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  • 229. Climate Tech reinvented: from green molecules to green electrons - May26

    229. Climate Tech reinvented: from green molecules to green electrons - May26
    2026/05/18
    Where is Climate Tech heading? Certainly not dead — but constantly reinventing itself. So much so that you begin to wonder whether the label itself has outlived its original meaning. Laurent and Gerard welcome Kim Zou, co-founder and CEO of Sightline Climate, the data and research platform mapping the climate-tech economy, and author of some of the sector’s most influential newsletters, including CTVC and the newer Powerstack. Sightline has become essential reading for investors, utilities, corporates, and policymakers trying to understand where capital is flowing and how the energy system is evolving. Together, they explore how Climate Tech has transformed over the past decade. Decarbonisation alone is no longer the central narrative. Today, AI, energy security, and industrial resilience dominate the conversation — often pushing sustainability itself into the background. The discussion traces how funding has shifted from venture capital toward infrastructure and large-scale project finance. The spotlight has also moved away from “green molecules” — hydrogen, SAF, and carbon management — toward “green electrons”: virtual power plants, grid-enhancing technologies, and the race to accelerate datacentre construction. They also examine the contrasting innovation models shaping global competition. In China, much of the breakthrough innovation happens inside corporations themselves, with companies like BYD employing more than 110,000 R&D staff, and CATL relying on a 20,000-engineer workforce. The United States, meanwhile, benefits from unparalleled access to capital and world-class universities and research centres. Europe sits somewhere in between, attempting to combine industrial policy with scientific excellence. Finally, the conversation turns to one of Sightline’s newest areas of focus: tracking data-center construction. The company currently follows 140 sites representing roughly 16 GW of announced capacity. Yet only about 6 GW are actually under construction — a reality check that has sent a chill through Wall Street.And Laurent goes on a rant of epic proportion against certain Hyperscalers!!!Useful links:Sightline website: https://www.sightlineclimate.com/Capital Stack and New Funds report: https://www.sightlineclimate.com/request-report?report-id=Dry-Powder-and-New-Funds-2026 · Data Center Q1 outlook report: https://www.sightlineclimate.com/request-report?report-id=data-center-outlook-q126 · 2025 climate tech investment trends report: https://www.sightlineclimate.com/request-report?report-id=2025_investment_report · Article on our tour of China's electrostate: https://www.sightlineclimate.com/research/a-tour-of-chinas-electrostate · If people want to stay updated on our latest, they can subscribe to our CTVC climate tech newsletter here or our Powerstack power and data center markets newsletter here
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    33 分
  • 228. Decentralizing Power: The Rise of Behind-the-Meter Energy - May26

    228. Decentralizing Power: The Rise of Behind-the-Meter Energy - May26
    2026/05/11
    The power system is aging and poorly equipped to handle the rapid, large-scale shift toward renewables. According to Philipp Schröder, CEO of 1KOMMA5°, the real solutions lie “behind the meter.”

    Gerard and Laurent sit down with Schröder to unpack what it will take to unlock the so-called “Behind the Meter” revolution.

    Schröder is among a small group of European founders aiming to build a vertically integrated, consumer-focused clean energy company—something akin to a European hybrid of Tesla Energy and Sunrun. His approach combines hardware (such as solar PV systems, home batteries, heat pumps, and EV chargers), installation networks, intelligent software (including IoT-driven energy management like “Heartbeat”), and active participation in energy markets.

    Software is becoming increasingly critical. Grid management and pricing systems remain outdated and inefficient, especially in Germany, where reform has been slow due to entrenched interests and the slow deployment of smart meters. By contrast, countries like Sweden are already moving ahead with more modern approaches.

    The company’s growth appears to validate this strategy. 1KOMMA5° now employs over 3,000 people, is approaching EUR1 billion in annual revenue, and has raised EUR400 million from investors including Eurazeo, CalSTRS, and several prominent family offices.

    Key questions remain: How does Schröder position 1KOMMA5° against competitors like Octopus, Enpal, Base, and Thermondo? Is he building the next kind of utility—or deliberately staying outside that model? And how does he navigate policy challenges, particularly when engaging with energy leaders in Germany who remain supportive of fossil fuels?

