WEBVTT - How NordicNinja Backs Climate Tech

0:00:00.280 --> 0:00:04.480
<v Speaker 1>Financial markets can no longer ignore the impacts of climate change,

0:00:04.559 --> 0:00:10.600
<v Speaker 1>shifting consumer expectations and increasing regulatory scrutiny. These forces are

0:00:10.680 --> 0:00:16.280
<v Speaker 1>reshaping industries, redefining risk, and creating new opportunities for long

0:00:16.400 --> 0:00:22.119
<v Speaker 1>term value creation. Through conversations with industry leaders, investors, and

0:00:22.320 --> 0:00:27.480
<v Speaker 1>subject matter experts, we explore where sustainability is translating into

0:00:27.840 --> 0:00:33.919
<v Speaker 1>measurable financial outcomes. Welcome to Sustainability Currents. Brought to you

0:00:33.960 --> 0:00:36.360
<v Speaker 1>by Bloomberg Intelligence.

0:00:40.920 --> 0:00:45.480
<v Speaker 2>I'm Yas Takehoma, analyst for Sussemble Finals at Bloomberg Individence.

0:00:46.680 --> 0:00:50.200
<v Speaker 2>Over the past few years, climate technology has moved from

0:00:50.240 --> 0:00:53.080
<v Speaker 2>being a niche investment theme to one of the most

0:00:53.080 --> 0:00:58.440
<v Speaker 2>important drivers of innovation and economic growth. Governments are stringers

0:00:58.560 --> 0:01:03.440
<v Speaker 2>in climate policies, corporations are racing to decarbonize their operations,

0:01:03.480 --> 0:01:09.440
<v Speaker 2>and breakthrough technologies are attracting unprecedented levels of investment. Today,

0:01:09.520 --> 0:01:12.880
<v Speaker 2>we are delighted to be joined by Tomosaku Sohara, a

0:01:12.959 --> 0:01:16.240
<v Speaker 2>founder of Nordic Ninja, one of the leading venture capital

0:01:16.280 --> 0:01:20.480
<v Speaker 2>farms focused on climate technology. The farmer has built a

0:01:20.520 --> 0:01:24.640
<v Speaker 2>strong truck record of investing in startups that are driving

0:01:24.720 --> 0:01:29.200
<v Speaker 2>the transition to a low carbon economy. In today's conversation,

0:01:29.560 --> 0:01:33.640
<v Speaker 2>we will explore where climat tech investing is headed, which

0:01:33.720 --> 0:01:38.240
<v Speaker 2>technologies are generating the greatest excitement, and what opportunities and

0:01:38.360 --> 0:01:43.560
<v Speaker 2>challenges lay ahead for founders, investors and corporations. Soharazan, thank

0:01:43.560 --> 0:01:45.759
<v Speaker 2>you so much for joining us today and then welcome

0:01:45.800 --> 0:01:46.680
<v Speaker 2>to our podcast.

0:01:46.920 --> 0:01:48.880
<v Speaker 3>Thank you very much for having me, Homazan.

0:01:49.360 --> 0:01:53.680
<v Speaker 2>Great to start, could you introduce Nordic Ninja to our audience.

0:01:54.280 --> 0:01:58.080
<v Speaker 2>What is the investment focus and what makes the fund unique.

0:01:58.520 --> 0:02:01.840
<v Speaker 2>We'd also love to hear to your team and where

0:02:01.920 --> 0:02:04.880
<v Speaker 2>you are based and the philosophy the guys you were

0:02:05.040 --> 0:02:06.320
<v Speaker 2>investment decisions.

0:02:06.520 --> 0:02:09.160
<v Speaker 4>Yeah, all right, happy to do that. First of all,

0:02:09.480 --> 0:02:12.320
<v Speaker 4>my name is Thomas x so'hara. I'm co founder and

0:02:12.360 --> 0:02:15.400
<v Speaker 4>the general partner at the Nordic c Ninja VC. So

0:02:15.560 --> 0:02:19.360
<v Speaker 4>the nerd KUNINJUVC is one of the largest Japanese VC

0:02:20.000 --> 0:02:24.919
<v Speaker 4>focusing only in the European startup ecosystem, so with kind

0:02:24.919 --> 0:02:27.959
<v Speaker 4>of an idea of making the bridge between the europe

0:02:27.960 --> 0:02:31.960
<v Speaker 4>And entrepreneurship and innovation and the Japanese corporated in the industries.

0:02:32.560 --> 0:02:35.000
<v Speaker 4>So as you can see that the Nordic gre Ninja

0:02:35.040 --> 0:02:38.079
<v Speaker 4>is coming from the Nordics, so we have round the

0:02:38.160 --> 0:02:44.160
<v Speaker 4>nerd Gringia in twenty nineteen headquartering Helsinki as a capital

0:02:44.240 --> 0:02:47.520
<v Speaker 4>city of the Finland. And now we are expanding our

0:02:47.560 --> 0:02:50.600
<v Speaker 4>geographical mandate and we are focusing on the northern part

0:02:50.639 --> 0:02:54.240
<v Speaker 4>of Europe and pert Europe as well. So the nord

0:02:54.320 --> 0:02:57.639
<v Speaker 4>Grininja is an early stage investor focusing on the deep

0:02:57.680 --> 0:03:02.520
<v Speaker 4>technologies including a climate technology GEES and the digital technologies,

0:03:02.880 --> 0:03:06.600
<v Speaker 4>especially for the Nordic and the uk or Banarux.

