Fernando Lelo de Larrea

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: @ferlelo/dead-calm-47d3caedb7c3" target="_blank" rel="nofollow noopener">medium.com/@ferlelo/dead-…

Dead Calm medium.com/p/dead-calm-47…

Dead Calm open.substack.com/pub/ferlelo/p/…

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/ferlelo/p/…

The Transition Is the Growth Story open.substack.com/pub/ferlelo/p/…

What I read shapes how I invest. My 2025 reading list — 60+ books on industry, capital, science, and the examined life. ferlelo.substack.com/p/what-ive-rea…

The Discipline of Not Knowing medium.com/p/the-discipli…

Decarbonization is not a cost to be managed. It's the next wave of industrial competitiveness. The companies that understand this will define European manufacturing for the next 30 years.

The hardest problem in climate tech isn't the science. It's the financial architecture. Why hard tech stalls between lab and industrial scale — and what it would take to fix it. ferlelo.substack.com/p/the-hard-thi…

Starting to write more regularly again. Founder of Rumbo, focused on industrial decarbonization and climate tech in Europe. Essays at ferlelo.es — on capital, industry, and occasionally the examined life.

Let's read each other on @substack: ferlelo.substack.com

Let's read each other on @Substack @fernandolelodelarrea" target="_blank" rel="nofollow noopener">substack.com/@fernandolelod…

The Hard Thing about Hard Tech medium.com/p/the-hard-thi…

Living as the Argument ferlelo.substack.com/p/living-as-th…

Espero sea de su interés... ferlelo.es/opinion/parado…

Volveré a escribir de esto en ferlelo.es

Sigue el buen ritmo.... ferlelo.es

What I’ve Read in 2025 open.substack.com/pub/ferlelo/p/…

What I’ve Read in 2025 medium.com/p/what-ive-rea…