    A fascinating conversation with a formidable entrepreneur who gives back literally “Power to the People”.
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    31 分
  • 227. Wind + Grids = Energy Security - May26

    227. Wind + Grids = Energy Security - May26
    2026/05/04
    Gerard and Laurent welcome Tinne Van der Straeten, CEO of WindEurope—the leading voice of the wind industry in Europe, representing more than 600 members across the entire value chain. Tinne brings a distinctive perspective to the discussion. As Belgium’s Minister for Energy during the 2022 Russian invasion of Ukraine, she experienced an energy crisis firsthand. Her background in policymaking offers a different vantage point from that of investors, shaped by the practical realities and trade-offs of government decision-making.

    The conversation highlights that, despite ongoing challenges, wind energy continues to expand rapidly across Europe, with €45 billion in final investment decisions recorded in 2025. There is now a clear opportunity to repower first-generation onshore turbines, which could double installed capacity and potentially triple electricity generation. Offshore wind also stands out as a major growth area, with the North Sea remaining the central hub, while the Baltic Sea is developing steadily and early signs of momentum are emerging in Spain.

    At the same time, the discussion points to the persistence of outdated, ideologically driven debates around energy sources—such as gas in Germany or nuclear in France—which increasingly feel disconnected from current realities. Policies like bans on onshore wind in Poland and offshore wind in Sweden illustrate decisions that risk slowing progress.

    A central theme is the urgent need to electrify demand, particularly through the adoption of electric vehicles, heat pumps, and the expansion of data centers.

    The conversation concludes by emphasizing that the missing piece is a large, integrated pan-European grid—potentially extending to Canada—combined with battery storage. Such infrastructure would accelerate decarbonization, support economic resilience, and help Europe regain control over its energy future.

    Sources:
    • GWEC 2026 https://www.gwec.net/reports/globalwindreport
    • WindEurope Wind Energy Statistics and Outlook Report https://windeurope.org/news/europe-invested-45bn-in-new-wind-energy-in-2025-market-tampering-would-put-future-investments-at-acute-risk/
    • WindEurope energy system cost study: https://windeurope.org/news/a-renewables-based-energy-system-will-save-europe-1-6-trillion/
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    29 分
  • 226. Energy trends and shocks: from “range anxiety” to “pump anxiety” - Apr26

    226. Energy trends and shocks: from “range anxiety” to “pump anxiety” - Apr26
    2026/04/27
    Ember released its 2026 Global Electricity Review (GER26) last week—an extraordinary report showing that 100% of new global electricity generation has been met by renewables. At the same time, the decade’s “twin energy shocks” (Russia in 2022 and Hormuz in 2026) are accelerating existing trends.

    What do the latest numbers tell us—and what do they mean? Laurent and Gerard are joined by a great friend of the show, Kingsmill Bond, Lead Energy Strategist at Ember, to break it all down.

    They begin with the GER’s key findings, looking closely at China, the United States, Europe, and India. The figures are striking: in 2025, wind and solar alone accounted for all net global power growth—roughly equivalent to Japan’s total electricity consumption. And even that may be an underestimate, given likely gaps in data from Africa and behind-the-meter generation.

    From there, the discussion shifts from long-term trends to sudden shocks. These shocks act as accelerators. Consumers, responding quickly, are installing rooftop solar and buying electric vehicles at record rates. Governments, by contrast, often move more slowly, seeking to protect incumbents and hoping for a return to the old status quo. But that return is increasingly unrealistic.

    Looking beyond the numbers, the episode explores how energy shocks reshape the system. The oil shocks of the 1970s drove gains in efficiency and a wave of nuclear investment. Today’s shocks are pushing electrification, expanding renewables, and speeding up EV adoption.

    Four major long-term implications stand out: 1) Asia is set to electrify faster than the rest of the world 2) Transport electrification will accelerate 3) LNG will be pushed out of the power sector 4) The long-anticipated “peak oil demand” is drawing closer.

    In summary, we are shifting from a world defined by range anxiety to one increasingly shaped by pump anxiety.