0:03:06.080 --> 0:03:07.200
<v Speaker 3>And Iran as well.

0:03:08.440 --> 0:03:13.480
<v Speaker 4>So one of the uniqueness for us is that we

0:03:13.880 --> 0:03:18.400
<v Speaker 4>are the Japanese BC but the same times and we

0:03:18.520 --> 0:03:22.919
<v Speaker 4>have international teams, so we have only the eleven employees

0:03:23.639 --> 0:03:26.880
<v Speaker 4>working for the Nordic Ninjas, but the same time that

0:03:26.960 --> 0:03:29.720
<v Speaker 4>we have combined of the European people and also the

0:03:29.800 --> 0:03:36.000
<v Speaker 4>Japanese people. And another uniqueness that in general, I mean

0:03:36.080 --> 0:03:40.720
<v Speaker 4>so many Japanese basis are making investment into the Europe

0:03:40.760 --> 0:03:44.280
<v Speaker 4>and the US and Asia I mean outside of the

0:03:44.360 --> 0:03:49.040
<v Speaker 4>Japan but the same time they usually join the investment

0:03:49.120 --> 0:03:54.200
<v Speaker 4>cases as a follower investors. But for us, from the

0:03:54.280 --> 0:03:58.000
<v Speaker 4>day one, we have been trying to make an investment

0:03:58.080 --> 0:04:01.920
<v Speaker 4>into the start about the real investors. So as as

0:04:01.960 --> 0:04:05.440
<v Speaker 4>a result, ninety percent of our profile company has been

0:04:05.520 --> 0:04:08.840
<v Speaker 4>led by us, so this is kind of a uniqueness.

0:04:08.920 --> 0:04:12.160
<v Speaker 3>Yes, we wanted to pursue for father great.

0:04:12.720 --> 0:04:15.680
<v Speaker 2>Also, my interest is on the name of Nordic Ninja.

0:04:16.279 --> 0:04:19.000
<v Speaker 2>So my follow up question is why did you put

0:04:19.200 --> 0:04:20.560
<v Speaker 2>ninja on the company name.

0:04:21.000 --> 0:04:21.960
<v Speaker 3>That's a good question.

0:04:22.120 --> 0:04:24.680
<v Speaker 4>I mean, there was a lot of argument when we

0:04:24.880 --> 0:04:30.320
<v Speaker 4>established the firm, so back into the twenty and eighteens,

0:04:30.720 --> 0:04:33.599
<v Speaker 4>so they're like two options, the Nordic Samurai and the

0:04:33.680 --> 0:04:38.320
<v Speaker 4>Nordic Ninjas. We also wanted to name ourselves as the

0:04:38.400 --> 0:04:43.040
<v Speaker 4>people can easily understand that our firm was a combination

0:04:43.200 --> 0:04:47.080
<v Speaker 4>of like nodic innovation and the Japanese cultures, so that

0:04:47.160 --> 0:04:49.760
<v Speaker 4>we wanted to use some kind of unique Japanese name

0:04:49.839 --> 0:04:53.960
<v Speaker 4>like a sakura or samurai or ninja's. But at the

0:04:53.960 --> 0:04:57.520
<v Speaker 4>same time, as you know, they compared to the ninja

0:04:57.600 --> 0:05:00.760
<v Speaker 4>and the samurai, as you know homicide, the summarai is

0:05:00.760 --> 0:05:06.160
<v Speaker 4>willing to take a closy battlefield and the samurai in

0:05:06.200 --> 0:05:09.200
<v Speaker 4>general samurai wanted to take on a center stage right

0:05:09.720 --> 0:05:12.760
<v Speaker 4>compared to the ninjas. But the ninja is a more

0:05:12.800 --> 0:05:17.080
<v Speaker 4>loyal and Ninja always tried to support the load and

0:05:17.080 --> 0:05:19.560
<v Speaker 4>the Ninja doesn't need to take them a center stage.

0:05:19.800 --> 0:05:23.720
<v Speaker 4>So from my perspect from our perspective, we wanted to

0:05:23.760 --> 0:05:27.080
<v Speaker 4>put the entrepreneur founders on a center stage and the

0:05:27.200 --> 0:05:29.479
<v Speaker 4>investors we se should not take a center stage. So

0:05:29.520 --> 0:05:35.039
<v Speaker 4>that's why we decided to name ourselves Ninja, not nerdic Samurai.

0:05:36.120 --> 0:05:39.279
<v Speaker 2>That's great, So let's move on to the role of

0:05:39.400 --> 0:05:45.320
<v Speaker 2>climatic funds. Climate technology has attracted significant attention in recent years.

