<description>&lt;p&gt;We’re back with the sixth installment of our &lt;em&gt;&lt;u&gt;&lt;a href="https://www.investedinclimate.com/series/the-missing-middle" rel="noopener noreferrer" target="_blank"&gt;Missing Middle in Climate Tech&lt;/a&gt;&lt;/u&gt;&lt;/em&gt; series, produced in partnership with &lt;strong&gt;&lt;u&gt;&lt;a href="https://www.springlanecapital.com/" rel="noopener noreferrer" target="_blank"&gt;Spring Lane Capital&lt;/a&gt;&lt;/u&gt;&lt;/strong&gt;.&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Rob Day, Co-Founder of Spring Lane Capital, and Raj Atluru, Managing Partner at &lt;u&gt;&lt;a href="https://activatecap.com/" rel="noopener noreferrer" target="_blank"&gt;Activate Capital&lt;/a&gt;&lt;/u&gt;, trade ideas and reflect on how the climate tech landscape has evolved.&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;Explore the full &lt;em&gt;Missing Middle in Climate Tech&lt;/em&gt; series or reach out with ideas for future collaborations at &lt;strong&gt;&lt;u&gt;&lt;a href="http://investedinclimate.com" rel="noopener noreferrer" target="_blank"&gt;investedinclimate.com&lt;/a&gt;&lt;/u&gt;. &lt;/strong&gt;&lt;/p&gt;&lt;h3&gt;&lt;strong&gt;On today’s episode, we cover:&lt;/strong&gt;&lt;/h3&gt;&lt;ol&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;02:20 – Guest Intros &amp;amp; The “Missing Middle” Problem&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;04:39 – A Second Lens on the Missing Middle&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;07:00 – Origin Story of Activate Capital&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;10:40 – Energy, Load Growth &amp;amp; Macro Shifts&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;12:09 – “Why Now?” and Today’s Load Shock&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;17:27 – Structural Causes of the Missing Middle&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;19:26 – Heavy Lifting at Growth Stage&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;25:43 – Hardware Is Back: Fund III Themes&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;30:16 – Scaling, Learning Curves &amp;amp; Project Execution&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;33:00 – From Founder-Led to Scalable Sales&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;40:13 – Being Contrarian (EVs, AI &amp;amp; Hype Cycles)&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;43:57 – EV Fundamentals &amp;amp; Infrastructure Gaps&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;45:15 – Policy vs. Interest Rates&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;47:55 – Home Electrification &amp;amp; Rooftop Solar&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;48:06 – Speed-Round Predictions for 2026&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;49:26 – Dry Powder &amp;amp; Exit Fuel&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;51:50 – Climate Tech Becomes “Just Tech”&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;53:06 – Closing &amp;amp; Call to Action&lt;/li&gt;&lt;/ol&gt;&lt;br/&gt;&lt;h3&gt;&lt;strong&gt;Resources Mentioned&lt;/strong&gt;&lt;/h3&gt;&lt;ol&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.springlanecapital.com" rel="noopener noreferrer" target="_blank"&gt;Spring Lane Capital&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.activatecap.com" rel="noopener noreferrer" target="_blank"&gt;Activate Capital&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.dfj.com" rel="noopener noreferrer" target="_blank"&gt;DFJ (Draper Fisher Jurvetson)&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.tesla.com/solarpanels" rel="noopener noreferrer" target="_blank"&gt;SolarCity&lt;/a&gt;&lt;/u&gt; (historical, now part of Tesla Energy)&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.enpal.de" rel="noopener noreferrer" target="_blank"&gt;Enpal&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.voltus.co" rel="noopener noreferrer" target="_blank"&gt;Voltus&lt;/a&gt;&lt;/u&gt; &lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.crusoeenergy.com" rel="noopener noreferrer" target="_blank"&gt;Crusoe Energy&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://xnrgy.com/" rel="noopener noreferrer" target="_blank"&gt;XNRGY&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.aerones.com" rel="noopener noreferrer" target="_blank"&gt;Aerones&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.infravision.com.au" rel="noopener noreferrer" target="_blank"&gt;Infravision&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://jetsonhome.com/us/" rel="noopener noreferrer" target="_blank"&gt;Jetson&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.muonspace.com" rel="noopener noreferrer" target="_blank"&gt;Muon Space&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.solunacomputing.com/" rel="noopener noreferrer" target="_blank"&gt;Soluna&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.lunarenergy.com" rel="noopener noreferrer" target="_blank"&gt;Lunar Energy&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;/ol&gt;&lt;br/&gt;&lt;h3&gt;&lt;strong&gt;Connect with us&lt;/strong&gt;&lt;/h3&gt;&lt;ol&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.linkedin.com/in/robday/" rel="noopener noreferrer" target="_blank"&gt;Rob Day&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.linkedin.com/in/rajatluru/" rel="noopener noreferrer" target="_blank"&gt;Raj Atluru&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.linkedin.com/in/jasonrissman/" rel="noopener noreferrer" target="_blank"&gt;Jason Rissman&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;/ol&gt;&lt;br/&gt;&lt;h3&gt;&lt;strong&gt;Keep up with Invested In Climate&lt;/strong&gt;&lt;/h3&gt;&lt;ol&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;Sign up for our&lt;u&gt;&lt;a href="https://investedinclimate.com/#signup" rel="noopener noreferrer" target="_blank"&gt; Newsletter&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="https://www.linkedin.com/company/invested-in-climate/?lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3BkrFcZjBVSlW%2BTcjtAzAeow%3D%3D" rel="noopener noreferrer" target="_blank"&gt;LinkedIn&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;li data-list="bullet"&gt;&lt;span class="ql-ui" contenteditable="false"&gt;&lt;/span&gt;&lt;u&gt;&lt;a href="http://instagram.com/investedinclimate" rel="noopener noreferrer" target="_blank"&gt;Instagram&lt;/a&gt;&lt;/u&gt;&lt;/li&gt;&lt;/ol&gt;&lt;br/&gt;&lt;p&gt;&lt;strong&gt;If you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? &lt;/strong&gt;&lt;u&gt;&lt;a href="https://investedinclimate.com/contact/" rel="noopener noreferrer" target="_blank"&gt;Get in touch&lt;/a&gt;&lt;/u&gt;!&lt;/p&gt;</description>

