Critical Capital - Erin Price-Wright on what it will take to build in America again.

American industry is building factories, mines, and grid hardware at a scale not attempted in decades, and the capital is there. But Erin Price-Wright says the cost of money no longer sets the return on an industrial project. It’s the time spent waiting on a regulator. In this episode, Alfred Johnson speaks with Erin, who joined Andreessen Horowitz's American Dynamism practice in 2024 to invest in energy, mining, and industry. She argues the grid's real constraint is transmission and equipment, not generation, which has made smaller, faster hardware competitive with scale. Together, they dig into where venture equity stops and project finance begins, why credit investors distrust the timelines founders quote them, and what she wants written into law so builders can plan past one administration. They also cover Mariana Minerals winning permits to expand a southeast Utah copper mine in a reported six months, and why a first factory stays near its engineers while the second follows the fastest-building states.