In this episode I’m joined by Gregory Dewerpe, Founder of NOA (formerly A/O), to cut through the noise on climate investing. We talk about the shift from abundance to discipline, why Europe and the US are now playing different games, and how AI will matter in the physical world—grids, buildings, materials—rather than the hype layer. Candid, practical, and economics-first: adoption wins when solutions are cheaper, smarter, and scale.

What we cover

• Why A/O became NOA: moving from “proptech” to a broader physical world mandate; why naming and focus matter for specialist funds; being memorable and thesis-true.
• Specialist > generalist: generating alpha by doing the less obvious in crowded markets; why NOA prefers hard tech and infrastructure over “consensus safe” deals.
• How NOA deploys: flexible first cheques ($2–15m), stage-agnostic from seed to B; focusing on capital actually at work by Series B rather than chasing ownership optics.

Some of Greg’s quotes

• “We won’t generate alpha by doing what everyone else does. Being a specialist lets us have a qualified, differentiated opinion.”
• “The built world doesn’t need to be greener — it needs to be smarter. Make it smarter and it will be greener.”
• “We shouldn’t build climate on altruism. Adoption happens when solutions are cheaper and more efficient.”

About Gregory Dewerpe

Gregory Dewerpe is the Founder and Managing Partner of noa, Europe’s largest built world venture capital firm. He oversees the firm’s vision and strategy, manages partnerships with portfolio companies and LPs, and is a recognised voice in tech and climate—particularly around decarbonisation and the energy transition in real estate.

He founded noa (formerly A/O) after more than a decade of deep investment in the real estate sector, identifying it as a key vector for climate innovation. This insight stemmed from his previous work founding AMD Capital, a specialist real estate investment and advisory firm.

Earlier in his career, Gregory worked in investment banking at Credit Suisse and Citigroup, where he structured over $30bn in new investments. He holds an MSc in Business & Finance from HEC Lausanne and has attended executive education programmes at LSE and Harvard Business School.

About Noa:

noa is Europe’s largest built world VC firm and a global sustainability tech leader, focused on transforming real estate a

About Hyperion Search:

At Hyperion Search, we specialize in building world-class teams for the cleantech and energy transition sectors. We focus on leadership roles but also recruit strategically critical individual contributors who drive business growth. Whether you’re a founder scaling a startup, a board member guiding a scaleup, a VC/PE investor, or a corporation committed to energy and mobility transitions, we find the talent that will deliver impactful, sustainable results.

• Linked In: https://www.linkedin.com/company/hyperion-search-ltd
• Website: www.hyperionsearch.com

Follow us online, write a review (please) or subscribe

I'm very keen to hear feedback on the podcast and my guests, and to hear your suggestions for future guests or topics. Contact via the podcast Linked In page.

If you do enjoy the podcast, please write a review on iTunes, or your usual podcast platform, and tell your cleantech friends about us. That would be much appreciated.

• LinkedIn: https://www.linkedin.com/in/david-hunt-cleantech/

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• LinkedIn: https://www.linkedin.com/company/leaders-in-clean...

About Liliane Ableitner:

Liliane is the co-founder and CEO of the climate tech startup exnaton. In 2019, she graduated with a PhD in information systems from one of Europe’s most renowned universities ETH Zurich. In 2020, she co-founded a startup with her two fellow PhD colleagues and was listed on the Forbes 30 under 30 list for young entrepreneurs. Until today, the startup has received Venture Capital from Silicon Valley based True Ventures, Germany’s largest VC GFC, and the Zurich climate tech fund übermorgen. The startup has won numerous awards such as the SAP Innovation Awards 2022 and Liliane was a speaker at TEDxZurich in 2022. Among others, the following media has covered Liliane, her two co-founders and the climate tech startup Exnaton: Handelsblatt, NZZ, SRF, Handelszeitung, VSE, Blick, Energate and PV Magazine.

About Exnaton:

exnaton is a multi-award-winning spin-off company from ETH Zurich, founded by three former PhD students and colleagues with a shared vision for a sustainable energy future. Building on their research in the software and energy sectors, they developed an AI-powered white-label billing platform designed to accelerate the transition to renewable energy. Today, exnaton supports more than 50 utilities across five countries. The platform enables utilities to launch and scale Distributed Energy Resources (DER) offerings by transforming complex energy data into clear customer invoices and delivering actionable insights. Exnaton powers use cases such as energy sharing, dynamic tariffs, EV smart charging, and more – empowering utilities and their customers to actively participate in the energy transition.

