New Wave.

Brought to you by:

Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.

***

🌊 The Third Swell Has Arrived

We’re joined by Peter Platan, Investment Director (Fund of Fund) at Tesi (Finnish sovereign wealth fund), one of Europe’s most active LPs backing ~125 funds.

In this episode, we dive into the real bottlenecks in European climate capital and unpack what it takes for GPs to win LP trust. We also touched on one of Peter’s expertise: financing first-of-a-kind (FOAK) plants.

If you’re a GP building or raising in climate tech, this one is for you.

***

My 10 key takeaways:

The Capital Squeeze: Every €1 of LP capital is being chased by ~€3 in GP demand; exits are slow, NAV is stuck, and distributions are thin.

The European Landscape: Early-stage climate investing is crowded. The scarce resource is growth and hardware/FOAK capital.

What LPs Look For: Real track record (DPI), operator/engineering chops, and go-to-market expertise.

LPs Don’t See Climate as Special: “Climate GPs aren’t different from any other vertical. We shouldn’t look at climate as a separate vertical that’s somehow special.”

Returns Check: Finland VC vintages 2009–2015 posted ~18.5% IRR and 2.71x TVPI; newer vintages look softer given exits.

FOAK Financing: FOAK plants aren’t VC-size bets. They demand €30–€300M blended stacks of equity, debt, and grants. Winning teams de-risk engineering, financing, and offtake together. Success requires project finance and industrial know-how, not just venture instincts.

Climate’s Relabeling: With the “green premium” fading, winners will sell cost-advantaged solutions with real market pull (energy storage, grid efficiency, space-enabled monitoring, circularity).

Advice to GPs: Choose partners with complementary skills, high conviction, and the stamina for a 10-year journey.

LP Alignment is Key: Unlike other sovereign LPs, Tesi avoids “home-country” investment quotas. According to them, mandating local reinvestment can misalign LPs and distort GP strategy.

Emerging Funds Need an Investor: LPs expect emerging funds to include at least one partner with full-cycle experience, someone who’s sourced, invested, created value, and exited with real DPI. The standard: a GP who’s done ~20 VC deals and delivered a positive portfolio multiple.

***

Reach out to Peter:

TESI

Peter Platan | LinkedIn

***

🌊 Next Swell Incoming

Don’t miss our next deep dive with Hampus Jakobsson, General Partner at Pale Blue Dot.

***

Leave a review✨

Apple Podcasts - https://shorturl.at/HIDcg

Spotify - https://shorturl.at/yDTfR

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:

D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.

***

🌊 This week on New Wave:

👉 Base Power’s $1B Series C

The fastest-growing energy startup in America raises $1 billion at a $3 billion pre-money valuation. Is this a pure execution play or a new model for distributed energy? And is vertical integration the new moat in climate?

👉 EIP’s $1.3B Growth Fund

Energy Impact Partners closes its largest vehicle yet, a $1.3 billion fund. But with few late-stage climate companies to back, where will all that capital go? And are specialist billion-dollar funds the new normal?

👉 Germany launches €6B decarbonization program

Germany launches an industrial decarbonization package that finally includes carbon capture and storage. Pragmatism or surrender? Are we entering the “capture era” of Europe’s energy transition?

***

References:

Germany launches 6 billion euro industrial decarbonisation program

Base Power raises $1B to deploy home batteries everywhere

Energy Impact Partners Closes Latest Flagship Fund

***

Wave Makers:

Jonny Everett - Marble

Julia Attwood - Sightline Climate

Hampus Jakobsson - Pale Blue Dot

***

Chapters:

(00:00) Introduction

(01:26) Base Power raises $1B

(35:46) EIP closes a $1.3B fund

(47:09) Germany launches €6B decarbonization program

***

Leave a review✨

Apple Podcasts - https://shorturl.at/HIDcg

Spotify - https://shorturl.at/yDTfR

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:

Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.

***

🌊 The Second Swell Has Arrived

We’re back with Terhi Vapola, Founding Partner at Greencode Partners, a €70M venture capital fund investing in software solutions accelerating the green transition.

We dive into why software matters in climate, how to build defensible moats in a world of AI tools, and what it takes to raise a first-time fund in the toughest market in years.

In our conversation, we covered:

Why software is key to scaling climate impact faster

The difference between angel investing and managing other people’s money

How Greencode raised €70M as a first-time fund

Where software has real climate impact (AI, energy, industry)

How to assess risk and defensibility in climate SaaS

If you’re a software founder or investor in climate tech, this one’s a must-listen.

***

Reach out to Terhi:

Greencode VC

Dr. Terhi (TJ) Vapola | LinkedIn

Or ask me for an introduction! 👋

***

🌊 Next Swell Incoming

Don’t miss our next deep dive with Peter Platan, Investment Director (Fund of Funds) at Tesi, Finland’s sovereign investment fund.

