Interview with Mark Joseph, Non-Executive Chairman at IMPROVED
We are excited to launch our new “Expert Interview” series, bringing you insights from industry leaders shaping the future of technology, energy, and mobility. We’re thrilled to kick off this series with an exclusive interview featuring Mark Joseph, who recently commenced his role as Non-Executive Chairman at IMPROVED.
Mark brings over 30 years of leadership experience in the transportation and energy sectors. His extensive background spans across Europe, Asia, North America, and South America, providing him with an extensive network and global perspective on relevant industry trends and challenges.
Mark has been an invaluable part of the IMPROVED team as Associate Partner since 2020, guiding the firm and its clients through complex commercial, strategic, M&A, and Growth Financing matters in numerous transformational transactions, and we are honoured to have him as Non-Executive Chairman.
As we embark on this series of expert interviews, we look forward to sharing valuable insights from industry leaders, providing our readers with a unique perspective on the rapidly evolving landscape of technology, energy, and mobility. Let’s dive into our conversation with Mark Joseph.
What led you to take on the role of Non-Executive Chairman at IMPROVED?
IMPROVED stands out as a forward-thinking firm, particularly in the energy transition space. Its Dutch origins gave it an early start in understanding and navigating energy and mobility transitions.
Over the past few years, I’ve come to know the team, leadership, clients, and sector focus at IMPROVED. The firm consistently delivers exceptional service and results.
The firm’s uniqueness lies in three main areas:
- Expertise: Their mobility, energy transition, and climate tech knowledge is unparalleled.
- Talent and Network: IMPROVED is a boutique firm with a global reach, connecting clients and investors worldwide.
- Strategic Leadership: The senior team has positioned itself as thought leaders, offering not just transactional services but strategic guidance to help clients attract growth capital or secure the right buyers.
Additionally, IMPROVED operates with high integrity and trust, ensuring clients feel confident in every aspect of their collaboration. My own positive experiences with them reinforced my belief in their unique value.
Frank, Chairman at IMPROVED, invited me to take on this role, believing I could mentor the team, provide strategic guidance, and leverage my network to complement the business further. I was honored to join as Non-Executive Chairman.
How will you leverage your extensive expertise to support IMPROVED’s clients to further accelerate impactful investments and M&A in the climate tech sector?
To begin, my network and experience stem from three primary areas: operational leadership, strategic investment partnerships, and the integration of innovative technologies in climate tech. Let me walk you through each aspect.
Operational Leadership and Scale
My foundation lies in my experience as an operator, where I had the privilege of leading and scaling businesses to remarkable success. For instance, when I sold Yellow Transportation to Veolia, I oversaw the growth of the business from $50 million in annual revenue to $1 bn in six years and eventually to $1.5 bn in ten years. This was achieved through 70% organic growth and 30% inorganic activity, including M&A.
Following the Veolia-Transdev merger, I served as CEO for North America, Latin America, and the UK/Ireland, and later as the Global Head of Development for 20 countries. This operational background not only gives me firsthand experience but also provides me with a network of top-tier operators worldwide.
Strategic Investment and Innovation Partnerships
After my time in operational leadership, I transitioned into strategic investment and advisory roles. I joined two notable funds that focus on mobility and climate technology:
- Drive and Next Gear Ventures in Israel: This accelerator is at the forefront of mobility innovation, with 15 global strategic partners, including Honda, Volvo Cars, Volvo Trucks and Buses, Hertz, Goodyear, NXP, Novellus, and John Deere. These partnerships bridge early-stage companies with established global players, fostering collaboration on transformative technologies.
- Chakra in India: India represents a critical growth frontier in the shift towards climate-friendly solutions. I have engaged with high-impact opportunities in this dynamic market through this fund.
These roles enable me to stay connected with cutting-edge innovations, ranging from energy transition technologies to advanced mobility systems.
Climate Tech Convergence
Today, there is an exciting convergence of mobility, energy transition, and climate technology. I am particularly enthusiastic about the opportunities in battery storage, which plays a pivotal role in stabilizing energy grids and meeting peak demand, for example, with EQT, where we’re electrifying school bus fleets in California and using the buses as storage capacity when not being utilized. These projects are critical and, on a larger scale, can help significantly reduce emissions and leverage vehicle idle time for energy storage, stabilizing the grid during peak demand.
