VCo2 | The Climate Investing Podcast

A weekly show at the intersections of venture capital and climate tech innovation. 

Followed by 30k+ founders and investors across all platforms. Listen to VCo2 | The Climate Investing Podcast on Spotify, Apple Podcast, and YouTube.

Podcast Host

The Impact Circle

Co-Founder

Microsoft

Aug 2024 - May 2025 - Cloud Economics (Manager)
Mar 2024 - Aug 2024: Climate Innovation Fund (FRP)
Sep 2023 - Feb 2024: Datacenter Controller (FRP)
Mar 2023 - Sep 2023: Strategic Ventures (FRP)
Jul 2022 - Mar 2023: Western Europe Finance (FRP)
Sep 2020 - Jul 2022: Azure Finance Analyst (Intern)

Finance and Climate Innovation Fund Analyst

Under Armour

FP&A - Wholesale and Direct To Consumer (Intern)

Deloitte

Audit - Private Equity (Intern)

Financial Analyst at Microsoft | Early-Stage Startups and VC insights at Explore podcast

👋 Hey, I'm Hugo.

I’m the Founder and Host of VCo2, The Climate Investing Podcast, a weekly show that gives you the insights, strategies, and real-world stories you need to invest smarter in climate innovations. On LinkedIn, I'm sharing insights, interviews, and analysis at the intersection of climate tech innovation and venture capital. 

If you are building, investing, or supporting impact startups, don't forget to click that 'follow' button.

Hugo 🫡

BREAKING: Redwood Materials raises an oversubscribed $350M Series E at a $6B valuation!🔋

Nevada-based Redwood Materials, founded by Tesla co-founder JB Straubel, just raised $350M to scale its new energy storage business built on recycled EV batteries.

Here are the details:

⚡️ Round: $350M Series E at a $6B valuation

⚡️ Investors: Eclipse, NVIDIA Ventures, and others

⚡️ Impact: Already recovering 70%+ of used EV battery packs in North America

⚡️ Next: Scaling its energy storage business, refining capacity, and engineering + operation teams

Let’s go!

---

📍 For more climate-tech insights, follow me @Hugo Rauch

Hugo Rauch

Climate and Venture Capital | Host of New Wave.

Meet Laura Fox, the operator who scaled Citi Bike to $120M ARR and now invests in startups building the nuts and bolts of sustainable cities. 🌿

Laura is the Founding Partner at Streetlife Ventures. 
A (pre)-seed VC reinventing how cities move, build, & grow.

At The Drop, I sat down with Laura to discuss:

🔥 The $4 trillion cost of extreme weather and adaptation
🔥 How to spot the next big opportunities inside cities
🔥 Her anti-FOMO framework for climate VCs

Laura is one of the rising stars in climate VC. 

This episode will change how you think about what’s investable in climate. 

Comment “New Wave - Laura Fox” to receive the episode.

Or listen on Spotify: https://lnkd.in/ey52ZShP

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New Wave is sponsored by Accelerating Impact, a not-for-profit organization supporting emerging impact fund managers with free accelerator programs.

The Geothermal Startups Map (by EDF Pulse) ⚡

Geothermal is potentially the most scalable source of clean, firm, and always-on energy. Here are ~50 startups transforming the Earth’s heat into power.

▪️ 𝗦𝘂𝗯𝘀𝘂𝗿𝗳𝗮𝗰𝗲 𝗘𝘅𝗽𝗹𝗼𝗿𝗮𝘁𝗶𝗼𝗻

STRYDE, Delta.g, Geolinks, Terra AI, CDP Consulting, Enovate Ai, Geoteric, Geolith, Viridien, Seequent

▪️ 𝗗𝗿𝗶𝗹𝗹𝗶𝗻𝗴

EarthGrid PBC, Foro Energy, Quaise Energy, GA Drilling, Hephae Energy Technology, Borobotics AG, HyperSciences, Inc, Dig Energy, Inc.

