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

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

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