This Week in MCJ (8/29/20)
Now the real work begins.
Hey all,
As I mentioned last week, we are in good shape with closing the first quarterly fund, and getting in business officially as a climate tech investor. The fund officially went live Friday, so we can now begin formally securing commitments. We plan to start investing in the quarter starting 10/1, and will be selectively accepting additional commitments between now and then, or until we reach our self-imposed cap of $1.25m/quarter, at least out of the gates. We are in good shape though, we already have more than enough to close and get going, and if the first fund ends up being a little smaller to give us some time to ramp up, it isn’t such a bad thing.
In the meantime, we are beginning to shift gears to defining our process for evaluating investments, what tools we will use to keep track, how we will handle reporting to LPs, etc. We also need to work through how to best resource between MCJ activities and fund activities, since it is still just Thai and I covering everything.
It’s a time of transition, but rest assured MCJ activities will not only not slow down, but we expect they will accelerate. This community is a core part of our future, and we are just getting warmed up.
Jason
PS, here’s a snippet from a recent MCJ membership application that reinforces why we do what we do….
And a note I got recently from a newly joined member….
This type of feedback is like oxygen, and there is no way we are slowing down on everything MCJ. WE LOVE THIS COMMUNITY! ❤️
📼Episodes
Here’s this week’s episode, in case you missed it.
Episode 118: Andrew Salzberg, Loeb Fellow at Harvard University Graduate School of Design
Andrew is the former Head of Transportation Policy at Uber, and is just wrapping up a Loeb Fellowship at the Harvard University Graduate School of Design, a one year fellowship in which he studied how new mobility technology can be utilized to better serve the public good. Andrew has had a particular focus on advancing zero carbon transportation systems.
I was excited for this one, because transportation is such a key lever in decarbonization and one that we haven't yet spent enough time digging into yet here on the pod. We cover a lot in this episode, including an overview of the transportation ecosystem, where we are today, where we need to go, and what some of the barriers are that have been holding us back.
We also talk about the arc of Andrew's career, his time at Uber, and what’s coming next! I enjoyed this one, and hope you do as well.
📼Climate Tech Startup Series (CTSS)
MCJ has launched a new series for members, where we feature founders of early-stage companies, sharing their startup’s business and mission. Members can check out our other episodes below and find an updated list here.
CTSS Episode 6: Charm Industrial, with co-founder Peter Reinhardt
Charm Industrial is a San Francisco-based startup scaling bio-oil production for three markets: carbon sequestration, hydrogen fuel and steel production. Using a process known as “fast pyrolysis,” the company is converting cellulose (e.g. wood, saw dust, crop residue) into bio-oil, which can be used to bury carbon underground (negative emissions), to convert into hydrogen, and as a cleaner ingredient in the production of steel. Stripe announced this year that it became Charm Industrial’s first negative emissions customer. Co-founder Peter Reinhardt walks me through a company overview, and an in-depth explanation of bio-oil. He also talks about how a tech entrepreneur like him (or anyone else that is motivated by climate change) can find a way to make a dent. I was so impressed with Peter and Charm that I ended up investing after we recorded the episode!
N.B. Peter is interested in introductions to those who work in the steel industry and can be reached at peter AT charmindustrial DOT com.
🌎New Latin America Regional Community
MCJer Manuella Cunha Brito recently created the #latam Slack Channel to bring together members based there and those interested in discussing topics and opportunities happening in that region. Members interested in joining and becoming an active participant can use the aforementioned link or DM Manuella.
🏗 What You’re Building
Projects and ventures being pursued by fellow MCJers.
“The Next Big Thing” Newsletter
MCJer and VC, Nikhil Basu Trivedi, recently shared on Twitter (and in MCJ slack!) reflections on the recent crises sweeping the nation and why it underscores the need to work on decarbonization. You can read his piece, titled “The Climate Crisis,” and subscribe to his newsletter.
💪Startup Resources
Frequency: Flexible Program For Launching a Startup
Boston-based VC and life science incubator, Pillar & Petri respectively, have launched Frequency, “a flexible program designed to help you explore launching a startup — on your terms.” The program runs from September 15th to October 27th; applications are due by August 31st.
💼Climate Jobs
Here are some jobs shared by members of the MCJ community that we think might be of interest to you. Many of these opportunities and the MCJers who shared them can be found in #climatejobs in the MCJ Slack.
