We’re back with the sixth installment of our Missing Middle in Climate Tech series, produced in partnership with Spring Lane Capital.

As we kick off 2026, this episode offers a timely, grounded conversation with two seasoned investors who bring decades of perspective to where climate investing has been and where it’s headed next. Rather than focusing on predictions alone, the discussion goes deeper into the nuance of how capital is actually being deployed in today’s market.

Rob Day, Co-Founder of Spring Lane Capital, and Raj Atluru, Managing Partner at Activate Capital, trade ideas and reflect on how the climate tech landscape has evolved.

Together, they unpack how investor priorities have shifted over time, the metrics they look for in growth-stage companies, and the opportunities emerging from today’s macro forces, including interest rates, deglobalization, and AI’s rapidly escalating energy demand.

For listeners looking to understand how experienced investors are navigating complexity, risk, and scale in climate tech right now, this is a conversation worth spending time with.

Explore the full Missing Middle in Climate Tech series or reach out with ideas for future collaborations at investedinclimate.com.

1. 02:20 – Guest Intros & The “Missing Middle” Problem
2. 04:39 – A Second Lens on the Missing Middle
3. 07:00 – Origin Story of Activate Capital
4. 10:40 – Energy, Load Growth & Macro Shifts
5. 12:09 – “Why Now?” and Today’s Load Shock
6. 17:27 – Structural Causes of the Missing Middle
7. 19:26 – Heavy Lifting at Growth Stage
8. 25:43 – Hardware Is Back: Fund III Themes
9. 30:16 – Scaling, Learning Curves & Project Execution
10. 33:00 – From Founder-Led to Scalable Sales
11. 40:13 – Being Contrarian (EVs, AI & Hype Cycles)
12. 43:57 – EV Fundamentals & Infrastructure Gaps
13. 45:15 – Policy vs. Interest Rates
14. 47:55 – Home Electrification & Rooftop Solar
15. 48:06 – Speed-Round Predictions for 2026
16. 49:26 – Dry Powder & Exit Fuel
17. 51:50 – Climate Tech Becomes “Just Tech”
18. 53:06 – Closing & Call to...

We always love a chance to hear from someone who’s been investing in climate for a long time. Daniel Weiss fits the bill. His firm, Angeleno Group, was founded in 2001 and since then has led or co-led over $3 billion into clean energy and climate solutions.

Daniel and the Angeleno Group also surround themselves with accomplished leaders that bring true global expertise. Their advisory board includes a former US Secretary of Energy, former Secretary of Treasury, UN Ambassador, Nobel Laureate, and several other top scholars and industry leaders.

Lean in closely for this conversation and learn from Daniel’s perspective. What we heard was somewhat surprising: that despite the headwinds coming from Washington and rippling around the world, strong deal flow, ever improving talent, and low valuations make this the best time in decades to invest in climate solutions. We spoke about Daniel’s background, this unique moment in climate investing, Angeleno Group’s thesis and recent investments, and much more.

Lots to learn about and consider in this episode. Enjoy.

1. 02:30 – Daniel’s Personal Climate Journey
2. 05:30 – From Law to Climate Investing & Founding Angeleno Group
3. 07:39 – World Resources Institute (WRI) & Global Systems Change
4. 12:29 – Optimism & “The New Global Possible”
5. 13:21 – Building Angeleno Group Through Turbulent Times
6. 14:36 – Check Sizes, Stages & How Angeleno Invests
7. 15:18 – Evolution of Climate Investing & Why 2025 Is So Compelling
8. 19:56 – Megatrends: Load Growth, AI & Energy Security
9. 22:27 – Angeleno’s Advisory Board & Why It Matters
10. 24:19 – Angeleno Group’s Investment Thesis
11. 25:18 – Example Investments: Software for the Grid & Wildfire Risk
12. 29:08 – Headwinds in Climate Tech: Fundraising & Exits
13. 33:05 – Scaling Climate Finance & Global Opportunity
14. 34:35 – Climate Week NYC & Hope from the Next Generation
15. 36:33 – Closing Thoughts

1. Angeleno Group
2. World Resources Institute (WRI)
3. Book: The New Global...

Philanthropy plays a uniquely critical role in climate action—it can fund the bold, early-stage, community-led, and systems-changing work that markets and governments too often overlook. And with the federal government cutting funding to a wide range of climate, energy and conservation efforts, philanthropy plays a more important role than ever before.

That’s why we’re teaming up with the Skyline Foundation and their Climate Lead, Shereen D’Souza on a series of conversations on climate philanthropy.

Over the coming episodes, we’ll explore how philanthropy can accelerate climate solutions—not just by moving more money, but by moving it differently and to high impact topics and geographies. We’ll talk to leaders who are rethinking power, reimagining partnerships, and reshaping the way resources flow.

Today, we’re starting with a conversation that sets the tone for the entire series: trust-based philanthropy. What does it look like to fund climate work in ways that are long-term, rooted in real relationships, and prioritize the expertise of grantee organizations? How can funders shift from control to collaboration, and what happens when they do?

Shereen and I are joined by Shaady Salehi, Executive Director of the Trust-Based Philanthropy Project. Shaady has been at the forefront of this movement, helping foundations transform their practices and support grantees with more transparency, humility, and flexibility. We talk about Shaady and Shereen’s backgrounds in philanthropy, what trust-based philanthropy is and how it can help non-profit partners be more effective, why it’s relevant to Skyline Foundation’s approach and ways other donors can learn more.

This series is one of several deep dive series we’ve created this year. Find the others on InvestedinClimate.com and reach out through the website if you’d like to partner on a deep dive series of your own.

• 03:30 – Shadi’s Background & Origins of Trust-Based Philanthropy
• 05:34 – Shireen’s Climate Journey & Work on the Paris Agreement
• 08:38 – Inside the Skyline Foundation’s Climate Program
• 10:21 – The Role of Philanthropy vs. Markets in Climate
• 12:20 – What Makes Skyline Different as a Climate Funder
• 13:29 – What Is Trust-Based Philanthropy? Core Practices
• 17:11 – Accountability & Critiques of Trust-Based Philanthropy
• 19:20 – Power Dynamics & Mutual Accountability
• 20:58 – Inside the Trust-Based Philanthropy Project
• 23:12 – How Trust-Based Philanthropy Shows Up at Skyline
• 25:35 – Why Trust-Based Philanthropy Is Critical for Climate Now
• 27:55 – How Trust Builds Honesty & Problem-Solving
• 29:32 – Shadi’s Motivation & What’s at Stake Systemically
• 33:12 – Barriers to Trust-Based Climate Philanthropy
• 34:21 – How Skyline Shares Control with Field Experts
• 38:11 – Entry Points for Funders New to Trust-Based Philanthropy
• 40:23 – Closing & Call to Action

• Skyline Foundation
• Trust-Based Philanthropy Project
• The Whitman Institute