0:05:45.720 --> 0:05:48.880
<v Speaker 2>Could you explain the role that climate tech venture funds

0:05:48.920 --> 0:05:53.880
<v Speaker 2>play in accelating de carbonization. Has a climatic investment market

0:05:53.960 --> 0:05:58.760
<v Speaker 2>been growing in terms of capital and the number of funds,

0:05:59.120 --> 0:06:01.880
<v Speaker 2>How has the land skip evolved over the past few.

0:06:01.800 --> 0:06:07.960
<v Speaker 4>Years well, as Hormosoon mentioned that, I agree in general,

0:06:08.360 --> 0:06:12.839
<v Speaker 4>maybe in the last maybe five years, the climate technology

0:06:12.920 --> 0:06:17.640
<v Speaker 4>the climate investors had been in March very significantly. But

0:06:17.760 --> 0:06:20.520
<v Speaker 4>the same time, the name of the climate tech or

0:06:20.520 --> 0:06:25.240
<v Speaker 4>climate inbassadors is shrinking thanks that maybe Trump administration in

0:06:25.279 --> 0:06:28.480
<v Speaker 4>the US well. But at the same time, I strongly

0:06:28.520 --> 0:06:32.240
<v Speaker 4>believe the role of the climate tech ambassador or crime

0:06:32.360 --> 0:06:36.280
<v Speaker 4>technology is still very important for the future of the world.

0:06:37.160 --> 0:06:41.159
<v Speaker 4>So from my perspective. The climate b C or crimate

0:06:41.279 --> 0:06:47.039
<v Speaker 4>investors play two important roles. The first they provide a

0:06:47.120 --> 0:06:53.880
<v Speaker 4>patient capital to technology that require longer development cycle than

0:06:53.960 --> 0:06:59.520
<v Speaker 4>typical software like a Sazas business. Many climate technology involved hardware,

0:06:59.720 --> 0:07:04.080
<v Speaker 4>manu factoring or infrastructure sometimes so they often need more

0:07:04.120 --> 0:07:06.760
<v Speaker 4>time and a more capital, which mean that the capital

0:07:06.880 --> 0:07:11.640
<v Speaker 4>intensities before reaching the commercial scale. That's a first role

0:07:12.200 --> 0:07:18.120
<v Speaker 4>and the second row I would say climate BCEO Climate

0:07:18.200 --> 0:07:22.400
<v Speaker 4>investors help the bridge the gap between technology and deployment,

0:07:23.160 --> 0:07:27.520
<v Speaker 4>so success is really just about having a great innovational technologies.

0:07:28.360 --> 0:07:33.240
<v Speaker 4>Companies need help finding the customers, securing the strategic partnership

0:07:33.440 --> 0:07:37.320
<v Speaker 4>including like a big corporate, and navigating the regulations sometimes

0:07:37.360 --> 0:07:40.640
<v Speaker 4>needed to educate the market, needed to educate the policy

0:07:40.640 --> 0:07:46.480
<v Speaker 4>maker and raising FIGN capital so experienced climate investors can

0:07:46.560 --> 0:07:51.760
<v Speaker 4>accelerate all of these Having say that BC along will

0:07:51.800 --> 0:07:57.600
<v Speaker 4>not solve the organization. Infrastructure investors, corporate and government growth

0:07:57.640 --> 0:08:01.200
<v Speaker 4>fund and even the debt provider including a project finance

0:08:01.200 --> 0:08:05.960
<v Speaker 4>provider or play critical role as the technology is mature excellent.

0:08:06.400 --> 0:08:09.520
<v Speaker 2>I feel the strong passion from you on the climat

0:08:09.520 --> 0:08:15.200
<v Speaker 2>tech funds, so let me discuss the challenges in climat investing. So,

0:08:15.320 --> 0:08:18.760
<v Speaker 2>from an investors perspective, what is the biggest challenge in

0:08:18.920 --> 0:08:25.160
<v Speaker 2>backing climatic startups today? Is it identifying promising technologies, helping

0:08:25.200 --> 0:08:28.320
<v Speaker 2>companies scale, or fundraising or something else.

0:08:28.840 --> 0:08:33.040
<v Speaker 4>Well, honestly, compared to the last couple of years, we

0:08:33.120 --> 0:08:35.679
<v Speaker 4>see a lot of challenge in terms of the climate

0:08:35.720 --> 0:08:42.960
<v Speaker 4>tech envestment nowadays. Well, I actually don't think identifying interesting

0:08:43.000 --> 0:08:49.319
<v Speaker 4>technology is the hardest part. University and the research institutions

0:08:49.320 --> 0:08:52.880
<v Speaker 4>continue to generate the outstanding science and today there's no

0:08:53.000 --> 0:08:57.040
<v Speaker 4>shortage of ambitious founders in the India, Europe. The biggest

0:08:57.120 --> 0:09:03.200
<v Speaker 4>challenge is what I could say, commercialization and executions.

0:09:04.120 --> 0:09:06.960
<v Speaker 3>So let me give you one example.