Bringing It All Together:
These three pillars—operational expertise, strategic investment partnerships, and focus on climate tech—allow me to navigate the opportunities and challenges in transportation, energy management, and storage. By leveraging my network and partnerships, I aim to identify impactful solutions that improve businesses and contribute to a more sustainable future – for the firm and society as a whole.
Recognizing the $3,5tn investment needed in climate tech and clean energy, what areas do you foresee the most innovation and investment needed?
Recent disasters, like wildfires in California and flooding in North Carolina, underscore the devastation that climate change is causing, displacing entire communities. These events also put immense financial pressure on local economies and companies. Addressing climate change is not only an environmental but also an economic imperative. To reach Net Zero by 2050, we need to see an annual $3.5tn investment in climate tech and clean energy globally. Key areas for innovation include energy storage, grid resilience, and transportation electrification, all of which will help mitigate climate impacts and tackle the growing economic challenges from these disasters.
Fusion energy, though a long-term “moonshot,” holds the potential to revolutionize clean energy. Companies like NT Tao are developing fusion technology, and within 5-10 years, small-scale fusion systems could significantly impact climate change solutions.
EVs have already crossed the tipping point, with rapid adoption, particularly in China, and significant competition among global OEMs. Tesla is driving the shift toward electric transportation, but others are following rapidly, both on the passenger side and on the commercial and heavy-duty side.
Energy Storage and trading, is another crucial sector. Significant advancements in battery technology from companies like Addionics and Nanoramic are making it increasingly viable for scaling renewable energy use. This technology is essential for supporting both clean energy and electric transportation ecosystems.
Also, Autonomous Vehicles are progressing rapidly, with companies like Waymo proving their viability in urban environments. Industries such as agriculture, mining, and ports are exploring autonomy to address labor shortages and improve productivity and can gain significant value from the technology.
Finally, Climate Technology, particularly energy management and prediction technologies, are attracting significant investment, as well as increasing interest from strategic buyers – as businesses worldwide work to reduce optimize energy consumption and availability, and reduce their carbon footprints.
In summary, sectors like EVs, clean energy, autonomous vehicles, and climate technologies present significant opportunities to address climate challenges and drive long-term impact.
What are energy and mobility companies’ biggest challenges and opportunities in managing the complexities of scaling and realizing sustainable growth?
One of energy and mobility companies’ biggest challenges is navigating environmental and regulatory hurdles. It can be especially frustrating when great ideas for improving infrastructure—such as the construction of electrical charging facilities—face significant delays. For example, securing permits and approvals for large projects that could have a substantial societal and economic impact can take years.
This is a major challenge but also presents an opportunity. To ensure these essential projects move forward more quickly, the permitting and construction processes must be accelerated. Efforts should focus on ways to streamline regulatory approval and improve construction timelines to avoid unnecessary delays. If we can progress in these areas, it would help energy and mobility companies scale faster and significantly impact sustainability and innovation.
The hope is that these processes will improve and become more efficient, paving the way for the sector’s faster, more sustainable growth.
Considering the often capex-intensive nature of climate tech solutions, what is your advice to entrepreneurs and companies looking to attract investment and scale their solutions to a global audience?
When building a long-term business, attracting the right investors with patient capital is important. However, delivering near-term results is essential to sustain investor confidence and ensure funding. Without short-term progress, investors may lose interest, especially in markets where returns are years away. It’s important to balance long-term goals with short-term value creation, especially in overcrowded, competitive sectors where cash burn reduces investor interest. Entrepreneurs should also explore relevant government support initiatives, such as ARPA and DARPA in the US, and explore funding from sovereign wealth funds and/or family offices. Companies that attract patient capital and balance vision with immediate results will be best positioned to scale globally.
Finally, what advice would you offer to investors seeking to support innovative and impactful climate tech solutions while achieving good financial returns?
When evaluating investment opportunities, investors should prioritize the quality of the team behind the company, focusing on their integrity, experience, and execution capabilities. The technology itself must be the best solution available, with a clear product-market fit and strong commercialization prospects. Strategic partnerships with key players are also essential. A solid network, such as knowledgeable bankers and industry experts, can help navigate these decisions. Understanding the technology’s adoption, growth potential, and market size is vital. Successful investments are about finding the right partners and support, which is crucial for long-term success.