WEBVTT

ce8b3a76-1078-406b-991e-f4e3a48c0fbf-0
00:00:00.320 --> 00:00:03.389
We're joined by Jeff and
Cornelius. Jeff, tell us about B

ce8b3a76-1078-406b-991e-f4e3a48c0fbf-1
00:00:03.389 --> 00:00:06.617
Capital and the work you're
doing.                          

ce8b3a76-1078-406b-991e-f4e3a48c0fbf-2
00:00:06.617 --> 00:00:08.840
  - Absolutely. So, B Capital is
a       

9bfbfb22-93c2-4386-9f55-c3a588419db8-0
00:00:09.490 --> 00:00:13.013
venture investment firm that's
global in nature. We have

9bfbfb22-93c2-4386-9f55-c3a588419db8-1
00:00:13.013 --> 00:00:17.031
offices across the US and Asia.
Our focus ranges from early seed

9bfbfb22-93c2-4386-9f55-c3a588419db8-2
00:00:17.031 --> 00:00:20.801
stage up and through growth. We
have three main verticals we

9bfbfb22-93c2-4386-9f55-c3a588419db8-3
00:00:20.801 --> 00:00:24.448
focus on, which is enterprise,
technology, health care and

9bfbfb22-93c2-4386-9f55-c3a588419db8-4
00:00:24.448 --> 00:00:28.218
climate. And my focus is really
on the climate side, which I

9bfbfb22-93c2-4386-9f55-c3a588419db8-5
00:00:28.218 --> 00:00:31.804
have recently joined to lead,
and our focus in climate is

9bfbfb22-93c2-4386-9f55-c3a588419db8-6
00:00:31.804 --> 00:00:35.759
really on growth investments. So
series of, stages B and beyond

575d423b-73ef-4ef4-a614-5fe1dd47df0b-0
00:00:37.230 --> 00:00:40.316
And what is sentiment like in
the climate investment market at

575d423b-73ef-4ef4-a614-5fe1dd47df0b-1
00:00:40.316 --> 00:00:43.059
the moment, are people
optimistic or cautious?         

575d423b-73ef-4ef4-a614-5fe1dd47df0b-2
00:00:43.059 --> 00:00:46.292
                                
 - Cautiously optimistic?       

575d423b-73ef-4ef4-a614-5fe1dd47df0b-3
00:00:46.292 --> 00:00:49.183
              - That's a good
get out clause.          - I

575d423b-73ef-4ef4-a614-5fe1dd47df0b-4
00:00:49.183 --> 00:00:52.024
mean, look, the sector today,
there's many, many positive

575d423b-73ef-4ef4-a614-5fe1dd47df0b-5
00:00:52.024 --> 00:00:55.061
things. We're seeing a lot of
momentum behind great companies

575d423b-73ef-4ef4-a614-5fe1dd47df0b-6
00:00:55.061 --> 00:00:57.903
and great entrepreneurs. You
know, companies are growing,

575d423b-73ef-4ef4-a614-5fe1dd47df0b-7
00:00:57.903 --> 00:01:00.891
they're deploying facilities,
they've got customers that are

575d423b-73ef-4ef4-a614-5fe1dd47df0b-8
00:01:00.891 --> 00:01:03.880
buying. You know, capital is
more challenging than it's been

49e95e69-03dc-4cb4-b193-0bf11cf7faa4-0
00:01:05.310 --> 00:01:08.735
in the past. And you know, these
are just really hard industries

49e95e69-03dc-4cb4-b193-0bf11cf7faa4-1
00:01:08.735 --> 00:01:11.898
to innovate in. So as you move
along, the challenges become

49e95e69-03dc-4cb4-b193-0bf11cf7faa4-2
00:01:11.898 --> 00:01:15.218
greater. So there's a lot of,
again, opportunity and reason to

49e95e69-03dc-4cb4-b193-0bf11cf7faa4-3
00:01:15.218 --> 00:01:18.223
be excited, but there's a very
long road ahead for these

49e95e69-03dc-4cb4-b193-0bf11cf7faa4-4
00:01:18.223 --> 00:01:19.329
companies to succeed.

89027847-5f1b-4a63-a6ea-439340fb549d-0
00:01:19.960 --> 00:01:22.944
And Cornelius, which bits of the
market are doing really well at

89027847-5f1b-4a63-a6ea-439340fb549d-1
00:01:22.944 --> 00:01:23.450
the moment?

