Jarna Hyvönen, Volare on Why Climate Hardware Needs a New Funding Playbook

About this episode

Jarna Hyvönen discusses the complexities of financing and scaling industrial climate companies with a focus on the capital stack.

In climate hardware, the capital stack shapes everything. This is according to Jarna Hyvönen , Co-Founder and CEO of Volare . She joins Andreas Munk Holm and co-host Carmel Rafaeli , Founding Partner at The Table , in this episode of Leaders Shaping a Resilient Planet to break down what it takes to finance and scale industrial climate companies. Volare is building a circular platform using black soldier flies to turn food industry side streams into protein, oils and fertilisers. Jarna explains how they structured a mix of equity, debt, mezzanine and grants to fund their first industrial facility, and what it takes to align these instruments in practice. Key topics Multi-instrument funding from day one Interdependent capital and fundraising complexity The importance of early financial capability De-risking through proven systems When unit economics become visible at scale Timestamps (00:00) Climate tech funding gap (03:00) From research to industrial scale (06:00) Inside the mixed capital stack (10:00) Interdependent financing (14:00) Financial strategy and CFO role (18:00) De-risking and innovation (22:00) Market shift to viability (26:00) Scaling and unit economics Subscribe to…

People in this episode

Hosts: Andreas Munk Holm, Carmel Rafaeli

Guest: Jarna Hyvönen

Topics covered

• climate hardware
• funding strategies
• industrial climate companies
• capital stack
• financial capability
• de-risking
• unit economics

Keywords

• climate tech
• funding
• equity
• debt
• mezzanine
• grants
• scaling
• financial strategy

Mentioned in this episode

Organizations: Volare, The Table

More episodes of EUVC

• Quantum's ChatGPT moment is coming · June 12, 2026 · 1h 11m
• REHAU's AI rollout: AI Academy, AI Factory and enterprise adoption · June 10, 2026 · 35 min
• Europe's Palantir problem, AI sovereignty & the rise of venture secondaries · June 8, 2026 · 56 min
• From festival to innovation platform: The story behind Love Tomorrow & The Impact Circle · June 4, 2026 · 31 min
• Episode #2: Consumer Tech Napkin | Building moats in consumer tech · June 2, 2026 · 45 min
• The AI jobs panic might be wrong · May 29, 2026 · 53 min