Patrick Sheehan is one of Europe’s most experienced sustainability investors. In this special 50th episode of BASELINE, we explore the collision of AI, climate, infrastructure, and early-stage venture capital — and what it means for those trying to build or back the future.Patrick founded ETF Partners, backed transformative startups like Open Cosmos and Cubbit, and has been investing in tech infrastructure since the early days of 3i. In this episode, he reflects on cost curves, AI’s energy demands, and the hard-earned lessons from his time working alongside American venture giants like Hambrecht & Quist.

EPIOSODE LINK:

https://etfpartners.capital/articles/etf-partners-the-intelligence-layer/

EPISODE CHAPTERS:

00:00 — Intro: BASELINE hits 50 & why this episode is different

01:10 — Climate isn’t a sector — it’s a force reshaping every industry

03:15 — Space cost curves & the logic of first-mover advantage

05:12 — Starlink, Open Cosmos & Europe’s space momentum

06:48 — Cubbit & why energy-efficient infrastructure is critical for AI

09:25 — Bubbles, AI hype & why real value lies in infrastructure

11:03 — Patrick’s story: from 3i to founding ETF Partners

12:10 — Climate urgency, cost myths & seizing the moment

13:25 — Human-first AI & investing with purpose

14:40 — Optimism, Silicon Valley stories & what happens next