PODCAST

New Wave.

Hugo Rauch

Where the next wave of climate tech begins. newwavenewsletter.substack.com

business

All Episodes

36:50

Alex Bakir: Fixing the Pre-Seed Sophistication Gap

New Wave. ·

2025/11/26

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

37:41

Einride’s $1.8B IPO: Hype, Hope, and Heavy Trucks

New Wave. ·

2025/11/21

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

16:42

Globalization in Climate Tech

New Wave. ·

2025/11/20

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

74:10

Hampus Jakobsson: From Blackberry Exit to Climate VC

New Wave. ·

2025/11/18

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

40:58

Deep Tech Investing 101

New Wave. ·

2025/11/14

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

45:52

Maex & Philip: 2x Unicorn Founders, Now Climate...

New Wave. ·

2025/11/12

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

23:00

Thibaud Martin (Altrove): $10M to Reinvent Materials...

New Wave. ·

2025/11/10

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

53:01

How LPs Pick Climate Funds

New Wave. ·

2025/11/07

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,

52:01

Guillaume Gras: Investing In Growth-Stage Circular...

New Wave. ·

2025/11/05

🌊 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

28:43

The Case For "Boring" Industries

New Wave. ·

2025/10/31

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

51:24

Laura Fox: Investing in Sustainable Cities

New Wave. ·

2025/10/28

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

48:48

[Weekly] A Few Thoughts on Stegra | Collaborative...

New Wave. ·

2025/10/24

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

39:04

[The Swell] Inside Finland’s $3B LP: How They Back VC...

New Wave. ·

2025/10/21

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

56:15

[Weekly] Base Power Raises $1B | EIP’s Mega Fund |...

New Wave. ·

2025/10/17

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 CThe 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?👉

41:15

[The Swell] Can Software Drive The Green Transition?

New Wave. ·

2025/10/14

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

40:44

[The Swell] What LPs Really Want from Climate Funds

New Wave. ·

2025/10/07

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

45:17

[Weekly] $45M Plant Nickel Bet | CVCs Step Into Power...

New Wave. ·

2025/10/03

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

50:27

Proxima vs CFS: Fusion’s Race | The New Capital Stack...

New Wave. ·

2025/09/26

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

35:46

Does ESG actually add any value in VC?

New Wave. ·

2025/09/18

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

35:51

Is Venture Capital the Right Tool for Climate...

New Wave. ·

2025/09/13

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

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