USA vs Europe: Who Wins In Climate? - Matthew Blain (Voyager Ventures)

USA vs Europe: Who Wins In Climate? - Matthew Blain (Voyager Ventures)

Author: Hugo Rauch April 17, 2025 Duration: 40:32
New Wave.
BusinessScience

Listen now on Apple, Spotify, and YouTube.

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Thank you to BioEsol for sponsoring this episode. đź’š

BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.

***

This week, we’re joined by Matthew Blain, Principal at Voyager Ventures, a climate fund investing across Europe and the US. In this conversation, we break down the key differences between Europe and America.

We discuss:

* Why Europe’s software climate startups are outperforming

* The deeptech-commercialization gap and how to fix it

* What the US loan program office got right (and why it matters)

* Lessons from academia, accelerators, and growth capital

* The cultural differences in ambition between European and US VCs

* How founders and funds can think globally from day one

* … and more!

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⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 01:46 Europe has great research universities

* 02:58 Comparing Investment Ecosystems: Europe vs. US

* 05:57 The European Advantage

* 08:40 The Role of Accelerators and Government Support

* 10:50 Grant Financing: The US advantage

* 11:28 The Loan Program Office

* 12:54 The problem with European Growth Fund

* 16:21 How can investors drive change

* 19:58 Ambition and Global Mindset in European Startups

* 25:13 Europe vs America: who wins in climate tech?

* 29:59 Collaboration Between US and European Investors

* 33:51 VC to VC conversation

* 35:54 Rapid Fire Insights

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▶️ CONNECT WITH MATTHEW

* Matthew Blain - https://www.linkedin.com/in/matthew-blain-vc/

* Voyager Ventures - https://www.voyagervc.com/

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đź“š REFERENCES AND MENTIONS

* Activate – US deeptech accelerator

* Loan Program Office (US DOE) – Government debt vehicle

* ARIA (UK) – Advanced Research & Innovation Agency

* SPRIND (Germany) – Government agency backing breakthrough innovation

* BPI France – State-backed French investment bank

* Atomico’s State of European Tech – Annual report on EU startup activity

* Book: Venture Deals – by Brad Feld & Jason Mendelson

***

🎙️PAST EPISODES YOU’LL LOVE

* How to Exit a Deep Tech Startup - Matt Jones (Syensqo)

* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)

* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)

***

đź’š LEAVE A REVIEW

* 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.
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