Social links:

• Liliane Ableitner on LinkedIn: https://www.linkedin.com/in/lilianeableitner/
• Exnaton on LinkedIn: https://www.linkedin.com/company/exnaton/
• Exnaton website: https://www.exnaton.ai/en

About Hyperion Search:

At Hyperion Search, we specialize in building world-class teams for the cleantech and energy transition sectors. We focus on leadership roles but also recruit strategically critical individual contributors who drive business growth. Whether you’re a founder scaling a startup, a board member guiding a scaleup, a VC/PE investor, or a corporation committed to energy and mobility transitions, we find the talent that will deliver impactful, sustainable results.

• Linked In: https

About Hyperion Search:

At Hyperion Search, we specialize in building world-class teams for the cleantech and energy transition sectors. We focus on leadership roles but also recruit strategically critical individual contributors who drive business growth. Whether you’re a founder scaling a startup, a board member guiding a scaleup, a VC/PE investor, or a corporation committed to energy and mobility transitions, we find the talent that will deliver impactful, sustainable results.

• Linked In: https://www.linkedin.com/company/hyperion-search-ltd
• Website: www.hyperionsearch.com

Follow us online, write a review (please) or subscribe

I'm very keen to hear feedback on the podcast and my guests, and to hear your suggestions for future guests or topics. Contact via the podcast Linked In page.

If you do enjoy the podcast, please write a review on iTunes, or your usual podcast platform, and tell your cleantech friends about us. That would be much appreciated.

• LinkedIn: https://www.linkedin.com/in/david-hunt-cleantech/

Also follow the podcast and to stay up to date.

• LinkedIn: https://www.linkedin.com/company/leaders-in-clean...

Join David Hunt, host of the Leaders in Cleantech podcast, as he delves into the future of battery storage with Andrew Gilligan, Senior Director of Global Markets and Development at Fluence. In this episode, Andrew shares his journey from the solar industry to joining Fluence, insights about global storage markets, and the evolving supply chains required to support large-scale battery deployments. They discuss the economic and regulatory factors driving storage adoption, particularly in the US and Europe, and the role of battery storage in addressing growing energy demands and supporting AI data centers. Tune in for an in-depth conversation on the trends, challenges, and opportunities in the cleantech sector.

00:00 Introduction to Leaders in Cleantech Podcast

00:43 Meet Andrew Gilligan: Senior Director of Global Markets at Fluence

01:21 Andrew's Journey in Clean Energy

05:17 Fluence's Role in the Energy Storage Market

11:56 Global Market Dynamics and Challenges

15:03 US vs. European Energy Storage Markets

21:09 Supply Chain and Regulatory Challenges

23:56 The Future of Energy Storage

25:51 Energized by Industry Resilience

26:28 AI and Data Centers: Powering the Future

27:49 Battery Storage Innovations

30:20 Global Market Trends and Opportunities

41:53 The Importance of Talent in Energy Transition

47:07 Future Outlook for Fluence and Battery Storage

About Hyperion Search:

At Hyperion Search, we specialize in building world-class teams for the cleantech and energy transition sectors. We focus on leadership roles but also recruit strategically critical individual contributors who drive business growth. Whether you’re a founder scaling a startup, a board member guiding a scaleup, a VC/PE investor, or a corporation committed to energy and mobility transitions, we find the talent that will deliver impactful, sustainable results.

• Linked In: https://www.linkedin.com/company/hyperion-search-ltd
• Website: www.hyperionsearch.com

Follow us online, write a review (please) or subscribe

I'm very keen to hear feedback on the podcast and my guests, and to hear your suggestions for future guests or topics. Contact via the podcast Linked In page.

If you do enjoy the podcast, please write a review on iTunes, or your usual podcast platform, and tell your cleantech friends about us. That would be much appreciated.

• LinkedIn: https://www.linkedin.com/in/david-hunt-cleantech/

Also follow the podcast and to stay up to date.

• LinkedIn: https://www.linkedin.com/company/leaders-in-clean...