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Investing in the Supply Chain behind Renewables with MUUS
Today, we’re diving into a part of the climate transition that doesn’t get nearly as much attention as solar panels, electric vehicles, or AI: the materials, minerals, and manufacturing systems that make modern civilization possible. Steel alone accounts for roughly 7–8% of global greenhouse gas emissions, and the energy transition is driving unprecedented demand for critical minerals, advanced materials, and domestic manufacturing capacity. These sectors offer incredible investment opportunities, and that’s the focus of my guest, Kavita Patel.
Kavita is a portfolio manager for venture investment for MUUS & Company (MUUS), the family office of TIGER 21 Founder and Chairman, Michael Sonnenfeldt, and his family.
We discuss opportunities ranging from critical mineral recycling to next-generation building materials, what she’s learned investing through the ups and downs of climate tech, and why she believes some of the most compelling opportunities today may be hiding in sectors many investors overlook.
We also explore where climate capital is flowing, where it may be underinvesting, and how investors can think rigorously about both financial returns and real-world climate impact.
I learned a lot from this conversation, and I think you will too. Here we go.
On today’s episode, we cover:
- 01:12 – Introducing guest: Kavita Patel of MUUS & Company
- 02:35 – Kavita’s background and path into climate investing
- 05:24 – From BlackRock and ESG to climate venture
- 07:19 – What is MUUS & Company? Climate thesis and focus areas
- 09:35 – Why critical minerals, materials, and domestic manufacturing
- 11:30 – Is materials & mining underhyped for investors? Market overview
- 13:17 – Venture timelines in hardware and industrial innovation
- 15:13 – Portfolio example #1: Nth Cycle’s critical minerals recycling
- 18:28 – Mining’s environmental impact and why focus on recycling
- 20:08 – Portfolio example #2: InventWood as a low‑carbon steel replacement
- 22:53 – No green premium: solving top pain points in B2B climate tech
- 23:03 – Where climate capital is flowing vs. where it should go
- 25:22 – What Kavita has learned from founders through market cycles
- 29:01 – Common fundraising pitfalls for climate founders
- 32:20 – Building the capital stack: partners, family offices, and non‑dilutive capital
- 35:15 – Measuring impact: MUUS’ use of the Crane tool
- 38:16 – Closing thoughts
Resources Mentioned
- MUUS & Company (MUUS)
- TIGER 21
- Nth Cycle (critical minerals refining & recycling)
- Trafigura (metals & commodities trading group)
- InventWood (wood-based high‑performance material)
- CRANE – Carbon Reduction Assessment for New Enterprises
- International Energy Agency (IEA)
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