Nick Martin

Last week, I had the pleasure of moderating a discussion on navigating FOAK in climate tech at the Greentown Labs Summit in Boston (which had >600 people!!). Here’s a quick rundown of what was shared by Katherine St. James of Spring Lane Capital, Paris Smalls, PhD of Eden GeoPower, and Hannah Friedman of Planeteer Capital: 🌱 What is the definition of FOAK? We discussed how the term can be controversial - it's almost too general because it doesn't identify what kind of "First" FOAK refers to - first team project? First geography? First of a technology in a sector? First time for the integration of a system? It's also too specific because it has the word "first" in it, which can be anathema to later stage / project finance investors. 💰 Partnerships for Funding FOAK Projects We discussed how important it is to build a blended capital stack & use off-balance sheet capital for a project so you're not using the most expensive equity dollars to fund an infrastructure project with low-ish IRR. We also talked through being creative about using corporate partners to provide in-kind services or ink some agreement (at least an LOI) to attract this funding. 🏛 Role of Government We talked about how government capital is seen by investors & how it can be catalytic for FOAK. Government capital can provide validation that a startup has passed a rigorous diligence process by a third party - and incentives like grants or credits can help improve returns for the first project- but it's important to be doing this in conjunction with getting customer validation and to be able to present line of sight to competitive economics without concessionary capital. 👥 Advice for FOAK startups The panelists offered some very specific pieces of advice for startups going through FOAK: how to get creative with things like revenue sharing agreements or convertible notes, getting smart with project development early on (like with DeveloperU), being careful about using FOAK too liberally with certain investor groups, getting the right commercialization / FOAK talent in and around you early Huge thanks to the panelists and the team at Greentown Labs (Jill Kirkpatrick, Julia Travaglini, Aisling Carlson, etc you rocked it!!) for hosting this discussion on bridging the FOAK gap. Also immensely enjoyed the rest of the agenda. Check out the full recap & videos here: https://lnkd.in/d9ApYe9Y #ClimateTech #FOAK #ClimateFinance #ProjectDevelopment #GreenTech #CleanEnergy

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Big news for methane super emitter events! Any super emitting events must be reported in OOOOb and included in the Subpart W GHGRP as large release events. This could then impact how much companies must pay for the Waste Emission Charge. Join our webinar this Wednesday to learn more about the new changes for Subpart W.

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Well, let’s just say it: New York Climate Week is “the new COP.” As our good friends at Sightline said so well, “Vibe-wise, this NYCW centered more on solutions and getting down to brass tacks, rather than outlining high-level problems.” NYCW is where people go to get things done. Sure, it was a mosh pit of decentralized, self-assembling change, but…like NYC itself, the chaos works. Let’s call it: NYCW>COP.

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Data from the International Energy Agency (IEA) illustrates the current "readiness" of #ClimateTechs + their potential impact on carbon reduction. As shown, many techs are at an early stage of being able to have a material impact. Concerningly, some tech funds recently returned capital back to investors recently + closed their funds - citing inability to fund capital intensive techs, found in areas like ClimateTech. This in part may be contributing to the $2 trillion shortfall in ClimateTech, that Deloitte estimates. What this may mean for the future? - The migration of LPs to global, super VC funds within ClimateTech, given the large capital pools needed to fund tech development - Greater specialization from smaller funds, energizing more niche elements of the ClimateTech market - but also altering their / LP's risk profile - A greater role to be played by debt financing in funding growth entities at an earlier stage - impacting cashflow dynamics Will be an interesting space to watch moving forward. We at The Proptech Connection are constantly working with all parts of the Proptech ecosystem. From the leading LPs, funds, techs and adopters in market, providing an independent view. Reach out to us today to find out how we can help. #InvestorTrends #Strategy #Global Ivo van Breukelen Stuart Daun Kiki C. Ethan Ward

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Carbon removal just got a major boost. Puro.earth, the pioneer in durable carbon dioxide removal, has joined forces with Frontier, the billion-dollar carbon removal initiative. This partnership isn't just about offsetting emissions - it's about scaling technologies that actively pull CO2 from our atmosphere. As the climate crisis intensifies, collaborations like this could be the key to turning the tide. #CarbonRemoval #ClimateAction #Sustainability #CleanTech #NetZero

