Eric Rubenstein, managing partner at New Climate Ventures, joins Jason and Nada live from Ceraweek to make the case that what we're calling an energy transition is actually a new industrial revolution. He breaks down why data centers are only the fifth biggest driver of power demand, how his 35-company portfolio is shifting toward localized production and supply chain resilience, and what founders absolutely need to nail before walking up to an investor at a conference.
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Click here to view the episode transcript.
00:00 - Intro and Ceraweek impressions
07:11 - What is actually driving power demand growth
13:41 - The all-of-the-above energy reality
19:12 - NCV fund thesis and origin
22:28 - Portfolio breakdown and data center exposure
25:07 - Upcycling waste into value
28:30 - How the portfolio informs investment strategy
34:19 - Is venture capital broken for hard tech?
37:01 - The missing middle and how startups are bridging it
40:11 - Industrial customers funding their own first commercial plants
45:38 - Raising fund two and what LPs want
48:45 - How NCV communicates with investors
56:37 - What founders should know before approaching investors
01:01:09 - Talking valuation with investors
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