Investment Strategy

By testing demonstration data, scale-up assumptions and supplier and offtake evidence, and translating the findings into ranges for cost, schedule and performance that can be carried into the investment case. Where specialist engineering input is needed, we work alongside technical advisers.

With little history to analyse, the focus shifts to the logic of the addressable market, evidence from customers and offtakers, the pathway to sustainable unit economics and milestone-based scenarios for how the business will scale.

With scenario and milestone-based models covering cost curves, utilisation ramps and the financing each stage will need, cross-checked against comparable transactions. Understanding how the next rounds will be funded is often as important as the valuation itself.

Through thesis-led mapping of the market, screening against your criteria, and then discreet approaches through our network of founders, investors and industry contacts.

Potential conflicts are identified before a mandate starts and discussed with you openly. Where a conflict cannot be managed appropriately, we decline the mandate.

A focused red-flag review tests the potential deal-breakers quickly, and full-scope work follows once the thesis holds. The right scope depends on the size of the investment, the timetable and where the key risks sit.

With independent analysis, sensitivity cases and valuation input that can be used in IC papers and LP reporting. Investment decisions and valuation sign-off remain with the investor.