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🤜 The path to gigaton scale: insights from CDR’s Top 100 companies 📑 XPRIZE just released their “Getting to Gigatonne Report” which is an analysis of the Top 100 Teams who made it to the finals of their competition. 🌎 In case you’re not familiar, the $100M XPRIZE Carbon Removal is the Oscar of CDR: supported by the MUSK FOUNDATION, it challenged Teams from around the world to remove 1,000 net metric tonnes, or one kilotonne, of CO2 from the air or ocean over a one year demonstration period. 🏆 While over 1,300 Teams from 88 countries took on the challenge, after 3 hard years of work and several rounds of judging, we are now at the final Top 100 most promising carbon removal innovators. The final winners of the prize will be announced in Spring 2025. 🤓 Be sure to check out the report for some really interesting insights, https://lnkd.in/d2K5yR4F, but I’ve pulled out a few of my favourites: 🇺🇲 The US dominates with 45/100 teams. 🌲 The Top 100 Teams project that they will cumulatively remove a total of 802,979 net tonnes of CO2 in 2024 with over half 57% of this being from ‘land-based’ companies (456,017).   🤑 Over half of the Top 100 Teams (51) have sold credits, totalling nearly 5M tonnes sold (4.975M). Yet only 120,207 tonnes have been delivered to date. 📊 Across the Top 100 cohort, the average price for 2024 credit sales was $417/tonne (median  $290/tonne) with AIR being highest and LAND lowest. 💰 More than half (52%) have raised more than $5M USD, with 8 Teams having raised more than $50M. The Air Teams have a larger median capital amount raised. 🚀 Collectively, the Top 100 Teams project removing 788 million tonnes (megatonnes) per year by 2030. Air Teams represent the largest portion of this at 403 megatonnes, followed by Land at 194 megatonnes and Oceans at 176 megatonnes. 🤯 What stands out most to me is the sheer quality, diversity, and ambition of these 100 finalists. Just a few years ago, you would have struggled to find 50 CDR companies. Now XPRIZE had over 1,300 to chose from across dozens of different removal pathways. We will need many shots on target to achieve gigaton scale, and this report makes me hopefully it can be done! 👏 Shout-out to authors Nikki Batchelor, Michael Leitch, Laura E. Franzini, Ongeleigh U., and Reinaldo Juan Lee Pereira Pereira. And of course a massive congratulations to all the finalists for helping the world get to gigatonne scale! ❓ What is your read of this report? Are you equally excited about where the industry is heading? #carbonremoval #carbonmarket #ClimateSolutions

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We need to distinguish between two different types of "neutrality". The first type of neutrality refers to freedom from personal/cultural biases. Proper science should be "neutral" in the sense of being reality-based and free from such biases (in particular confirmation bias). Therefore, science must remain an end in itself, it is not to be instrumentalized for private ends, not to be subordinated to unscientific ideologies, because when it does, it loses its independence, effectiveness and credibility - the distinction between proper science and pseudoscience becomes blurred. This is exactly what we saw happen with smoking-related health risks and what we are seeing now with climate skepticism. The second type of neutrality refers to the idea of genuine human progress and a thriving human civilization. Science is not supposed to be "neutral" in a sense of being free from foundational values such as human progress and survival. Science, technology and markets are societal concepts that are supposed to advance and promote civilizational progress and serve the common good, to promote - not diminish - the quality of life, freedom and justice, aesthetics and ethics; and the full realization of the human potential. The purpose of science is not simply limited to an unbiased search for truth, but its role also includes informing human societies how to best regulate technology and markets so that they promote societal welfare rather than destroy it. Normally, in a functioning society, scientists are not supposed to become activists, because the don't need to. When they discover that humanity is on an unsustainable, self-destructive development path, they normally would convey this critical insight to human societies, policy makers and civil society. It would then be the society's job to adequately respond to this information by adjusting its development trajectory so that it becomes less self-destructive and more sustainable. But when this response fails, e.g. because of fossil fuel capture and misinformation resulting in a widespread collective delusion, in pseudoscientific denial and utter lack of situational awareness, scientists find themselves in a terrible situation: They are among the few who can see an existential danger and humanity's insufficient response for what they really are. Because of society's refusal to take a serious warning seriously, they are forced to become activists for scientific truth. 

