, which also includes having been a member of the British Ski Team and a participant in the 1992 Winter Olympics.

This episode explores Michael’s accomplishments and how he came to focus on climate and clean energy topics, how he started New Energy Finance and the decision to sell the business to Bloomberg, as well as the legacy that he created with the business. Michael and Cody then cover a hit list of topics, including recent climate legislation in the US and the EU, the topic of green protectionism and Michael's “five horsemen” of big challenges the world faces as we try to decarbonize.

This conversation merely grazes the surface of Michael's climate-related interests, including his deep focus on hydrogen. So, for more from Michael, you'll need to check out his conversations on the Cleaning Up podcast.

In this episode, we cover: 

• [01:58]: Michael's unique background
• [06:49]: Transitioning to journalism in the early internet era
• [08:48]: Michael's personal climate epiphany in the Swiss Alps
• [12:34]: Starting a data-driven media company to fill the clean energy information gap
• [18:05]: Pivoting to insight services
• [18:57]: Bloomberg's acquisition of New Energy Finance (NEF)
• [22:21]: Running Bloomberg NEF as CEO
• [25:27]: Stepping away from NEF and growing his professional network
• [26:53]: Paid speaking engagements and transitioning to podcasting during COVID
• [28:10]: Michael's approach to the Cleaning Up podcast
• [36:31]: The struggles and advantages of being generalists
• [38:34]: Europe's energy situation over the winter of '22-'23 and the urgent need to address dependence on Russian energy
• [40:54]: The role of Liquid Natural Gas (LNG) terminals in Europe
• [42:58]: European response to the Inflation Reduction Act and "Green Protectionism"
• [48:08]: Caution around the practice of recycling and re-exporting items for credits
• [51:22] Michael's main concerns for clean energy deployment, including rare metals and recycling
• [52:38] Addressing the speed with which societies can approve and build transmission
• [56:43]: Limited access to capital in developing countries
• [01:00:41]: Resilience and intermittency issues
• [01:03:49]: Closing thoughts and how to follow Michael's work

Get connected: 
Michael Liebreich Twitter / LinkedIn
Cody Simms
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 10, 2023

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

John O'Donnell is the Co-founder and CEO of Rondo Energy. 

Rondo is tackling the massive emissions problem of industrial heat. Almost everything around us requires heat to be made, from chemicals, to paper, to cement, to steel, and historically, nearly all of that heat comes from burning fossil fuels. Renewable energy is now becoming cheaper to procure than fossil fuels, but as we know, it's intermittent, and a factory needs access to heat for its processes when it needs it. So how do we harness the fluctuating availability of renewable power and let industry turn it into a reliable and extremely high temperature heat as needed?

John believes that figuring this out is the opportunity of a lifetime and one of the biggest levers to unlock decarbonizing our economy. The Rondo heat battery, in simplest terms, takes electricity and turns it into heat via an electric heating element, like those found in a toaster, and then circulates that heat across a condensed package of bricks that can currently achieve heat of up to 1500 degrees Celsius and store it at high efficiency for extremely long periods of time.

It's a surprisingly low-tech sounding approach for a very complex problem. In this episode, John discusses the problems of industrial heat, how industry has historically solved them, some emerging technologies competing to decarbonize heat, and how Rondo works. We also talk about how project financing is evolving to consider not just the power generation capabilities of a renewable energy project, but how an end-to-end system such as renewable energy plus heat or storage can change costs for an industrial heat and power consumer. 

In this episode, we cover: 

• [03:13]: John's background in computer science, building companies, and working in the solar thermal space
• [06:08]: Introduction to global industrial heat needs
• [08:17]: Why it's challenging to harness renewable energy for industrial heat
• [11:30]: Why using electricity off the grid isn't feasible
• [13:05]: Falling cost of renewables and policies driving decarbonization of industrial heat
• [14:58] Carbon capture and the concept of a “green premium”
• [17:12]: The new class of electric thermal energy storage technologies
• [19:14]: Pros and cons of alternative energy storage options
• [24:09]: Overview of Rondo's tech
• [37:26]: How Rondo can convert stored heat back to electricity for grid supply
• [39:03]: How John sees the evolution of Rondo
• [43:11]: Rondo's projects in operation today
• [45:24]: Partnering with manufacturers and exploring zero-emission cement manufacturing
• [51:32]: The size and makeup of Rondo's products
• [53:53]: How the project financing space has evolved
• [59:12]: John's closing thoughts and opportunities in the space

Get connected: 
John O’Donnell LinkedIn
Cody Simms Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 24, 2023

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Melissa Cheong is the managing partner of Blackhorn Ventures. 

