Description

In this episode I’m joined by Gregory Dewerpe, Founder of NOA  (formerly A/O), to cut through the noise on climate investing. We talk about the shift from abundance to discipline, why Europe and the US are now playing different games, and how AI will matter in the physical world—grids, buildings, materials—rather than the hype layer. Candid, practical, and economics-first: adoption wins when solutions are cheaper, smarter, and scale.

What we cover

• Why A/O became NOA: moving from “proptech” to a broader physical world mandate; why naming and focus matter for specialist funds; being memorable and thesis-true.
• Specialist > generalist: generating alpha by doing the less obvious in crowded markets; why NOA prefers hard tech and infrastructure over “consensus safe” deals.
• How NOA deploys: flexible first cheques ($2–15m), stage-agnostic from seed to B; focusing on capital actually at work by Series B rather than chasing ownership optics.

Some of Greg’s quotes 

• “We won’t generate alpha by doing what everyone else does. Being a specialist lets us have a qualified, differentiated opinion.”
• “The built world doesn’t need to be greener — it needs to be smarter. Make it smarter and it will be greener.”
• “We shouldn’t build climate on altruism. Adoption happens when solutions are cheaper and more efficient.”

About Gregory Dewerpe

Gregory Dewerpe is the Founder and Managing Partner of noa, Europe’s largest built world venture capital firm. He oversees the firm’s vision and strategy, manages partnerships with portfolio companies and LPs, and is a recognised voice in tech and climate—particularly around decarbonisation and the energy transition in real estate.

He founded noa (formerly A/O) after more than a decade of deep investment in the real estate sector, identifying it as a key vector for climate innovation. This insight stemmed from his previous work founding AMD Capital, a specialist real estate investment and advisory firm.

Earlier in his career, Gregory worked in investment banking at Credit Suisse and Citigroup, where he structured over $30bn in new investments. He holds an MSc in Business & Finance from HEC Lausanne and has attended executive education programmes at LSE and Harvard Business School. 

About Noa: 

noa is Europe’s largest built world VC firm and a global sustainability tech leader, focused on transforming real estate and construction—the world’s most polluting and least digitised industry.

noa backs breakthrough innovations across the full lifecycle of the built world—from raw materials and design to energy, operations, and urban transformation. Its mission is to improve quality of life, accelerate decarbonisation and climate resiliency, and drive automation and sustainable living.

The firm invests across software, hardware, deep tech, AI, and new materials, including overlaps with fintech and insurtech.

Social links:  

Gregory Dewerpe on LinkedIn: https://www.linkedin.com/in/gregorydewerpe/ 
Noa on LinkedIn: https://www.linkedin.com/company/noavc/ 
Noa website: https://www.noavc.com/