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Great to see the guardrails the White House has proposed around carbon offsets. This approach could help ensure that offsets make a meaningful and measurable reduction in emissions that wouldn’t have happened otherwise. I’m proud that at Juniper, we are committed to zeroing out our emissions not only from our own operations, but across our value chain.   https://lnkd.in/gE7xSZ2v

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⚡ Massachusetts is paving the way for breakthrough technologies in the climate and energy sector! A quick pitchbook search reveals that in 2024, Massachusetts based companies raised almost 30% of all VC dollars in climatetech/cleantech in the US, outperforming any other US state. The Commonwealth aims to invest $1.3B to cement Massachusetts’ position as the leading climate innovation lab for the world. The administration is right to stress that - next to addressing our greatest global challenge – this will catalyze $16.3B of economic benefits and create 6670 jobs: https://lnkd.in/eB3Vx72K The initiative lists ‘ecosystem builders’ as a key part of Massachusetts’ secret sauce, and I couldn’t agree more. There are so many organizations dedicated to convening and strengthening this ecosystem, collaboratively and across disciplines. Many supported the initiative, which is part of the Mass Leads Act, through this coordinated effort: https://lnkd.in/ePeHduib I'm also impressed by MIT's dedication to this cause, most recently emphasized by the launch of its climate project, an ambitious plan to research, develop, deploy, and scale up solutions to help change the planet’s climate trajectory: https://lnkd.in/eABAJqic 👀 I’m curious how much of the investments in Massachusetts based companies could be categorized as deeptech, as I suspect it’s a high percentage compared to other regions! 

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Join me for Sustainability Creatives #OpenDoorClimate Office Hours Tuesday at 2PM CT. This month, we will focus on Becoming a Climate Influencer! Today we will focus on identifying your value as a climate influencer. I believe this is important because we all have different reasons we wake up in the morning. We have different things we love, things we are good at, seeing what the world needs, and what we can be paid for. Maybe you're a great listener, a creative storyteller, a weaver of themes, a scientific communicator, a builder, or a natural interviewer. To build trust and an audience, being authentic and leaning into your purpose is key! So get ready for an interactive and reflective session! Whether you’re a communications pro or just getting started, these office hours are for anyone eager to fight climate change and make a difference. No need to be an expert on Instagram, YouTube, LinkedIn, or TikTok—just bring your creativity, curiosity, and passion for sustainability! Register here! Let’s make a change together! 💪🌿 https://lnkd.in/giAVSrHy Also, thanks Audrey Desler for this idea to focus on Ikigai! #SustainabilityCreatives #Sustainability #ClimateInfluencer #OpenDoorClimate #Ikigai

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Top 10 Podcasts for Climate Leaders 😎 (plus my favorite episode for each pod) 👇 And yes, the ranking was a hotly debated topic ✌️ 1️⃣ Switched On by Dana Marie Perkins → The latest in clean energy and sustainability. → Favorite: EV battery recycling challenges with Andy Leach 2️⃣ Volts by david roberts → Nuanced perspective on political, economic, and technological factors. → Favorite: Cora Wyent on Rewiring America's "personal electrification planner”. 3️⃣ Shift Key by Robinson Meyer and Jesse Jenkins → Research, tech, and policy debates for a sustainable energy future. → Favorite: Jigar Shah on the $400 billion lending authority for new EV factories, geothermal, and carbon capture sites. 4️⃣ Catalyst by Shayle Kann → Latest trends, innovations, and investment opportunities. → Favorite: Andy Lubershane on nuclear, grid-enhancing, geothermal solutions for the rising "EV, data centers, and AI race" electricity demand. 5️⃣ Energy Gang by Ed Crooks → Cutting-edge renewable energy tech and energy policy debates. → Favorite: Clean energy investment review of 2023 + 2024 outlook.  6️⃣ TILClimate by Laur Hesse Fisher → Climate topics from the science to policy implications. → Favorite: Michael Howland on wind turbine reliability in harsh conditions. 7️⃣ Redefining Energy by Laurent Segalen and Gerard Reid → 2 investment bankers discuss EVs, hydrogen, battery storage, etc. → Favorite: Grid Enhancing Technologies (GETs) with Jason Huang. 8️⃣ A Matter of Degrees by Leah Stokes and Katharine K. Wilkinson → Challenges and the tools to address climate change. → Favorite: Arizona Attorney General Kris Mayes on electric utilities opposition to rooftop solar. 9️⃣ The Jane Goodall Hopecast by Jane Goodall → Amazing guest share what inspires them to action. → Favorite: Academy Award-winner @Adam McKay on storytelling and humor in driving climate action. 🔟 Outrage + Optimism by Christiana Figueres, Tom Rivett-Carnac, Paul Dickinson → Innovators who transform challenges into opportunities. → Favorite: 3 issues for outrage and optimism: Tom on Earth Day, Christiana on plastics, Paul on corporate transition plans. Use this list to make yourself successful 🙌 Help each other out 👉 Add your favorite podcast episodes in the comments. —— PS. If you want to move your talents into climate. Take a look at the Climate Drift Career Accelerator for mid-career/exec-level professionals. Our members hold leadership positions in Tech (Apple, Google, Spotify), Finance (JP Morgan, Wall Street), Non-profits (Gates Foundation), Legal, etc. All motivated to switch their talents into climate. More info on the Climate Drift website. PPS. In case you’re wondering ❓Why trust my advice❓ Maybe this helps (slightly blushing as I write this 😳) → I taught 100s of students at the best universities (Harvard, etc.) → Personally helped 1,000s of people transition careers. → Built a 6-, 7-, and 8-figure education business. → 15 years of launching education programs.

