New Mexico's $72B Bet on Clean Energy

May 13, 2026

Guest

Carl Hoyland

Guest

Rob Black, New Mexico economic development chief focused on landing advanced energy and computing projects. Bruce Brown, sovereign wealth strategist directing the $72B fund into climate and deep-tech. Carl Hoyland, CEO of Zanskar Geothermal using AI to scale geothermal. Carrie von Muench, Pacific Fusion cofounder building modular fusion systems. They discuss state-led capital deployment, white-glove support for builders, infrastructure needs, and creative financing for first-of-a-kind projects.

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ADVICE

Show Real New Mexico Economic Activity

The State Investment Council requires investees to show economic activity in New Mexico as table stakes for partnership.
Bruce Brown emphasizes returns first: bring deals that can make money while creating local impact.

ADVICE

Use White Glove State Support Early

Use New Mexico's white-glove Economic Development Department for site, permitting, incentives, and workforce alignment.
Rob Black offers a single point of contact, site-selection team, and competitive incentives for manufacturing and R&D.

INSIGHT

Policy Shift Opened New Capital Sources

The SIC shifted from mandating local managers to investing globally where capital brings economic activity back to New Mexico.
That 2019 policy change unlocked partnerships with top VCs that can source high-quality deal flow into the state.

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Rob Black is Cabinet Secretary of the New Mexico Economic Development Department, and Bruce Brown is Head of Strategic Climate Initiatives at the New Mexico State Investment Council, the state’s $72B sovereign wealth fund. Together, they are driving one of the most ambitious state-level strategies in the U.S. to turn energy wealth into long-term climate innovation and economic growth.

The conversation also features MCJ portfolio founders building in the state: Carrie von Muench, Co-founder of Pacific Fusion, developing modular fusion energy systems, and Carl Hoiland, Co-founder and CEO of Zanskar Geothermal, using AI to discover and scale geothermal resources.

Together, our guests explore how sovereign capital, policy, and startups intersect—from funding venture managers and attracting hyperscale projects to enabling first-of-a-kind (FOAK) infrastructure. The episode highlights what it actually takes to build (climate) companies in a new geography, and how New Mexico is positioning itself as a hub for advanced energy and climate tech.

This episode of Inevitable was recorded in front of a live audience on April 22, 2026 at the SVB Experience Center during SF Climate Week. (Published on May 12, 2026).

In this episode, we cover:

(0:00) Overview of New Mexico’s development strategy
(2:06) Becoming a climate innovation hub
(4:31) An overview of the state's sovereign wealth fund: $72B capital
(6:27) Investing for returns while hedging energy transition risk
(10:34) Economic growth, poverty reduction, and workforce investment
(14:20) Why New Mexico is betting on climate and energy
(17:32) How the state supports startups: incentives and “white glove” service
(20:26) The shift in strategy: from local funds to global venture partners
(22:36) Scaling the model: billions into venture and new industries
(25:03) Transmission, infrastructure, and enabling energy deployment
(27:00) Building data centers, microgrids, and large-load demand
(35:11) Pacific Fusion: building modular, scalable fusion systems
(35:23) Zanskar Geothermal: AI-driven geothermal discovery and development
(40:23) Why New Mexico: resource potential vs. siting strategy
(45:29) What founders actually get from the state and what still needs work
(50:22) Lessons for builders: permitting, incentives, and scaling fast

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*Editing and post-production work for this episode was provided by The Podcast Consultant