How Climate Tech First-of-a-Kind (FOAK) Projects Get Financed

This white paper explores how 18 pioneering climate technology companies overcame the notorious “valley of death” – the funding gap between proven pilot projects and full-scale commercial deployment. It identifies a clear funding pattern for First-of-a-Kind (FOAK) facilities: a blend of early-stage venture capital, government grants or loans, and strategic corporate investments or offtake agreements. The study underscores the need for collaborative investor syndicates to scale breakthrough clean technologies in sectors such as hydrogen, batteries, geothermal, and carbon capture. By sharing case studies from Tesla to Form Energy, the report offers a proven roadmap for scaling climate solutions to meet global decarbonisation goals.