7b83eabb-93d2-44ee-a693-23319bf25189-0
00:01:24.380 --> 00:01:28.901
So, I mean we've seen tremendous
development on the whole in

7b83eabb-93d2-44ee-a693-23319bf25189-1
00:01:28.901 --> 00:01:33.125
renewable generation, wind,
solar, batteries, et cetera,

7b83eabb-93d2-44ee-a693-23319bf25189-2
00:01:33.125 --> 00:01:37.202
coming on the scale curve, et
cetera, et cetera. Costs

7b83eabb-93d2-44ee-a693-23319bf25189-3
00:01:37.202 --> 00:01:41.797
plummeted, especially in solar
PV. That is obviously a strong

7b83eabb-93d2-44ee-a693-23319bf25189-4
00:01:41.797 --> 00:01:44.540
foundation and now, you know,
that's

51d1a89b-705f-45ff-9483-5546d3a3f8a4-0
00:01:45.590 --> 00:01:49.403
going to the next cycle, so to
say. Where I'm particularly

51d1a89b-705f-45ff-9483-5546d3a3f8a4-1
00:01:49.403 --> 00:01:53.346
interested and excited about
right now is, is heavy industry

51d1a89b-705f-45ff-9483-5546d3a3f8a4-2
00:01:53.346 --> 00:01:56.901
starting to get serious about
decarbonization with new

51d1a89b-705f-45ff-9483-5546d3a3f8a4-3
00:01:56.901 --> 00:02:00.973
technologies, with, you know,
flexible innovative solutions. A

51d1a89b-705f-45ff-9483-5546d3a3f8a4-4
00:02:00.973 --> 00:02:05.045
lot of this, you know, you can
see in in the portfolio here at

51d1a89b-705f-45ff-9483-5546d3a3f8a4-5
00:02:05.045 --> 00:02:08.923
the Breakthrough Energy Summit
and that is, you know, still

51d1a89b-705f-45ff-9483-5546d3a3f8a4-6
00:02:08.923 --> 00:02:12.931
small scale. You talked about,
you know, how long it takes to

51d1a89b-705f-45ff-9483-5546d3a3f8a4-7
00:02:12.931 --> 00:02:15.840
to really, you know, come up the
scale curve

146800c1-63f2-436e-9c68-52f456801089-0
00:02:15.970 --> 00:02:19.411
on those more complex solutions.
And at the same time, I think

146800c1-63f2-436e-9c68-52f456801089-1
00:02:19.411 --> 00:02:22.962
the pace and, and the innovative
power is quite breathtaking and

146800c1-63f2-436e-9c68-52f456801089-2
00:02:22.962 --> 00:02:23.399
amazing.

680e37cc-5128-46f0-ae89-e60f9404fa7b-0
00:02:24.180 --> 00:02:26.823
And are there climate
investments that you think are

680e37cc-5128-46f0-ae89-e60f9404fa7b-1
00:02:26.823 --> 00:02:28.370
being overlooked at the moment?

268ed76d-1055-4c11-b09d-17cf808fa895-0
00:02:29.320 --> 00:02:33.570
So I wouldn't say overlooked,
but I think one of, one topic

268ed76d-1055-4c11-b09d-17cf808fa895-1
00:02:33.570 --> 00:02:38.033
that is I think on the cusp of
becoming, you know, a real game

268ed76d-1055-4c11-b09d-17cf808fa895-2
00:02:38.033 --> 00:02:41.858
changer, especially in
industrial decarbonization is,

268ed76d-1055-4c11-b09d-17cf808fa895-3
00:02:41.858 --> 00:02:46.179
is thermal or heat storage. And
that is in a way the missing

268ed76d-1055-4c11-b09d-17cf808fa895-4
00:02:46.179 --> 00:02:47.030
link between

914836c0-fe82-4f0e-b742-5482b1518977-0
00:02:48.980 --> 00:02:53.141
volatile flexible fluctuating
electricity and industry

914836c0-fe82-4f0e-b742-5482b1518977-1
00:02:53.141 --> 00:02:57.756
requiring continuous process
heat and using that fluctuating

914836c0-fe82-4f0e-b742-5482b1518977-2
00:02:57.756 --> 00:03:02.749
electricity to generate the heat
and then to kind of stabilize it

