Why Europe Is Winning the Climate Tech Race - Tove Larsson (Norrsken VC)

Why Europe Is Winning the Climate Tech Race - Tove Larsson (Norrsken VC)

Author: Hugo Rauch July 10, 2025 Duration: 43:56

This week, we sit down with Tove Larsson, General Partner at Norrsken VC, one of the largest climate VCs in Europe with already 3 unicorns in their portfolio and built on top of Norrsken Foundation, launched by Niklas Adalberth (founder of Klarna).

We discuss why the geopolitical landscape is creating new opportunities, how Europe’s startup ecosystem is maturing, and what VCs need to change about their approach to impact investing.

In this episode, you’ll learn:

Why Europe is a more attractive climate tech market than ever before

How the European policy landscape (Green Deal, CBAM, etc.) is shaping startups

The sectors with the strongest unicorn potential in climate

Examples of booming sectors from Norrsken’s portfolio

How to support startups during and after failure

What LPs really think about impact funds, and why that’s changing

… and more!

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Thank you to DealMaker for sponsoring this episode. 💚 

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⌛TIMESTAMPS

00:00 Introduction & Europe's Investment Boom

04:49 Norssken & Klarna's Story

06:44 Key Sectors in Climate

09:28 AI For Climate?

16:09 European Policy Landscape

20:05 It's Time for Climate Unicorns

26:37 We Need More LPs In Climate

31:10 Embracing Risk & Failure

38:41 Rapid Fire Questions 🔥

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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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