Europe is not facing a crisis of ideas — it is facing a crisis of industrial depth.

In this EUVC episode, Danijel Višević (Co-Founder & General Partner, World Fund), Heidi Lindvall (Founder & General Partner, Pale Blue Dot), Narina Mnatsakanian (Partner & Chief Impact Officer at Regeneration VC), Dr. Isabella Fandrych (Co-Founder and General Partner at Nucleus Capital), Jordan Billiald (Principal at IQ Capital), and Moritz Jungmann (GP at Future Energy Ventures) confront one of the defining questions of 2025:

What does sovereignty actually mean?

Danijel opens with history. In 1951, coal and steel powered conflict — so Europe integrated them. That integration was not symbolic. It was structural coordination under pressure. Europe repeated this reflex after the Berlin Wall, during COVID, and following the Russian gas shock. Europe does not collapse under pressure. It coordinates. But today, coordination must extend beyond policy — into capital markets and industrial systems.

The structural gaps are stark. Europe produces less than 10% of the semiconductors it consumes. It imports the vast majority of rare earth materials. It raises significantly less venture capital than the United States. Only a fraction of European climate tech startups reach Series B. Europe can invent. It struggles to industrialize.

Heidi reframes venture capital itself. Performance is necessary, but insufficient. Her equation is clear: Success = Performance × Trust. Trust — expressed through brand, values, and measurable impact — acts as a multiplier. Venture does not simply fund companies. It allocates the future. Narina reinforces the LP perspective: pension funds seek returns, but pensioners also seek stability, sustainability, and systemic resilience. Capital allocation is no longer purely financial. It is strategic.

Dr. Isabella Fandrych shifts the conversation to materials. The energy transition is not just about electrons — it is about minerals: copper, lithium, nickel, manganese. Extraction today is geopolitically concentrated and environmentally destructive. Biology offers alternatives: microbes separating metals from rock, engineered proteins extracting minerals from waste streams, plants accumulating metals for harvest. Industrial decarbonisation is chemistry as much as energy policy.

Jordan makes the case for baseload energy. Europe has reduced emissions partly through deindustrialization and outsourcing production. If Europe wants manufacturing, AI data centres, electrified transport, and economic resilience, it needs dense, dispatchable power. Renewables are essential — but intermittent. Nuclear remains one of the few proven zero-carbon baseload sources operating at scale. The debate, he argues, should be practical — not ideological.

Moritz closes on infrastructure. Europe has built renewable capacity quickly. The constraint is no longer generation. It is grid orchestration. As energy systems decentralize, operators must manage volatile, distributed flows. The opportunity lies in software: orchestration, optimization, dynamic throughput management. Energy sovereignty is not just about producing electrons. It is about system design.

Sovereignty in 2025 is not a slogan.

It is an investment strategy.

What’s covered:

00:30 Sovereignty redefined — from symbols to supply chains
03:00 Europe under pressure — integration as a structural reflex
06:00 The industrial gap — semiconductors, rare earths, and scale-up capital
10:30 Venture as allocator — Success = Performance × Trust
15:00 The LP lens — systemic capital and long-term responsibility
19:00 The materials bottleneck — why decarbonisation is mineral-intensive
23:00 Biology as infrastructure — new extraction paradigms
27:00 Baseload power — nuclear as industrial policy
32:00 The grid constraint — orchestration, optimization, software-defined systems
38:00 Sovereignty as coordinated capital and industrial depth