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Feb 6, 2024 · 19m · top-founders

She's using her marketplace to fund $1m in ground heating systems in Finland and charging a SaaS Fee

Tara Teppo · 10m spoken Nathan Latka · 6m spoken
0:00 / 0:00

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Action Energy founder Tara Teppo breaks down how her digital marketplace connects Scandinavian property managers with clean energy contractors, utilizing a 10–15 million euro SPV to fund million-euro ground heating installations through a recurring heat-as-a-service model.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 36% of the talking time here. How this is scored →

Nathan as informed peer 4.0 Guest teaching 3.2 Guest disagreement 1.4 Nathan pushing back 2.8
05100:0010:000:38–4:50 · Nathan as informed peer 3/10 Executive Summary of Action Energy Marketplace Business Model Nathan seeks clarity on whether Action Energy charges marketplace transaction fees or a pure SaaS fee. Tara explains how Finnish housing companies act as the demand side and heating/solar contractors act as providers across their platforms.4:52–7:41 · Nathan as informed peer 4/10 Marketplace Project Scale and SPV Capital Raising Strategy Nathan presses on concrete 2023 GMV and 2024 projections. Tara deflects precise forward forecasts by explaining their launch timing and pivot toward raising a 10M to 15M euro SPV to fund projects directly.7:41–12:48 · Nathan as informed peer 7/10 Structuring Million-Euro Ground Heating as a Service Deals Nathan tests the SPV mechanics with questions about warehouse haircut capital and debt ratios, calling out Tara when she mentions debt leverage after stating it was not a lending business. Nathan then synthesizes the 7-year cash flow and refinancing mechanics into a precise mathematical model.12:48–16:18 · Nathan as informed peer 5/10 Cleantech VC Roots and Small-Scale Asset Financing Gap Tara explains her clean tech VC background and the gap in small-scale asset financing. Nathan rapidly works out the core metrics, calculating 3,000 euros in monthly SaaS revenue across 100 paying providers.16:19–18:12 · Nathan as informed peer 1/10 The Famous Five Questions and Reflections on China Standard Famous Five sequence covering favorite tools like Beehiiv, lifestyle demographics, and Tara's university trainee background doing business in 1990s China.0:38–4:50 · Guest teaching 4/10 Executive Summary of Action Energy Marketplace Business Model Nathan seeks clarity on whether Action Energy charges marketplace transaction fees or a pure SaaS fee. Tara explains how Finnish housing companies act as the demand side and heating/solar contractors act as providers across their platforms.4:52–7:41 · Guest teaching 3/10 Marketplace Project Scale and SPV Capital Raising Strategy Nathan presses on concrete 2023 GMV and 2024 projections. Tara deflects precise forward forecasts by explaining their launch timing and pivot toward raising a 10M to 15M euro SPV to fund projects directly.7:41–12:48 · Guest teaching 5/10 Structuring Million-Euro Ground Heating as a Service Deals Nathan tests the SPV mechanics with questions about warehouse haircut capital and debt ratios, calling out Tara when she mentions debt leverage after stating it was not a lending business. Nathan then synthesizes the 7-year cash flow and refinancing mechanics into a precise mathematical model.12:48–16:18 · Guest teaching 3/10 Cleantech VC Roots and Small-Scale Asset Financing Gap Tara explains her clean tech VC background and the gap in small-scale asset financing. Nathan rapidly works out the core metrics, calculating 3,000 euros in monthly SaaS revenue across 100 paying providers.16:19–18:12 · Guest teaching 1/10 The Famous Five Questions and Reflections on China Standard Famous Five sequence covering favorite tools