Structuring reference · Climate hard-tech scale-up
How the capital stack and ownership structure evolve from pilot to platform
Five stages, five different balance sheets. Each stage below shows who provides capital, where it sits (TopCo vs. project vehicle), which risk each layer absorbs, and the structuring actions that unlock the next layer. Vehicle progression and instrument-to-stage mapping follow the BCG × HSBC white paper (June 2026); stack proportions are illustrative archetypes, not deal guidance.
Capital structure archetype Illustrative ranges, not deal guidance
Share of total project funding by instrument class. Actual composition varies by pathway, offtake credit quality, geography, and incentive regime.
Ownership structure & stakeholder map
Instruments at this stage: who provides what, and which risk it absorbs
Instrument-to-stage mapping per Exhibits 1 & 3 of the source paper, with the typical condition each instrument requires before entering. Colors match the capital structure bar and the stakeholder map.
| Instrument | Typical provider | Risk it absorbs | Entry condition |
|---|
Structuring actions that unlock the next stage
Derived from the source paper’s pre-FID structuring checklist (vehicle design, governance, and capital stack planning).
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Sources. Primary framework: BCG & HSBC, Turning Venture-Backed Innovation into Bankable Climate Infrastructure (June 2026): the vehicle progression per stage (TopCo → TopCo-led wrapper → SPV/ProjectCo → HoldCo/DevCo + repeat SPVs), the instrument-to-stage mapping, the subordination and take-out principles, and the named reference transactions. Company examples: Commonwealth Fusion Systems commercial partners (cfs.energy/company/commercial-partners); Climeworks early-stage funding, EIT Climate-KIC (climate-kic.org); LanzaJet investor announcement, Shell (lanzajet.com/news-insights/lanzajet-welcomes-new-investor-shell); Infinium and Brookfield project announcements (Roadrunner offtake, catalytic, forward-equity, and debt structure); public reporting on Climeworks delivered-versus-nameplate performance. FIP analysis: all percentage ranges in the capital structure bars. These are archetypes drawn from general project-finance practice and do not correspond to any specific transaction.
Disclaimer. This dashboard is for informational and educational purposes only. It does not constitute investment advice, an offer, or a solicitation to invest. Technology readiness, economics, policy, and market dynamics vary significantly by country and region, and many factors not captured here, including team execution, capital efficiency, macroeconomic conditions, and firm-specific risks, materially affect investability. We do not take responsibility for any decisions or outcomes resulting from how you choose to use or interpret this information.