In this episode, we are joined by Pernilla Wihlborg, COO of Baseload Capital, to talk about her journey and how EOS (Entrepreneurial Operating System) has helped them create clarity and structure.

Welcome, Pernilla!

Thank you, it’s great to be here!

Can you tell us about your background and how you ended up at Baseload Capital?

I’m an engineer by training, but I’ve never worked as one. I started my career in product management and sales. After about seven years, I was drawn to the entrepreneurial life and joined a Cleantech company that had a prototype but no sales success. I enjoyed the creative environment and realized that I wanted to work in a role where I could create value freely, instead of being a cog in a big machine. Through that work, the idea for Baseload Capital was born, and I’ve been the COO there for seven years.

What does Baseload Capital do?

We work with geothermal energy, where we harness the heat from the earth to produce electricity. It’s a renewable energy source that works 24/7, regardless of weather. Geothermal energy has existed since the 1950s but hasn’t received the attention it deserves in the energy debate. Our mission is to scale the technology by spreading knowledge, raising capital, and developing power plants through our four subsidiaries in Japan, Taiwan, the US, and Iceland.

Why is geothermal energy not talked about more?

It’s capital-intensive and risky in the beginning because you have to drill without knowing exactly what’s under the ground. Compared to solar energy, where you can calculate output with great precision, it’s harder to predict the results of a geothermal drilling. There are also strong economic forces that prefer to use drilling rigs for oil and gas, which means we have to work hard to spread awareness about the technology.

How many projects have you carried out?

Since we started in 2018, we’ve developed eight smaller power plants. The purpose has been to learn the process from drilling to electricity production, permitting, and business models for selling electricity. Each market is slightly different, so we’ve worked to understand the whole chain and create a stable business model.

Have you extracted energy from these locations?

Yes, all eight power plants produce electricity that is sold to consumers.

What is the potential for geothermal energy?

The potential is enormous, but the challenge is making the technology profitable and scalable.

What do goals mean to you?

For me, goals are a guideline that helps me make the right decisions and prioritize. Without clear goals, it becomes harder to know if you’re heading in the right direction.

What is EOS and how does it work?

EOS (Entrepreneurial Operating System) is a system of practical tools that connects vision, execution, and team health. It helps us ensure that everyone understands our goals, how we’re going to achieve them, and how we collaborate as a team.

How did you get in touch with EOS?

EOS is big in the US and is used by about 25,000 companies. We discovered it through our contacts there and quickly realized it was exactly what we needed. Implementing it has been one of our best decisions.

How did the process go when the leadership team made the decision about EOS? Was it a joint decision made in a specific meeting, or did it develop more gradually over time? And how did you decide that this solution was the right choice?

It started when our CEO came back from a trip to the US and told us about EOS. He introduced the concept to us, and we contacted an expert for help with implementation. After a few workshops, we realized that EOS was the right way to go, and we decided to follow that methodology.

What did you do during those EOS workshops?

During the workshops, we learned that EOS is about strengthening six components of the company: setting long-term goals, defining vision and values, ensuring the right people are in the right places, using metrics (KPIs), identifying and solving problems, defining core processes, and setting quarterly goals (rocks). It quickly became clear that EOS would really change the way we work.

How do you stick to the rhythm with all these meetings?

We’ve gone all-in on EOS. If you truly believe in the methodology, the agendas and meetings are already planned. Every quarter, we hold a one-day workshop to set new goals (rocks), and every year we have a two-day meeting to evaluate long-term goals. Weekly meetings are consistently held, and no one can miss them unless it’s for vacation or another valid reason. This creates a strong sense of prioritization throughout the company.

What are some major pitfalls for companies that don’t succeed with EOS?

The biggest issue is not clearly communicating why a new methodology is being implemented. If employees don’t understand how the changes will benefit them, it can lead to resistance. Decisions must come from the top, and the leadership team has to truly believe in the changes for the whole organization to follow along.

How do you analyze if you have the right team in place?

First, we define an “accountability chart,” an organizational chart that focuses on responsibility rather than titles. Then, we ensure that the right people are in the right places and can deliver on the goals that have been set. Every quarter, managers and employees have conversations to evaluate performance and if the right person is in the right place. It’s a transparent process, and we don’t hesitate to act if something isn’t working.

How do you get skeptics on board with changes?

It requires patience. The message must be repeated several times for everyone to understand why the change is happening and how it will positively affect them. At the same time, you must be prepared to make decisions even if not everyone agrees. If someone doesn’t want to work with the common method, they might not be a good fit for the company.

Does EOS also include budgeting processes?

Yes, there are external processes outside of EOS, such as financial processes. EOS covers the fundamental processes, and one of those is the financial process, which includes budgeting. Many other important processes, such as sales and recruitment, also fall within the EOS framework, and everyone in the company needs to understand these overarching processes to get the big picture.

What processes are part of EOS?

Our core processes include the investment process, recruitment, finance, project development, and operations. The people process, which is about recruitment, retention, and having the right person in the right place, is also important. These processes are overarching, and everyone in the company understands them at a high level to know their contribution to the whole.

How do you measure success through OKRs and rocks?

Rocks are our big goals for each quarter, and they are not directly linked to KPIs. KPIs measure success in the long term, such as how much electricity has been generated or how many sales meetings have been held. Rocks are more concrete and focus on what must be done during the quarter. KPIs are a separate set of metrics that help us measure our progress toward our long-term goals.

Do you work with different types of goals?

We have different goals depending on the time frame. For quarterly goals (rocks), we sometimes set “stretch goals,” where the target is to reach 80%, because if you reach 100% all the time, you’re not stretching enough. Goals are set to show direction and help with daily prioritization. It’s about understanding where you stand and why you haven’t progressed further – sometimes it’s more important to achieve a more ambitious goal to 50% than to achieve a smaller goal to 100%.

What are your personal goals?

My partner and I have an annual conversation where we sync our long-term life goals. One of my goals is for my children, when they’re adults, to want to spend time with me. To achieve this, I focus on creating time for my family and helping my children open up and learn about vulnerability. I also prioritize health and ensure that exercise is part of my daily routine. I’m open about my goals and make sure to include them at work, for example by scheduling exercise in my calendar and making it a natural part of my life.

What do you think about thinking about the future and setting goals backward?

I think it’s a powerful exercise to think about how I want to feel when I’m 80 and then work backward. It gives a joyful motivation to think about how I want to live my life long-term and helps me prioritize what’s important today to achieve that.

Thank you so much, Pernilla!

Thank you, it was a pleasure!