Catalyst with Shayle Kann

FOAK tales


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First-of-a-kind projects need infrastructure investment, the kind of money that costs less than venture capital and usually comes in the form of deals worth tens or hundreds of millions of dollars. But infrastructure investors are notoriously conservative and convincing them to bite can be challenging. 

So what do infrastructure investors really want?

In this episode, Shayle talks to Mario Fernandez, head of Breakthrough Energy’s FOAK finance program. It has worked with companies like Rondo, Form Energy, and Lanzajet to overcome challenges on the path to infrastructure investment. Coincidentally, the program is also called Catalyst (no relation to our show). Mario and Shayle talk about the journey from lab-proven technology to a fully de-risked infrastructure investment, covering topics like:

  • Why investors want to see a path to multiple, repeatable projects
  • Mario’s prescription for a scale-up path: pilot, demo, and FOAK project
  • The difficulty of following that path on a limited financial runway
  • The commercial construct and the tension between negotiating a flexible offtake and securing a customer
  • Developing the right capital stack and accurately estimating capital needs
  • Recommended resources

    The Green Blueprint: Rondo Energy’s complicated path to building heat batteries

    CTVC: Venture to Project Finance Duolingo

    Catalyst: Financing first-of-a-kind climate assets

    Catalyst is brought to you by EnergyHub. EnergyHub helps utilities build next-generation virtual power plants that unlock reliable flexibility at every level of the grid. See how EnergyHub helps unlock the power of flexibility at scale, and deliver more value through cross-DER dispatch with their leading Edge DERMS platform, by visiting energyhub.com.

    Catalyst is brought to you by Antenna Group, the public relations and strategic marketing agency of choice for climate and energy leaders. If you're a startup, investor, or global corporation that's looking to tell your climate story, demonstrate your impact, or accelerate your growth, Antenna Group's team of industry insiders is ready to help. Learn more at antennagroup.com.

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    Catalyst with Shayle KannBy Latitude Media

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