like Beehiiv, lifestyle demographics, and Tara's university trainee background doing business in 1990s China.0:38–4:50 · Guest disagreement 1/10 Executive Summary of Action Energy Marketplace Business Model Nathan seeks clarity on whether Action Energy charges marketplace transaction fees or a pure SaaS fee. Tara explains how Finnish housing companies act as the demand side and heating/solar contractors act as providers across their platforms.4:52–7:41 · Guest disagreement 2/10 Marketplace Project Scale and SPV Capital Raising Strategy Nathan presses on concrete 2023 GMV and 2024 projections. Tara deflects precise forward forecasts by explaining their launch timing and pivot toward raising a 10M to 15M euro SPV to fund projects directly.7:41–12:48 · Guest disagreement 3/10 Structuring Million-Euro Ground Heating as a Service Deals Nathan tests the SPV mechanics with questions about warehouse haircut capital and debt ratios, calling out Tara when she mentions debt leverage after stating it was not a lending business. Nathan then synthesizes the 7-year cash flow and refinancing mechanics into a precise mathematical model.12:48–16:18 · Guest disagreement 1/10 Cleantech VC Roots and Small-Scale Asset Financing Gap Tara explains her clean tech VC background and the gap in small-scale asset financing. Nathan rapidly works out the core metrics, calculating 3,000 euros in monthly SaaS revenue across 100 paying providers.16:19–18:12 · Guest disagreement 0/10 The Famous Five Questions and Reflections on China Standard Famous Five sequence covering favorite tools like Beehiiv, lifestyle demographics, and Tara's university trainee background doing business in 1990s China.0:38–4:50 · Nathan pushing back 1/10 Executive Summary of Action Energy Marketplace Business Model Nathan seeks clarity on whether Action Energy charges marketplace transaction fees or a pure SaaS fee. Tara explains how Finnish housing companies act as the demand side and heating/solar contractors act as providers across their platforms.4:52–7:41 · Nathan pushing back 4/10 Marketplace Project Scale and SPV Capital Raising Strategy Nathan presses on concrete 2023 GMV and 2024 projections. Tara deflects precise forward forecasts by explaining their launch timing and pivot toward raising a 10M to 15M euro SPV to fund projects directly.7:41–12:48 · Nathan pushing back 6/10 Structuring Million-Euro Ground Heating as a Service Deals Nathan tests the SPV mechanics with questions about warehouse haircut capital and debt ratios, calling out Tara when she mentions debt leverage after stating it was not a lending business. Nathan then synthesizes the 7-year cash flow and refinancing mechanics into a precise mathematical model.12:48–16:18 · Nathan pushing back 3/10 Cleantech VC Roots and Small-Scale Asset Financing Gap Tara explains her clean tech VC background and the gap in small-scale asset financing. Nathan rapidly works out the core metrics, calculating 3,000 euros in monthly SaaS revenue across 100 paying providers.16:19–18:12 · Nathan pushing back 0/10 The Famous Five Questions and Reflections on China Standard Famous Five sequence covering favorite tools like Beehiiv, lifestyle demographics, and Tara's university trainee background doing business in 1990s China.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 71.2% · guest 28.8%0:00 · Nathan 71.2% · guest 28.8%3:00 · Nathan 15.4% · guest 84.6%3:00 · Nathan 15.4% · guest 84.6%6:00 · Nathan 27.2% · guest 72.8%6:00 · Nathan 27.2% · guest 72.8%9:00 · Nathan 22.1% · guest 77.9%9:00 · Nathan 22.1% · guest 77.9%12:00 · Nathan 33.2% · guest 66.8%12:00 · Nathan 33.2% · guest 66.8%15:00 · Nathan 30.6% · guest 69.4%15:00 · Nathan 30.6% · guest 69.4%18:00 · Nathan 79% · guest 21%18:00 · Nathan 79% · guest 21%
Sharpest disagreement ▶ 8:32 Rejecting hypothetical project size

Tara immediately cuts off Nathan's hypothetical 100k dollar solar installation scenario, insisting it is far too small for their model and redirecting him to million-euro projects.

 Hardest push from Nathan ▶ 10:10 Calling out debt contradiction

Nathan directly interrupts Tara to challenge her after she mentions debt leverage, firmly pointing out she had earlier insisted their model involved no debt lending.

 Biggest teaching moment ▶ 7:57 Educating on Heat-as-a-Service asset ownership

Tara corrects Nathan's assumption about lending warehouse lines or taking equity in client companies, clarifying that they own the physical underground heating infrastructure and sell subscription heating contracts.

 Nathan holds their own ▶ 11:32 Nathan constructs full financial engineering breakdown

Nathan demonstrates sharp financial modeling expertise by synthesizing the 1M euro asset cost, 7-year annual payback of 142k, and subsequent 500k debt refinancing package on air.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Executive Summary of Action Energy Marketplace Business Model 3411 Nathan seeks clarity on whether Action Energy charges marketplace transaction fees or a pure SaaS fee. Tara explains how Finnish housing companies act as the demand side and heating/solar contractors act as providers across their platforms.
Marketplace Project Scale and SPV Capital Raising Strategy 4324 Nathan presses on concrete 2023 GMV and 2024 projections. Tara deflects precise forward forecasts by explaining their launch timing and pivot toward raising a 10M to 15M euro SPV to fund projects directly.
Structuring Million-Euro Ground Heating as a Service Deals 7536 Nathan tests the SPV mechanics with questions about warehouse haircut capital and debt ratios, calling out Tara when she mentions debt leverage after stating it was not a lending business. Nathan then synthesizes the 7-year cash flow and refinancing mechanics into a precise mathematical model.
Cleantech VC Roots and Small-Scale Asset Financing Gap 5313 Tara explains her clean tech VC background and the gap in small-scale asset financing. Nathan rapidly works out the core metrics, calculating 3,000 euros in monthly SaaS revenue across 100 paying providers.
The Famous Five Questions and Reflections on China 1100 Standard Famous Five sequence covering favorite tools like Beehiiv, lifestyle demographics, and Tara's university trainee background doing business in 1990s China.

Statements from this episode (12)

Assertion Not checkable as stated
Action Energy projects range from tens of thousands to millions of euros
“It can be very small projects. I mean, sort of more like consulting, consulting related, sort of planning related. So this could be some tens of thousands of euros. So roughly about the same, the USD, or, you know, it goes up to a couple of millions. I mean, w…”
Tara Teppo Feb 6, 2024 ▶ 4:52
Disclosure
Action Energy processed hundreds of thousands of euros since fall 2023.
“Well, we have just launched this now this fall. So we are in the early stages of this. So what would I say? You know, this is in some hundreds of thousands of euros at the moment.”
Tara Teppo Feb 6, 2024 ▶ 6:08
Disclosure
Action Energy aims to raise a 10 to 15 million euro SPV.
“In the first, we first want to do sort of more like a carve out. So so 10 to fifty million euros. So so depending how much sort of debt leverage we can bring to that. So, so depends what's the absolute project value, but we aiming to raise about 10 to fifteen …”
Tara Teppo Feb 6, 2024 ▶ 7:17
Disclosure
Action Energy funds clean energy by owning projects and selling heat.
“No, actually it's not lending. We become the project owners. So, so, so we're going to be investing in the projects. the buyer is going to make a subscription agreement with us. So it's going to be buying heat as a service, energy efficiency as a service.”
Tara Teppo Feb 6, 2024 ▶ 7:58
Assertion Partly supported
Finnish commercial ground heat projects typically have six to seven year paybacks.
“Usually, you know, the payback times for these are six to seven years.”
Tara Teppo Feb 6, 2024 ▶ 9:52
Assertion Partly supported
Ground heat projects are significantly more profitable than district heating.
“The ground heat projects are actually much more profitable than the district heating projects.”
Tara Teppo Feb 6, 2024 ▶ 11:18
Insight
Small-scale clean energy financing is highly underserved by traditional capital.
“But from there, I know from very sort of personal experience, how difficult it is to raise capital. For these small size asset financing. I mean, this is a very challenging area. So meaning that the, it's an underserved market. And because if you look at sort …”
Tara Teppo Feb 6, 2024 ▶ 13:15
Disclosure
Teppo: Action Energy is fully bootstrapped by choice
“We bootstrapping. I mean, this is a choice that we wanted to make.”
Tara Teppo Feb 6, 2024 ▶ 13:49
Assertion Not checkable as stated
Action Energy has 200 registered companies evenly split across its marketplace.
“We have about 200, 200, so hundred and hundred. So hundreds providers, about hundred registered housing companies.”
Tara Teppo Feb 6, 2024 ▶ 14:33
Assertion Not checkable as stated
Twenty to thirty housing companies have launched projects on Action Energy.
“So about 20 or 30 housing companies.”
Tara Teppo Feb 6, 2024 ▶ 14:55
Disclosure
Action Energy charges providers 29 euros monthly to bid on projects.
“The monthly is, is 29 euros a month to register. So, so actually you can register for free, but if you want to bid on a project, so you need to be, so you need to be paying the SAS fee.”
Tara Teppo Feb 6, 2024 ▶ 15:32
What-if
Teppo regrets stepping away from Chinese business ventures after the 1990s.
“The, I spent a lot of time in the nineties, you know, when it wasn't popular, I spent a lot of time in, in China, then got sort of a bit sort of burned by it. Started doing other things. So I wish I would have stuck a bit more with the Chinese business.”
Tara Teppo Feb 6, 2024 ▶ 17:57
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