Qualification ledger JAN — JUL 2026
217
Reviewed
31
Qualified
4
Elevated

The most rigorous qualification system in project capital. Most of what we see never reaches a funder.

What does reach a funder has been proved line by line against source documents — and placed with a mandate we already knew it fit.

01The distance

Projects don't fail diligence because they're weak. They fail because the plan is unfocused and over‑built.

The distance between a capital need and a fundable project is not a presentation problem. It is work — de-risking, evidence, and structure. That work is our product. We close the distance one project at a time, and nothing reaches a funder until the distance is closed.

02The process

Three lenses. One loop: what has to be true, where it stands, what closes the gap.

LENS 1

ThesisWHAT / WHY / HOW / WHO

Does the logic hold before any numbers do? Real demand, a sound mechanism, credible sponsors — and a reason it wins now.

TESTED
LENS 2

Value chainFEEDSTOCK → EQUIPMENT → CONVERSION → OFFTAKE

Where the risk actually sits: supply security, technology maturity, conversion margin, contracted demand. Most of the work happens here.

TESTED
LENS 3

ModelTHE ASSUMPTIONS THAT DRIVE VALUE

The handful of assumptions a funder's committee will attack, isolated and proved real — with the downside case still servicing senior capital.

TESTED
TRUE NOW PATH EXISTS CANNOT BE TRUE

Every condition lands in one of three states. "Cannot be true" is the only kill. Everything else is coachable — and we say exactly what closes the gap, in writing.

03The register

Proven and asserted are different columns in our ledger.

ASSERTED
PROVEN
"Feedstock is secured."
SOURCE: THE DECK
25-year supply commitment, spec-controlled, tenor matched to the finance.
SOURCE: EXECUTED SUPPLY AGREEMENT · VERIFIED
"Market-leading cost position."
SOURCE: THE DECK
Delivered cost benchmarked against the full global cost curve — credible comparators only.
SOURCE: INDEPENDENT BENCHMARK · CITED
"Offtake interest is strong."
SOURCE: CONVERSATIONS
Creditworthy counterparty, price mechanism understood, LOI distinguished from contract.
SOURCE: COUNTERPARTY PAPER · FLAGGED UNTIL EXECUTED

Only one of these columns travels to a funder. Anything unsupported is flagged — never filled in.

REF 2026-011RENEWABLESDECLINED — OFFTAKE PRICED ON ASSUMPTION
REF 2026-017AGRI-INDUSTRIALDECLINED — FEEDSTOCK LOI, NOT CONTRACT
REF 2026-023MANUFACTURINGDECLINED — DOWNSIDE DOES NOT SERVICE SENIOR DEBT
REF 2026-031INFRASTRUCTUREDECLINED — CAPEX UNSUPPORTED POST-FEED
REF 2026-038PULP & PAPERELEVATED — THREE POINTS · CORE FINANCED · MATCHED

Illustrative entries from the qualification register. A declined sponsor is told exactly why, with the gap-closing actions — and the door stays open twelve months.

04The match

Placement is not a search. The fit exists before the first call.

A fundable project states itself in three or four clear points — its bankable core. We finance the core with senior capital and leave the upside where it belongs: with the team. The funder underwrites only what has been proved.

On the other side of the table we maintain a living map of funder mandates — sector, ticket, instrument, geography, appetite — built in direct conversation and kept current like a balance sheet. A project meets a funder only where the mandate already fits.

Intelligence compresses the hours. It is never the source of truth. Every claim ties to a source document, and a named person signs everything a funder sees.

Ticket$20MM – $250MM+
InstrumentSenior debt · preferred · structured
GateNothing formal until Stage Two clears
Volume3–4 elevated per year
Per funderOne deal a quarter, at most
05Two sides, one standard
For sponsors

Actionable honesty.

If the answer is no, you get the reason codes and the exact gap-closing actions — not a polite silence. No upfront fees.

Sponsors who do the work come back. The second conversation is usually the one that counts.

For funders

Worth taking the call.

One opportunity a quarter, at most — inside your mandate, stress-tested before it reaches you, with the evidence ledger attached.

We'd rather send you nothing than send you noise.

06Contact

Introductions are private. Start with a conversation.

[email protected]