A FIELD GUIDE TO CLIMATE CAPITAL

Good technology needs
the right capital.

Explore what funds each stage.
Understand what makes it financeable.

ResearchCan the science work?
Scientific uncertainty
Cash flow before financingOne illustrative hard-tech development cycle
Illustrative cash flow over commercialization timeCash receipts less operating and investment payments in each period, before financing. The example starts negative in research, deepens through first commercial deployment, and becomes positive in mature operations. Stage spacing does not represent equal durations. Outcomes vary; this is not a forecast or cumulative cash balance.+0Net cash flow per periodResearchPrototypePilotFirst commercialRepeat & scaleMatureCommercialization time →

Experiments use cash before commercial receipts begin.

Illustrative shape, not a forecast. Receipts less operating and investment payments; excludes financing flows. Stage durations vary. Company and project cash flows can differ.

Catalytic capitalEquityHybrid capitalCommercial arrangements
01 Research & concept

Finance the first proof.

Pay for the experiments that turn a promising climate idea into a defensible technical result.

13 funding topics
WHAT NEEDS TO BE PROVEN
A testable hypothesisA clear technical milestoneOwnership of the intellectual property
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02 Prototype & validation

Turn a result into a product.

Build a representative prototype, validate performance, and discover what a customer is willing to pay for.

23 funding topics
WHAT NEEDS TO BE PROVEN
Prototype performanceA credible cost pathwayCustomer problem validation
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03 Pilot & demonstration

Prove it in the field.

Fund field installations, engineering iteration, certification, and the cash gap between procurement and acceptance.

28 funding topics
WHAT NEEDS TO BE PROVEN
Measured field performancePaid customer commitmentDefined acceptance criteria
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04 First commercial deployment

Build the first commercial asset.

Combine risk-bearing development capital with construction and deployment funding for a first-of-a-kind project.

39 funding topics
WHAT NEEDS TO BE PROVEN
Permits & site controlCredible construction budgetContracted demand & delivery plan
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05 Repeat deployment & scale-up

Make deployment repeatable.

Finance inventory, growing orders, standardized assets, and portfolios without funding every deployment entirely with corporate equity.

65 funding topics
WHAT NEEDS TO BE PROVEN
Repeatable unit economicsOperating data & uptimeDiversified, financeable contracts
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06 Mature operations

Finance durable operations.

Match long-lived assets and ongoing corporate needs with an appropriate mix of debt, retained cash, and equity.

59 funding topics
WHAT NEEDS TO BE PROVEN
Durable operating cash flowDebt-service capacityEstablished reporting & controls
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Optional pathway

Access the public capital markets.

Raise primary capital through listed securities while accounting for disclosure, market windows, dilution, and issuance costs.

12 funding topics
WHAT NEEDS TO BE PROVEN
Audited financialsPublic-company governanceInvestor demand
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Optional pathway

Preserve the ability to operate.

Address liquidity or an unsustainable capital structure while distinguishing new cash from changes to existing claims.

6 funding topics
WHAT NEEDS TO BE PROVEN
A credible turnaroundCash visibilityStakeholder support
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