CTLR Investors Roundtable
Quarterly Livestream
We are thrilled to bring you our quarterly CTLR Investors Roundtable discussion, moderated by Mike Casey, Founder and CEO of Tigercomm and a founding CTLR member. The investors featured in each panel are not only CTLR members but also industry titans.
View the Q4 2024 Investors Roundtable Discussion
Featuring:
Alfred Griffin, Chief Capital Officer & Head of Investments, Coalition for Green Capital
Amanda Bamberger, Vice President, Ecosystem Integrity Fund
Philip Y. Li, Board Member & Head of Diligence, E8 Angels
Recorded live on November 4, 2024
Discussion Highlights:
Alfred 7:00 - There are three trends I am seeing in the clean energy sector right now. The first is domestic manufacturing for solar. Green Capital is keeping an eye on when supply will be sufficient to have a big impact on U.S. deployment. The second is data centers. Data centers require a lot of power, and we need to fill that power demand with clean energy. The third is where manufacturing jobs are being created because of the clean energy projects bolstered by the IRA. It’s interesting to see the patterns in red and blue states.
Phil 20:20 - There is a scarcity of mid-stage funders, likely due to the need for significant technical expertise and the challenges of evaluating new projects. Smaller deal sizes and fewer opportunities make this stage less attractive compared to project finance, where standardized templates—such as those for LNG terminals—simplify investments and offer more reliable returns than experimental small-scale projects.
Amanda 22:46 - The Inflation Reduction Act (IRA) has had mixed results. While a significant number of people took advantage of its benefits, only about 5% of tax filers utilized it. Long-standing incentives like investment tax credits (ITCs) have been strengthened, ensuring their availability for the next decade, which continues to drive sector growth. The transferability of tax credits has also spurred increased activity in tax equity structures. However, onshoring domestic production for domestic content bonuses has seen middling success; while joint ventures between U.S. and foreign companies initially showed promise, some projects have stalled, leaving uncertainty about the IRA’s overall impact on reshoring manufacturing.
View the Q3 2024 Investors Roundtable Discussion
Featuring:
Arash Nazhad, Co-Lead and Managing Director, Moelis & Company
Jo Trahms, Managing Director, Investment Banking - Commercial & Industrial Services, Raymond James
Ryan Dalton, Managing Director, Warburg Pincus LLC
Recorded live on september 6, 2024
Discussion Highlights:
11:03 - Arash highlighted three major trends he's closely watching: The rapid rise in load growth, largely driven by AI, data centers, and the potential hydrogen economy; the funding gap for cleantech companies trying to scale up, where fewer growth equity funds are available for capital-intensive projects; and the ongoing consolidation in the industry as companies seek the scale needed to meet increasing demands.
29:49 - Ryan notes that while it's difficult to predict all the potential impacts of the upcoming election, much of the IRA funding is focused on creating manufacturing jobs, particularly in red southeastern states. Certain subsidies, like those for EVs or solar, might face changes, but job-related incentives are likely to remain due to bipartisan support. He believes the IRA has been successful so far, with a noticeable increase in domestic manufacturing of batteries and solar components. However, the full scale of its success depends on how much capital is ultimately raised.
36:00 - Jo believes that with capitalism, certain industries will inevitably emerge as winners. She highlights the unexpectedly rapid decline in renewable energy costs, a trend she expects to continue across the cleantech sector. While not every innovation will succeed, she stresses that a true clean revolution will only happen if it's both profitable and a sound business strategy.
View the Q2 2024 Investors Roundtable Discussion
Featuring:
Paul Browning, Co-Founding Partner, Energy Transition Finance LLC
Chris Varrone, Managing Director, Pickwick Capital Partners
Jennifer Von Bismarck, Chief Executive Officer, Galway Sustainable Capital, Inc.
Recorded live on june 19, 2024
Discussion Highlights:
11:01 (Paul Browning) - During the previous Trump Administration, there were attempts to repeal Obamacare that ultimately fell one vote short. A similar scenario could unfold with the Inflation Reduction Act (IRA) if Trump wins again, but the necessary votes for repeal might still be lacking. Currently, many benefits from the IRA are being directed to red states. Additionally, reversing the IRA would require approval from the President, House, and Senate. It's also crucial to consider how the Executive Branch enforces these laws. They might redirect funding towards traditional Republican energy initiatives, diverting resources away from projects favored by Democrats.
27:15 (Jennifer Von Bismarck) - The success of the green energy transition relies on reliable, low-cost technology, much of which is sourced internationally. However, a lot of production and manufacturing happens inside the U.S. To develop sustainable infrastructure, it's essential to use the best equipment, establish local factories, and supply locally produced goods. Components need to be as inexpensive and reliable as they can be, so green products are superior and cost-effective relative to the alternatives. Innovation is important, but so are partnerships worldwide so we can reduce costs and bring affordable products into the market.
34:33 (Chris Varrone) - We expected we would need less transmission because of the rise in energy efficiency and the decline in population growth. The opposite has happened. We are seeing large increases in energy demand from electrification and AI. Innovations in grid-enhancing tech has become one of the most important trends in the clean energy industry.
