The Green Blueprint

If you’re building a consumer software startup, your investors may expect you to project hockey stick-style growth. But if you’re building the physical infrastructure of the clean energy transition, you’re likely in a very different position. Frank O’Sullivan, Managing Director at S2G Investments, argues that the climate finance ecosystem is suffering from a structural mismatch. While there is plenty of capital for early-stage innovation and mature infrastructure projects, there is a "missing middle" — a gap where hard tech startups are generating revenue but aren’t yet bankable enough for infrastructure investors. In this episode, host Lara Pierpoint talks with Frank about why we’ve been trying to finance infrastructure companies like they’re software startups, the concentration risks in venture capital, and why large infrastructure allocators should be stepping into this growth-stage gap to seed their own pipeline. Credits: Hosted by Lara Pierpoint. Produced and edited by Ross Kenyon and Anne Bailey. Technical direction by Sean Marquand. Stephen Lacey is our executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this show, subscribe to Latitude Media's newsletter.

California recorded its second-lowest Sierra Nevada snowpack on record this spring. That's not just a bad ski season, it's a water supply crisis. Snowpack is where California's water comes from. And when it doesn't materialize, agriculture, hydropower, and fire suppression all feel the strain. Dacia Leon, CEO and co-founder of Supercool Earth, is building a company around a deceptively simple idea: use biology to make it rain and snow where it's needed most, on demand. Her company's core technology involves engineering microbes to produce high quantities of this pure protein cheaply, which is then used in snowmaking machines and for cloud seeding. Supercool Earth is targeting high-margin markets first, starting with a snow-making additive for ski resorts. It’s a cheaper, greener, and scalable alternative to existing products like Snomax largely because it’s made of pure, biodegradable protein (no bacterial cells), has no smell, and is stable at room temperature. The company is intentionally using natural proteins instead of non-degrading silver iodide used in traditional cloud seeding to streamline the regulatory process through EPA TSCA, which is faster than dealing with GMO regulations. In this episode, Lara Pierpoint talks with Dacia about the science and commercial strategy behind Supercool Earth, the lessons she's carrying from Bio 1.0 failures, the public perception challenges around geoengineering, and what she'd do if $100 million landed in the company's bank account tomorrow. Credits: Hosted by Lara Pierpoint. Produced and edited by Ross Kenyon and Anne Bailey. Technical direction by Sean Marquand. Stephen Lacey is our executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this show, subscribe to Latitude Media’s newsletter.

We already have the blueprint for decarbonizing the global economy. We've invented many of the solutions, but much of that tech is still sitting on the sidelines waiting to get financed and built at scale. But over the last year, we've seen a wave of change that complicates and – in some cases – helps that mission. In the first season of the Green Blueprint, we heard stories from the entrepreneurs, investors, and experts at the front lines of scaling climate technologies. This season, we're bringing you more candid conversations with the industry leaders who are pushing the boundaries of technology, project development, and deals across clean energy and climate tech. Join host Lara Pierpoint every other week on a deep dive into the high stakes decisions that companies face when trying to scale. Season two of The Green Blueprint drops this spring. You can find it on latitude media.com or anywhere you get your podcasts.

In 2020, Microsoft announced a major goal: by 2050 the company aims to remove from the atmosphere all the carbon emissions it has produced since its founding in 1975. When Phil Goodman joined the company in 2022, he quickly found that the market for Carbon Dioxide Removal (CDR) was just getting off the ground. That meant that in order to meet its climate pledge, Microsoft needed to help foster the carbon removal market. In this episode, Lara Pierpoint talks with Phil Goodman, director of Microsoft’s carbon removal portfolio, about what it takes to structure offtake agreements for CDR, the challenges of fostering an emerging market, and some of the company’s most promising CDR partnerships. Hosted by Lara Pierpoint. Produced and edited by Alexandria Herr, Stephen Lacey, and Anne Bailey. Technical direction by Sean Marquand. Stephen Lacey is our executive editor.The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this show, subscribe to Latitude Media’s newsletter.

This year in the U.S., steel manufacturers will produce more than 71 million tons of steel – enough to build nearly 200 Empire State buildings. It's a stunning statistic, but not surprising. The steel industry has fueled economic growth and innovation in America since the early 1800s. But for every ton of conventional steel produced, two tons of CO2 are emitted, making the coal industry responsible for about 7% of global emissions. Steel is widely known as one of those "hard to decarbonize" industries. But Boston Metal's innovations are pointing the way forward to a net-zero steel industry that relies on renewable power instead of coal. In this episode, Lara Pierpoint talks with Tadeu Carneiro, CEO of Boston Metal, about the company's first commercial facility in Brazil -- a facility that aims to reach industrial-scale production of critical metals by next year. And Lara asks Tadeu how his team developed and scaled a technology he calls “harder than keeping an ice cream cone frozen in hell.” Credits: Hosted by Lara Pierpoint. Produced and edited by Stephen Lacey and Anne Bailey. Technical direction by Sean Marquand. Stephen Lacey is executive editor.The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this show, subscribe to Latitude Media’s newsletter.