0:09:07.960 --> 0:09:12.920
<v Speaker 4>Have you ever heard the boat right, nose boat the

0:09:13.080 --> 0:09:16.520
<v Speaker 4>largest secure of action is in the Europe. So they

0:09:16.640 --> 0:09:21.040
<v Speaker 4>raise a ton of money. I believe that they raised

0:09:21.200 --> 0:09:26.040
<v Speaker 4>more than a billion dollars. I think more the keen,

0:09:26.120 --> 0:09:30.840
<v Speaker 4>brilliant the money is. But they failed. They were to bankruptcy.

0:09:31.720 --> 0:09:35.320
<v Speaker 4>And after the failing of the noseboat stories, everybody was

0:09:35.400 --> 0:09:41.040
<v Speaker 4>complaining about okay, maybe I mean noboat technology products. It's

0:09:41.080 --> 0:09:45.600
<v Speaker 4>not useful and there's no market which has been looking

0:09:45.640 --> 0:09:47.120
<v Speaker 4>for the nospoad technology.

0:09:47.280 --> 0:09:48.440
<v Speaker 3>This is not true.

0:09:49.559 --> 0:09:52.520
<v Speaker 4>So Nobot has a lot of clients, had a lot

0:09:52.559 --> 0:09:55.520
<v Speaker 4>of customer. They have signed a turn up the off

0:09:55.559 --> 0:09:59.160
<v Speaker 4>taker agreement. So the market demanded is not an issue.

0:09:59.440 --> 0:10:03.440
<v Speaker 4>The p is execution. They have a capital, they have

0:10:03.559 --> 0:10:06.080
<v Speaker 4>a market, they have a customer, and they have a

0:10:06.120 --> 0:10:09.160
<v Speaker 4>great tilet But the same time that they cannot deliver

0:10:09.840 --> 0:10:14.520
<v Speaker 4>the data product on time and at the cost. So

0:10:14.559 --> 0:10:18.840
<v Speaker 4>that's why I mean they cannot create sustainable the business model.

0:10:19.880 --> 0:10:21.760
<v Speaker 3>That's a tricky part.

0:10:22.160 --> 0:10:26.240
<v Speaker 4>So the previously when every is saying about the climate

0:10:26.240 --> 0:10:29.400
<v Speaker 4>technology or decarbonization, there are a lot of like a

0:10:29.440 --> 0:10:34.320
<v Speaker 4>business involved which is counting the green premium. So in

0:10:34.400 --> 0:10:37.360
<v Speaker 4>the Europe they have a lot of product image like

0:10:37.440 --> 0:10:41.720
<v Speaker 4>a so called a green product, so green steel, I

0:10:41.720 --> 0:10:46.400
<v Speaker 4>mean the green food, I mean green somethings. But the

0:10:46.440 --> 0:10:51.080
<v Speaker 4>same time, after the couple of years, we realize that very.

0:10:51.240 --> 0:10:54.119
<v Speaker 3>Few people is willing to pay the green premium.

0:10:55.080 --> 0:11:01.360
<v Speaker 4>So looking at for example, alternative protein industries, so there's

0:11:01.400 --> 0:11:03.640
<v Speaker 4>a lot of alternative protein that can beyond me the

0:11:03.679 --> 0:11:07.520
<v Speaker 4>impossible folds. But nowadays nobody wanted to pay these curable

0:11:07.559 --> 0:11:11.600
<v Speaker 4>green payments. So this is the biggest thing that I

0:11:11.640 --> 0:11:17.719
<v Speaker 4>have learned is that climate startup climate companies don't compete

0:11:17.920 --> 0:11:21.839
<v Speaker 4>only on sustainabilities. They needed to compete on the economics

0:11:22.480 --> 0:11:26.400
<v Speaker 4>the customers by solutions because they are cheaper first and

0:11:26.559 --> 0:11:31.560
<v Speaker 4>more reliable or more convenient, not simply because they are greater.

0:11:32.880 --> 0:11:36.960
<v Speaker 3>So this is the biggest program. We should not underestimate

0:11:37.040 --> 0:11:37.480
<v Speaker 3>this part.

0:11:37.840 --> 0:11:41.600
<v Speaker 2>Thank you so much for raising some example. Then let's

0:11:41.679 --> 0:11:46.719
<v Speaker 2>move on to some cases in your Portofolio. First one

0:11:46.840 --> 0:11:50.120
<v Speaker 2>is in in Ride. So in Ride has become one

0:11:50.120 --> 0:11:53.840
<v Speaker 2>of the best known companies developing autonomous and electric freight

0:11:53.960 --> 0:11:56.920
<v Speaker 2>solutions due to the IPO in the New York STO

0:11:56.960 --> 0:12:01.120
<v Speaker 2>Quick Exchange recently. Could you introduce the company and explain

0:12:01.480 --> 0:12:05.800
<v Speaker 2>what makes its technology so disruptive, what excites you most

0:12:05.840 --> 0:12:06.800
<v Speaker 2>about this future?

