Ep. 211: Stephan Nicoleau, Managing Director at FullCycle

Today's guest is Stephan Nicoleau, Managing Director at FullCycle. FullCycle developed a unique investment model, specifically designed to accelerate the deployment of climate-critical technologies. These technologies must exceed their thresholds for carbon return on investment and deliver above market returns on a risk adjusted basis. Stephan leads the firm's capital formation and partnerships, and brings more than a decade of investing and investment advisory experience to the team. I was excited for this one because FullCycle is interesting. They do both growth stage equity investing and they do project finance and like to get involved early in terms of the first few plants that get built and things like that, which I've heard from many people and founders is a gap and one that's highly additional to help address. We cover a lot in this episode, including Stephan's background and what led him to doing the work that he's doing, FullCycle's model, origin story, and progress to date, as well as their investment approach and how they measure success. We also cover how they think about returns, LP composition, some examples of sectors and companies they have gotten involved with, and what types of resources they bring to bear beyond capital to be helpful to the companies they work with. Enjoy the show! You can find me on twitter @jjacobs22 (me), @mcjpod (podcast), or @mcjcollective (company) and via email at [email protected], where I encourage you to share your feedback on episodes and suggestions for future topics or guests. Episode recorded April 19, 2022