***

Leave a review✨

Apple Podcasts - https://shorturl.at/HIDcg

Spotify - https://shorturl.at/yDTfR

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:

Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.

***

🌊 The First Swell Has Arrived

We’re kicking off with Carolina Echecopar, investor at Carbon Equity, a fund-of-funds unlocking access to climate venture capital.

If you’re building or raising a climate fund in Europe, this one’s for you.

We dive into the brutal fundraising reality, what LPs look for beyond the deck, and why some climate VCs might not make the next wave.

In our conversation, we cover:

What LPs really look for in early-stage climate funds

The minimum viable track record (and what counts as proof)

Europe vs. US LP sentiment, who’s still writing checks?

Carbon Equity’s full due diligence checklist

The branding debate: is “climate tech” becoming taboo?

Lessons from investing in 250+ companies and 20+ funds

If you’re a GP building or raising in climate tech, this one is for you.

***

Reach out to Carolina:

Carbon Equity - Do good by investing better

Carolina Echecopar | LinkedIn

***

🌊 Next Swell Incoming

Don’t miss our next deep dive with Terhi Vapola, Founding Partner at Greencode Ventures.

***

Leave a review✨

Apple Podcasts - https://shorturl.at/HIDcg

Spotify - https://shorturl.at/yDTfR

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:

D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.

***

This week on New Wave Weekly:

👉 $45M for Genomines: Plants vs MinesThe French startup growing nickel from plants just raised $45M, one of the largest Series A in Europe for climate-tech companies. We’ve looked at all the details and are sharing key insights.

👉 CVCs Are Taking OverHyundai, Microsoft, Siemens… corporate VCs are writing bigger checks and locking in as customers. Are they the future of climate capital?

👉 Is Climate Tech Dead?Media says “dual-use is hot, climate is not.” But is this the death of climate VC, or just the cleansing fire we needed to kill bad ideas and sharpen the next generation of winners?

***

References:

Sifted: Genomines raises $45M Series A

Forbion Co-lead Release (PDF)

DT Capital Partners Press Release

Microsoft doubles down on green steelmaker Stegra

PwC Report: Climate Tech & Corporate VC

Sifted: Climate tech out, dual-use in

Impact Loop: Lubomila Jordanova warns of greenwashing

***

Chapters:

(00:00) Introduction

(01:26) $45M for Genomines

(21:46) CVCs are taking over

(36:09) Long Live Climate-Tech!

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:

D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.

***

This week on New Wave Weekly: change is no longer a scientific forecast.

👉 Fusion Energy: Is It Around The Corner?

Proxima Fusion raises $200M, U.S. players pull in mega-rounds up to $900M… and suddenly everyone’s bullish. But is fusion coming in 2030, or 2100? Game-changing tech or just another beautiful mirage?

👉 The capital stack goes creative

Grants, debt, PPAs, infra equity, climate finance is finally evolving beyond pure VC. But who’s funding $100M FOAK projects? And where are all the climate-native CFOs?

👉 OpenAI x Oracle, $300B and 4.5 GW

One AI deal = 4 nuclear reactors. As data centers suck up grid capacity, could the compute boom drag climate tech into the fast lane?

***

References:

FT: Europe’s fusion race heats up with billions in funding

TechCrunch: CFS books $1B power deal for its future reactor

TechCrunch: Google inks its first fusion power deal with CFS

LinkedIn: Proxima Fusion extends its Series A

CTVC: Fusion roundup — big rounds, big deals

CFS: CFS raises $863M Series B2 to accelerate commercialization

Sifted: SunSave raises $113M to expand solar subscriptions

WSJ: OpenAI and Oracle sign $300B computing deal

***

Wave Makers:

Hampus Jakobsson - Pale Blue Dot

Matthew Blain - Voyager Ventures

***

Chapters:

(00:00) Introduction

(01:12) Is Fusion Happening?

(28:31) The Creative Capital Stack

(42:20) A Deal That Needs 4.5GW

***

Leave a review✨

Apple Podcasts - https://shorturl.at/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

ESG is under fire. Some say it’s “good for the brand” but not foundational to the strategy. Others call it flat-out fraud.

So I wanted to find out:

Is ESG in venture capital just a PR exercise, or can it actually create value?

To unpack this complex topic, I invited Damien Didier, Head of ESG at Daphni, a French VC firm with over €500M AUM and one of the funds that truly walks the talk.

And I’ll be honest: I used to see ESG as a box-ticking exercise.

But after this conversation, I left convinced that when done right, ESG can improve startup performance, strengthen returns, and unlock real impact.

We covered:

What ESG really means in VC (and why most people get it wrong)

Their framework to assess ESG in early-stage startups

Why asking for too much ESG data too early is a mistake

How ESG ties into margins, exit premiums, and long-term value

…and more!