0:12:07.240 --> 0:12:11.280
<v Speaker 4>Thank you, Thank you Burnamud for picking up the ain Ride.

0:12:12.040 --> 0:12:14.920
<v Speaker 4>So we are so excited. We're so happy that the

0:12:14.960 --> 0:12:18.400
<v Speaker 4>air led made successfue IPO in the netslex through the

0:12:18.520 --> 0:12:23.400
<v Speaker 4>spac rasman so an Ride is a Swedish company that

0:12:23.559 --> 0:12:28.200
<v Speaker 4>is a transforming flight transportation by combining the three technologies

0:12:28.920 --> 0:12:33.920
<v Speaker 4>electric tracks, autonomous driving and AI power the freight management software.

0:12:34.920 --> 0:12:39.480
<v Speaker 4>This is a revolutional technologies for the industries. So what

0:12:39.600 --> 0:12:43.440
<v Speaker 4>makes the company disrupt is that it doesn't just sell

0:12:43.480 --> 0:12:49.440
<v Speaker 4>the electric tracks. It offers an integrated logistic platform that

0:12:49.640 --> 0:12:56.199
<v Speaker 4>helps customer optimized routs, charging and biggle utilization, making flight

0:12:56.320 --> 0:13:01.640
<v Speaker 4>transport both cleaner and more efficient. What exciting me most

0:13:01.920 --> 0:13:08.280
<v Speaker 4>is wrong time opportunities. And we made an investment into

0:13:08.320 --> 0:13:11.640
<v Speaker 4>the Inlet in twoy nineteen, so it took a little

0:13:11.920 --> 0:13:15.400
<v Speaker 4>seven or eight years. This is this is a wrong shot,

0:13:15.640 --> 0:13:18.199
<v Speaker 4>but the same time were still am excited to pursue

0:13:18.240 --> 0:13:22.240
<v Speaker 4>the their journeys. So load of flight accounts for the

0:13:22.320 --> 0:13:27.160
<v Speaker 4>significant shield of the global shieldy emissions. So even small

0:13:27.240 --> 0:13:31.480
<v Speaker 4>improvement can have a huge impact. As battery costs, ford

0:13:31.520 --> 0:13:35.320
<v Speaker 4>and autonomous technologist matures, companies like an ain Let could

0:13:35.400 --> 0:13:41.200
<v Speaker 4>fundamentally change how goods are transported. And if we look

0:13:41.240 --> 0:13:44.560
<v Speaker 4>at the maybe Japanese industries, one of the biggest charging

0:13:44.640 --> 0:13:47.959
<v Speaker 4>for the track industry is lacking of the driver or

0:13:48.000 --> 0:13:53.640
<v Speaker 4>maybe aging. In addition to the Asian societies, the many

0:13:53.720 --> 0:13:58.600
<v Speaker 4>like a truck or logistical industries, they are struggling to

0:13:58.840 --> 0:14:03.480
<v Speaker 4>find or to seek you the meaningful younger truck drivers.

0:14:04.480 --> 0:14:07.720
<v Speaker 4>So and that could also not disrupt the a light

0:14:07.840 --> 0:14:11.920
<v Speaker 4>could also contribute for the rucking of dimad driver in

0:14:11.960 --> 0:14:13.160
<v Speaker 4>these industry.

0:14:12.760 --> 0:14:18.080
<v Speaker 2>Is very interesting. Another fascinating company is core Power Ocean

0:14:18.280 --> 0:14:22.240
<v Speaker 2>which is developing wave energy technology. So many of our

0:14:22.280 --> 0:14:26.120
<v Speaker 2>listeners may not be familiar with wave power. Could you

0:14:26.200 --> 0:14:29.640
<v Speaker 2>explain how it works? Do you see wave energy becoming

0:14:29.680 --> 0:14:33.600
<v Speaker 2>a meaningful part of the global clean energy mix, which

0:14:33.680 --> 0:14:38.400
<v Speaker 2>reasons for countries have the greatest potential to adopt this technology.

0:14:38.560 --> 0:14:42.760
<v Speaker 4>This is one of the personally most exciting profile company

0:14:42.960 --> 0:14:47.120
<v Speaker 4>than Neude Ninia. So the core Power developed This is

0:14:47.160 --> 0:14:50.640
<v Speaker 4>also another Swedish company by the way, the same as

0:14:51.400 --> 0:14:55.960
<v Speaker 4>ain Ride. So core Power develops the technology that converts

0:14:56.200 --> 0:15:00.160
<v Speaker 4>the motion of the ocean waves into the electricity. So

0:15:00.200 --> 0:15:03.280
<v Speaker 4>they are floating device to move up and down with

0:15:03.440 --> 0:15:06.920
<v Speaker 4>the waves and that the mechanical movement is comboined into

0:15:06.960 --> 0:15:12.040
<v Speaker 4>electric power. So which means that maybe that with the

0:15:12.080 --> 0:15:18.280
<v Speaker 4>core Power device they can amplify three times energy efficiencies.

0:15:19.000 --> 0:15:20.120
<v Speaker 3>From the wave energies.

