Episode 16 - Spinning Out of Google X with Ramya Swaminathan
Ramya Swaminathan brings 30+ years of electricity infrastructure experience to this conversation about spinning companies out of corporate environments, navigating strategic pivots, and the transformative moment facing the energy grid. From growing up with unreliable infrastructure in India and the Philippines to leading Malta Inc. out of Alphabet's Moonshot Factory (Google X), Ramya shares hard-won lessons about commercializing deep tech in capital-intensive industries.
An active supporter of the energy infrastructure innovation ecosystem, she previously served as Executive-in-Residence at Engine Ventures and currently sits on the boards of Vema Hydrogen and Resources for the Future. Her non-traditional path through anthropology, public policy, and investment banking provides a masterclass in translation between technical teams, policymakers, and institutional investors. Essential listening for founders in hard tech, climate, and infrastructure sectors seeking practical guidance on pivots, fundraising, and building conviction around emerging technologies.
An active supporter of the energy infrastructure innovation ecosystem, she previously served as Executive-in-Residence at Engine Ventures and currently sits on the boards of Vema Hydrogen and Resources for the Future. Her non-traditional path through anthropology, public policy, and investment banking provides a masterclass in translation between technical teams, policymakers, and institutional investors. Essential listening for founders in hard tech, climate, and infrastructure sectors seeking practical guidance on pivots, fundraising, and building conviction around emerging technologies.
Chapters:
[00:00:00] Opening: The Power of Pivots
[00:02:38] From CEO to Entrepreneur in Residence
[00:06:06] Growing Up with Fragile Infrastructure
[00:13:21] Anthropology, Policy, and Learning to Learn
[00:18:02] Participant Observation in Business
[00:31:45] The First Pivot: Hydrokinetics to Low-Head Hydro
[00:40:21] When to Pivot and Why We Resist
[00:46:00] Spinning Out of Google X
[00:58:27] Raising Capital for Hard Tech
[01:06:13] The Malta Pivot: 10MW to 100MW
[01:14:06] The Future Grid and Innovation Urgency
[01:19:13] Teaching Sunday School
[01:21:59] Connect with Ramya
[00:02:38] From CEO to Entrepreneur in Residence
[00:06:06] Growing Up with Fragile Infrastructure
[00:13:21] Anthropology, Policy, and Learning to Learn
[00:18:02] Participant Observation in Business
[00:31:45] The First Pivot: Hydrokinetics to Low-Head Hydro
[00:40:21] When to Pivot and Why We Resist
[00:46:00] Spinning Out of Google X
[00:58:27] Raising Capital for Hard Tech
[01:06:13] The Malta Pivot: 10MW to 100MW
[01:14:06] The Future Grid and Innovation Urgency
[01:19:13] Teaching Sunday School
[01:21:59] Connect with Ramya
Key Takeaways:
- Pivot sooner than comfortable. "There is no pivot that I have made in a company that I shouldn't have made sooner." Founders often recognize the need for change but resist due to emotional attachment.
- Good technologies do not guarantee commercialization. Success requires understanding codes and standards, commercial instruments, customer adoption pathways, and balance sheet requirements beyond the technology itself.
- Capital raising is not outsourceable. Hard tech CEOs must personally articulate pain, why now, and solution to institutional investors. Conviction plus a plan are both required.
- Infrastructure innovation requires translation skills. Bridging engineers, policymakers, investors, and communities is as critical as technical excellence.
- The electricity grid faces unprecedented transformation. Load growth from AI and electrification creates urgency that opens doors for innovation previously closed by institutional inertia.
Notable Quotes:
[00:41:20] "I think there is no pivot that I have made in a company that I shouldn't have made sooner." - Ramya Swaminathan
[01:01:32] "The ability to raise capital is kind of the core competence of a CEO in clean tech because it's necessary, it's hard, and it's not outsourceable." - Ramya Swaminathan
[01:03:10] "There are many more good technologies than get commercialized, and it's for all kinds of reasons." - Ramya Swaminathan
[00:44:00] "The wrong decision is not to do anything. Or to think about it or to sit." - Ilya Tabakh
[01:05:58] "Good judgment came from having had bad judgment in the past." - Ramya Swaminathan
Organizations & Resources Mentioned:
- Engine Ventures: https://www.engine.xyz
- Malta Inc.: https://www.maltainc.com
- X (Alphabet's Moonshot Factory): https://x.company
- Breakthrough Energy Ventures: https://www.breakthroughenergy.org
- Rye Development: https://www.ryedevelopment.com
- U.S. Department of Energy Electricity Advisory Committee
- U.S. Department of Commerce REEEAC
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🎧 Listen to the Episode:
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▪️ Suggest Guest
🎧 Listen to the Episode:
▪️ YouTube: https://youtu.be/7PyDHvcIuXs
▪️ Apple Podcasts: https://podcasts.apple.com/us/podcast/eir-live/id1767045066
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Subscribe wherever you listen to podcasts and join us as we explore the real stories behind entrepreneurship in residence!
- (00:00) - Opening: The Power of Pivots
- (02:38) - From CEO to Entrepreneur in Residence
- (06:06) - Growing Up with Fragile Infrastructure
- (13:21) - Anthropology, Policy, and Learning to Learn
- (18:02) - Participant Observation in Business
- (31:45) - The First Pivot: Hydrokinetics to Low-Head Hydro
- (40:21) - When to Pivot and Why We Resist
- (46:00) - Spinning Out of Google X
- (58:27) - Raising Capital for Hard Tech
- (01:06:13) - The Malta Pivot: 10MW to 100MW
- (01:14:06) - The Future Grid and Innovation Urgency
- (01:19:13) - Teaching Sunday School
- (01:21:59) - Connect with Ramya
Creators and Guests
Host
Ilya Tabakh
Infrastructure Innovation Strategist | Building the Future of AI & Energy Systems | Co-host @ EIR Live & Powering the AI Stack 🎙️
Host
Terrance Orr
EIR & Fractional Executive | Strategic Advisor | Founder-CEO Coach | Ecosystem Builder | Co-Host, EIR Live🎙️
Guest
Ramya Swaminathan
Ramya Swaminathan led Malta Inc. as founding CEO after spinning the company out of Alphabet's Moonshot Factory (Google X) in 2018 to commercialize grid-scale thermal energy storage technology. Prior to Malta, she served as CEO of Rye Development, building the largest portfolio of new hydropower projects in the United States, following more than a decade in investment banking at UBS and Merrill Lynch. She is an active supporter of the energy infrastructure innovation ecosystem, including serving as Executive-in-Residence at Engine Ventures, and currently serves on the boards of Vema Hydrogen and Resources for the Future.
