The most rigorous qualification system in project capital.
Most of what we see never reaches a funder. What does is proved line by line — and placed where it already fits.
Recent transactions — under NDA →Sourced directly, qualified before they carry our name, and brought to a small number of funding partners — never shopped.
The distance between a capital need and a fundable project is work — de-risking, evidence, and structure. We close it before anyone sees the deal, through three lenses: does the logic hold (Thesis), where the risk actually sits (Value chain), and which assumptions a funder's committee will attack (Model). You can see all three at work below.
Every claim is proved against source documents — or the project is declined, in writing, with the reasons.
Not a slide — the working file. Every condition that has to be true carries a status, its evidence with a source, and an owner. By the time a funder sees it, their own diligence is already run.
| Condition — what has to be true | Status | Evidence / source | |
|---|---|---|---|
| 01 | Security of supply — ample volume to feed the units | True now | 20-year feedstock commitment from the adjacent refinery operator.Supply agreement |
| 02 | Price is low or locked to output price | True now | Lowest-quartile fibre cost; delivered price fixed by formula.Cost model |
| 05 | Equipment maturity — proven at full scale | Path exists | Base mode proven; premium mode held as the upside.Reference machine |
| 06 | Performance guarantees / EPC wrap in place | Path exists | Vendor guarantees performance; wrap terms + LDs in negotiation.EPC vendor |
| 10 | Conversion margin positive with headroom | True now | ~$390/t margin (43%) on base mode at conservative pricing.Unit economics |
Illustrative example — "Northwind Tissue Mill". Real assessments are private and never shown without a named sign-off.
One opportunity a quarter, at most — inside your mandate, stress-tested before it reaches you, with the evidence attached.
We'd rather send you nothing than send you noise.
If the answer is no, you get the reasons 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.
Ten minutes is usually enough to know whether there's a fit. Introductions are private.
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