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HUGE thanks to everyone who came to Riffle Ventures and LabStart's #climateweekNYC event yesterday on how to close the "Zero to One" gap in #climatetech. We often say "Now all we have to do is deploy" or "We have all the solutions we need now we just need to scale them". But keep in mind that to roughly 40% of the technologies needed to hit 2050 net-zero goals are still not in the market, and these numbers don't reflect what's needed to enable climate adaptation and resilience either. Perhaps most importantly, of the solutions that are in the market, are they reaching those in most need, and are they being built and distributed equitably? Point being, the Zero to One phase matters. More early-stage entrepreneurship and co-creation is needed than we often think, and we can't solely focus on scale and deployment if we haven't even built much of what we need still. The unique mix of funding, technical inputs and infrastructure, talent, as well as longer timelines for testing and piloting make a lot of our highest impact climate solutions quite distinct from other technology verticals. On top of this, we face humungous equity and inclusion gaps throughout the tech and startup community writ large. Getting the Zero to One phase right gives us a chance to expedite the pathways into the market for climate technologies while also making sure these solutions are created and distributed equitably. We were extremely fortunate to be joined by leaders in this field - Halcyon, Autodesk Foundation, Hewlett Packard Enterprise, ClimateWorks Foundation, CATAL1.5°T LATAM, Stepchange, Salesforce, King Philanthropies, Enduring Planet, Fractal Climate and many others! Feeling very, very grateful to have such wonderful colleagues like Suma Reddy Ashdeep S. Cyntia Abarca Nigel Keen and Alhan Fakhr alongside amazing partners and leaders like Deepa Lounsbury Megan Holcomb Troy Daley John Meissner Felipe Gonzalez Rosas Cristian Dávila Rafael Lorenzo Piñón Andrew Don Mitch Gainer Saleem Chapman Fred T. Daniel J. Barker Emmanuelle Palikuca Shereen D'Souza Anay Shah Sara Bender, Ph.D. Adria Wilson, Ph.D. Shaina Horowitz Esther Nai Midori Takasaki Dimitry Gershenson Jennifer Wagner John Alexander, CEPA®, CSRIC® and many more (apologies for the Linkedin mention limitation)!

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Today's debate: Carrots vs. Sticks—What's more effective at driving decarbonization? 🌍 There are always mixed opinions in the climate world. On one side, climate advocates push for strict laws that mandate decarbonization and environmental disclosures. For example, Europe's Carbon Border Adjustment Mechanism (CBAM) will soon require companies to disclose the carbon footprint of products they import into the EU, with penalties for high-carbon (i.e., more polluting) goods. Conversely, companies want incentives like tax breaks, grants, easy financing, and subsidies to make decarbonization less costly. A great example is the U.S. government's significant tax breaks for companies investing in renewable energy or subsidies to customers buying Tesla (an electric car). At the heart of this debate is the reality of a market-driven world. Until customers start demanding low-carbon, sustainable products, companies have little reason to overhaul their business models — even if it's the right thing to do. So, the big question is: What's more effective—carrots (incentives) or sticks (penalties)? In truth, it's never either-or. It's a combination of both. In most economies, governments play a crucial role in designing incentives and penalties to push companies towards sustainability. Carrots are great for promoting desired behaviors, such as sparking innovation or offsetting the costs of greener practices until they become the norm. Think of it this way: would you need a subsidy to buy a Tesla if it became the most affordable option due to mass production and had widespread charging infrastructure? Probably not. Thus, carrots help get things moving until they reach critical mass. But sticks are just as important to discourage undesirable behavior. Imagine the government imposing a 100% tax on gas-guzzling trucks like the RAM 1500 or F150. Would it lead to more Cybertruck sales? Maybe, maybe not, but it would definitely curb the appetite for those big gas hogs. Ultimately, governments need to take a clear, decisive stance—one that will be inevitably shaped by a mix of voices: from innovative businesses and customers to nonprofits, advocacy groups, and, yes, even corporate lobbies. Because, let's face it, doing the right thing is rarely easy and requires every tactic. #Decarbonization #Sustainability #ClimateAction #GreenIncentives #EnvironmentalRegulations #Discloures #ESG