0:15:20.760 --> 0:15:21.880
<v Speaker 2>So what's interesting.

0:15:22.080 --> 0:15:26.880
<v Speaker 4>What makes the core Power particularly exciting or interesting is

0:15:26.920 --> 0:15:32.400
<v Speaker 4>that data technologies is designed to capture much more energy

0:15:32.440 --> 0:15:37.720
<v Speaker 4>than traditional wave power energies while surviving harsh ocean conditions,

0:15:38.320 --> 0:15:42.160
<v Speaker 4>which has history historically been one of the biggest challenges

0:15:42.200 --> 0:15:45.760
<v Speaker 4>for the industries. I'm not sure you are aware of

0:15:45.840 --> 0:15:50.320
<v Speaker 4>the home Muslim but the Japan with the first countries

0:15:50.960 --> 0:15:56.120
<v Speaker 4>that has successfully p RC pilot project wave power in

0:15:56.280 --> 0:15:59.960
<v Speaker 4>maybe ninety yeah, after the World War seconds in nineteen

0:16:00.600 --> 0:16:04.520
<v Speaker 4>I'm naturally exactly timing, but ninety fifty five or ninety

0:16:04.600 --> 0:16:07.840
<v Speaker 4>sixty near the TOLLHK regions. But at the same time,

0:16:07.920 --> 0:16:11.200
<v Speaker 4>I mean, the way power industry is way power excitement

0:16:11.280 --> 0:16:14.000
<v Speaker 4>in Japan has been drinking because of a lot of reason,

0:16:14.880 --> 0:16:18.760
<v Speaker 4>so maybe fisherman reason. And also it's really difficult for

0:16:19.880 --> 0:16:23.800
<v Speaker 4>the device to survive under the harsh weathers, including leg

0:16:23.920 --> 0:16:27.920
<v Speaker 4>storm weather. But I don't think the way energy will

0:16:27.920 --> 0:16:32.400
<v Speaker 4>repress solar or wind, but it can become an important compliment.

0:16:34.000 --> 0:16:38.160
<v Speaker 4>The waves are often more predictable and continue generating electricity

0:16:38.320 --> 0:16:41.560
<v Speaker 4>even when the sun isn't shining or the wind. This week,

0:16:43.000 --> 0:16:46.480
<v Speaker 4>the regions with a strong I mean costlines such as

0:16:46.520 --> 0:16:51.920
<v Speaker 4>the uk Iround, Portrugal and Norway, maybe even some part

0:16:51.960 --> 0:16:55.520
<v Speaker 4>of Japan, have a particularly strong potential for the wave

0:16:55.720 --> 0:17:00.600
<v Speaker 4>energy deployment and sensitizing of the demand for the AI.

0:17:00.720 --> 0:17:06.360
<v Speaker 4>The data centers the world mass needs these kind of technologies.

0:17:07.200 --> 0:17:13.479
<v Speaker 2>Great, thank you. Another case is on Ego Bio. Correct

0:17:13.560 --> 0:17:17.800
<v Speaker 2>me if my pronunciation is wrong. So Oneggo Bio is

0:17:17.880 --> 0:17:22.800
<v Speaker 2>also a very interesting company because it produces bioidentical egg

0:17:22.960 --> 0:17:28.200
<v Speaker 2>protein without relying on chickens. Eggs are often described as

0:17:28.280 --> 0:17:31.919
<v Speaker 2>one of the most complete sources of nutrition, so this

0:17:32.119 --> 0:17:36.840
<v Speaker 2>technology could have significant implications for food production. At the

0:17:36.880 --> 0:17:40.760
<v Speaker 2>same time, Oneggo says its process can reduce CO two

0:17:40.800 --> 0:17:45.080
<v Speaker 2>emissions by around ninety percent compared with conventional egg production.

0:17:45.920 --> 0:17:49.360
<v Speaker 2>How does the technology achieve that and what impact could

0:17:49.359 --> 0:17:53.920
<v Speaker 2>it have on both sustainable food systems and the climate change?

0:17:54.119 --> 0:17:58.159
<v Speaker 3>Okay, yep, happy to so.

0:17:58.280 --> 0:18:03.600
<v Speaker 4>On Ego is an another exciting profile company and the

0:18:03.680 --> 0:18:08.320
<v Speaker 4>day of the finished companies not sweating now, So only

0:18:08.359 --> 0:18:13.280
<v Speaker 4>you produce the egg protein without using the chicken as

0:18:13.320 --> 0:18:20.280
<v Speaker 4>you described. Instead, they use a precision fermation where microorganisms

0:18:20.720 --> 0:18:24.960
<v Speaker 4>are programmed to produce exactly the same protein and feature

0:18:25.280 --> 0:18:27.879
<v Speaker 4>that naturally exists in the white eggs.

0:18:28.960 --> 0:18:29.879
<v Speaker 3>Because there are no.