View the Q1 2024 Investors Roundtable Discussion
Featuring:
Claudia Meer, Senior Strategic Advisor, DIF Capital Partners
Jim Bowen, Co-Founder & Executive Managing Director, Energetic Capital
Erik Straser, Managing Director, ClearSky
Recorded live on March 28, 2024
DISCUSSION HIGHLIGHTS
With Video Links
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(10:38) - In the near future, Claudia Meer believes the cleantech sector will be stronger. She believes the economy will be optimistic, with key projects making progress and potential interest rate cuts. IRA incentives will encourage investment, and emerging markets in cleantech will become more stable. Despite risks, higher returns on projects will be more accepted. With plenty of available capital, there'll be increased interest in investing in promising opportunities.
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(36:24) - The economy is riding a wave of powerful tailwinds. Many overlook the massive fiscal stimulus fueling growth via initiatives like CHIPS, infrastructure projects, and IRA incentives. We're witnessing a resurgence of manufacturing in the US, reshaping entire industries. There's a silent force at work, driven by fiscal stimulus, subtly reflected in rising GOP numbers. GDP is climbing, and corporate earnings are soaring. The reality? We're in a far better economic position than most realize.
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(44:54) - Insurance relies on data to predict future losses. Yet, with climate change underway, this approach yields diminishing returns. Enter a new wave of companies leveraging tech, AI, and climate models to forecast wildfires, hail, and more accurately. Quality is on the rise. Reality check: just as capital comes at a premium in high-risk scenarios, insurance costs soar amidst increased risk.
View the Q4 2023 Investors Roundtable Discussion
Featuring:
Rebecca Stafford, Founding Partner, Hestia Venture Partners
Jon Guerster, Partner, Activate Capital
Eric Danziger, Managing Director, Riverbend Energy Group
Recorded live on December 20th 2023
DISCUSSION HIGHLIGHTS
With Video Links
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Rebecca Stafford
(3:37) - Yes, all of these types of infrastructure projects that we need for clean tech are large scale, hard assets, and they require big capital stacks with complex financing structures that are dependent on, well, maybe dependent on low interest rates. Or they work better. They work more easily in a low interest rate environment.
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(14:52) - We cannot have confidence that there won’t be a recession in the near-future quite yet. There are rising interest rates and residential debt in the U.S., and inflation is outpacing wage growth. The question is more, “when will the recession happen?”
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(26:47) - The most significant impact in supply chain will be felt in the electric vehicle sector, where China's volumes surpass everyone else's. While the U.S. is experiencing some adoption, it still lags behind China in terms of both policy and actual adoption rates.
View the Q3 2023 Investors Roundtable Discussion
Featuring:
Allison Myers, Co-Founder, Buoyant Ventures
Mark Loch, Senior Advisor, Blackhorn Ventures
Erik Birkerts, CEO, Evergreen Climate Innovations
Recorded live on SEPTEMBER 19th 2023
Are we headed for a recession? What is the future of AI? Find out what insights and perspectives these three influential investors have to share about these and other pertinent issues - highlights from this fascinating discussion are below:
(15:47) My question, to the three of you is, on a 1-10 scale, 1 is you’re certain that there’s a recession ahead of us, and 10 is you see Blue Sky economic growth just over the horizon. Where do you sit now and what’s the rating you would put on the prospect of a recession?
(21:55) Clean economy as a vector?
(27:07) Is AI a net negative or net positive for a clean economy?
(35:30) Thoughts on Green Hydrogen?
(50:17) Any thoughts on IRA [Inflation Reduction Act] execution?
View the Q2 2023 Investors Roundtable Discussion
Featuring:
Bill Nussey, Partner, Engage and Tech Square Ventures
Ed Miller, Program Director Environment, The Joyce Foundation
Pat Sapinsley, Managing Director, Urban Future Lab
Chante Harris, ClimateTech Strategist & Investor
Trent Yang, President & Co-Founder, Galway Sustainable Capital
Recorded live on April 20th 2023
You don’t want to miss these timely insights - highlights from this engaging discussion are below:
(11:20) What are the three big trends you are following, and why are they important to you in the investment space?
(31:27) Tell me which of the sectors you think, which sector is the most dynamic in the clean economy right now.
(40:47) Are workforce development, minerals, storage, transition, supply chains, and government enough government muscle to actually process applications. So of those, which is the most challenging and why?
Q1 2023 Investors Roundtable Discussion
Featuring expert panelists and CTLR members:
Amy Francetic, Managing General Partner at Buoyant Ventures
David Kirkpatrick, Managing Director at SJF Ventures
Nancy Floyd, Member of the Board of Directors at Hannon Armstrong
Matt Cheney, CEO at Catalyst Energy Partners
Recorded live on february 1st 2023
Tap into the energetic and insightful conversation with these four luminaries. Show highlights listed below:
(04:03) What are the three big trends you’re following, and why are they important?
(12:23) What are the biggest investment opportunities for early and later-stage investors?
(18:26) Can investors really make a return when a company has to raise hundreds of millions of dollars in this climate?
(24:25) What role do you think angels have right now in clean and climate tech investing?
(26:20) How can VCs spend more into the early-stage ecosystem?
(30:24) What is the difference today about climate tech investment in this boom versus past periods?
(35:53) From a macro perspective, are markets or policies more important in clean economy's success at large as we sit here now? If you got to pick one and say which one was more important. Which would you pick?
View the first ever Investors Roundtable discussion
featuring expert panelists and CTLR members:
Robert O'Connor, Partner at Wilson Sonsini Goodrich & Rosati
Andrew Beebe, Managing Director at Obvious Ventures
Bryan Mitchell, Managing Director at Galway Sustainable Capital
*standing in for Jennifer Von Bismarck, CEO at Galway Sustainable Capital
Rakesh Shankar, Partner at Antin Infrastructure Partners