▪️ 𝗘𝘅𝗽𝗹𝗼𝗶𝘁𝗮𝘁𝗶𝗼𝗻

Climeon, Hex Energy Ltd, ICE Thermal Harvesting, Fervo Energy, QHeat, Bedrock Energy, Vulcan Energy, Lithium de France, AltaRock Energy, Enerdrape, Innargi

Explore the full startup map below. 👇

---

👋 Follow me (@Hugo) for more climate-tech mappings
🎧 Listen to New Wave on Spotify, Apple, & YouTube

The Metal & Mining Map (by HackSummit) ⚒️

From AI-driven exploration to bio-based extraction, a new generation of startups is reinventing how we mine, recycle, and refine the materials powering the energy transition.

This excellent map from Laura Hodgkiss breaks it down 👇

▪️ 𝗔𝗜 𝗮𝗻𝗱 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻

Durin, EARTH AI, MinersAI, KoBold Metals, OreFox Ai Limited, Terra AI, VerAI Discoveries

▪️ 𝗕𝗮𝘁𝘁𝗲𝗿𝘆 𝗥𝗲𝗰𝘆𝗰𝗹𝗶𝗻𝗴

Altilium Clean Technology, Critical Minerals Group Ltd, ElectraMet, Redwood Materials

▪️ 𝗕𝗶𝗼𝗧𝗲𝗰𝗵 𝗳𝗼𝗿 𝗠𝗶𝗻𝗶𝗻𝗴

AlkaLi Labs, Allonnia, Endolith, Genomines, REEgen, RemePhy, Transition Biomining

▪️ 𝗚𝗿𝗲𝗲𝗻 𝗠𝗲𝘁𝗮𝗹𝘀

Blastr Green Steel, Element Zero, Hertha Metals Inc., Boston Metal, Stegra, GravitHy, Vow Green Metals

▪️ 𝗘𝘅𝘁𝗿𝗮𝗰𝘁𝗶𝗼𝗻

BiotaTec - Next Gen BioMining Centre, Jetti Resources, Phoenix Tailings, EnergyX, Anferra, Maverick Metals

▪️ 𝗥𝗲𝗰𝗼𝘃𝗲𝗿𝘆 𝗮𝗻𝗱 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝗿𝗶𝘁𝘆

BacTech Environmental, Circular Materials, Cyclic Materials, Infinite Elements, Inc, Sun Metalon Inc., Unpollute

Explore the full startup map below. 👇

---

🔗 Link to the map in the first comment
👋 Follow Hugo for more climate-tech content
 🎧 Listen to New Wave on Spotify, Apple & YouTube

JUST IN: Maia Ventures closes a €55M early-stage fund to back the next wave of food and ag innovation! 🌾

Italian-based Maia Ventures just closed its first €55M fund to invest in startups tackling food waste, healthier ingredients, and supply chain innovation across Europe.

Here are the details:

🔥 Fund size: €55M

🔥 Focus: early-stage agri-food tech

🔥 Ticket size: €500K–€1.5M

🔥 Targeting ~20-25 startups in Europe

🔥 Thesis: Investing in climate-resilient agriculture, sustainable ingredients, and food system efficiency

Congrat's David and Andrea. 👏

Let’s go 🇪🇺

---

📍 For more climate-tech insights, follow me @Hugo Rauch

BREAKING: Base Power Company raises $1B to deploy home batteries everywhere and strengthen the grid!⚡️

Austin-based Base Power just announced a $1B Series C round to accelerate the rollout of its home energy storage systems across the U.S.

Here are the details:

🔥 Round: $1B led by Addition, with CapitalG, Elad Gil, Lightspeed, Ribbit Capital, Thrive Capital, Valor Equity Partners joining.

🔥Valuation: $3B pre-money, according to The New York Times.

🔥 Progress so far: Over 100 MWh of batteries already sold in Texas since launching in 2023.

🔥 Model: Base Power leases 25–50 kWh batteries to homeowners for $695–$995 upfront + $19–$29/month, letting them store energy and sell it back to the grid.

Who said 'climate tech' is dead? 

