What's Changed and What's Coming in Climate Investing with Rob Day and Raj Atluru, Ep #127

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. On today’s episode, we cover:02:20 – Guest Intros & The “Missing Middle” Problem04:39 – A Second Lens on the Missing Middle07:00 – Origin Story of Activate Capital10:40 – Energy, Load Growth & Macro Shifts12:09 – “Why Now?” and Today’s Load Shock17:27 – Structural Causes of the Missing Middle19:26 – Heavy Lifting at Growth Stage25:43 – Hardware Is Back: Fund III Themes30:16 – Scaling, Learning Curves & Project Execution33:00 – From Founder-Led to Scalable Sales40:13 – Being Contrarian (EVs, AI & Hype Cycles)43:57 – EV Fundamentals & Infrastructure Gaps45:15 – Policy vs. Interest Rates47:55 – Home Electrification & Rooftop Solar48:06 – Speed-Round Predictions for 202649:26 – Dry Powder & Exit Fuel51:50 – Climate Tech Becomes “Just Tech”53:06 – Closing & Call to...