***

References:

Daphni - https://www.daphni.com/

Damien Didier - https://www.linkedin.com/in/damien-didier/

ESG Toolbox - The ESG Toolbox by daphni

Time4 - A New Fund to Change the Game!

Les Déterminés - https://www.lesdetermines.fr/

Live4Good - https://www.live-for-good.org/

HEC Incubators

Included VC - https://www.included.vc/

***

In this episode, we cover:

(00:00) Introduction

(00:41) ESG in Venture?

(10:24) Is ESG relevant at pre-seed?

(13:14) The S of ESG

(23:04) Implementing ESG

(28:55) The Future of ESG in VC

(31:50) Fire Questions 🔥

***

What’s next?👀

This was the last episode before we launch a new format and brand. Stay tuned! 👋

***

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

Sir Ronald Cohen is not your average climate investor.

In 1972, he co-founded one of Europe’s first VC funds, which became Apax Partners, now with €80B+ deployed in private equity and venture capital.

At 60, he had a realization:

“I didn’t want my epitaph to read: ‘He delivered a 30% annual return.’ I had always known that life should have a greater purpose.”

Since then, he’s spent two decades reimagining what finance can be, and asking what it should become. And so I asked him:

Is venture capital the right instrument to solve climate change?

***

In this conversation:

Why risk–return–impact outperforms traditional investing

How impact accounting could reshape global portfolios

Why public markets are shrinking (and what that means for climate exits)

How to measure impact in dollars, not just KPIs

…and much more

Whether you’re an investor, founder, or just curious about the future of finance, this is one you won’t want to miss.

***

Links:

Sir Ronald Cohen

Impact (Sir Ronald’s Book)

***

Episode guide:

(00:00) Introduction

(01:23) The case for impact VC

(09:23) Fund structures and patient capital

(16:40) What makes a company truly impactful?

(24:04) Portfolio rotation is coming

(33:28) This will change all of finance

(35:12) Closing: Are you optimistic?

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Brought to you by:

Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.

***

Climate change is no longer a scientific forecast. It's a daily reality for many people in the Global South.Crops are failing, cities are flooding, and wildfires are becoming the norm.

Yet, only a fraction of climate finance goes toward climate adaptation solutions.

Why does adaptation remain so drastically underfunded?And what does it take to invest in adaptation?

To unpack this complex topic, today we are joined by Timothy Rann, Managing Partner at Mercy Corps Ventures. Timothy has led over 70 investments in emerging markets with one goal: to build real climate resilience where it matters most.

***

What we discussed:

Adaptation vs mitigation: why we need both

Why adaptation finance lags despite a $300B funding gap

The missed opportunities for global investors

Investment case studies with Pula and Meridia

The role of governments, regulations, and public goods

… and more!

***

References:

Mercy Corps Ventures

LinkedIn - Timothy Rann

Pula (agricultural insurance)

Meridia (farm data & traceability)

Wasoko (supply chain resilience)

***

In this episode, we cover:

(00:00) Introduction & Sponsor

(01:57) Adaptation vs. Mitigation

(11:39) The Case for Adaptation

(18:20) Investment Strategies in Adaptation

(25:57) The Social Mission of VC?

(34:49) Investing in Adaptation

(47:31) Can You Make Money in Climate?

(49:52) Fire Questions 🔥

***

Who’s next?👀

Next week, I’ll be joined by the Head of Sustainability at Daphni to unpack the role of ESG in venture capital. Too often dismissed as box-ticking, ESG can actually be a powerful framework for building resilient, future-proof startups. Stay tuned to learn more.

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

Can circularity deliver on both carbon reduction and financial performance?

Today, we’re joined by Nic Gorini, Managing Partner at Spin Ventures, a fund dedicated to the circular and regenerative economy.

In this episode, Nic reframes circularity as a path to business efficiency, not just environmental good. Forget the “waste = trash” mindset. Circularity is about designing smarter systems that cut costs, increase profit, and reduce environmental impact. As Nic puts it: “Less carbon, more profit.”

Still have doubts?

Vinted, Back Market, Vestiaire Collective are all worth $1B+.

If you’re a founder building with efficiency in mind or a VC looking to stay ahead of the curve, this episode is packed with insights.

***

Where to find Nic & Spin:

Spin Ventures: Spin Ventures Ltd.

House of Circularity: The House of Circularity

LinkedIn: Nic Gorini

***

In this episode, we cover:

(00:00) Introduction

(01:20) Less Carbon, More Profit

(07:23) The Three Pillars of Circularity

(17:38) VC Guide to Circularity

(24:04) Are Consumers Ready?

(28:33) Can Generalists Play?

(31:26) Deep Tech + Circularity?

(34:51) Fire Questions 🔥

***

Who’s next?👀

Next week, I’ll be speaking with someone who has backed 60+ founders in emerging markets, where climate resilience isn’t optional, it’s survival. We explore why VCs often overlook adaptation, and why that’s a missed opportunity for impact and returns.

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