Congrat's Zach, Justin and team! 👏

---

📍 For more climate-tech insights, follow me @Hugo Rauch

Inside an LP’s Mind: Carolina on Europe’s Climate VCs. 🌿

At The Drop, I caught up with Carolina Echecopar from Carbon Equity to unpack what’s really happening behind closed doors in LP conversations.

In this episode, 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.

Here’s what we covered:

→ What LPs actually want from climate funds
→ What really counts as a track record
→ Carbon Equity’s due diligence playbook
→ How LP sentiment differs: Europe vs. US
→ ...and more

If you’re a GP raising in climate tech, this one's for you.

Want to dive deeper? 👇

📺 Watch on YouTube: https://lnkd.in/eUgVz2tu
🎧 Listen to the podcast: https://lnkd.in/eTE_t2sf

Thanks for the conversation, Carolina! 🙌

---

Supported by: Accelerating Impact. 
Thank you for supporting the show! 💚

100 impact startups to keep under your radar 🔥

(curated by Norrsken - part two of three)

34. Queens Carbon: Cement without the carbon hangover.
35. Qida: Turns your home into the best hospital.
36. PROJECT EADEN: Plant-based meat.
37. Prewave: AI to predict and expose supply chain risks.
38. Predium: Sustainability insights for real estate portfolios.
39. Pionix: EV chargers into intelligence hubs for the grid.
40. Polaron: AI to accelerate materials development.
41. Fleetzero: Electric cargo ships replacing diesel. 
42. Phaidra: AI to make factories self-optimizing & efficient.
43. Paebbl: CO₂ into building material cleaner than concrete.
44. Oze: Supercharging SME growth in Africa.
45. Oxyle: Destroys forever chemicals in water in minutes.
46. Osmoses: Separates industrial gases using membranes.
47. Overstory: Smart grids, safe forests with AI.
48. Oriole: Ultra-efficient photonic networks.
49. Orakl Oncology: Accelerates cancer drug development.
50. Octavia Carbon: Pulling carbon straight out of the sky.
51. Ocean Ledger: Geospatial intelligence for coastal risks.
52. Nostics: AI-powered diagnostic tools.
53. Ocean Ecostructures: Turns ports into ecosystems.
54. nsave: Trusted accounts for unstable economies.
55. Nile.ag: Farm to buyer, no middleman, just one click.
56. Noon Energy: Stores energy using carbon and oxygen.
57. newcleo: SMR fueled by recycled nuclear waste.
58. Nala Earth: Measure impact on nature & biodiversity.
59. NALA: Making remittances faster, cheaper, & borderless.
60. Milvus Advanced: Green tech without any rare metal.
61. Material Evolution: Ultra-low carbon cement from waste.
62. LanzaJet: Makes circular jet fuel from waste.
63. Klim: Paying farmers to heal soil and pull carbon.
64. Gridware: Detects grid faults before they spark hazards.
65. Juna AI: Uses AI agents for industrial process control.
66. Greyparrot: AI to sort waste.

---

📍 Link to Impact 100 and part one in the comments
👋 Follow me for more climate-tech content: @Hugo Rauch
🎧 Listen to New Wave on Spotify, Apple, & YouTube

100 impact startups to keep under your radar 🔥

(curated by Norrsken - part one of three)

