A Few Thoughts on Stegra | Collaborative Capital | AI Meets Fusion

A Few Thoughts on Stegra | Collaborative Capital | AI Meets Fusion

Author: Hugo Rauch October 24, 2025 Duration: 48:48

This week on New Wave Weekly:

👉 Stegra and the Billion-Euro Gap

Sweden’s Stegra (formerly H2 Green Steel) raised €6.5 billion to build Europe’s largest green-steel plant, then the FT called it a “funding crisis.” Is this media clickbait, or is Europe’s gigascale model showing cracks?

👉 All Aboard: The Collaborative Fund Movement

A new US initiative is pooling $300M from top VCs to de-risk first-of-a-kind climate projects. Should Europe follow suit, or is public capital our real advantage?

👉 AI as a Climate Catalyst

From DeepMind’s fusion simulations to data centers that run on nuclear-scale power, could AI become the unexpected accelerant for decarbonization?

***

References:

Swedish green steel firm Stegra seeks another $1.1 billion in financing | Reuters

SHS Raises $2 Billion for Green Steel Project in Germany - ESG Today

Stegra announces agreement with Microsoft - green steel - Stegra

Laurie Menoud on scaling climate-tech

Flagship green steel start-up in funding crisis

All aboard a game-changing initiative

The real reason Google DeepMind is working with a fusion energy startup

FAST by Patrick Collison

[Book] - Breakneck: China’s Quest to Engineer the Future” by Dan Wang

“AI Infrastructure: Trojan Horses for Climate Infrastructure”

What Denmark’s Hippie Teachers Can Teach Us About Financing Climate Tech

***

Wave Makers:

Jonny Everett - Marble

Maxi Pethö-Schramm - HV Capital

Yair Reem - Extantia

***

Chapters:

(00:00) Introduction

(01:05) VC Money. Infra Problems.

(29:29)  The First Collaborative Fund?

(41:46) AI for Fusion?

***

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Apple Podcasts - https://shorturl.at/HIDcg

Spotify - https://shorturl.at/yDTfR



This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Hugo Rauch hosts New Wave, a podcast that lives at the intersection of business ambition and scientific reality. This isn't about distant predictions or abstract science; it's a grounded exploration of the technologies and companies being built right now to address our environmental future. Each episode focuses on the practical journey, dissecting the models, the breakthroughs, and the hard decisions that define the climate tech landscape. You'll hear from founders, researchers, and investors who are actively shaping this space, getting into the specifics of what works, what doesn't, and why. The conversations move beyond hype to examine the tangible mechanics of creating viable solutions, from energy storage and sustainable materials to carbon removal and regenerative agriculture. It’s for anyone who thinks about the climate challenge not just as a crisis, but as a complex and urgent field of innovation. By tuning into this podcast, you gain a clearer understanding of the economic forces and scientific principles driving the next generation of environmental solutions. New Wave connects the dots between the lab, the boardroom, and the impact we need to see in the world, offering a sober yet optimistic look at where substantive progress is truly being made.
Author: Language: English Episodes: 89

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