914836c0-fe82-4f0e-b742-5482b1518977-3
00:03:02.749 --> 00:03:07.667
on a 24-7, in a way, time scale
with heat storage. That's pretty

914836c0-fe82-4f0e-b742-5482b1518977-4
00:03:07.667 --> 00:03:12.358
exciting. Some of the companies
here are, are driving this. I

914836c0-fe82-4f0e-b742-5482b1518977-5
00:03:12.358 --> 00:03:14.250
think that's that's a big

d36e4a3b-236e-4f6d-b94d-c635970091d9-0
00:03:15.000 --> 00:03:19.667
step forward for making progress
on decarbonizing the heavy

d36e4a3b-236e-4f6d-b94d-c635970091d9-1
00:03:19.667 --> 00:03:20.990
emitting sectors.

57644c75-6c12-48bd-8b1c-12db5954d79a-0
00:03:22.560 --> 00:03:26.061
- And Jeff?                     
                            -

57644c75-6c12-48bd-8b1c-12db5954d79a-1
00:03:26.061 --> 00:03:29.507
Yeah, yeah. I mean, I agree with
everything you said. I think

57644c75-6c12-48bd-8b1c-12db5954d79a-2
00:03:29.507 --> 00:03:33.064
there's a lot of exciting areas
in all of these dimensions that

57644c75-6c12-48bd-8b1c-12db5954d79a-3
00:03:33.064 --> 00:03:36.676
are being worked on. I'd say one
of the overlooked areas is more

57644c75-6c12-48bd-8b1c-12db5954d79a-4
00:03:36.676 --> 00:03:40.011
focused on growth capital. So
there's a lot of money at the

57644c75-6c12-48bd-8b1c-12db5954d79a-5
00:03:40.011 --> 00:03:43.623
earlier stage. There's a lot of
money for proven technologies to

57644c75-6c12-48bd-8b1c-12db5954d79a-6
00:03:43.623 --> 00:03:47.125
roll out as infrastructure. But
to really support companies at

57644c75-6c12-48bd-8b1c-12db5954d79a-7
00:03:47.125 --> 00:03:50.348
this growth stage is something
where there's a documented

57644c75-6c12-48bd-8b1c-12db5954d79a-8
00:03:50.348 --> 00:03:53.571
quantitative and qualitative
view that there's not enough

57644c75-6c12-48bd-8b1c-12db5954d79a-9
00:03:53.571 --> 00:03:54.350
money flowing,

4eadb05d-b66b-47f4-9f0f-88b73e2f4e99-0
00:03:54.420 --> 00:03:57.701
which is what we're really
trying to lean in and and work

4eadb05d-b66b-47f4-9f0f-88b73e2f4e99-1
00:03:57.701 --> 00:04:01.210
on. And so we're excited about
that. In terms of sectors, you

4eadb05d-b66b-47f4-9f0f-88b73e2f4e99-2
00:04:01.210 --> 00:04:03.700
know, I'd say the one that has
really been,

9b29c43d-798d-40bd-b8b4-a0564e5f0ad7-0
00:04:05.310 --> 00:04:08.546
you know, capital has flowed out
of as the food and ag sector.

9b29c43d-798d-40bd-b8b4-a0564e5f0ad7-1
00:04:08.546 --> 00:04:11.371
And, you know, there's such a
tremendous amount of, of

9b29c43d-798d-40bd-b8b4-a0564e5f0ad7-2
00:04:11.371 --> 00:04:14.453
innovation and opportunity in
that, that I feel like that's

9b29c43d-798d-40bd-b8b4-a0564e5f0ad7-3
00:04:14.453 --> 00:04:17.638
poised for a comeback, but it's
certainly still, some time to

9b29c43d-798d-40bd-b8b4-a0564e5f0ad7-4
00:04:17.638 --> 00:04:18.459
work through it.

2dd1b5ae-4cf8-41c0-bbab-7cd1c3bb8562-0
00:04:19.950 --> 00:04:22.225
- Jeff, Chris, thanks very much
for joining us.                 

2dd1b5ae-4cf8-41c0-bbab-7cd1c3bb8562-1
00:04:22.225 --> 00:04:24.220
                         - Thank
you. - Glad to be here.

2275027f-48c3-4a3e-b7f3-6680c62302dc-0
00:04:25.150 --> 00:04:28.740