1) The Exploration Company: Making space open source.
2) Arbonics: Easily turn forests into carbon income.
3) Proxima Fusion: Fusion power plants using stellarators.
4) Windfall Bio: Methane turned into farm nutrients.
5) Wave Mobile Money: Banking designed for Africa.
6) VunaPay: Fair pay for farmers, right away.
7) Visibuilt: Fungal asphalt that cuts CO₂ and heat.
8) Vind AI: The next generation of wind farms.
9) Vema Hydrogen: H2 made simple, clean, and abundant.
10) VEIR: Cables that solve the energy bottleneck.
11) Variant Bio: Cures discovered in overlooked genetics.
12) Vaayu: A climate scientist embedded in every checkout.
13) trawa: Turns messy energy markets into clean power.
14) traceless materials: Turns plastic into a sustainable alt.
15) tozero: Recycle critical minerals from dead batteries.
16) Teton: Gives nurses AI-powers.
17) TECHCOOP: Integrated agritech digital platform. 
18) Syre: Circular polyester, again and again.
19) Sycai Medical: Detects silent cancers early.
20) Stitch: API that ties Africa’s money systems together.
21) Sparxell: Color you can compost.
22) SeaPattern: Turning currents into clean electricity.
23) SXD: Zero-waste fashion with no fabric scraps.
24) Seabound: Carbon capture for ships.
25) Sabi: Crafting sustainable supply chains. 
26) Savor: Real fats and oils made from carbon. 
27) Sava: Biosensor for health. 
28) Rubi Laboratories: Air pollution into fashion’s future.
29) Root Global: Decarbonization infra for food.
30) Robeauté: Swallowable robots for health. 
31) Relyion Energy Inc: Unlocks renewables for industries.
32) Rize: Rice that feeds families and cools the planet.
33) RedoxBlox: Turns industrial heat into a clean battery.

---

📍 Link to Norrsken Impact 100 in the comments
👋 Follow me for more climate-tech content: @Hugo Rauch
🎧 Listen to New Wave on Spotify, Apple, & YouTube

100 impact startups to keep under your radar 🔥

(curated by Norrsken - part three of three)

67. GREENJOULES PVT LTD. - Biofuels from ag waste.
68. GOTERRA - Turn food waste into high-quality soil.
69. Goodfire - AI interpretability research company.
70. Gigmile - Asset-backed financing for entrepreneurs.
71. FarmWorks Agriculture - High-tech food system.
72. Exponent Energy - Delivers 15-minute EV charging.
73. Faircado - Searches all second-hand sources using AI.
74. evroc - Europe’s first sovereign green cloud.
75. Epyr - Renewable power into high-temperature heat.
76. Dioxycle - Turns CO₂ emissions into clean fuels.
77. Dunia - AI for clean-energy material discovery.
78. cylib - Recycles EV batteries with nearly zero waste.
79. deepull - Sepsis diagnostics in one hour from blood.
80. Decade Energy - Electrification for logistics companies.
81. CuspAI - Next-gen materials with AI.
82. Climate X - Climate change forecast for businesses.
83. Cure51 - Turn biology into cures for cancer.
84. clippership - Zero-emission wind-powered ships.
85. Cradle - Designs proteins faster with AI.
86. Charm Industrial - Turning crop waste into bio-oil.
87. Brineworks - Ultra-low-cost Direct Air Capture company.
88. CarbonRE - AI to slash industrial CO₂ emissions.
89. Biorce - Drug development with the power of AI.
90. Arsenale Bioyards - Makes biomanufacturing viable.
91. Avelios Medical - Hospital software with AI.
92. Ataraxis AI - Transforming cancer care with AI.
93. Arnergy - Delivers solar power to businesses.
94. Anthro Energy - Flexible, safe, and wearable batteries.
95. Amini - Maps climate and environmental data using AI.
96. alcemy - AI to make low-carbon cement reliable.
97. Agricarbon - Measures soil carbon to unlock finance.
98. Again - Waste into products without harming the planet.
99. Aerones - Drones to clean and repair wind turbines.
100. Aerleum: Toxic emissions into building blocks.

---

📍 Link to Impact 100 and parts 1+2 in the comments
👋 Follow me for more climate-tech content: @Hugo Rauch
🎧 Listen to New Wave on Spotify, Apple, & YouTube

BREAKING: Endgame Capital announces an €8M first close of its Fund I to back climate-denier-proof startups! 🌿

This fund will invest in near-market climate technologies that win on cost, speed, and performance.

Here are the details:

🔥 €8M first close (toward a €10M target) achieved in just 5 months

🔥 Targeting near-market tech ready to deploy in <2 years.

🔥 Investment must have the potential to cut >50M tons of CO₂e per year.

