
Investing in the Supply Chain behind Renewables with MUUS, Ep #134
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 & Company02:35 – Kavita’s background and path into climate investing05:24 – From BlackRock and ESG to climate venture07:19 – What is MUUS & Company? Climate thesis and focus areas09:35 – Why critical minerals, materials, and domestic manufacturing11:30 – Is materials & mining underhyped for investors? Market overview13:17 – Venture timelines in hardware and industrial innovation15:13 – Portfolio example #1: Nth Cycle’s critical minerals recycling18:28 – Mining’s environmental impact and why focus on recycling20:08 – Portfolio example #2: InventWood as a low‑carbon steel replacement22:53 – No green premium: solving top pain points in B2B climate tech23:03 – Where climate capital is flowing vs. where it should go25:22 – What Kavita has learned from founders through market cycles29:01 – Common fundraising pitfalls for climate founders32:20 – Building the capital stack: partners, family offices, and non‑dilutive capital35:15 – Measuring impact: MUUS’ use of the Crane tool38:16 – Closing thoughts Resources MentionedMUUS & Company (MUUS)TIGER 21Nth Cycle (critical minerals refining & recycling)Trafigura (metals & commodities trading group)InventWood (wood-based high‑performance material)CRANE – Carbon Reduction Assessment for New EnterprisesInternational Energy Agency (IEA)Connect with usKavita PatelJason RissmanKeep up with Invested In ClimateSign up for our NewsletterSubscribe for our Other Future NewsletterLinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!