Clean energy founders love to talk about technology, capital, and scale. But few are prepared for the fourth pillar of success: government. Shomik Dutta, a co-founder and managing partner at Overture VC, learned that lesson firsthand after a career that spanned Obama’s White House, private equity, and venture capital. His takeaway: “If you’re not at the table, you’re on the menu.” Shomik thinks the next generation of climate startups must treat policy as a core competency, not an afterthought. That means building real influence in Washington, developing a muscle for storytelling, and sometimes even instilling a little fear in politicians. It’s a strategy Overture has baked into its investment model. The firm partners directly with Boundary Stone Partners, one of DC’s top government affairs shops, to help portfolio companies navigate regulation and shape outcomes. In this episode, Lara Pierpoint talks with Shomik about how industrial policy is reshaping venture capital, why crypto offers an unexpected lobbying lesson, and how founders can engage the government as a strategic partner— even in this moment of political backlash. Credits: Hosted by Lara Pierpoint. Produced and edited by Stephen Lacey and Anne Bailey. Technical direction by Sean Marquand. Stephen Lacey is executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this show, subscribe to Latitude Media’s newsletter.

Deep into engineering studies for Project Cormorant, 8 Rivers' massive low-carbon ammonia facility, the team discovered new efficiencies that would create a safer, more advanced version of their hydrogen technology. But there was one problem: they'd already invested heavily in the current design. CEO Damian Beauchamp faced a classic dilemma. Should 8 Rivers stick with their existing approach and avoid the sunk cost fallacy? Or risk everything on a better design, knowing it meant more time, more money, and missed deadlines? That choice became even more complicated when shifting political winds derailed their anticipated offtake agreement with an investor, forcing 8 Rivers to secure new buyers for most of their planned 900,000 tons of ammonia production. In this episode, Lara talks with Damian about navigating the sunk cost trap, building relationships with massive turbine manufacturers like Siemens Energy, and how 8 Rivers has survived as one of the few companies successfully deploying large-scale industrial decarbonization projects since 2008. Credits: Hosted by Lara Pierpoint. Produced by Erin Hardick and Daniel Woldorff. Edited by Anne Bailey. Technical direction by Sean Marquand. Stephen Lacey is executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this podcast, subscribe to Latitude Media's newsletter.

In 2022, Zach Jones learned that his technical team at Graphitic Energy was secretly working nights and weekends on an unsanctioned approach to producing clean hydrogen from natural gas. It was an approach that abandoned the technology Zach and the company had spent years developing. And Zach wasn’t happy. With investors to answer to and a pilot plant ready for construction, Zach couldn't switch gears completely to pursue an untested concept. But his team disagreed. And the months-long mutiny that followed nearly tore the company apart. In this episode, Lara talks with Zach about navigating that internal crisis, making the difficult decision to pivot technologies mid-development, and how Graphitic Energy's new approach produces both clean hydrogen and valuable graphite from the same process—eliminating the "green premium" typically associated with clean alternatives. Credits: Hosted by Lara Pierpoint. Produced by Erin Hardick. Edited by Anne Bailey and Stephen Lacey. Original music and engineering by Sean Marquand. Stephen Lacey is executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this podcast, subscribe to Latitude Media's newsletter.

Clean energy attracts nearly $3 trillion in investment annually, but most of that capital flows to massive utility-scale projects through the world's biggest banks and large-scale asset managers. Meanwhile, smaller distributed projects — rooftop solar, batteries, microgrids — face a structural financing challenge that Amanda Li calls "death by a thousand cuts." As co-founder and COO of Banyan Infrastructure, Li sees this dynamic constantly. Distributed infrastructure developers are trying to secure deals for $500,000 or $1 million, but face the same transaction costs as billion-dollar projects. "You might have a thousand times the amount of data at every single one of those stages, a thousand models, a thousand PDF documents or contracts, a thousand counterparties," Li explains. "So that's where the overhead really becomes crushing." Rachel Halfaker, who leads the community infrastructure program at the Milken Institute, sees the same fragmentation from a different angle. Unlike utility-scale projects with a single counterparty, distributed energy involves "a hundred business owners, a hundred nonprofits, a hundred YMCAs or churches" who aren't accustomed to thinking about term sheets and risk profiles. The solution they are pursuing? Standardization. But previous attempts have failed for specific reasons that go beyond market immaturity. "Everyone intellectually understands and believes in the benefits of coordination and standardization," said Li. But past efforts lacked dedicated coordinators and sufficient critical mass. The complexity of distributed energy finance makes standardization uniquely challenging. These projects often require blended capital stacks where three or more financing sources must align simultaneously. "All three things have to be in coordination in order for that deal to pencil,” said Halfaker. This orchestration typically falls to local developers with small teams, rather than the armies of investment bankers and lawyers that structure utility-scale deals. The result is frequent near-misses where viable projects nearly fall apart due to financing complexity. In this episode, recorded live as part of Latitude Media's Frontier Forum series, Stephen Lacey talks with Li and Halfaker about why standardization is critical for scaling distributed energy into a trillion-dollar asset class. They explore how standardization could eventually enable securitization — the "holy grail" that would create secondary markets for distributed energy assets. This episode was recorded live as part of Latitude Media's Frontier Forum with Banyan Infrastructure. Watch the full video here and download Banyan’s white paper on standardization here.