🔥 Portfolio: Ensol, EVERBLOOM, and a third company soon to be announced.

Congrat's Jinna, John, and Thomas! 👏

Let’s go 🇪🇺

---

📍 For more climate-tech insights, follow me @Hugo Rauch

I loved what Carolina Echecopar said in our latest episode:

“Can we stop talking about branding and get back to work?"

Earlier this year, a wave of VCs said “climate tech is dead.”

And suddenly, everyone started rebranding.

And like Carolina, I didn’t get it at first.

👉 Why does the label matter when the mission stays the same?

But I missed the point: this is all about fundraising.

If you’re pitching to climate LPs, they’ll look beyond the brand and into the technology, the thesis, and the impact you deliver.

But for generalist LPs, the words matter.

Call your fund climate, and you might lose them already.

The tech hasn’t changed, only the framing has.

Maybe that’s the new reality of climate investing:
👉 How do you convince without losing your essence?

Link in comments. 🌊

JUST IN: etalytics extends Series A to €16 million! ⚡️ 

The German DeepTech company uses AI, digital twins, and predictive analytics to reduce energy costs and emissions while ensuring system reliability and compliance.

Here are the details: 

🔥€8 million Series A extension bringing the total to €16M

🔥 Investors: M12, Microsoft's Venture Fund, Alstin Capital, and others. 

🔥 Real-time, AI-driven energy optimization for critical infrastructure in data centers, chemical and pharmaceutical production facilities, and more! 

🔥 Country: Germany. 

Congrat's Björn, Dr. Niklas, and Dr. Thomas. 👏

Let’s go 🇪🇺

---

📍 For more climate-tech insights, follow me @Hugo Rauch

🌊 New Wave Weekly - EP03
🔥 The Billion-Dollar Week, Batteries, Funds and Policies.

Every Friday, 9:00 CET, join our crew of Europe’s top climate investors for 45 minutes of sharp insights. 

This week, Jonny, Julia, Hampus, and I chat about: 

👉 Base Power Company’𝘀 𝗦𝗲𝗿𝗶𝗲𝘀 𝗖

The fastest-growing energy startup in America raises $1 billion at a $3 billion pre-money valuation. What's behind the deal?

👉 Energy Impact Partners'𝘀 𝗻𝗲𝘄 𝗳𝘂𝗻𝗱

Impact Partners closes its largest vehicle yet, a $1.3 billion fund. Where will all that capital go? And are billion-dollar funds the new normal?

👉 𝗚𝗲𝗿𝗺𝗮𝗻𝘆 𝗹𝗮𝘂𝗻𝗰𝗵𝗲𝘀 𝗮 𝗻𝗲𝘄 𝗱𝗲𝗰𝗮𝗿𝗯𝗼𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝗴𝗿𝗮𝗺

A new package that finally includes carbon capture and storage. Are we entering the “capture era” of Europe’s energy transition?

Live on all platforms: 

📺 Watch on YouTube: https://lnkd.in/eR-kvMqD
🎧 Listen on Spotify: https://lnkd.in/etB-VkZj

Let's go! 🌊

---

👋 Marble, Pale blue dot, Sightline Climate (CTVC)

JUST IN: Aampere raises €1.6M to give electric vehicles a second life across Europe! 🔋

The Munich-based startup operates a digital platform for trading pre-owned EVs across Europe, and is now scaling to all major European markets.

Here are the details:

🔥 Round size: €1.6M led by Trind Ventures, with participation from GIMIC Ventures and several angel investors.

🔥 Aampere’s AI-powered valuation engine and auction platform sell EVs within 48 hours, with instant payment and home pickup.

🔥 Already selling 100+ EVs per month, and growing rapidly as demand for affordable electric vehicles surges.

Congrat's Florian, Maximilian, Niko, and team! 👏

Let’s go 🇪🇺

---

📍 For more climate-tech insights, follow me @Hugo Rauch

Can software drive the green transition? 🤖

At The Drop, I sat down with Dr. Terhi (TJ) Vapola, GP at Greencode Ventures, to unpack what it really means to invest in climate software. 