    Link to papers.
    - Ember GER26 https://ember-energy.org/latest-insights/global-electricity-review-2026/- Twin Shocks https://ember-energy.org/latest-insights/the-new-twin-fossil-shock/
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    29 分
  • 225. US Utilities vs Hyperscalers - Apr26

    225. US Utilities vs Hyperscalers - Apr26
    2026/04/20
    In episode 219, we analysed the relationship between hyperscalers and US utilities from the hyperscaler perspective. To complete the picture, we revisit the debate from the utility’s point of view.

    Gerard and Laurent welcome Rajiv Bazaj, VP of Solutions Sales at Constellation, to understand how utilities approach this rapidly evolving landscape. Spun out of Exelon a few years ago, Constellation was initially seen as the “ugly duckling,” but it was sitting on a major advantage: a large nuclear fleet. What was considered a liability in the 2010s has become a strategic asset as hyperscalers search for clean, reliable 24/7 power.

    The acquisition of Calpine and its large CCGT fleet turned Constellation into the largest US utility in terms of capacity, with around 60 GW (half nuclear, half gas) and roughly 200 TWh of annual generation—placing the company at the centre of discussions with hyperscalers and data centre developers.

    Constellation’s approach remains cautious. The company is only gradually moving into batteries, is bullish on demand response following the surge in PJM capacity prices and is exploring upgrades to its nuclear fleet while remaining sceptical about. Geothermal. where the Company is active, is attractive but seen as difficult to scale.

    The overall picture is one of disciplined conservatism. Constellation cannot easily be pushed by aggressive data centre developers because it already has the right generation mix at the right time. Its core objective is simple: maximise fleet load factors and sell MWh at the highest possible price. Gas assets operate in the mid-merit order with strong spark spreads, while nuclear requires higher long-term prices to justify further investment, as illustrated by the Microsoft-supported Three Mile Island restart.

    With around 90% of its capacity built in the 20th century, Constellation is focused on upgrading and optimising its existing fleet rather than pursuing large-scale expansion. For hyperscalers, understanding this mindset is key when engaging with utilities.
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    33 分
  • 224. From Wind farms (yield) to Datacenters (growth) - Apr26

    224. From Wind farms (yield) to Datacenters (growth) - Apr26
    2026/04/13
    Laurent and Gerard sit down with Paul O’Donnell, Partner at SchrodersGreencoat, a fund manager that has invested more than €13 billion and controls over 400 renewable energy assets across Europe, the Americas, and Asia. Paul has spent 17 years at Greencoat and became Partner in 2022, following Schroders’ acquisition of the platform, which itself was acquired by Nuveen in 2026.

    Greencoat has a distinctive structure, as it manages listed vehicles—historically known as YieldCos—designed to provide stable dividends to investors through long-term infrastructure assets.

    The discussion begins with a deep dive into the evolution of the renewable energy sector over the past 10–15 years. The market has shifted from portfolios primarily backed by government-supported contracts to a more dynamic growth strategy built on active portfolio management, trading, power purchase agreements (PPAs) with hyperscalers, and the hybridisation of assets. A key milestone in this evolution has been the push toward vertical integration, illustrated by partnerships such as the Greencoat collaboration with CATL.

    The conversation also explores the growing convergence between energy investors and real estate or digital infrastructure investors, particularly in the financing of datacenters. Energy supply and cooling infrastructure are becoming increasingly critical components of data centre investment strategies. While off-grid solutions are sometimes feasible in the United States—typically involving off-grid power combined with on-grid gas—such options remain very limited in Europe.

    Datacenters geography is also evolving. First-generation facilities were typically located close to major load centres and urban demand hubs, whereas second-generation developments are moving further away from large cities to areas where land and power availability are more abundant. This shift is driving strong interest in brownfield sites, including former coal plants, steel mills, and refineries.

    The transition from a pure yield model to a growth-oriented strategy has been well received by the market, particularly after several years of lacklustre share price performance. This approach mirrors the playbook seen at Quinbrook and Intersect and is increasingly viewed as the winning strategy in the current market environment.
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    30 分
  • 223. Solar + Storage: The Economic Core of the Future Grid - Apr26

    223. Solar + Storage: The Economic Core of the Future Grid - Apr26
    2026/04/06
    Gerard is invited by Ana Conde from PVcase to make the case for solar paired with storage as the economic foundation of the future energy system.