Blackhorn Ventures funds companies that are using technology to create unprecedented resource productivity in areas like construction, manufacturing, healthcare, agriculture, transportation, water, and energy. 

In this episode, Melissa discusses her journey from being an LP in a private family office to a general partner in a venture firm. We also talk about her sustainability journey, how, and why, and when she came to care about this problem, and when that intersected with her professional pursuits.

In this episode, we cover: 

• [01:49]: Origins and overview of Blackhorn Ventures
• [08:31]: How Melissa thinks about climate and climate equity
• [12:58]: Joining Blackhorn as a GP after being an LP
• [18:29]: How Blackhorn evaluates opportunities: IMP Framework, ESG and DEI policies
• [21:12]: How the LP base has diversified over time
• [26:15]: Blackhorn's four primary verticals: transportation, built environment, energy, and supply chain logistics
• [28:36]: Considering impact in parallel to the commercial thesis
• [30:40]: Frustration with the market and institutional capital allocation
• [32:09]: Optimism about new market entrants, particularly from Europe and Asia
• [33:28]: How traditional investors evaluate climate opportunities
• [36:14]: Melissa's views on, and experience with, placement agents
• [39:27]: AI and other areas Melissa is particularly excited about right now
• [41:14]: Melissa's parting advice to LPs and companies

Get connected: 
Jason Jacobs
Melissa Cheong LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on June 5, 2023

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Narendra Taneja serves as chairman of the Independent Energy Policy Institute, a think tank based in New Delhi, and is a Distinguished Research Fellow at the Oxford Institute for Energy Studies. He presides over the World Energy Policy Summit and was president of the World Oil and Gas Assembly from 2001 to 2011. With expertise in energy policy, transition, geopolitics, governance, and energy security, Taneja is recognized as a powerful voice on energy and climate, especially in the context of the Global North and the Global South. 

Currently surpassing China as the world's most populous country, India is the world's fifth-largest economy and the third-largest electricity producer. Despite the country's vulnerability to climate change impacts, its historical cumulative emissions account for a relatively small portion, standing at 3.4%. This places India as the seventh highest emitter among nation states, according to Carbon Brief, with the United States and China leading at 20.3% and 11.4% of emissions, respectively. 

Taneja sheds light on India's energy landscape, leading our discussion from statistical insights to a dynamic exploration of global collaboration for the energy transition and climate change. His compelling arguments are highly engaging and thought-provoking, and will likely cause almost every listener of this podcast to stop and think.

In this episode, we cover: 

• [03:13]: Recent developments in India's energy economy
• [04:49]: How India views climate and energy as two sides of the same coin
• [07:02]: Overview of India's energy grid infrastructure
• [08:29]: India's energy mix and new government incentives
• [10:05]: The current grassroots solar revolution
• [12:52]: India's history with coal and energy security challenges
• [18:46]: The Global North bias in climate narratives
• [25:15]: Risks of excluding developing nations from global climate conversations
• [31:13]: The need for a new democratic climate governance order
• [33:45]: The risks and reasons for a lack of global energy governance
• [36:16]: The International Energy Agency (IEA)’s exclusion of India and China
• [39:59]: The need for a new global bank for climate finance
• [46:32]: What it takes to create a new global organization
• [48:01]: India and China's history and return to the global center of gravity
• [52:15]: The Global North’s resistance to change and how global power dynamics will shift in the next 30 years
• [54:42]: Narendra's thoughts on the European Union as a project
• [57:56]: India's investments in Russian oil
• [01:04:00]: Decentering the US and the "us or them" worldview

Get connected: 
Narendra Taneja
Cody Simms
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 12, 2023

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Kate Henningsen is Co-founder and Chief Operating Officer at Arcadia. Arcadia is a tech company empowering energy innovators and consumers to fight the climate crisis. Arcadia started as a way for consumers to gain access to premium renewable energy credits for their home energy consumption. They now claim to be the leading manager of community solar projects in the United States. They've expanded on that with the launch of the ARC platform in late 2021 and the acquisition of Urjanet in the spring of 2022, which together allow Arcadia to offer developer API access to data from over 10,000 utilities globally across electric, water, gas, and waste.