In this episode, we dive into:

→ How Greencode raised €70M as a first-time fund
→ Why we need software to scale climate impact
→ How to build a moat in climate software
→ ...and more! 

Want to dive deeper? 👇

📺 Watch on YouTube: https://lnkd.in/e_bpex9x
🎧 Listen to the podcast: https://lnkd.in/eFttjMEQ

Thanks for the conversation, Terhi! 🙌

---

Supported by: Accelerating Impact. 
Thank you for supporting the show! 💚

JUST IN: enspired expands its Series B to €40M+ to scale AI-driven battery optimization worldwide!🔋

enspired is this new capital to double down on its global expansion and deepen the development of its AI platform for battery energy storage systems (BESS)

Here are the details:

🔥 Future Energy Ventures joins the round.

🔥 Existing backers (Zouk Capital LLP, EnBW New Ventures, Banpu NEXT Company Limited, 360 Capital) all increased their stakes.

🔥 In the past 12 months, enspired entered 6 new markets and now manages 1GW+ of battery capacity.

Congrat's Juergen, and Wolfgang! 👏

Let’s go 🇪🇺

---

📍 For more climate-tech insights, follow me @Hugo Rauch

🌊 New Wave Weekly - EP05
🏭 A Few Thoughts on Stegra

This week, Jonny, Maxi, Yair, and I discussed:

👉 𝗔 𝗳𝗲𝘄 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀 𝗼𝗻 𝗦𝘁𝗲𝗴𝗿𝗮

The FT says Stegra is in a "funding crisis". Overhyped headlines or structural reality?

👉 All Aboard Fund

A $300M co-investment initiative uniting top US VCs to de-risk climate scale-ups. Should Europe build its own version?

👉 𝗔𝗜 𝗺𝗲𝗲𝘁𝘀 𝗙𝘂𝘀𝗶𝗼𝗻

Google DeepMind helps simulate plasma, hyperscalers buy future fusion power, and AI’s energy hunger might just be our fastest decarbonization engine.

Listen on Spotify: https://lnkd.in/e5esCgGn

Let’s go 🌊

---

👋 Marble, Extantia, HV Capital

How Finland’s €3B Sovereign Fund Picks GPs. 📊

At The Drop, I sat down with Peter Platan from Tesi to unpack what LPs are really thinking.

Peter has visibility across ~120 funds.
And he didn’t hold back on sharing knowledge.

Here's what we covered: 

→ The gap in Europe's climate VC landscape
→ The first-of-a-kind approach he likes to see
→ What LPs really look for in partnerships
→ ... and more! 

GPs and LPs thinking about climate, this one's for you. 

📺 Watch on YouTube: https://lnkd.in/eVefhKAZ
🎧 Listen on Spotify: https://lnkd.in/eCa4HN7S

Thanks for the thoughtful conversation, Peter! 🙌

Want my full notes? 
Drop “LP takeaways” in the comments & I’ll send them over.

---

Supported by: Accelerating Impact 💚
Thank you for supporting the show! 💚

JUST IN: refurbed raises €50 million to accelerate European expansion and develop its AI recommerce platform! ⚡️

refurbed is a leading marketplace for refurbished electronics, household, and sports products, with a mission to make sustainable consumption mainstream. 

Here are the details: 

🔥The round is led by Alex Zubillaga, and Orilla with participation from existing investors Evli Growth Partners, Bonsai Partners, Almaz Capital, C4 Ventures, Speedinvest. 

🔥 Milestones: €2B GMV in April, profitability reached in 2025, 40% revenue YoY growth

🔥 Impact: Processed 9 million devices, served 4 million customers, saved 350,000 tons of CO₂, 1,136 tons of electronic waste, and 116 billion liters of water. 

Congrat's Jürgen, Kilian, Peter and team! 👏

Let’s go 🇪🇺

---

📍 For more climate-tech insights, follow me @Hugo Rauch

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