Invested In Climate

Jason Rissman

What's Changed and What's Coming in Climate Investing with Rob Day and Raj Atluru, Ep #127

JAN 13, 202653 MIN
Invested In Climate

What's Changed and What's Coming in Climate Investing with Rob Day and Raj Atluru, Ep #127

JAN 13, 202653 MIN

Description

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. On today’s episode, we cover:02:20 – Guest Intros & The “Missing Middle” Problem04:39 – A Second Lens on the Missing Middle07:00 – Origin Story of Activate Capital10:40 – Energy, Load Growth & Macro Shifts12:09 – “Why Now?” and Today’s Load Shock17:27 – Structural Causes of the Missing Middle19:26 – Heavy Lifting at Growth Stage25:43 – Hardware Is Back: Fund III Themes30:16 – Scaling, Learning Curves & Project Execution33:00 – From Founder-Led to Scalable Sales40:13 – Being Contrarian (EVs, AI & Hype Cycles)43:57 – EV Fundamentals & Infrastructure Gaps45:15 – Policy vs. Interest Rates47:55 – Home Electrification & Rooftop Solar48:06 – Speed-Round Predictions for 202649:26 – Dry Powder & Exit Fuel51:50 – Climate Tech Becomes “Just Tech”53:06 – Closing & Call to ActionResources MentionedSpring Lane CapitalActivate CapitalDFJ (Draper Fisher Jurvetson)SolarCity (historical, now part of Tesla Energy)EnpalVoltus Crusoe EnergyXNRGYAeronesInfravisionJetsonMuon SpaceSolunaLunar EnergyConnect with usRob DayRaj AtluruJason RissmanKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!