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Hydrogen needs to be part of the energy mix, says Nicole LeBlanc, a partner with Toyota's growth fund Woven Capital, writes Katie.

Why it matters: Green hydrogen is attracting major government and investor support, and Toyota is investing significantly in developing clean hydrogen tech.

Tokyo-based Woven Capital has deployed nearly half of its first $800 million fund with nine investments including backing maritime hydrogen company Corvus Energy, electric wheelchair company Whill, and autonomous delivery robot company Nuro. It's also invested in other funds.

The firm makes Series B and up investments. Toyota Ventures backs earlier-stage startups for Toyota.

LeBlanc joined Woven Capital a year and a half ago and previously was a partner with urban tech VC firm 2150 and an investor with Sidewalk Labs.

This interview was lightly edited for clarity.

What in your view was the big news in climate-tech investing this year?

"The hydrogen roller coaster. It needs to be part of the energy mix, and I've met so many interesting startups that can drive progress, yet it still faces significant infrastructure challenges."

"Corporates are stepping up and the machine is moving. Large companies are at last meaningfully changing processes and adopting new technologies to hit net-zero targets well before 2050."

"The talent shift. So many young, smart people are moving into climate tech, some giving up meaningful financial opportunities. It will have a huge impact over the next 10 years."

One tip for climate-tech investors or founders:

"Don't just focus on the technology. We need digital, physical and policy innovation to accelerate the impact and returns that come from climate tech."

"Developing (film) photos in a Kodak camera shop, where I learned about the importance of adopting new tech."

"Investing in over 200 founders so far in my career, with 25% being trailblazing women."

🤦🏻‍♂️ Facepalm investment or investment you wish you made:

"Overinvested in Cleantech 1.0 because I loved the tech — but the business models were unproven."

💡 In three-ish words, the change you would make to climate-tech investing:

"Mindset shift: Impact can = financial returns"

Expert voices: Woven Capital's Nicole LeBlanc on hydrogen

Woven Capital has deployed about half of its $800M 1st fund

Photo illustration of Nicole LeBlanc surrounded by abstract shapes.

Photo illustration: Gabriella Turrisi/Axios. Photo: Courtesy of Woven Capital

Toyota

Hydrogen needs to be part of the energy mix, says Nicole LeBlanc, a partner with Toyota&#x27;s growth fund Woven Capital, writes Katie.Why it matters: Green hydrogen is attracting major government and investor support, and Toyota is investing significantly in developing clean hydrogen tech.

Expert voices: Woven Capital's Nicole LeBlanc on hydrogen

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