We all know that no single investment strategy—and no single asset class—is going to fund the climate innovation we need on its own. Moving real solutions forward takes multiple tools working together. That’s why I’ve long been drawn to catalytic capital and blended finance—using philanthropy to unlock risk-taking and bring more and different kinds of investors along.

That’s what drew me to the work of Elemental Impact and Earthshot Ventures, two organizations founded by Dawn Lippert that are designed to move critical climate technologies from early validation to scale. Elemental uses philanthropic capital to de-risk and accelerate early solutions—but for those solutions to reach real commercialization, venture and private markets have to follow. That’s where Earthshot Ventures comes in, investing early in companies with a strong “why now.” Together, they direct capital into consequential companies to create impact at scale.

In this episode, we’re joined by Dawn, along with Matt Logan, General Partner at Earthshot Ventures. We talk about how Elemental and Earthshot work together in practice, real examples of the companies and projects they’re backing, a new and innovative investment structure they’ve pioneered, and where they see climate investing headed in 2026—and beyond.

This conversation kicks off a new deep dive series with Elemental Impact. Stay tuned for more, and if you’d like to find or propose future series ideas, reach out to us through our website.

What You’ll Learn

1. The Power of Catalytic Philanthropy: How a "slice" of philanthropic capital can act as the nucleus for a project, bringing in banks, corporates, and infrastructure funders.
2. The dSAFE Innovation: How Elemental adapted the Y-Combinator SAFE note into a "Development SAFE" to reduce transaction costs and provide non-dilutive capital for early projects.
3. Community-Led Scaling: Why the "human" half of the solution—customers, cities, and communities—is just as essential as the technology itself for climate tech to succeed in the real world.
4. A VC Lens on Climate: How Earthshot operates as a returns-focused venture fund that only backs climate-positive companies, uses a proprietary outbound-sourcing engine to find founders before they’re fundraising, and targets “cheaper, better, faster—with greener as a co-benefit” business models.
5. The 2026 Investment Frontier: Why Earthshot is doubling down on Space Tech for remote agriculture and wildfire monitoring, and why Robotics is a top category to watch for automating "dull, dirty, and dangerous" climate jobs.
6. A Unique Partnership Model: How a service agreement and shared revenue between a non-profit and a VC fund creates a sustainable ecosystem for innovation.

In today’s episode, we cover:

1. 02:48 2025 temperature check
2. 05:39 Why Dawn started Elemental and then Earthshot
3. 07:39 Matt’s...

We’re back with the sixth installment of our Missing Middle in Climate Tech series, produced in partnership with Spring Lane Capital.

As we kick off 2026, this episode offers a timely, grounded conversation with two seasoned investors who bring decades of perspective to where climate investing has been and where it’s headed next. Rather than focusing on predictions alone, the discussion goes deeper into the nuance of how capital is actually being deployed in today’s market.

Rob Day, Co-Founder of Spring Lane Capital, and Raj Atluru, Managing Partner at Activate Capital, trade ideas and reflect on how the climate tech landscape has evolved.

Together, they unpack how investor priorities have shifted over time, the metrics they look for in growth-stage companies, and the opportunities emerging from today’s macro forces, including interest rates, deglobalization, and AI’s rapidly escalating energy demand.

For listeners looking to understand how experienced investors are navigating complexity, risk, and scale in climate tech right now, this is a conversation worth spending time with.

Explore the full Missing Middle in Climate Tech series or reach out with ideas for future collaborations at investedinclimate.com.

1. 02:20 – Guest Intros & The “Missing Middle” Problem
2. 04:39 – A Second Lens on the Missing Middle
3. 07:00 – Origin Story of Activate Capital
4. 10:40 – Energy, Load Growth & Macro Shifts
5. 12:09 – “Why Now?” and Today’s Load Shock
6. 17:27 – Structural Causes of the Missing Middle
7. 19:26 – Heavy Lifting at Growth Stage
8. 25:43 – Hardware Is Back: Fund III Themes
9. 30:16 – Scaling, Learning Curves & Project Execution
10. 33:00 – From Founder-Led to Scalable Sales
11. 40:13 – Being Contrarian (EVs, AI & Hype Cycles)
12. 43:57 – EV Fundamentals & Infrastructure Gaps
13. 45:15 – Policy vs. Interest Rates
14. 47:55 – Home Electrification & Rooftop Solar
15. 48:06 – Speed-Round Predictions for 2026
16. 49:26 – Dry Powder & Exit Fuel
17. 51:50 – Climate Tech Becomes “Just Tech”
18. 53:06 – Closing & Call to...

We always love a chance to hear from someone who’s been investing in climate for a long time. Daniel Weiss fits the bill. His firm, Angeleno Group, was founded in 2001 and since then has led or co-led over $3 billion into clean energy and climate solutions.

Daniel and the Angeleno Group also surround themselves with accomplished leaders that bring true global expertise. Their advisory board includes a former US Secretary of Energy, former Secretary of Treasury, UN Ambassador, Nobel Laureate, and several other top scholars and industry leaders.

Lean in closely for this conversation and learn from Daniel’s perspective. What we heard was somewhat surprising: that despite the headwinds coming from Washington and rippling around the world, strong deal flow, ever improving talent, and low valuations make this the best time in decades to invest in climate solutions. We spoke about Daniel’s background, this unique moment in climate investing, Angeleno Group’s thesis and recent investments, and much more.

Lots to learn about and consider in this episode. Enjoy.

1. 02:30 – Daniel’s Personal Climate Journey
2. 05:30 – From Law to Climate Investing & Founding Angeleno Group
3. 07:39 – World Resources Institute (WRI) & Global Systems Change
4. 12:29 – Optimism & “The New Global Possible”
5. 13:21 – Building Angeleno Group Through Turbulent Times
6. 14:36 – Check Sizes, Stages & How Angeleno Invests
7. 15:18 – Evolution of Climate Investing & Why 2025 Is So Compelling
8. 19:56 – Megatrends: Load Growth, AI & Energy Security
9. 22:27 – Angeleno’s Advisory Board & Why It Matters
10. 24:19 – Angeleno Group’s Investment Thesis
11. 25:18 – Example Investments: Software for the Grid & Wildfire Risk
12. 29:08 – Headwinds in Climate Tech: Fundraising & Exits
13. 33:05 – Scaling Climate Finance & Global Opportunity
14. 34:35 – Climate Week NYC & Hope from the Next Generation
15. 36:33 – Closing Thoughts

1. Angeleno Group
2. World Resources Institute (WRI)
3. Book: The New Global...