The European VC (EUVC)
E706 | Jo Slota-Newson & Marc Sabas, Almanac Ventures: Systemic Deep Tech for Industrial Decarbonisation
The European VC (EUVC)
•March 5, 2026•16 min
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The European VC (EUVC)•Mar 5, 2026
Why It Matters
Industrial systems are the largest source of carbon emissions, yet they remain under‑funded and technologically stagnant; unlocking deep‑tech breakthroughs here can deliver outsized climate and economic returns. Almanic’s systemic, low‑CapEx approach shows investors how to de‑risk and scale high‑impact technologies, making industrial decarbonisation a viable frontier for venture capital in the urgent transition to a net‑zero economy.
Key Takeaways
- •Almanac invests early-stage deep tech for industrial decarbonization.
- •Founders blend science and finance, deploying €47M across Europe.
- •Industrial systems cause 75% emissions, get only 25% climate VC.
- •Portfolio includes low‑CapEx recycled cement (Reclinker) and efficient heat pumps.
- •Targets TRL 4‑7 startups with $300k‑$1M tickets, 25‑30 deals.
Pulse Analysis
Almanac Ventures is a Europe‑focused early‑stage deep‑tech VC targeting scientific breakthroughs that reshape industrial systems. Co‑founders Jo Slota‑Newson, a nanoscience PhD and former solar‑cell CTO, and Marc Sabas, a finance‑trained corporate venture partner, blend technical rigor with investment discipline. Together they have deployed €47 million into roughly 45 companies, delivering a 2.3× cash multiple. Their thesis addresses the mismatch where industrial processes generate three‑quarters of global emissions yet receive only a quarter of climate‑focused venture capital.
Almanac treats heavy industry as an interconnected network, mapping energy, material and process flows to locate leverage points where deep‑tech can boost performance, cut costs and reduce carbon simultaneously. Their portfolio shows this logic: Reclinker converts cement waste into high‑quality clinker by piggy‑backing on steel‑furnace heat, slashing CO₂ emissions with minimal capex; Hot Green’s novel compressor enables 200 °C industrial heat pumps at competitive cost, unlocking electrification for food‑and‑beverage plants. Investments in low‑capex battery anodes and gallium‑nitride power electronics further illustrate a preference for scalable, drop‑in solutions.
The firm focuses on pre‑seed and seed rounds at Technology Readiness Levels four to seven, writing tickets of $300 k‑$1 M. Almanac aims to build a 25‑30‑company portfolio while reserving capital for follow‑on rounds, de‑risking the lab‑to‑field transition. By anchoring capital early, they accelerate commercialization of climate‑critical innovations and offer investors exposure to high‑impact European climate tech with a proven 2.3× cash multiple track record. Almanac also leverages its founders’ networks to secure industrial partnerships and regulatory guidance, helping startups navigate complex market entry barriers. Their European focus targets innovation hubs in the UK, Germany and the Nordics, where policy incentives align with decarbonisation goals.
Episode Description
Industrial systems are responsible for 75% of global emissions, yet only a quarter of climate-focused VC money flows into them. Not because investors don’t care — but because these systems are hard. They’re interconnected. Capital-intensive. Slow-moving. Technically dense. And deeply under-innovated.
Almanac Ventures is built to change that.
In this episode of the EUVC Podcast, Andreas Munk Holm sits down with Jo Slota-Newson and Marc Sabas, co-founders of Almanac Ventures — a new European seed and pre-seed deep tech fund laser-focused on unlocking decarbonisation in industrial systems through scientific breakthroughs and commercial discipline.
This is a pitch episode — a chance for the EUVC LP & GP community to hear directly what Almanac stands for, how they invest, and why the next decade of industrial innovation will be shaped by specialist deep tech funds with true scientific and financial edge.
Here’s what’s covered:
00:49 | What Almanac Ventures is — a European seed/pre-seed deep-tech fund backing scientific breakthroughs applied to industrial systems
01:31 | The founding team — Jo’s nanoscience PhD + 18 years commercialising deep tech, Marc’s finance → CVC → impact VC journey (and Jo’s 37km Channel swim)
03:52 | The complementary edge — technical rigor meets financial/commercial structuring, evidenced through 45 investments and a 2.3× MOIC track record
05:22 | The industrial innovation gap — 75% of emissions come from industry, yet only ~25% of climate VC targets it (because the systems are hard, complex, and interconnected)
06:11 | Why industry is ripe for deep-tech disruption — 20th-century inefficiencies, high value pools, and the need for performance + cost + decarb together
10:17 | “Deep tech works for venture—if you know where to look” — how to identify capex-efficient, scalable industrial technologies vs. science projects that need different capital
12:25 | Case study: Hot Green — a new compressor architecture enabling industrial heat pumps for 200–400°C processes (F&B, manufacturing) with electrification upside
13:49 | Case study: ReClinker — Cambridge spinout recycling cement inside steel arc furnaces, piggybacking heat, removing the CO₂-heavy chemistry step
15:19 | Do you need to be an operator to invest in deep tech? — why complementary experience (science + venture + corporate + some ops) beats any single “must-have”
18:35 | Investment strategy — first-check investor at TRL 4–7, pan-Europe, €300k–€1M tickets, aiming for a 25–30 company portfolio with follow-on capacity
Show Notes
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