0:18:30.240 --> 0:18:35.000
<v Speaker 4>Hands forms of feel involved, the process uses far less land,

0:18:35.440 --> 0:18:40.920
<v Speaker 4>water and energy, and that's why the company estimated it

0:18:41.119 --> 0:18:44.000
<v Speaker 4>can reduce the COEO to emission by around the ninety

0:18:44.080 --> 0:18:50.560
<v Speaker 4>percent compared with the conventional egg productions. So I mean

0:18:50.640 --> 0:18:52.920
<v Speaker 4>the energy is very important. But at the same time,

0:18:53.160 --> 0:18:55.480
<v Speaker 4>I mean the water is very important. There's a lot

0:18:55.520 --> 0:18:58.720
<v Speaker 4>of competition to secure the high quality of the water,

0:18:59.040 --> 0:19:02.160
<v Speaker 4>I mean because of the data center or other use cases.

0:19:03.760 --> 0:19:06.360
<v Speaker 4>So onegar as I mentioned that the ONEGLE I mean

0:19:06.480 --> 0:19:11.000
<v Speaker 4>doesn't need to use much water for producing their product.

0:19:12.720 --> 0:19:18.320
<v Speaker 4>I think the biggest opportunity isn't replacing every egg people

0:19:18.400 --> 0:19:22.520
<v Speaker 4>it it's supplying a high quality egg protein to the

0:19:22.560 --> 0:19:30.200
<v Speaker 4>food industry for the products like baking, some snacks and cookies,

0:19:30.280 --> 0:19:34.320
<v Speaker 4>and processed foods even like a pasta as well. The

0:19:34.320 --> 0:19:38.800
<v Speaker 4>way functionality is more important than the egg itself. If

0:19:38.840 --> 0:19:42.680
<v Speaker 4>the technologies reach the largest scale production and the competitive cost,

0:19:43.240 --> 0:19:46.520
<v Speaker 4>it could make a food production both more susceinable and

0:19:46.680 --> 0:19:50.760
<v Speaker 4>more resilient. Maybe one thing that I wanted to add

0:19:51.320 --> 0:19:56.000
<v Speaker 4>regarding the onegle as I mentioned that the products can

0:19:56.080 --> 0:20:02.280
<v Speaker 4>reduced shield to emission significantry compared with the conventional egg productions.

0:20:02.720 --> 0:20:07.000
<v Speaker 4>But the same time, the business model doesn't count on

0:20:07.160 --> 0:20:10.960
<v Speaker 4>a green premium. But the same time, for example, in

0:20:11.000 --> 0:20:17.400
<v Speaker 4>the US or some Southeast Asian countries, they frequently struggle

0:20:17.640 --> 0:20:22.560
<v Speaker 4>with the bolder through. If the ball through happens occurs,

0:20:22.960 --> 0:20:26.439
<v Speaker 4>the price of the egg is very of the balladize

0:20:26.880 --> 0:20:31.439
<v Speaker 4>has been fluctuated, so many food processor companies want to

0:20:32.119 --> 0:20:35.600
<v Speaker 4>want to stop rights their price. So that's why I

0:20:35.600 --> 0:20:38.000
<v Speaker 4>mean they are willing to pay something like a not

0:20:38.200 --> 0:20:44.639
<v Speaker 4>green premium, but like sustainable or suprighting permium for that.

0:20:46.240 --> 0:20:49.720
<v Speaker 4>So only go might be able to contribute very significantly

0:20:50.200 --> 0:20:54.600
<v Speaker 4>to stabil right the subpriting for the eggo industry. But

0:20:54.760 --> 0:20:57.600
<v Speaker 4>that that is the biggest contributor which an ongle could

0:20:57.720 --> 0:20:58.960
<v Speaker 4>provide for the world.

0:20:59.520 --> 0:21:03.160
<v Speaker 2>Excellent, that's great, Thank you so much. Then let's return

0:21:03.240 --> 0:21:08.280
<v Speaker 2>back to the broader market discussion. Climate investing doesn't happen

0:21:08.320 --> 0:21:12.240
<v Speaker 2>in the vacuum. Policy changes can have a major impact

0:21:12.280 --> 0:21:16.080
<v Speaker 2>on the industry. The United States has recently seen a

0:21:16.160 --> 0:21:19.720
<v Speaker 2>shift in its approach to ESG and climate policy, including

0:21:19.800 --> 0:21:24.359
<v Speaker 2>moves away from some international climate commitments. How do these

0:21:24.400 --> 0:21:28.800
<v Speaker 2>policy changes affect climatic startups and the investors? Do they

0:21:28.920 --> 0:21:33.879
<v Speaker 2>slow innovation? Do you see opportunities emerging elsewhere in the world?

0:21:34.359 --> 0:21:39.040
<v Speaker 3>Well, the honor three. The policy change.

0:21:40.520 --> 0:21:45.840
<v Speaker 4>From the US government is significantry add best effect to

0:21:45.960 --> 0:21:52.159
<v Speaker 4>the world entirely well, especially for the climate attack. So

0:21:52.240 --> 0:21:56.560
<v Speaker 4>that's why the very few people currently calling a climate attack.