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Check out some of out Climate Solutions Portfolio (CSP) registrants - the programs and solutions to decarbonize the making of our clothes... #climatesolutionsportfolio #fashionclimatefund #apparelimpactinstitute

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Summary: The article discusses the challenges faced by climate tech startups as they transition from the lab to commercial outfit. These companies, which work on hardware and infrastructure projects for climate solutions, struggle to raise necessary funds and often face difficulties in scaling up production. Key takeaways: The transition from early-stage startup to commercial operation is difficult, especially for hardware and infrastructure projects in the climate tech industry. The lack of financing options and specialized expertise for these types of projects creates a "commercial valley of death" that many companies struggle to overcome. Startups often fall into the trap of trying to expand their business too quickly, losing sight of their core value proposition and failing to ensure proper execution. Counter arguments: Some may argue that this "first of a kind" problem is not unique to the climate tech industry and can be seen in other industries as well. Others may argue that with the increasing focus on climate change and need for sustainable solutions, more funding and support will become available for these startups. #venturecapital #vc #startups

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“That said, demand-side management programs need much more attention and dedicated resources.” Exactly. 75% of that clean energy goes to buildings, good demand-side management in buildings can reduce need for new generation and transmission development, reduce habitat and land-owner disputes and control energy rates. Winning! Let’s do it, people.

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Microsoft and Meta sign carbon removal deals Companies sign CO2 sequestering and forestry deals Summary: Both Microsoft and Meta have recently signed significant carbon removal deals, furthering their sustainability commitments. Microsoft has partnered with Arbor, a biomass carbon sequestration company, in a deal aimed at removing 5,000 tons of carbon annually starting in 2027, while also generating 5MW of clean electricity. Arbor's technology uses waste biomass to generate power while capturing and converting CO2 into limestone through Biogenic Carbon Capture and Sequestration (BCCS). Microsoft aims to become carbon-negative by 2030 and views Arbor’s system as an essential component in achieving this goal. Arbor's facility, located in Auburn, California, will have the capacity to permanently store 75,000 tons of carbon annually, scaling up to 2 million tons of carbon removal by 2030, alongside 100MW of electricity generation. This partnership reinforces Microsoft’s broader efforts to offset historical emissions through various carbon capture projects, including collaborations with Climeworks, CarbonCapture, and Heirloom. Meta has also made strides in carbon removal by signing a long-term forestry deal in Latin America with BTG Pactual Timberland Investment Group. Meta’s contract involves 1.3 million nature-based carbon removal credits, with an option for an additional 2.6 million credits. The credits come from BTG Pactual’s $1 billion reforestation and restoration strategy, focusing on conserving and restoring deforested areas in Latin America while providing economic opportunities for local communities. Meta's approach aligns with its goals for carbon removal and net-zero operations, aiming to contribute to the development of a robust and high-quality carbon market. Meta is also part of several coalitions and initiatives, including Frontier Climate and a carbon removal coalition alongside Microsoft, Google, and Salesforce, which focuses on nature-based removal credits and direct air capture technologies. These deals highlight both companies' continued investment in innovative carbon removal technologies and nature-based solutions as they strive toward their long-term sustainability targets. #Sustainability #CarbonCapture #Microsoft #Meta #BiomassSequestration #Forestry #CarbonRemoval #CleanEnergy #ClimateAction #NetZero #CarbonNegative #Reforestation

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This headline might be the most important one for any Investor Relations exec to read. CalSTRS is one of the largest investors in the country. If they're voting down a board because of lack of climate risk transparency, it's because they don't have faith their money is properly protected from downside. Get on that. #tcfd #investorrelations #esg #climaterisk Beehive Climate

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