NEW PAPER The Electro-State: Scotland and the successor to the petrostate · Download free →

CLEAN-TECH ADVISORY

Making clean technology deployable.

We help founders, project developers and the investors behind them build the commercial case and capital structure that gets proven technology into the market. We are at their side from first raise to exit.

Book a conversation

See how we help

ELECTRO-STATE MONITOR

64%

of the clean-tech companies and projects we track need debt, leasing or project finance, not just equity.

60%

are held back by slipping timelines or market and regulatory risk.

58%

have no bankable offtake or clear route to market yet.

£300m

of debt closed in August by a Scottish data centre developer, backed by a National Wealth Fund guarantee.

45 companies and projects tracked. Updated 8 Oct 2026. Follow on Carbon Disruption

The technology usually works. The finance is where projects stall.

Engineering gets a project to the starting line. Crossing it takes revenue that lenders can rely on, a capital structure they can back, and investors who can see how the business grows.

That step from engineering to finance is where most clean-tech projects wait, sometimes for years. It is the step we work on.

INSIGHT PAPER NO. 1 · SEPTEMBER 2026 · 25 PAGES, FREE

The Electro-State

Scotland and the successor to the petrostate

Scotland exports clean power the way petrostates export oil, and pays to throw a third of its surplus away. Our first insight paper sets out how to keep more of the value at home.

20.8 TWh exported, 2025
10+ TWh switched off
6 changes, and who can make them

We use your details only to send the paper and, if you tick the box, future insights. See our privacy policy.

WHAT WE DO

Three ways we help

For fuel producers before FID

FID readiness

Offtake strategy, pricing evidence and a capital structure lenders can back, for low-carbon fuel producers approaching a final investment decision.

Learn more

For companies raising capital

Capital strategy

Round design, investor readiness and a clear-eyed review of public co-investor terms before you sign, so today's funding does not constrain tomorrow's growth.

Learn more

For clean-tech scale-ups

Scale-up commercial design

For clean-tech companies heading for Series A: turning a proven technology into a business model that commercial capital can multiply.

Learn more

WHY FIRST CARBON

Most advisers have sat on one side of the table. We have sat on both.

Meet the team

CEO

Peter Ellen

Has spent 35 years building, scaling and selling global businesses, including equity raising, scale-up operations, structured debt rounds, and preparation to delivery of 10x + exits. He has 20 years technology experience and served on boards in UK, US , Europe and APAC.

COO

David Peebles

Has run treasury and capital markets businesses for RBS, Clydesdale and NAB, and sat on various boards of regulated businesses. His own ventures include debt funded assets purchases and exits. David has also advised over 30 EMEA banks and businesses on capital markets strategies.

THE NETWORK

The right specialist for each project

We assemble each engagement from our leadership and a network of senior specialists across investment and lending, engineering, maritime, carbon markets, financial modelling, public funding, legal and planning, with one accountable lead from start to finish.

VENTURES

H2C

The Global Attribute Market for Low Carbon Fuels

A wholly owned First Carbon brand, launched in October 2024 in partnership with Lloyd's Register, H2C gives low-carbon fuel producers price discovery and verified provenance for the environmental value of what they produce.

It operates independently under a published market rulebook, with a board chaired by Dr John Wright, former chief executive of Clydesdale and Northern Banks, and advisers from banking, ports and maritime.

Meet the H2C team

Visit h2c.org