7 October 2025
Iliana Portugues
Current Thinking is a weekly, approximately 5-minute read for early-stage Energy Tech founders and investors, from idea to Series A. Cadence: Tuesdays 07:45 CET
Welcome to Issue #1! I’m thrilled to have you at the start of this journey.
I receive a growing number of questions from busy founders, primarily seeking guidance on challenges or insights into the energy sector.
This newsletter is my response to these needs, a curated resource for founders aiming to grow faster and bigger in the energy tech sector. I also want to inspire founders in other sectors to consider energy as a new vertical, and encourage more angels and early-stage VCs to support the industry from pre-seed to Series A.
I understand that time is valuable, so I’ll gather all relevant articles into this weekly newsletter and share updates on technology, as well as first-hand lessons.
Every edition will be targeted at that innovation space from idea to Series A completion. That’s where I believe creativity, capability, and excellence have the potential to yield the most significant competitive advantage.
I hope you enjoy it. If you have any particular topics or questions, please feel free to write them in the comments below or DM me directly, whichever you prefer.
And don’t forget to subscribe, please, so you never miss an issue!
What You'll Get Every Week
No startup theatre. No inspirational platitudes. No “3 pillars of”, “5 ways to”, “7 Habits of” or “10 secrets to”, just:
Hard truths about energy tech that most advisors and consultants won't tell you;
Real case studies with actual numbers (not "a founder I know" vagueness);
Candid stories and lessons from launching, scaling, and exiting startups;
Truths as to what happens inside energy corporations;
Practical insights from both wins and the €3.2 billion in failures I’ve studied;
Rarely discussed VC insights about why promising startups are passed over.
Who am I and why you Should Listen
For those of you who don’t know me, I'm Iliana Portugues, and I've spent 25 years navigating the intersection of energy innovation and entrepreneurship. I'm a no-fluff, practice what I preach kind of person. My lens: product/market fit in regulated, capital-heavy systems—where “good enough” is not enough.
Since the early 2000s, I’ve bootstrapped, talked to customers, and modified and developed both hardware and software products and services, whilst obtaining sales and PoC contracts. I’ve shipped, sold, and iterated across the full stack—from sensors to SaaS.
Throughout my career, I’ve observed patterns that many people prefer not to discuss. I’ve listened to hundreds of pitches, business cases for innovation, and technology roadmaps. I have written many myself with various levels of success. I’ve spoken, coordinated, and debated with people across multiple departments in utilities, organisations, and regulators worldwide to integrate new and transformative technologies into the energy sector. I’ve developed new startups from both within and outside utilities themselves. That vantage point allows me to identify failure modes early—before they become expensive.
I’ve directed large innovation programs, interviewed countless founders, and analysed €3.2 billion in failed investments and the energy-focused VCs behind them.
My view in two sentences? Success isn’t about perfect timing or following the latest playbook. It's about consistent, disciplined execution.
What's Coming Next Week
I’ll continue last week’s exploration of market research, with: “Why Nuclear Fusion Raises Billions Without Revenue While Your Startup Struggles for Traction.” We’ll examine how the perceived lack of commercial traction often covers for deeper market validation failures.
Highlights
The real story behind Solyndra’s €535 million collapse
Fusion startups’ market research approach and what others miss
The methodology that steers investments toward billion-dollar outcomes
Your Turn
Have you,
been told you need more traction—even with an early-stage product?
seen "moonshots" raise huge sums while your revenue startup scrapes for funds?
Please share in comments or DM me. Your stories will guide future issues.
Also, don’t forget to subscribe to get future editions. And if this resonates, please share it with founders who should read it. The energy sector deserves better.
P.S. Forward to a founder and tag me if you have a question that requires a priority answer in a future issue.
Iliana