Kate has scaled the business to hundreds of global employees, significant revenue, and hundreds of millions of dollars in capital raised. We talk about how she's managed her own transition from startup to scale and the advice she often gives to women looking to work in climate tech. We're thrilled to be multiple time investors in Arcadia via our MCJ Collective Venture funds. To us, they represent one of the standout success stories in terms of being a high growth digital company that's driving real impact on decarbonization.

In this episode, we cover: 

• [01:55]: Kate's background
• [05:08]: Arcadia's beginnings: Premium RECs (Renewable Energy Certificates)
• [07:48]: Arcadia's billing relationship with customers
• [09:41]: Arcadia's first core proposition: Matching everyone who wants it with clean energy
• [10:55]: Becoming the largest manager of community solar projects in the US
• [12:22]: Building relationships with utilities
• [14:40]: The popularity of community solar projects
• [16:46]: How the energy market has evolved in the last five years
• [18:34]: Sign-up process for community solar
• [23:00]: The savings benefits of community solar and its role in the market
• [26:16]: Origins and overview of the ARC platform and role of EV manufacturers
• [31:00]: Arcadia's acquisition of Urjanet
• [34:01]: How Kate manages as COO of two large businesses
• [36:47]: How to maneuver within the "monopoly system" of the energy market
• [39:31]: The need for humility and adaptability while scaling
• [41:12]: Kate's advice for women breaking into climate
• [45:42]: Advice for founders navigating today's market environment
• [49:33]: The future of Arcadia and how folks can get connected

Get connected: 
Kate Henningsen
Cody Simms Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 31, 2023

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Sandy Guitar is the managing director of HX Venture Fund. 

HX Venture Fund is a fund investing in venture capital funds and they are seeking to transform Houston into a world-leading hub for innovation by bringing together key players in the ecosystem, linking investors to startups and startups to capital. 

In this episode, Jason and Sandy discuss Sandy’s background and the origin story of HX Venture Fund. They delve into the fund's inspirations from various regions, highlighting the key factors contributing to its success elsewhere and the rationale behind applying their model to Houston. They also talk about the current standing of the firm, their investment criteria, and notable examples of their investments. Looking ahead, Sandy provides insights into the future direction of HX Venture Fund and her aspirations for Houston's future.

In this episode, we cover: 

• [3:03] An overview of HX Venture Fund 
• [5:00] The firm's origin story 
• [10:17] Sandy's background in venture capital 
• [15:03] HX Venture Fund's portfolio split 
• [15:47] Key learnings from the firm's first fund
• [18:52] Early VC focus on strategy compared to returns 
• [20:20] How HX sources deals 
• [21:28] The firm's energy transition investments 
• [23:39] Venture Houston event on September 7, 2023
• [25:20] Houston's role in the energy transition and major players in the city 
• [31:10] Criteria for evaluating funds in energy transition vs other categories 
• [33:41] Traditional vs non-traditional portfolio construction and HX's position on the two 
• [34:51] Generalists vs specialists in the energy transition category 
• [36:34] Importance of impact tracking 
• [39:12] How strategic LPs engage with HX Venture Fund and its portfolio companies 
• [46:45] Sandy's thoughts on growth vehicles 
• [51:13] Advice for emerging funds working with fund of funds vs directly with strategics 
• [56:55] What success looks like for HX Venture Fund and measuring it beyond financial returns 
• [59:43] How HX Venture Fund sets itself apart 
• [01:03:29] Who Sandy wants to hear from and where HX needs help

Get connected: 
Jason Jacobs
Sandy Guitar / HX Venture Fund
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 18, 2023.

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant