Founder, Rumbo. Industrial Decarbonization & Climate Tech. Southern Europe. Husband & Father of 4. Reader. https://xitter.cf/t.co/yK2dZnQqHE
Joined April 2009
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La arquitectura de capital que necesita la ola industrial del sur de Europa techla.pro/2026/09/03/fernan…
Fernando Lelo de Larrea retweeted
Rumbo is capital architecture for decarbonization, energy transition, and impact-driven industry — 25 years of VC and project finance experience, now one practice, spanning Southern Europe and LatAm. When a project needs its capital path designed, not just financed, it's for us.
La ciencia ya ganó. Almacenamiento térmico, hidrógeno, materiales avanzados: funcionan. El cuello de botella dejó de ser tecnológico. Hoy lo que decide si un proyecto se construye — o se queda en PowerPoint — es cómo se diseña su capital.
El WEF y Stanford lo confirman: el venture no tiene un problema de fondeo, sino de liquidez. La industria comparte el mal — capital organizado en categorías que ya no encajan con los activos. La respuesta a ambos es la misma: arquitectura de capital.
La próxima economía industrial no tiene un problema de escasez de capital. Tiene uno de arquitectura. El dinero sobra — lo que falta es quién diseñe la vía del prototipo probado al primer activo comercial.
Europe's summer heat waves shaved 0.26% off EU GDP last year. That number repeats annually — and grows. Climate risk isn't a future scenario anymore. It's a line item. The transition isn't idealism — it's the only economics that holds up. substack.com/home/post/p-206…
Llevo meses escribiendo en lugar de tuitear. El saldo: ensayos sobre descarbonización industrial, capital y la geopolítica de la energía —y unas cuantas preguntas que no me sueltan—. Los junté todos en un solo lugar 👇 ferlelo.es
Ayuso: 'México no existió hasta que llegaron los españoles.'
Según Mexico, A History: el nombre 'España' apareció en mapas por primera vez décadas después de la conquista — casi al mismo tiempo que los mexicanos comenzaron a llamarse mexicanos. Los dos términos nacieron juntos.
I spent a decade backing founders in Latin America.
Then I moved to Madrid and started again — different geography, different technologies, same conviction that the most important companies are built by people who see what others don't.
The thesis evolves. The instinct doesn't.
What Rumbo Is Building linkedin.com/pulse/what-rumb…
Southern Europe is not the periphery of the European economy.
It's the frontier of the next industrial cycle — energy, materials, manufacturing, geography.
Capital hasn't figured that out yet. That's the opportunity.
Mexico is now a cheaper manufacturing destination than China.
That is not competitiveness. That is a race to the bottom that Mexico is winning.
The nearshoring window is open. The vessel isn't ready. I wrote something: medium.com/@ferlelo/dead-cal…
Capital structure is strategy.
Most founders think about it too late — after the product, after the team, after the first customers.
The best ones think about it on day one.
Climate action has been framed as a cost for 20 years. Stern's new book argues that's the wrong frame entirely. The transition is the growth story. Not metaphorically. Economically. My reading →
open.substack.com/pub/ferlel…