In 2023, Sarah Jewett was on her honeymoon in France when she received a life-changing text: steam was flowing from Fervo Energy's first commercial geothermal project in Nevada. That moment confirmed their revolutionary approach—applying horizontal drilling and hydraulic fracturing from the oil and gas industry to tap heat resources previously considered inaccessible. Unlike traditional geothermal that requires rare, steam-laden sites, Fervo's technology can access hot rock that exists almost everywhere underground. After proving their concept with Project Red in Nevada, the company is now building Cape Station, a 500-megawatt facility that will be one of America's largest geothermal plants, in Utah. In this episode, Lara talks with Sarah about navigating first-of-a-kind financing challenges, finding partners willing to take on the risk of new technology, and deciding when to take the next step in a scaling journey. Credits: Hosted by Lara Pierpoint. Produced by Erin Hardick. Edited by Anne Bailey and Stephen Lacey. Original music and engineering by Sean Marquand. Stephen Lacey is executive editor. Register here for Transition-AI 2025 in Boston on June 12th, 2025. Use promo code LATITUDEPODS10 for 10% off your ticket.

In 2014, Drew Baglino was helping build Tesla's energy division with a passionate, scrappy team. Using parts from Tesla's vehicles, they created the first Powerwall home battery. But as demand grew, they hit a critical bottleneck: cell shortages. Customers across multiple markets were already excited about the new product, but Drew’s team struggled to keep up with demand. With Powerwall 2 already announced, pressure mounted while the supply chain faltered. And with Tesla prioritizing vehicles,, the energy team was left to "get the scraps and figure it out". In this episode, Lara Pierpoint talks with Drew Baglino, former senior vice president of powertrain and energy at Tesla, about building a new product category through bootstrapping and creative resource sharing. Drew shares how a couple dozen "Swiss Army knife" engineers created a residential battery system that would ultimately define the market. Credits: Hosted by Lara Pierpoint. Produced by Erin Hardick. Edited by Anne Bailey and Stephen Lacey. Original music and engineering by Sean Marquand. Stephen Lacey is executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this podcast, subscribe to Latitude Media's newsletter.

Dan Shugar has been trying to move solar panels around since the 1980s. What started with a few experiments as a young engineer has turned into one of the biggest solar tracker companies in the world. In 2012 he founded Nextracker with a single product. Since then, Nextracker has revolutionized tracking technology through an array of innovative products. This week, host Lara Pierpoint talks with Nextracker CEO and founder Dan Shugar about product innovation and customer relationships, and how Nextracker made it through the pandemic. Credits: Hosted by Lara Pierpoint. Produced by Erin Hardick. Edited by Anne Bailey and Stephen Lacey. Original music and engineering by Sean Marquand. Stephen Lacey is executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts.

Leila Madrone founded Sunfolding in 2012 with an innovative idea – build a solar tracker using pneumatic "airbags" instead of motors and torque tubes. By 2015, the company was deploying the technology in a field test in Davis, California. Over the next six years, Sunfolding iterated on the technology’s design, built out the supply chain, and tried to prove bankability. Then, in 2021, the company found themselves faced with a major decision: take on a utility scale solar project during a global pandemic, or pass. In this episode, Lara Pierpoint talks to Leila about SunFolding's journey from breakthrough technology to shutdown, exploring the critical decisions that shaped the company's path and ultimately led to Sunfolding shutting down in 2023. Leila also shares the broader lessons for climate hardware startups navigating the complex intersection of innovation, manufacturing, and venture funding. Credits: Hosted by Lara Pierpoint. Produced by Erin Hardick. Edited by Anne Bailey and Stephen Lacey. Original music and engineering by Sean Marquand. Stephen Lacey is executive editor. The Green Blueprint is a co-production of Latitude Media and Trellis Climate. Subscribe on Apple, Spotify, or anywhere you get podcasts. For more reporting on the companies featured in this podcast, subscribe to Latitude Media's newsletter.