RESOURCES
Why infrastructure capital won't fund your tech
Project finance
The reason deeptech hardware companies fail to raise plant-scale capital is not a sales problem. Infrastructure capital does not fund technology, pilots, or potential. It funds contracted cashflows and de-risked assets.
VC will not fund the first plant. Infrastructure capital will not fund unproven technology.
The framework covers the gap between the two capital types, why corporates buy from Tier-1 operators rather than directly from founders, the three paths that do not lead to scale, and the four that do: joint venture, retrofit, grants, and building the project as a project developer.