Forbes December 17, 2025
When Theo Ludwick and his partners at NosTerra Venture Capital, Richard Greenwald and Joe Helfrich, surveyed the energy landscape eighteen months ago, they looked for an opportunity inside a puzzle. In other words, an investment thesis. Artificial intelligence was set to devour electricity at unprecedented rates. Yet no single energy source could scale fast enough to meet the demand. The constraints were meaningful. The value immense. And the customers flush with capital.
Many investors would have seen confusion. Ludwick and his partners saw clarity.
“You had this interesting mix of huge customer demand, no clear solution, but lots of paths to provide a solution,” explains Ludwick. The Menlo Park firm now backs companies across the energy-to-compute value chain, from chip-level...
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