    We are in the midst of a technological revolution driven by electrification and AI. But building the energy system that can power this shift requires more than adding new capacity — it demands system-level thinking, new coordination mechanisms, and new financial models to ensure a smooth transition.

    They explore how solar moved from a niche technology to the backbone of modern energy infrastructure and why pairing it with storage is no longer optional for project bankability and long-term competitiveness.

    They discuss how grid outages act as warning signals, exposing the fragility of legacy infrastructure, and what that implies for resilience in an increasingly electrified world.

    The conversation also examines the economic incentives, institutional inertia, and behavioural forces that resist technological change — and how innovative business models are beginning to unlock faster adoption.

    This episode goes beyond viewing solar as a technology alone. It unpacks the economics and coordination required to build a resilient, low-cost energy system capable of supporting the AI-driven future.
    --
    An episode delivered in partnership with SolarPower Europe. SolarPower Europe has established the ‘Battery Storage Europe Platform’ (advocacy, COMs campaigning, networking) around battery storage. Companies should join as members to help us push messages on solar, flexibility and batteries https://www.batterystorageeurope.org/
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    32 分
  • 222. Understanding Energy and Technology in China - Mar26

    222. Understanding Energy and Technology in China - Mar26
    2026/03/30
    Laurent and Gerard speak with Dr. Michal Meidan, Head of China Energy Research at the China Energy Research Programme at the Oxford Institute for Energy Studies, about the profound transformation reshaping China’s energy system. At the heart of the discussion is the country’s pivot from “molecules” to “electrons” — a structural shift from fossil fuels toward electrification powered by renewables, batteries, and electric mobility. This transition is not just about decarbonization; it represents a broader industrial and technological reconfiguration with global consequences. At the same time, China remains central to fossil fuel markets: it is the world's largest fossil fuel importer and is set to maintain that position for the rest of this decade and beyond. Still the recent events in the Strait of Hormuz have vindicated China’s energy policy of diversification, investment and strategic storage.

    China’s approach reflects a distinctive “dual track” model in which command-and-control planning coexists with market dynamics. Central government frameworks, including the recent 15th Five-Year Plan, set strategic direction, while provinces interpret and implement policy with varying degrees of alignment or competition. At times collaborative and at times antagonistic, the relationship between Beijing and local authorities shapes how targets are pursued and reported. China often reframes its narrative retrospectively, particularly where electric vehicles and battery production have dramatically surpassed official expectations, highlighting the interplay between state ambition and private-sector execution.

    At the same time, the transition has been propelled by powerful entrepreneurial forces. Leaders such as Robin Zheng of CATL and Stella Li of BYD embody the “animal spirits” that have driven innovation and scale in batteries and electric vehicles. In many cases, private firms have exceeded policy goals, complicating simplistic narratives of top-down control and demonstrating how state guidance and commercial dynamism reinforce one another.

    Energy security remains a central pillar of this strategy. The current Hormuz crisis as well as the power shortages of 2020–2022 have exposed vulnerabilities in China’s system and reinforced the leadership’s determination to build integrated domestic supply chains and reduce reliance on imported fuels and critical materials. Industrial policy and energy policy are deeply intertwined, with electrification, renewables, and advanced manufacturing serving both resilience and competitiveness objectives. The drive for clean technology is therefore as much about strategic autonomy as it is about environmental stewardship.

    Finally, the episode also addresses persistent misconceptions in Europe and the United States about China’s system, challenging both exaggerated fears and wishful thinking. Understanding China’s energy transition requires grappling with its internal tensions, strategic pragmatism, and the scale of its ambitions.

    Oxford Institute
    https://www.oxfordenergy.org/publications/disruption-in-the-strait-of-hormuz-implications-for-chinas-energy-markets-and-policies/

    Carbon Brief and Lauri Myllyvirta
    15FYP coverage https://www.carbonbrief.org/qa-what-does-chinas-15th-five-year-plan-mean-for-climate-change/
    Latest on China emisisons https://www.carbonbrief.org/analysis-chinas-co2-emissions-have-now-been-flat-or-falling-for-21-months/
    Impact on GDP https://www.carbonbrief.org/analysis-clean-energy-drove-more-than-a-third-of-chinas-gdp-growth-in-2025/
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    32 分