Sr. Salesforce Administrator, Legal Operations, Capital Markets Analyst at Generate Capital in San Francisco, CA (careers page)
Principal, Associate at Energize Ventures in Chicago, IL (Medium posts)
COO at Ennuity Holdings in Houston, TX (careers page)
Solar Project Manager at Bioferm Energy Systems in Madison, WI (job description)
📢Climate News
Highlights of news this week related to climate change.
The Wall Street Journal reported this week that Storebrand Asset Management, Norway’s largest private money manager, has divested from Exxon and Chevron due its new climate change policy. According to the WSJ, “Storebrand said it would no longer invest in companies that earn more than 5% of revenue from coal or oil sands or that lobby against the Paris Agreement, among other criteria.”
The New York Times reported that a group of climate activists have been elected to Harvard University’s Board of Overseers, the institution’s key governing bodies. Propelled by calls from students and alumni alike, the candidates ran on a platform that called for Harvard’s endowment to divest from all fossil fuel investments.
Raptor Maps announced that it had closed a $5MM Series A, co-led by Blue Bear Capital, Data Point Capital and Buoyant Ventures. Congruent Ventures, Powerhouse Ventures, the Massachusetts Clean Energy Center and Y Combinator also participated. Using aerial data collected by drones, the company provides analytics for solar companies.
📰🎧Recommended Reading/Listening
Below are recently published articles and content that we find interesting and/or that were shared by fellow MCJers.
The Wall Street Journal: “Preserving Trees Becomes Big Business, Driven by Emissions Rules” (PDF)
This article reports on how a number of energy companies are investing in forest reservation as part of a speculative bet that a lucrative carbon offset market will expand beyond California.
The New York Times: “4 Years of Catastrophic Fires in California: ‘I’m Numb’”
This article covers the plight of the over 8 million residents of the San Francisco Bay Area who are experiencing the fourth consecutive year of forest fires, exacerbated by the pandemic.
The New York Times: “Climate Is Taking On a Growing Role for Voters, Research Suggests”
This article reports on a recently published survey showing that a rising number of the electorate have expressed climate change as being a major issue for them at the ballot.
Aclima: “California Air Quality During Lightning Complex Fires”
Aclima, a SF-based startup that monitors air quality and pollution and founded by MCJer and former podcast guest Davida Herzl, recently published a series of findings from the forest fires raging throughout the Bay Area.
🎟Climate Events
As a reminder, we have a new MCJ Events Calendar, where you can view and post events for the rest of the MCJ community to attend. When posting an event, please refer to this checklist.
Past
MCJ Town Hall (August 2020)
If you missed yesterday’s town hall, you can view a recording here.
Upcoming
MCJ Ideas Jam (Wednesday, September 2nd, 8 PM EST)
MCJers Nicolo Giorgi and Candice Ammori are hosting the third MCJ Ideas Jam on Sept 2nd @ 5pm PST / 8pm EST / 12pm GMT. Come to pitch your climate startup idea, provide your feedback on the ideas pitched, and/or spark your own ideas in the process. Our guest experts are first to give the pitchers feedback and helpful direction, and space will be opened for the general MCJ community to provide their feedback and collaborative ideas, both during the event and after. Please RSVP here as a pitcher or general audience member.
Meet-a-MCJer Europe-Edition🇪🇺 (Thursday, September 10th, 5 PM CEST / 11 AM EST)
MCJers Alexis Jorge Caporale, Michael Reibel Boesen, & Romain Diaz, who are leading the MCJ Europe community, are hosting the group’s first Icebreaker event. The aim is to bring together members based in Europe as well as those interested in learning more about this new regional community. If you would like a calendar invite, please drop us a note.
Clean Energy For Biden Presents: “#ClimateTech: A Conversation with VCs on Climate Innovation” (Thursday, September 17t at 5 PM EST)
Join Clean Energy for Biden on September 17th for #ClimateTech: A Conversation with VCs on Climate Innovation. This uniquely-formatted event brings together leading climate tech and clean energy VCs for discussion on how the investment landscape will change with a Joe Biden and Kamala Harris victory in November. Event panelists include:
Shayle Kann, Managing Director at Energy Impact Partners and host of The Interchange Podcast
Sierra Petersen, Partner at Lionheart Ventures
Dan Goldman, Managing Director & Co-founder at Clean Energy Ventures
Clay Dumas, Partner at Lowercarbon Capital
And our thoughtful panel moderator, Sophie Purdom, Creator and Author of Climate Tech VC Newsletter
You can learn more about the event and register for it here.
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