0:21:57.640 --> 0:21:59.480
<v Speaker 4>So the a couple of years ago, I mean so

0:21:59.560 --> 0:22:03.199
<v Speaker 4>many star founder, so many entrepreneurs in the Europe and Asia,

0:22:03.359 --> 0:22:06.840
<v Speaker 4>everybody's talking about the climate attack. But nowadays I mean

0:22:06.840 --> 0:22:11.600
<v Speaker 4>nobody wanted to say about the climatettach. But instead if

0:22:11.640 --> 0:22:16.760
<v Speaker 4>we were talking about the resilience technologies or critical technologies

0:22:18.359 --> 0:22:23.840
<v Speaker 4>or like I mean energy technologies. For example, in the Europe,

0:22:24.000 --> 0:22:29.560
<v Speaker 4>after the Ukraine's situation was happens, the energy suborignities, energy

0:22:29.600 --> 0:22:35.240
<v Speaker 4>securities one of the most important agenda for the Europe.

0:22:35.920 --> 0:22:39.520
<v Speaker 4>So I mean so many companies and so many industries,

0:22:39.560 --> 0:22:43.080
<v Speaker 4>so many PCs has been looking for the energy related

0:22:43.119 --> 0:22:43.720
<v Speaker 4>the startup.

0:22:44.880 --> 0:22:46.800
<v Speaker 3>But this kind of energy really startup.

0:22:46.880 --> 0:22:50.520
<v Speaker 4>They can contribute to both for the for the security

0:22:50.520 --> 0:22:54.520
<v Speaker 4>and the energy security in the Europe, but also contribute

0:22:54.600 --> 0:22:57.080
<v Speaker 4>for the.

0:22:57.320 --> 0:23:01.560
<v Speaker 3>Global global warming mitigations.

0:23:03.520 --> 0:23:08.240
<v Speaker 4>So I would say that yes, I mean the climate technology.

0:23:08.240 --> 0:23:11.280
<v Speaker 4>The naming of the climate climate technology I mean should

0:23:11.320 --> 0:23:17.280
<v Speaker 4>be replacing by resilience tech, energy tech, whatever we called

0:23:17.920 --> 0:23:22.440
<v Speaker 4>so natively has been changed. But the mindset and passion

0:23:23.400 --> 0:23:30.440
<v Speaker 4>for the decarbonization has not been changed. One thing that

0:23:30.600 --> 0:23:36.160
<v Speaker 4>we should be aware from from also the US perspective

0:23:36.840 --> 0:23:42.040
<v Speaker 4>that the US is still the largest provider of the

0:23:42.040 --> 0:23:47.240
<v Speaker 4>growth capital to the old I mean, I think all

0:23:47.400 --> 0:23:50.439
<v Speaker 4>kinds of startup, not only the deep take climate but

0:23:50.480 --> 0:23:54.600
<v Speaker 4>also any kind of startup. And the Europe has a

0:23:54.600 --> 0:23:58.120
<v Speaker 4>lot of hourly stage investors, and Europe has a lot

0:23:58.160 --> 0:24:01.639
<v Speaker 4>of the government who could support that maybe are the

0:24:01.720 --> 0:24:05.520
<v Speaker 4>stage of innovation by using like a grunt or subsidy

0:24:05.640 --> 0:24:08.720
<v Speaker 4>or like a tax incentives. But at the same time

0:24:09.200 --> 0:24:15.080
<v Speaker 4>someone needed to provide the growth capitals. So unfortunately Europe

0:24:15.160 --> 0:24:19.560
<v Speaker 4>and made easier. We had been counting on the growth

0:24:19.600 --> 0:24:23.720
<v Speaker 4>capital from the US. But nowadays, I mean the growth

0:24:23.760 --> 0:24:26.720
<v Speaker 4>investor infrastructure invested in the US, they don't want to

0:24:26.800 --> 0:24:30.600
<v Speaker 4>invest into the climate tech. So this is something that

0:24:30.640 --> 0:24:35.399
<v Speaker 4>maybe Europe needed to tackle with maybe partnership of the Asia.

0:24:36.080 --> 0:24:40.960
<v Speaker 4>So that's why so many European entrepreneur founders wanted to

0:24:41.080 --> 0:24:46.399
<v Speaker 4>consider the collaborating with the Japanese industrial Japanese investments. I

0:24:46.600 --> 0:24:50.040
<v Speaker 4>believe maybe the next couple of years. But this is

0:24:50.080 --> 0:24:53.680
<v Speaker 4>a great moment, great momentum for the Europe to build

0:24:53.760 --> 0:24:55.040
<v Speaker 4>something together with Japan.

0:24:55.480 --> 0:24:59.520
<v Speaker 2>Great thank you so much for sharing your experience and insights.

0:25:00.160 --> 0:25:03.040
<v Speaker 2>That's all from us today. We really appreciate it. Thank

0:25:03.080 --> 0:25:03.720
<v Speaker 2>you so much, so

0:25:04.320 --> 0:25:06.480
<v Speaker 3>Thank you very much for Homeberson, good luck,